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HomeMy WebLinkAbout0942 . : s 4 - i . ~ ~ ~ 8. Inepection. I.ender may make or cauee to be made reaaonable entries upon and inspecUons uf the property, provided that Lender shall ~ give Borrower notice prior to any euch inapectiun epecifying reaaonable cauae therefor related to Lender'e interest in the Property. ; 9. Condemnation. The proceede of any award or claim for damages, direct or coneequential, in connection with any oondemnation or ._`--s E.-`-: r:~r~::y. Y,::: !sr ~nveyance in lieu of condemnation, are hereby aseigned and ehall be paid to I.ender. ' .~In the event of a total taking of the Property, the proceeda ehall be applied to lhe auma secured by thie Mortgage, with the e:ceas, if any, ` paid to Borrower. In the event o[ a partial taking of the Property, unleee Borrower and Lender othetwise agree in writing, there shall be applied to the sume secured by tAis Mortgage euch proportion of the proceede ae ie equal to that pmportion which the amount of the aums • vecured by thie Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceede paid to Horrower. I[ the Property is abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnorof'fera to make an award or settle a claim for dama~ea, Borrower faile to reepond to Lender within 30 daya after the date such notice is mailed, Lender ix authorized to collect and apply the proceeda, at Lender'e option, either to reatoration or repair of the property or to the aume eecured by this Mortgage. ~ Unleae Lender and B~rrower otherwiae agree in writing, any euch epplication of proceede to principal ehall notextend or poetpone thedue ~ dnte of the monthly installmente referred to in paragraphs 1 and 2 hereof or change the amount o! euch installments. ~ ~n, w.rr~.~.n: w~r: r.rs~ssQ~_ ~.,tnrQ,,,., ~,s ~h.. ~,Aym~nt or modification of amortization of the euma eecured by thia Mortgage granted by I.ender to any aucceaeor in intereat of Borrower shall not operate to mlease, in any manner, the liability of the original Borrower and Borrower's successora in intereat. l.ender ahall not be required to commence prc~ceedinga against auch succeaewr or refuae to extend time ' fur payment or otherwise modify amortization of the sums aecured by this Mortgage by reason of any demand made by the original Borrower ~ and Borrower's eucceasora in interest. i l. Forbearance by I.ender Not a Vlraiver. Any forbearance by Lender in exercieing any right or remedy hereunder, or otherwise <~fforded by applicable law, ehall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of ineurance or the payment of taxee or other liena or chargee by Lender ehall not be a waiver of Lender'e right to accelerate the maturity of the indebtedneee secured by this Mortgage. 12. Remediee Cumulative. All rnmediee provided in thie Mortgage are diatinct and cumulative to any other right or remedy under thie ~ Moctgege or afforded by law or equity, and may be ezercise~l concurrently, independently or aucceasively. 13. Succeesore and Aesigne Bound; Joint and Several Liability; CaQtione. The covenante and agrceme~te herein oontained shAll hind, and the righta hereunder shall inure to, the reapective succeasore and aeaigns of Lender and Borrower, aubject to the provisiona of oaraQraph 17 hereof. All covenanta and agreements of Borrower ahall be joint and several. The captione and headinge of the paragraphe of thie Mortgage are for covenience only and are not to be used to interpret or define the provieioiis hereof. 1 d. Notice. Except for any notice reyuired under applicable law to be given in another manner, la) any notice to f3orrower providecl for in this Mortgage ahall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Address or at auch other addreas ae Korrower may desiqnate by notice to Lender as provided herein, and 1b) any notice to I,ender ahall be given by certified mail, return receipt requested, to Lender's addreas atttted herein or to such other addreaa as Lender may deeignate by notice to Borrower as provided herein. Any nutice pro~~ded for in this Mortgage shai! be deemed to have been given to Sorrower or l,ender when gi~•en in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform rnvenanta [or national useand non- uniform covenanta with limited variationa by jurisdiction to conetitute a uniform aecurity instrurt?ent cuvering real property. 'I~ia MoKgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any pro~~sion or clauae of this Mortgage or ' the Note conflicte with applicable law, such conflict shall not affect other provisions of this Murtgege or the Note which can be given effect :~-ithout the conflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be aeverable. - 16. Borrower'e Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 7'ranefer of the Property; Aseumption. I: a~; or ar~~ Far: of the Property or an intereat therein ia sold or tranaferred by Borrower w-ithout Lender's prior written conaent, ezcluding (a) the creation of a lien or encumbrance aubordinate to this ldortgage, (b! the creation of a purchase money security interest for houaehold appiiancea, (c) a transfer by deviae, descent or by operation of law upun the death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lender'e option, ~ . declare all the sums secured by thie Murtgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior t~ the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of auch ~erson is satisfactory to Lender and that the interest payable un the suma secured by this Mortgage shall be at such rate as Lender shall request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrow•ei s succeasor in interest has executed a ~~•ritten asaumption agreement accepted in writing by (.ender, Ixnder shall release Borrower from all obligation~ under this Mortgage and the ' ti ote. If I,ender exercises such option to accelerate, I.ender shall mail Borrow•er notice of acceleration in accordance with paragraph 14 hereof. ; ~uch notice shall provide a period of not less than 30 days from the d.?te the notice is mailed within which Borruwer may pa}• the sums declared i due. If Borrower fails to pay such sums prior to the expiratu,n of such periud. I,ender may, w•ithout further notice or demand on E3orrower. ~ ! in~oke any remedies permitted by paraRranh 1R hereof. k ~ f I8. Acceteration; Remediea. Except ae provided in pxragraph 17 hereoC, upon Borrower's breach ot any covenant or ; aqreement of Borrower in this Mortgage, including the covenante to pay v~ hen due any sume secured by this'.liortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lese than 30 days from the date the notice is mailed to Borrower, by which euch breach must be cured; and (4) that failure to cure euch breach on or before the date epeciCed in the notice may resuit in ~ Hcceleration of the sume aecured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ahall ~ further inform Borrower of the right to reinstate after acceleratiun and the right to asaert in the foreclosure prceeeding the z non-e:ietence of a default or any other defense of Borrow•er to acceleration and foreclosure. If the breach ie not cured on or hefore the date epecified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceedinq. Lender ahall be ~ entitled to coliect in such proceeding all expensPa of forecloyure, including, but not limited to, reasonabl~ attorney's feea, and c•osta of documentary evidence, abstracta and title reports. F 19. Borrower's Right to Reinbtate. Notwithstanding I.ender's acceleration of the sums secured by thia Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender to enforce thiy hiortgaRe diacuntinued at any time prior to entry of a judKment enforcing this 6lortgage if: (a) Bormwer pays f.ender aU eums which would be then dae under this Atortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b? Borrower cureA ali breaches of any other covenante or agr~ments ot Borruwer contained in ~ this blortgage; (c) I3orrower pays a1) reasonable expensea incurred by liender in enfarcing the covenants and agreementa of Borrower ~ crontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limieed to, reasona~le ~ attorney's feea; and Id) Borrower takea euch actiun as I.ender may reasonably require to asaure thal the lien of thia Mortgage, I.ender'a intereet ~ in the Property and Borrower'a obligation to pay the suma secured by thia Mortgage shall continue unimpaired. Upon auch payment and cur~ r ;~y Borrower, this Mortgaqe and ihe obligations aec:ured hereby ahall remain in fuU force and effect aa if no acceleration had occurred. ~ 20. Aseignment of Rente; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby asaigna to Lender the rents a of the Property, provided that Borrower shall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right = to collect and retain such renta as they become due and payable. ~ Upon acceleTation under paraqraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a cc~urt to enter uyon, take posaeasion of and manage the Property and to collect the renta of the Property, including thoae paet due. All rente ~ collected by the receiver ahail be applied firat to payTnent of the cuats of management of the Property and collection of rente, including, bui not limi4d to, receiver'e fees, premiume on receiver's bonda and reasonable attomey's fees, and then to the aums aecured by thie Mortgage. The ~ receiver ehall be liabie to account only for thcse rents actuaUy received. ~ . ~ ~ 3r,r~K ~ar,E ~.74~ ~ ~ ~ ~._.y_~ _.W_ . ~ a.._. y_~,.~-~~