Loading...
HomeMy WebLinkAbout0914 1 ~ , 4 . 8. Inapecilon. Lender me~y mnke or cause to be msde eeawaable entrie~ upoa and inapectioru of the prop~ty, provided that Leader ahall give Bormwes notice prioc to any such isispectioa sPeci~yin~ reawnabk cauae thez~for releted Lo Lender's intere~t in the Propearty. 9. Condemnatlon. 'ilie prooeed~ of any sward or claim for damages, direct or conie9uential, in connection with any ooadeau?atioa or other taking of the propsrty, o~ part thereof, or for conveyanoe in lieu of ooademnaxioa, ara hazeby a~aigned and rhaU be paid to Lender. In the event of a total tating of We PropertY~ the Pro~eds shall be applied to the sums secured by this Mortge80. with the ~cess. if tuxy. paid to Borrower. In the eveat of a gartial takin~ of the Propatty, unlEes Borrower and Leadez otherwise agree in wrihn8, then shall be applied to the sums secured by tAis Mortgage euch proportion of the proceeds as iu equal to that pmportion which the amount of tt~e sume eecured by this MortgaQe immediately prior to the date of laking bears to the fair market vatue of the Property imanediately prior to tha date of takin8. with the balanai of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after aobioe by Lend~ to Sorrower that the oondemnor offen to make an s~vard or sdtle s ctaim for damages, Borror?er faiL to e+aspond to Lendes within 30 days after the date euch aotice is mailed, Lendar is authorized to oollect ana apply the proceeds, at Lender's option, eitha to restoration or repair of the property or to the eums secured by this Mortgage. Unlesa Lender and Borrovrer othervriee agree in writing. anY euch aPPlication of proceede to principal ehall not eztend or poatpone the due date of the monthly inetallments referred w in paragraphe 1 and 2 hereof or change the amount of auch inatatlmefl4. 10. Borrower Not Beleased. E:teneion of the time for paym~nt or modi8cetion of amortization of the auma secured by this Mortgage granted by l.endet to any succeaeor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Borrower's succee3sora in intereat. Lender shall not be required to comtnence proceedings againat euch suocesHOr or refuee to extend time for payment or otherwise modify amortization of the sums eecured by thia Mortgage by reason of any demand made by theoriginal Borrower and Bonawer'a euccessote in interest. 11. Forbearsnoe by Lender Not a Waiver. My forbearance by Lender in eaercieing any right or remedy hereunder, or otherwise afforded by spplicable law, ehall not be a waiver of or preclude the ezerc'see of any ench r'sght or remedy.'l1~e ptocurement of inaurance or the payment of tazes or other Gena or chargee by L.ender ehall not be a waiver of Lender e right to acoelerate the maturity of the indebtedneee eecured by this Mortgage. 12 Remedies Cumulative. All remediea provided in thie Mortgage are dietinct and cumclative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be ezercieed concurrently, independently o: suocessively. 13. Succeeeore and Aeaigne Bound; Joint and 3everal Liability; Captione. The covenants and agreementa herein contained shall bind, and the righta hereunder ahall inure to, tbe reepective aucc~eseors and assigns of Lender and Borrower, eutiject to the provieions of paragra.ph 17 hereof. All covenants and agreementa of Borrower ahali be joint and aeveral. The captions and headings of the paregraphe of ihia Mortgage are for covenience only and are not to be ueed to interpret or define the pmvieiona hereoL 14. Notice. Except for any noNce required under applicable law to be E[iven in anothar manner, (a) any notice to Borrower provided for in thie Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at auch other addrees as Borrower may degignate by notice to L,ender aa provided herein, ~nd (b) any notice io I.ender ehall be given by certified mail, return receipt requeeted, to Lender's addreas etsted herein or to such other address se Lender may designate by notice to Bon»wer aa provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borroarer or I.ender when given in the manner deeignated herein. 15. Uniform MortgaQe; Goveraing Law; 3everabilitq. Thie form of mortgege combinea uniform oovenanta for national use and non- uniform covenants with limited variations by 7'•uiediction to constitute a uniform security inatrunierit covering real property. Thie Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clauee of this Mortgage or the Note conflicta with applicable law, auch conflict shall not afl'ect other provisiona of this Mortgage or the Note which can be given effect wlthout the rnnflicting proviaion, and to thia end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ehall be fumiehed a conformed copy of the Note and of this Mortgage at the time of ~ezecvtion or after recordation hereof. ~ 17.1'ranefer of the Property; Aeaumption. If all or any part of the P'roperty or an intereet therein is aold or transferred by Borrower ~~~ithout Lender's prior written coneent, ~c3uding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a pumhaee money security intereet for household appliancea, (c) a tranefer by deviee, deacent or by operation of law upon the death of a joint tenant or (d) Lhe graln! of any leaaehold interest of thtee yeare or leas not oontaining an option to purchaee, Lender may, at Lender'e option, declare all the auma secarea by thie Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if, prior to the eale or transfer, Lender and the peraon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such peraon ie satiafactory to Lender and that the interest payable on the aums secured by this Mortgage shalt be at auch rate as L.ender ahall requeet. If Lender has waived the option to accelerate provided in this paragraph 17, and if Bonower's aucceasor in interest hae e:ecuted a I, written assumption agreement accepted in writing by Lender, Lender shall releaae Borrower from all ~bligationa under thia Mortgage and the j Note. . , If Lender exercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof. ~ Such notice ahall provide a period of not leas than 30 days from the date the notice is rr.ailed within which Borrower may pay the sums declared ; ` due. If Borrower fails to pay euch sums prior to the ercpiration of auch period, Lender may, without futther notice or demand on $orrower, , ~ invoke anY remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept as pravided in paragraph 17 hereof, u}x~n Bornower'e breach of any covenant or ~ agreement of Borrower in thia Mortgage, including the covenante to pey when due a~ay e~ma aecured by this Mortgage, Lender prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure euch breach; (3) a date. not lese than 30 daya from the date the notis~e ie mailed to Borrower, by which such ~ breach must be cured; and t4) that failure to cure auch breach on or before the date specified in the notice may result in acceleration of the auma secured by thie Mortgage, foreelosure by judicial proceediag aad sale of the Property. The notice aball ~ further inform Borrower of the right to reinetate after acceleration and the right to assert in the forecloeure proceeding the non-ezietence of a default or any other defenee of Borrower to acceleration and foreclosure. If the breach ie not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare all of the sume secared by this Mortgage to be ~ immedietely due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ! entitled to collect in such proceeding all e:penses of foreclosure, including, but not limited to, reaeonable attorney'8 fees, and F coats of documentary evidence, abstracts and title reporta. € 19. Borrower's Right to Reinetate. Notwithatanding Lender's acceleration of the sums secured by thie Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing € thie Mortgage if: (a) Borrower paya Lender all aume which would be then due under fhis Mortgage, the Note and notee eecuring F1~ture Advances, if any, haa no acceleration occurred; (b) Borrower cures all breaches of an y other covenante or agreements of Borrower contained in this Mortgage; (c) Borrower paya all reasonable eapensea incurred by I.ender in enforcing the covenante and agreemente of Borrower contained in thia Mortgage and in enforcing Lender's remediee aa provided in paragraph 18 hereof, includiag, but not limited to, reasonable attorney'e feee; and (d) Bonower takea auch action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums eecured by this Mortgage ahell continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligationa secured hereby ehafl reniain in full force and effert as if no acceleration had axurred. 20. Aeeignment of Rents; Appointment of Receiver. Ae additional eecurity hereunder, Borrower herehy assigne tfl Lendertherente ' of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or sbandonment of the Property, have the right to collect and retain auch rente aB they become due and paysble. i Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ehail be entitled to heve e receiver appointed by a s court to enter-upon, take posaeaeion of and manage the Property and to collect the renta of the Properiy, including thoee past due. All rente ~ collected by the receiver ahall be applied firet to payment of ttie coete of management of the Property and collection of rents, induding, bnt not limited to, receiver's fees, premiums on receiver'e bondB and reaaonable attorney's feee, and then to t.~:e enme eecured by thia Mortgage. The ° receiver ahall be liable to acvount only for thoee rents adually received. 6071x( ?AGE c~~O - - a ~ - ~ , 3