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HomeMy WebLinkAbout0915 ~ ~ . 8. Inspection. Lender may make or cause to be made reasonable entriee upon and inepectione of the property, provided that I.ender shall give Borrower notice prior to any auch inepection epecifj+i~g reasonable cauee therefor related to Lender's intereat in the Property. 9. Condemnatloa. The proceede of any award or claim for damagee, direct or coneequential, in connection vrith any oondemnation or ocher taking of the property, or part thereof, or for conveyance in lieu of oondemnation, are hereby seeigned e~sd ahell be paid to Lender. In the event of a total taking of the Property, the procecde ehall be applied to the suma eecured by this Mortgage, with the e:ceae, if any, ~ paed to Borrower. In the event of a partial taking of the Property, unleea Borrower and I.ender otherwiee agree in writing, there ehall be applied to the eume eecured by this Mortgage such proportion of the procceda ae is equal to that proportion which the amount of the sume ' aecured by thie Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the dete of , taking, with the balanca of the proceeda paid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by L.ender to Borrower that the rnndemnor oPf'ere to make an award or aettle a claim for damagee, Borrower fails to reepond to Lender within 30 days after the date such notice is mailed, Lender ie authorized to collect and apply the proceeda, at I.ender's option, either to reetoration or repair of the property or to the euma secured by thie Mortgage. ~ Unleae I.ender and Borrower otherwise agree in writing, any such application of proceede to principal ehall not extend or postpone the due ! date of the monthly inslallmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch inetallments. t 10. Borrower Not Released. Extenaion of the dme for }.aym_nt or modiiication of amortization of the sume aecured by thie Mortgage I, granted by I.ender to any auccessor in interest of Borrower ehall not operate to release, in any manner, the liability of the original Borrower and Borrower's auccesaors in interest. I.ender ehall not be required to rnmmence proceedings against such aucceseor or refuae to extend time fur payment or otherwise modify amortization uf the suma aecured by this Mortgage by reason of any demand made by the original Borrower and Borrower's euccesaors in interest. 11. Forbearance by Lender Not a Watver. Any forbearance by C,ender in exerciaing any right or remedy hereunder, or otherwise rifforded by applicable law, ahaU not be a waiver of or preclude the exerciee of any euch tight or remedy. The procurement of ineurance or the I payment of taxes or other liens or charges by Lender ahall not be a waiver of Lendei s right to accelerate the maturity of the indebtedneea secured by thia Mortgage. 12 Remediee Cumulative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under thie htortrage or afforded by law or equity, and may be exercise~i concurrendy, independently or aucceseively. 13. Succeesore and Asaigns Bound; Joint end Severel Liability; Captione. The covenants and agreement8 herein contained ehall bind, and the rights hereunder ahall inure ta, the respe~rtive auccessors and asaigns of L.ende~ and Borrower, aubject to the proviaione of paragraph 1 T hereof. All covenants and agreements of Borrower shall be joint and eeveral. The captione and headinge of the paragrapha of thia Mortgage are for covenience only and am not to be usea to interpret or define the proviaions hereof. 19. Notice. Except for uny notice required under applicable law to be given in another manner, (a1 any notice to E3orrower provided forin this Mc.~-tgage ahall be given by mailing auch notice by certified maii addresaeci to Borrower at the Property Addreae or at such other addreae ae Borrower may designate by notice to Lender ae provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requested, to Lendei a addreas atated herein or to such other addreas as Lender may designate by notice to Bonower ax provided herein. Any notice pro~rided for in thia Mortgage ehall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform covenante for national uee and non- uniform covenanta with limited variations by jurisdiction to conatitute a uniform security instrument rnvering real property. This Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or clauae of this Mortgage or the Note conflicts w~th applicable law, such conllict shall not affect other provisions of this Murtgage or the Note which can be given effect K•ithout the conflicting proviaion, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Burrower'e Copy. Borrower shall be furniahed a conformed rnpy of the Note and of thie Mortgage at the time of execution or after recordation he~eof. ~ 17. Transfer of the Property; Asaumption. If all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower without Lender'E prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, deacent or b~ operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lesa not oontaining an option to purchaee, Lender may, at Lender'a option, declare all the sums aecured by this Mortgage to be immediately due and payable. Lender ehall have waived aueh option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the aums serured by thia Mortgage shall be at such rate as Lender ehall ~ request. If Lender has waived the option to accelerate provided in thes paragraph 17, and if I3orrower's eucceasor in interest haa executed a written asaumption agreement accepted in writinQ by I.ender, Ixndersnall release Borrower from all obligationa underthis Mortgage and the ~ ^ ti ote. If Lender exercises auch option to accelerate, I.ender shall mail Borrower notice oi acceleration in accordance with paragraph 14 hereof. . tiuch notice ahall provide a period of not less than 30 days from the date the notice ia rr.ailed c~ iLhin which Borrower may paY the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, [,ender may, without further notice or demand on E3orrower, ;nvoke any remedies permitted by paraKraoh 1R hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sume eecured by thie Mortgage. Lender prior to acceleratiQn shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to curP such breach; (3) a date, not lesa than 30 deye from the date the notice ie mailed to Borrower, by which euch breach must be cured; and (4) that failure to cure auch breach on or befare the date specified in the notice may reault in acceleration of the eume aecured by this Mortgage, toreclosure by judicial proceeding aad sale of the Property. The notice eh~ll further inform Borrower of ihe right to reinstate aRer acceleration and the right to esaert in the forecloaure prceeeding the ; non-eziatence of a default or any other defense of Borrower to acceleration and forecloeure. If the breach ia not cured on or before the date specified in the notice, Lender at Lender's option may declare all of t6e sume eecured by thie Mortgage to be - immediately due and peyable without further demand and may foreclose this Mortgage by judicial proceeding. Lender sha11 be entitled ta collect in auch proceeding all e:penses of foreclosure, including, but not limited to, res~sonable attorney's fees, and costa of ducumentary evidence. abstractA and titie repor[s. 19. Borrower's Right to Reinatate. Notwithstanding Lender'a acceleration of the eums aecured by this Mortgage, Borrower shall have , the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at a~y time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notes securing Future ~'ldvances, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenanta or agreementa of Borruwer contained in this Mortgage; (c) F3orrov~er pays all reaaonable expensea incurtea~ by Lender in enforcing the covenanta and agreemente of Botrower i contained in this Mortqage and in enforcing I.ender'a remediea aa provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney'e fees; and (d) E3orrower takee auch action aa Lender may reaeonably require to asaure that the lien of this Mortgage, Lender's interest • in the Pmpert~ and Bormwer'a obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon euch payment and cure by Borrower, thea Mortgage and the obligatione aecured hereby shall remain in full force and effect ae if no accEleratian had cecurred. ' 20. Aesignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the rente • of the Property, provided that Bonower ahall, prior to acceleration under paragraph 18 hereof or abaadonment of the Property, have the right to collect and retain euch rents se they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appuinted by a court ta enter-upon, take posaesaion of and manage the Property and to collect the renta of the Property, including those past due. All rente crollected by the receiver ehall be applied firet to payment of the coats of management of the Pruperty and collection of rents, including, but not limited to, receiver's fees, premiume on receiver's bonds and reasonable attomey'e fees, and then to the aums eecured by this Mortgage.l'he receiver shall be liable to account only for thoae renta actually received. 80~K~~l1tJ P~CE ~.71?J - - - ~x~ ; - - 3 - _ ~:s~ -