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HomeMy WebLinkAbout0934 . ~ ~ 1 . ' t . , , • i • • II ~ 8. lnspeMion. Lender may make or cause to be made rea~onable entries upon and inepections of the property, provided that Lender ~haU ~ Kive Borro~rer notioe prior to aay snch inspection specifying nawaable cauae therefor related to Lend~ ~ interest in the Property. i 9. Condemaadon. 'lT~e procaeds of any awacd or claim for damages, direct or consequential, 1!1 COIU1ECtipII Wl~l QA~? Cppol~[?a~OA Or ~ other taking of the property, or part thereof, or for conveyance in lieu of oondannation, are hereby asaigned and shaA be paid to Lender. f In the event of a total taking of the Property, the proceeds shall be applied to the auma secured by thia Morfg with We ezcess. ii any, i paid to Borrower. In the event of a partial taking of the Property, unleee Borrower and Lender olhetwi/e a~iA writing, there ahall be ~ applied to the aume secured by this Mortgage such pmportion of the proceeds as ie equal to that proportion which the amouat of the sums ~ secured by this Mortgage immediately prior to !he d ate of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balan~ of tht proceede paid to Borrower. i If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the rnnderanor offers b make an award or setde a claim for demages. Borrower feils to reepond to I.ender within 30 daya after the date euch notice is mailed, Lender is authorized to collect and apply the proceede, at I.ender e option, either to restora6on or repair of the property or to the eums eecured by this Mottgage. Unless Ler.der and Borrower otherwiee agree in writing, any auch application of proceede to principal shall not e:tead or postpone the due date of the monthly inetallmente referred Eo in paragraphe 1 and 2 hereof or change the amount of euch inetallmeats. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortization of the eums eecured by this Mortgage Ecranted by I.ender to any eucceseor in internet of Borrow er ahall not operate to release, in any manner. the liability of the original Borrower and Borrower'a successors in interest. [.ender al~all not be required to commence proceedinga againat auch succeaeor or refuse to extend time f~+r payment or othenviae modify amortization of the sums secured by this MongaKe by rea.4on of any demand made by theoriginal Borrower ~+nd Borrower s autt~esaors in intereat. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder. or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the e:ercise of any such right or remedy. The procurement of insurance or the payment of ta~ces or other liena or charges by Lender ahaU not be a waiver of Lender'a right to accelerate the maturity of the indebtednese aecured by thie Mortgage. 12 Remediee Cumulative. All remedies provided in this Mortgage are dietinct and cumalative to any other right or remedy under thia ~iortrage or afforded by law or equity, and ~nay be exerciee~i ooncurrendy, independently or succeeaively. 13. Succeesore and Aeaigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ehall t~ind, and the rights hereunder shall inure to, the respective succeseors and aesigna of Lender and Borrower, aubject to the proviaions of paragraph 17 hereof. Atl covenants and agreementa of Borrower shall be joint and eeveral. The captions and headinga of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof. 1-1. Notice. Except for any notice required under applicable law to be Riven in anoth~r manner, la) any notice to Borrower provided for in t h is Mortgage shall be given by mailing such notice by certified mail addres.ged to Borrower at the Property Addreas or at auch other addrese as l~orrower may designate by notice to Lender as pmvided herein, and (b) any notice to Lendec ehall be given by certified mail, return receipt req uested, to Lender'a addreas atated hernin or to such other address as Lender may deaignate by notice ta Borrower aR provided herein. Any nutice pmvided for in thia Mortgage shall be deemed to have been given to Borrower or Ixnder when given in the manner deaignated herein. 1 b. Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uniform rnvenante for national uee and non- uniform covenanta with limited variations by jurisdiction to constitute a uniform security inatrument covering real property. Thia Mortgage :h~li be governed by the law of the jurisdiction in which the Property is located. In the event thaE any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not afl'ect other provisions of this Murtgage or the Note which can be given effect without the conflicting provision, and to this end the pmvisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be furnished a confor:ned copy of the Note ar.d of thia Mortg~g;, a: ~ c;:Ws cf execution or after recordation hereof. 17. 'I~anefer of the Property; Aaeumption. If all or any part of the Property or an interest therein is aold or transferred by Borrower ~ «~thout Lender F prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ~~~umhase money aecurity interest for household appliances, (c) a transfer by deviae, descent or by operation of law upon the death of a joint ,`.1 ' tenant or (d) the grant of any leasehold intereat of three years or less not oontaining an option to purchaee, Lender may, at Lender'e option, declare all the aums aecured by thie Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate it; prior t~ the sale or tranafer, Lender and the person to whom the Property is to be aold or transferred reach agreement in writing that the credit of auch pe~rson is satisfactory to Lender and that the intereat payable.on the sums secured by this Mortgage s6ai1 be at such rate as Lender ahall rNquest_ If Lender has waived the option to accelerate providecl in this paragraph 17, and if Borrowei s succesaor in interest has ezecuted a «•ritten assumption agreement accepted in writing by Lender. Lendershall release Borrowerfrom allobligations underthia Mortgageand the ~ If Lender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof_ ~uch notice shall provide a period of not less than :i0 days from the date the notice ia mailed within which Borrower may pay theaume declared - ~iue. lE Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on t3orrower, ~nvoke any remedies permitted by paragrauh 18 hereof. 18. Aeceleration; Remedies. Ezcept ae provided in paragraph 17 hereof. upon Borrower'e breach of any covenant or agreement of Borrower in thia Mortgage, including the covenants to pay when due any eume secured by t6ie Mortgage. Lender prior to aoceleration ahall mail notice to Borrower ae provided in paragrap614 6ereof specifying: (1) the breach; (2) t6e ection required to cure auch breach; (3) ~ date. not lese than 30 daye 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 before the date epecified in the notice may result in acceleration of the eume secured by thie Mortgage. foreclosure by judicial proteeding end sale of the Property.The notice ehall fu rther inform Borrower of the right to reinatate after acceleration end the right to sasert in the foreclosure proceeding the non-e:ietence of a default or any other defenee of Borrower to acceleration and forecloeure. If the breach is not cured on or before the date specified in the notice, Lender at Lender'e option may declare all of the aume eecured by thia Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ehall be e ntitled to collect in such proceeding all eapenaes of foreclosure. including. but not limited to. reasonable attorney's fees, and costs of documentary evidence, abatracta and title reports. 19. Borrower'e Right to Reinatate. Notwithetanding Lender'a acceleration of the suma secured by this Mortgage, Borrowerahall have the right to have any proceedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of e judgment enforcing this Mortgage if: (a) Borrower pays Lender all suma which would be then due under thie Mortgage, the Note and notes secaring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other rnvenants or agreemente of Borrower contained in this Mortgage; (c) Borrower pays al) reaeonable expenaea incurred by Lender in enfotcing the covenante and agreementa of Borrower contained in this Mortgage and in enforcing Lender'a remediea as provided in paragraph 18 hereof, including, but not limited to, reasonable a ttorney e fees; and (d) Borrower takes auch action aa Lender may reaaonably require to aeaure that the lien of thia Mortgage, Lender'e intereet i n the Property and Borrower's obligation to pay the sume secured by thie Mortgage ahall continue unimpaired. Upon euch payment and cure by Borrower, thie Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration hed oocurred. 20. Aeaignment of Renie; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby aseigne to Lender the rente of the Property, provided that Borrower ehall, prior to acceleration unde~ paragraph 18 hereof or abandonment of the Property, have the right to collect and retain euch renta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, L.ender ehall be entided to have a rpcxiver appointed by a rnurt to enter.upon, take poeseasion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta rollected by the receiver ahall be applied first to payment of the coata of management of the Property and collection of rente, inciuding, but not limited to, receiver e fees, premiums on receiver e bonde and reasonable attomey e feee, and then b the sume secured by this Mortgage. The receiver ahall be liable to acoount only for those renta aMaally received. 414 ~A~~ 934 , ~ . Y