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HomeMy WebLinkAbout0926 _ _ 't _ _ . i,l~ . I • ~ 1 , '~I . ~ ~ , . , : ~ - , , i . , . . 8. Inapection. I.ender may make or cause w be rnade reaeonat~le entriee upan und iaepecti~ne of the property, provided that Lender shall give &?no~ver notice prior to any euch inspectit,n epecitying reaeonable caase therefor relsted to Lender'e Inte~eet in the Property. 9. Condemnadon. The ~r~e of any eward or claim for damagea, direci or consequantial, in connection rc~th any oondemnation or ' other taking of the pmperty, or part theteof, ~r for conveyance in lieu of condemnation, are hareby aseigned and ehall ba paid to I.ender. ~ In the event of a total taking of the I'rape~ty, the proceeae ehall be applied to the aums eecured by thie Mortgage, with tho excesa, if any, paid to Aorrower. In the event of a partial takinq of the Property, unlese Borrawer and Gender otherwiso agtee in writing, there ehall be applied to the aume eecured by thie Marigage auch pmportion of the proct~eda aa ie equal to that proportion which the amount of thb eume aecured by thie Mortgage imrnedistely prior to the date of taking beare to the fsir market value of the Praperty immediately prior to thedste of taking, ~vith the balenc~ of the proceede paid tc~ Borr~wer. t If the Propetty ie abandoned by Sorrower, or ii, after notice I.ender to Rorrower that the condemnor of~ere to make an award or settle a ~ claim for daruagaa, Borrower faile to reepond to I,ender within 30 daye after the date euch netice ie mailed, Lender ie authorized to coliect ar,d a~ply the prcn^eede, at Lende~e optiar.~ either to reetoration or repair of the property or to tha eum9 sQcured by thie Mortgage. Unleas Lender and Bormwer otherwise agree in writing, any euch application of proceede Lo principal ehall not extend oz poetpone c}~~edue ~ • date of the monthly inatallmenta refemed to in para~raphs 1 and 2 hereof or change the amount of auch inafallmente. ~ 10. Btsrrower I~?ot Reteseed. Exteneion of the time for paymanl or modification of amoriization of the sume secured by this Mortgeee ~ granted by Lende: to any euccessor in intereat of Barrower ehap not operate to release, in sny manner. the liebitity of the origir.ai Borrower ~ and Borrower's successora in intereet. Lender shall not be requirerl tn commence proceecl+nga flgeinst euch suecessor or refuse t~ exter.d time ? tor pay~ment or otherwise modify amortization af the eurr,s aecured by this Morignge hy reason of any demand rr~nde b;~ the original Borr~wer i nnd Borrc~wer'a successora in interes;. ' # 11. Forbearance by Lender Not a Waivcr. Any forbearance by Lender in exercising ~ny right or ~rnedy hereunder, or otherwiae ~ . afforded by applicable law, ehall not b~ a waiver of or preclude the exercise of any such right or temedy:'The pracurement of ineursnce or the i payment of taxes or other liena or ch&rges by Lender eha11 not be a waiveY of I.ender's right t~ accelerate the maturity of the indebtedneas secured by this !~Sartgage. - 12. Hemadies Cumulative. All remediea proyided in this Mortgage are dialinct and cum~:lative to any other right or remedy under thie ~ Mori~age or afforded by law or equity, and may be exerciee~l concurrently. independently or eucceaeively. . 13. 5ueceseors and Aseigne Bound; Joint and Several Lisblltty; Captions. The covenanta and agreements herein co~tained shall ' bind, and the rights hereunder ahall inure to, the respective saccesaora and aseigne of LendeT and Rorrawer, aubject to the proviaiona of ~ paragraph,l7 hereof. All covenante and agreements of Bonower shall be joint and several. The captiona and headings of the paragrapha of ~j . this Mortgage are for covenience only and are not to be used ta interpret or define the proviaione hereof. . 19. Notice. F.xcept for ~ny notice ~equired under appticable law ta be given in anoth~r manner, (a) nny notice to Borrower provided for in ~ this Mortgage ahal! be givFn by mailing auch notice by certi ied mait addresaed W Borrower st the Property Addreas or at auch other addrese as ~ Borrower may deaignate by n~tice to Lender aH provided herein, and (b) any notice to [.end~r shall be given by certified mail, return receipt ~ _ requested, to Lender's addresa etated hernin or to such other addreas as Lender may design ate by notice to Borrower aA provided herein. Any riotice provided for in this Mortgage shall be deemed to have been given to fkirrower o* I.ender whep given in the manner designated herein. 15. Uniform Mortgage;Governing Law;Severability.Thiaformofmortgagecombinesuniformcovenantafornationaluaeandnon- uni[orm covennnts with limited variatiotis b,y juriadiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the juriadiction in which the F'roperty is located. In the event tha• any provision or clauae of thie Mortgage or ~ . the Note conflicts with applicable law, ~uch cnnf:itf shall not affect other provisi~n~ of lhis Mortgage or !he I~iote which can be given effect ~ without the conflicting provision, and to this end thc provisions of the biortgage and the Note are declared to be severable. . 16. 13urr4wer's Copy. Borrower shall be furnished a conformed rnpy of the Note and of thia Mortgage at tne time of execution or after ~ r rdation hereof. • • - ?.'I`ranafer of the PropertJ; A$aumption. If all or any part of the Pro~erty oran inter~t therein is sold or transferred by I3orrower hout Lender'~ prior written conaent, escluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) tha crention of a pu hase money security interest for household appliancea, (c) a t~•~anefe: by deviae, descent or by operation of law ugon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at L.ender's option, declare all the sums securea by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, ~rior to the sale or tranafer, I.ender and the pereon ta whom the Property ie to be aold or transferred reach a~reement in writing that the creditof such person is satisfactory to Lender and that the interest payable on the suma secured by lhis Mortgage shail be at auch rate as Lender ahell ~ request. If I.ender has waived the option to accelerate provided in this paragra~h 17, and if 13nrrower s_successor in interest has exe..-uted 'a 1 w~ritten assumption agreement accepted in writing by i.ender, I.endersrall release Borrower from all obligatioria nnder this lliortgage and the Note. - If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance vrth paragraph 1~ hereof. ~ Such notice shali p~ovide a period of not less than 30 days from the date the notice is cr,ailed within which Borrower may pay the aums declared ~ _ due. If Borrov~er fails to pay su~h sums prior to the expiraiion of such period, Lender may, without further notice or deman~ on Liorrov~er, ~ invoke any remedies permiftNd by paragraoh 18 hereof. . ~ 1& ~cceleration; Remedies. Ezcepf as provided in paragraph 17 he;eoi, upon Barrower's breach of any covenant or ~ . agreement of Borrower in thia Mortga~e, incluciing the oo. enanta_to pay when due any suma secured by thie Mortgage, Lender , prior to acceleretion shall mail notEce te Borrower ss provided in paragraph 141-ereofspecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a dute, not lese than 30 days from the date the notice is mailed to Borrower, by whic;h such t~reach muat be cured; and (4) that failnre to cure surh-bresch on or before the date specified in the notice may result in acceleration of the sums aecured by this Morigsge, foreclosure by judicial pr9ceeding and sale of the Property.'Che notice ehall _ further inform Borrower of the right to reinstete after acceleratian and the right to asse~t in the tureclosure proceeding the ~ non-eziatence of a default or any other defenae of Borrower to aocele*ation and forecloeure. If the breseh ia not cuced on or ~ , before the date apecified in the notice. Lender st Lender's option mgy declare all of the suma eecured hy this Mortgage to be immediately due a~d payable without fu: ther demanc~ and may foi ecloae this Mortg~ge by judiciel proceeding. Lender ahall be entitled to collect in auch proceeding all expenses uf foreelosure, including. but not limited to, reasnnable nttorney's fees. and casts of documentary evidence, ebstracts and title repc:ta. ~ - 19. Borrower'a Right ia Reinstate. h'atv~-ithstanding Lender's acr_eleration of the aume aecured by thie Mortgage, Borrower shali ha~ e . thg right tv have any p:oceedings begun by I,ender to enforce this Mortgaga diernntinued at any time prior to entry of a judgment enforcing this Mortgage if. (a) Borrower pays I,ender atl sums which would be then dtte under this Mort~age, the Note and notes seruring Future Advances, if any, had no acceleration occurred; (h) $oreower cvres Ali breache$ of any othercovenant8 or agreementa of Borrower centaineci in - this Mortgage; (c) Bo:rower pays all reasonable expensea inrurre~ by Lender in enforcing lhe covenanta and agreements of Borrower contained in Lhie Mortgage and in eniorcing Lender's rem~d:es as provided in paragraph 18 hereof, including, but not limit~d to, reaaona~le attomey's fees; and (d) Borrower ta~cee such artion as Lender may reasonably require to assure that the lien of this Mortgage, I.endei e intereat ; in the Property and Borrower s obligetion topay the sume secured by this Mortgage sha11 continue unimpaired. Upon auch pavment and cure ~ ' by Borrocrer, this Mortgage and ihe obligationa eeeured hereby shall remain in full force and effect as if no acceleration ha3 occurred. f 20. Asaignment af Rente; Appointmeat of Receiver. As sdditional eeci.rity hereunder, Farrower hereby aseigne to L,ender the rents _ of t,'~e Property, pros+ided that Bonower ehall, prior to aoceleration undcr paragr~ph 18hereof ar abandonment of the Praperty, have the right ~ to collect and retain auch rente as they become dne and payable ~ ~ Upon ~scceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ oourt to enter~pon, take poseession of and manage the Property and to collect Lhe renta of the Property, including thaee past due. All rents collected by the receiver shall be applied firat to payment of Lhe ~osta of management of the Property and collection of rente, including, but not limited to, receiver's f~s, preiniuma on rec~eiver's bonds and reaaonable attomey's fee,s, and then to the auma eecured by thia Mortgage. The receiver ahall be liable to acoount only for thoee rents actualiy re~iv~d. ~ ~ (~r~ BQ~1( t~ P«G~ t`7~G ~ ~ _ . . - - ;