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HomeMy WebLinkAbout0800 8. laspectioa. I.ender may make or causs to be made reawnsbk e~trie~ upon and inipectionr of the property_,provided tlui~ I.ender shall give Borrower notice prior to any such inspectio~ specifying reasonabk cauBe there[or rolata! W l.ender'~ int~te~t in Iha Pmperty. 9. CondeaaAStloa. The proceeda oI any award or claim tor dama~es, direct or con~eQwatial. in cono~clion with any oondemnation or other taking of the pmperiy. or pert thereof. or [oT conveyance in lieu o[ oondemnation; are hereby assigned and shell be paid to Lender. In the event of e total taking of the Propedy. the proceed~ shall be applied to the sums secured by this Mortgage, with the ezoess, it any. paid to Borrowes. In the event ot a partial tal~in~ o! the Property. unless Horwwer and I.ender otherwise agree in writinQ. tl~ere ~hall be applied to the suma secured by this Mort~age such proportion of tha proceeda aa is equal to that proportion wAich /he amount of the suau ~ secured by this Mortgage immediately prior to the date of taking bears to 1he teir market value of the Property immediately priot to the date of ; taking, with the balanca of the proceed~ paid to Borrower. If the Property is abandoned by Borrowe~r. or if. after notioe by Lendet to Borrower that the oondemno~ offers to make an award or settle a claim for damaga, Borrower faib to respond b L.ender within 30 days aRer tbe date euch notioe is mailed. Lender is authorised Lo ooAect snd apply the proceeds. at Lender's option. either b reetoration or repair of the property or to the euma secnred by this Mottga~e. Unlesa Lender and Borrower otherwise agree in writing, any auch application oiproceeds to principal ehall not e:tend or postpone the due date of the monthly installments ceferred to ia paragraphe 1 a~d 2 hereo! or changa the aawunt of euch inetallme~ts. 10. Borrower Not Released. Extenaion of the time for paymant or modification of amortization of the auma secu[ed by this Mortgege granted by l.ender to any succeaeor in intereet ot Borrower shall not operate to releaee, in any manner, the liability of the original Borrowet and Borrower's aucceasore in interest. I.ender ahall not be reQuired to commence proceedings againat such eucceesor or refuee to e:tend time for payment Qr otherwise modify amortizaEion of the auma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successora in i~tereat. 11. Forbearance by Leader Not a Waiver. My forbearance by Lender in ea~erciaing aay right or remedy hereunder, or otherwise af~orded by applicable law. ahall not be a waiver of or preclude the e~cercise of any such right or remedy.'11~e procurement of insurance or Lhe payment of teuces or other liens or charges by Lender ahall not be a waiver of Lender s right to accelerate the maturity of the uldebtednees eecured by thie Mortgage. 12. Remedles Gtitmulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgege or afforded by law or equity, and may be e~ercised ooncurrently. u?dependently or sna~eseively. 13 Succeesors and Aseigns Bound; Joint and 3everal Liability; Captjona The covenants and sgreementa herein oontaiaed ehall bind. and the righte hereunder shall inure to, the respective euccesaors and asaigns of Lender and Borrower, eubject to the provisions of paragraph 17 hereof. All covenants and agreements of Botrower shall be joint and eeveral. The captions and headings of the paragraphe of thie Mortgage are for covenience only and are not to be used to interpret or define the pmviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortqage shall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addreas or at auch other addrees as Borrower may deaignate by notice to l.eader as provided herein, and (b) any notice to Lender ehall be given by certi5ed mail, retura receipt requeated. to Lend~'s addreae etated herein or to euch other addrees ae Lender may designate by notice to Borrower se provided herein. Any notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Unifurm Mortgage; Govercung Law; Severability. Thia form of mortgage combinea unifor~n aovenante for national uee and non- uniform rnvenanta with limited variatione by juriediction to constitute a uniform eecnrity inetrument o~vering real property.ll~ia Mortgage ahall be govemed by the law of the juriadiction in which the Property ia located. In the event that any provieion or clause of this Mortgage or the Note contlicts with applicable law, auch rnnflict shall not affect other provisione of this Mortgage or the NoLe which can be given effect without the conflicting provision, and to thia end the provieiona of the Mortgage and the Note are declared to be eeverable, 16_ Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thie Mortgage et the time of ezecntion or after recor~ation hereof. 17. 'Tranafer of the Property; Assumpdon. If all or any part of the Property or an intereat therein ie aold or tranaferred by Borrower without Lender'e prior written rnneent; ezcluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purcheae money eecurity interest for honeehold appliancea, (c) a transfer by deviee. deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or lese not oontaining an option to purchaee, Lender may, at I.ender's option, declare all the aums securea by thie Mortgage to be immediately due and payable. I.ender ahall have waived auch option to socelerate if, prior to the sale or transfer, Lender and the peraon to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of euch person is satisfactory to Lender and that the interest payable on the suma secured by thia Mortgage shall be at auch rate ae I.ender ehall request. If Lender has waived the option lo accelerate provided in this paragraph 17, and if Borrowei a succesaor in interest hae e:ecuted a written asaumption agreement accepted in writing by Lender, Lender shall release Borrower trom all obligationa under this Mortgage and the ! Note_ ~ If Lender eaercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice ahall provide a period of not less than 30 daye from the date the notice ia mailed within which Borrower may pay the sums declared 4 due. If. Borrowez isils to pay such suma prior to the exp'vation of such period, Lender may, without further notice or demand on Iiorrower, ~ ?nvolce any remediea permitted by paragrauh 18 hereof. ~ i ~ 18. Acceleration; Remediea. Ezcept ae provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or ~ agreement of Borrower in thia Mortgage, including t6e ooveasnte to pay when due any sume eecured by this Mortgage, Lender prior to aoceleration shall mail notice to Borrower as providedan paragreph 14 hereof epecityiag: (1) the breac6; (2) the action required ta cure such breach; (3) a date. not lesa then 30 days from th8 date the notice ie mailed to Borrower, by which euch breach muet be cured; and (4) that failure to cure auch breacb on or before the date epecified in the notice may result in acceleration of the stima secured by this Mortgage. forecloaure by judicial proceeding end sale of the Property. T6e notice shall further inform Borrower of the right to reinatate after acceleration and the right to aeeert in the toreclosure proceeding the non-eustence of a defeult or any other defen8e of Borrower to aoceleration and forecloeure. If the breach is not cured on or before the date epecified in the notice. Lender at Lender'8 option may declare ell of the sums aecured by this Mortgage to be immediately due and psyable without furtherdemand and mny foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenaes of farecloeure. including. but not limited to. reasonable attorney's feee, and coata of documentary evidence. abatracte and title reporta. 19. Borrower'e Right to Reinatate. Notwithatanding I.ender's acceleration of the suma eecured by thia Mortgage. Borrower ahall have the right to have any prooeedinga begun by I.ender to enfome thia Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notea eecuring I~ture Advancea, if any, had no acceleration occurred; (b) Borrower curea aU breaches of any other covenants or agteementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reaeonable expensea incurred by Lender in enforcing the oovenants and agreemente of Borrower y oontained in this Mortgage and in enforcing Lendei a remedies as pmvided in paragraph 18 hereof. including. but not limited to, reaeonable - attorney a feee; and (d) Borrower takee such action as Lender may reasonably require to aseure that tlie lien of thia Mortgage, Lender's interest ; in the Property and Borrower s obligation to pay the sums secured by this Mortgege ahall continue unimpaired. Upon snch payment and cure ; ~ by Borrower, this Mortgage and the obligationa secvred hereby ahall remain in full foroe and effect a8 if no acceleration had ocxurred. ~ Z0. Aseignment of Rents; Appointment of Receiver. As additional eec~rity hereunder, Borrower hereby aseigns to Lender the renta perty, have the right ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph IS hereof or abandonment of the Pro ~ to collect and retain auch rents as they become due and payable. ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointed by a ~ oourt to enter~pon, take posseseion of and manage the Property and to collect the rents of the Property, including thoee past due. All rente ~ ooUected by the receiver ehall be applied first to payment of the ooste of management of the Property and ootlertion of renta, including, but not ~ limited to, receiver'a feea, premiuma on receiver a bonda and reasonable attorney's feea, and then to the suma eecured by this Mortgage. The ~ reoeiver ahall be liable to acaount only for thoae renta actually received. ~ ~ ~Q~K 285 ~.,~E ?88 ~ ~ _ ~ . ~ ~ - ,r ~z _ - ~ ~.~2~~_,_ . y _ _ - ~ _ ~_~~.ti