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HomeMy WebLinkAbout0325~... 8. Iaspeetlon. I.ender mqy maka or cawe to be made reawasble entries upon ar~d inspections of ths pwperiy, provided that Lendes ~haU ~ give Borrowe~ aotioe ptior to any ~uch inapectioa ~pecifyia~ reawnable cawe th~efos related b l.endar'~ interat ia the Property. ' 8. Coademaadon.'I1~e ptooeeds of any award or claim for dama~a. direct oir conse9ueatial. in oonnection ~rith any oo.ndanaatioA or other takia~ of the property. ~ part thenoi, or fot conveyanoe i~ Ueu oi oundemnstio~. are hereby awigned aad ahall be paid to Lender. ~ In the svent of a total takin~ of the Pe~opetty. the prooeeds shaU be applied to the ~uma secured by thiu Mortga~s. with the esoees, if any, paid to Borrower. Ia the event of a partial taking of the Prope~y. unless Borrowe~ and l.ender otherwioe agroe in writing. then shall be applied to the sume ~red by this Mort~age such proportion of the proceeds as is equal to that pmportiop which the amount of the sums secured by this Ma~rt~age immediately prior to the date of talung bean to tbe fair market value of the Property immediately prior to the dabe o! • talcing. wiW the balancv of the proceed~ Peid to Borrower. t If the Property is abaadoned by Harower. or if, atter notice by I,eader to Borrower that the oondemnor ofiers to make an aw~ard or settle a ~ claim for damaga~, Boreower fails to respond to Lender within 30 days afi~er the date such notioe is mailed. Lenda is authorised to ooUect aad `: apply the pmoeeda, at Lend~'s optioa. eithet to re~toration or repair of lhe property or to the snnu secured by this Mortgage. ~ Unless I.ender and Bore~orre~ otherwise agree in writing. any such epplicalion of proceeds to principat shall not e:tend or postpone the due date of the anonthly inatallmenta referred to in paragraphe 1 and 2 heriof or change the amount of such installaaents. ~ 10. Borrower Not Released. E:teneion of the time for paymsnt or tnodification of amortization of the sums secured by this Mortgage granted by Lende: to any suco~aor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower t and Borrower's eacces~ore in interea~ l.ender shall not be required to oommence praceedings againat such sueceseor or refuee to estend time = for paymeot or otheiwise modify amoriization of the auma aecured by thia Mortgage by reaeon of any demand made by the original Sorrower f and Borrower a eucccaaure in interes~ 11. Forbearance by Leader NM a Walver. My forbearance by Lender in exercising any right or remedy hereunder. or otherwiee . afforded by appUcable law. ahall not be a waiver o[or pnclude the e:erciae of any such right or nmedy. The procurement of instuance or the payment of ta~ces or other liens or charges by Lender ahall not be a waiver of Lender a right to accelerab ihe maGuity of the indebtedneea ; secund by thia Mortgage. 12 Remedles Cumulative. All remediee provided in this Mortgage are distinct and cumulative to any other right or remedy nnder this Mortrege or aftorded by la.v or equity, and may be exercise~i ooncurrently. independently or euexeesively. ; 13 3uooesaare and Assi~ne Bound; Joint end 3everal Webility: Captioae. The covenante and agreemente herein oontainedahall ~ bind. and the rights hereunder ehall inun to. the respective aucoeasors and assigns of I.ender and Borrower. aubject to the proviaions of paragreph 17 hereof. Ali rnvenants and agreementa of Borrower ahall be joint and aeveral. The captions and headinga of the paragrapha of ` thia Mortgage are [or covenience only and are not to be ueed to interpret or define the pmvieions hereof. l4. Notice. Except for any notice required under applicable law to be given in anoth~ manner, (a) uny notice to Eiorrower provided for in this Mortgage ahall be given by meiling auch notice by certified mail addressed to Borrower at the Property Address or at euch other addrese as Aorrower may deaignate by notice to l.ender as pmvided herein, and (b) any notice to Lender ehall be given,by certified mail, return receipt requested, to I.ender's addrese atated herein or to such other addresa as Lender may designate by notice b BoTrower ae provided hetein. My nodce provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner de8ignated herein. 15. Uni[orm Mortgage; Goveraing I.aw; 3everabjlity. Thia form of mortgage rnmbines uniform aovenanta for national uee and non- uniform covenanta with limited variations by juriediction to oonstitute a uniform aecurity inatrument oovering real pmperty. This Mortgage shail be governed by the law of the jurisdiction in which the Property is lacated. In the event that any pmviaion or claw~e of thia Mertgage ot the Note conilicte with applicable law, such conAict ehall not affect other provisiona ot thia Mortgage or the Note which can be given effect without the contlicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. ~ 16. Borrower'e Copy. Borrower ahall be tumiahed a conformed rnpy of the Note and of thie Mortgage at the time of e:ecution or atter ~ recordation hereo[ ~ 17.1'ranster of Lhe Property; Aeaumption. If all or any part of the Property or an interest therein is eold or transferred by Borrower ~ without I.ender's prior written conseat, exclading (a/ the creation of a lien or encumbrance subordinate to this Mortgege, (b) the creation of e ~ ~~; purchase money eecurity intereet for houeehold appliancea, (c) a transfer by devise, dc:ecent or by operation of law upon the death of a joint ~ ~~~ C tenant or (d) the grant of any leasehold inLereat ot three years or leae not oontaining an option to purchase. Lender mey. at Lender's option, ! ~1 , declare all the aums aecurc~ct by thie Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if. prior ; ~'~~• to the eale or transfer, Lender and the person to whom the Property is to be eold or tranaferred reach agreement in writing that the credit of such ! ~ person ie satisfactory to I.ender and that the interest payuble on the auma sec~red by this Mortgage sha11 be at such rate ae Lender ahall request. lf I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower'e succesaor in intereat has e:ecuted a written asaumption agreement accepted in writing by I.ender, I.enderahall release Borruwer from all obligationa under thia Mortgage and the Note. If [.endar e:erciees such option to accelerate, l.ender sfiall mail F3orrower notice of aoceleration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not leea than 30 days from the date the notice is ruailed within which Borrower may paY the auma declared due. If Borrower fails to pay auch auma prior to the expiration of euch period, I.ender may, without fitrther nodce or demend on t3orrower, invoke any remedies pertnitted by paraqraoh 18 hereof. 18.'Acceleration; Remedies. E:cept as provided in paragtaph 17 hereof. upon Borrower's breach of any oovenant or agreement otBorcower in thie Mortgage, including the oovenante to pay w6en duc any eume secured by thie Mortgage. Lender prior to aoceleration shall mail notice to Borrower as provided in paragrap614 hereof apecifying: (1) the breach; (2) t6e action required to cure such breach; (3) a date, not leas t6an 30 daye trom the date the notice ie mailed to Borrower, by w6ic6 such breach muet be cured; and (4) that fajlure to cure sucb breach on or betore the date specitied in the notice mey reault in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and eale ottbe Property. The notice ehall further inform Borrower of t6e right to reinstate after act~eleration aad t6e right to aesert in the foreclosure proceeding the non•e:ietence of a default or any other de[enee of Borrower to soceleration aad foreclosure. If the breach is not cured on or before t6e date epecified in the notice, Lender at Lender'e option may declare all of We eume secured by this Mortgage to be immediately due and payable without furtherdemand and may torecloee this Mortgage by judicial prooeeding. Lender ahall be entiUed to collect in such proceeding all e:peneee ottoreclosure. including. but not limited to, reaeonable attorney's feee. and costs of documentary evidence, abstracts and title reports. 19. Borrower's Rig6t to Beiaetate. Notwithatanding I.endei a ecceleration of the sume secured by thia Mortgage, Borrower ehall have the right to have any pmceedings begun by l.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing thia 1~[ortgage if: (a) Borrower pays I.ender all auma which would be then due nnder this Mortgage, the Note and notes eecuring I~ture Advanaes, if any, had no aoceleration occurred; (b) Borrower cures a11 breachee of any other covenants or agreementa of Borrower contained in this Mortgage; (c) Borrower paye all reaeonable e:penaee incurred by Lender in enforcing We covenents and agreements of Borrowa oontained in thia Mortgege and in enforciag Le~der's remedies aa provided in paragraph IS hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takea such action as Lender may reseonably require to aeaure that the lien of thie Mortgage. Lender'e interest in the Property and Borrower's obligetion to pey the auma secured 1+y thie Mortgage ahaq oontinue unimpaired. Upon euch payment and cnre by Borrower, this Mortgage and the obligations eecured hereby ahall remein in full force and effect aa if no acceleration had occurred. 20. Aasignment of Reats; Appointment ot Receiver. Aa additionel eecurity hereunder. Borrower ha+eby assigns to Lender the renta of the Property, provided that Borrowrer ahall, prior to soceleration under paragraph 18 hereof or ahandonment of the Property, have the right to coitect and rrtain ench rente as they become due and payable. Upon aooeleration under paragraph 18 henwf or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a oourt tn enter~upon, taice possession of and manage the Prop~ty and tv eollect the renta of the Property, including thaee par! due. All rents ooUected by the reeriver ehall be applied fust to paymen! of the aorts of management of the Property and aoUection of reuts, iacluding. bnt not Gmited b, reoeiver's fees, premiums on reoeiver's bonds and reseonable attomey'a fees, and then to the aum~ secnred by this Morfgage.'17~e reoeiver sha11 be Gable to acouunt only for those renta actually reoeived. ~aoK348 ~A~E :325 , ~ , : .. . _ .~. ._. - _ ..~1:~_~.....~