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HomeMy WebLinkAbout0022 8. Inspection. Lender may meke or cauee to be made reasonable entriee upon and inepections olthe property, provided that l.ender ahall give Borrower notice prior k? any such intlpection ~pecifyin8 r~aso~ablo cauee therrfor related to l.endrr'a interest in the Rroperty. 9. Condemnation. The proceeds o[ any award or clajm for damugep~ diT~t or coneequer~tinl, in conne.~tion with any oondemnation or other taking of the pmperty, or part thereof, or for conveyance ~n tceu ot rnnaemnaaon, are here~y essigned and shuli be puiti io I.enoer. In the event of a wial taking of the Property, the proceeds ehall b~ applied to the ei~ms secured by this Mortgage, with the e:cese, if any, paid w Borrower. In the event of a partial taf~ing o! the Property, unleae Borrower and l.ender otherwiee agree in writing, there shall be applied to the Bums secured by thia Mortgage auch proportion of the proceede ae is equal to that proportion which the amount of the eume eecured by thia Mortgage immediately prior to the date of taking beare to the fair market value of the Propesty immediately prior to the date of taking, with the balance of the proceeda pi?id to Borrower. If the Yrr,ptrty ie abtindoned by F3orrower, or if, after notice by Lender to Borrower that the oondemnor offera to make an award or eetcle a clsim for damaqes, Borrower faila to respond to Lender within 30 daye afteY ?he datc auch notice ie mailed, Lender ia authorized tocollect and apply the proce~,de, at l.ender a option, either to reatoration or repair of the property or to the auma eecured by thia Mortgage. Unless I.ender and Borrower utherwiee agree in writing, any auch application of pt+oceede `,.o principal ehall no~ eztead oz postpone the due date of the monthly inatallmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch installments. lt,. Borrower Not Released. F.xtension of the time for paymant or modification of amortization of the auma eecured by this Mortgage granteci by Lender to any succTSBOr in intereet of Boreower ahall not uperf+te ki release, in any manner, the liability of the original Burrower pnd Bort~wer'ce auccessors in intereat. Lender ehall not be required to commence proceedings against euch succeasor or reCuae to extend time for payment or othNrw ise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrawer and Eiorrowei a succes3ors in interest_ i l. Forbearance by I.ender Not a R?aiver. Any forbearance by l.ender in exerciaing any right or remedy hereunder, or otherwiee af#'orded by applicable law, shall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of inaurance or the payment of taxes or other liens. or charges by Lender ahall not be a waiver of Lender a right to accelerate the maturiiy of the indebtedneas secured by thie Mortgage_ . 1 Z Remediee Cumulative. All remediea provided in thie Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or afiorded by law or equity, and may be e:ercise~l concurrently, independently or auccesaively. 13. Succeasore and Aseigns Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall bind, and the righte hereunder ahall inure to, the respective successora and aasigne of Lender and Bornower, aubject to the pmvieione of paragraph I T hereof. All covenants and agreements of Borrower ahall be joint and aeveral. The captions and headings of the paragrapha of this Mortgage are for covenience only t?nd are not to be uaed to interpret or define the provisions hereof. 1 A_ Notice. Except for any notice required under npplicable law to be given in another manner, (a) any not~ce to f3orrewer provided for in thia Mortgage shall be given by moiling such notice by certified mail addressed to Borrower at the Property Addreas or at such other addreae as Borrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender'a address atated herein or to such other addrees as Lender may designate by notice to Borrower se pro~~ded herein. My notice provided for in this Mortgage ehall be deemed to have been given to f3orrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law~ Severability. This form of mortgage combines uniform wvenants for national uae and non- uniform covenanta with limited variations by juriadiction to rnnetitute a uniform security instrument rnvering real property_ This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note eonflicta with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given ef~ect without the rnntlicting provieion, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. t3orrower ahall be fumished a conformed copy of the ?L'ote and uf ihies Y~lurigage at ti~e tiiue uf exctiuiiuiti or after j recordation hereof. E 17. Tranafer ot the Property; Aesumption. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower ~ without I.ender a prior w*i!ten rnnsent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ! purchase money security ?ntereat for household appliancea, (c) a tranafer by devise, dc~cent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or lesa not rnntaining an option to purchaee, Lender may, at Lender's option, ~ declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, I.ender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch ~ peraon is satisfaMory to Lender and that the interest payable on the aums secured by thia ivlortgage anaii be at such rate as Lender ahaif request. If Lender has waived ihe option to accelerate provided in thia paragraph 17, and if Roaower's sucressor in interest has e:ecuted a ~ written assumption agrce~uent accepted in writing by I.ender, I.ender ahall release Borrower from all obligations under this Mortgage and the ~ Note. If Lender exercises ~uch aption to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Svch notice Rhall provide a periad of not less than 30 days from the date the notire is rr~uiled within which Borrower may pay thesums declared due. If Borrower fails to pay such sums prior to the expiration of such period. [.ender may, without further notice or demand on I3orrower, ~ mvoke any remedies permitted by paragraoh IR hereof. ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breac6 of any oovenant or ~ ~ agreement of Borrower in thia Mortgage, i~.cluding the covenants to pay when due any sums secured by this Mortgage. Leader ' prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not lesa than 30 daye from the date the notice is mailed to Bonower, by which euch ~ breach muat be cured: and (4) that failure to cure such breach on or befon: the date speci6ed in the notice may reault in ~ acceleration of the suma aecured by this Mortgage, foreclosure by judicial prceeeding and sale of the Property. The notice ahaU turther inform Borrower of the right to reinstate after acceleration and the rig6t to esaert in the foreclosure proceeding the ~ non-e:istence of a default or any other de[ense of Borrower to ecceleration and forecloaure. If the breach is not cured on or ; before the date epecitied 'en the notice. Lender at Lender'e option may declare all of the auma aec~red by thie Mortgage to be g iromediately due and payablc without further demand and may forecloae this Mortgage by judicial proceeding. Lender ahall be entitled to coilect in such proceeding ali ezpenses ot foreclosure, including, but not limited to. reasonable attorney's fees, and ~ costs of documentary evidence, abetracte and tiUe reports. - t`~ 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration~of the suma secured by this Mortgage, Botrower shall have the right to have any pmceedinqa begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securing Future ;a ' Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreements of Bonower contuined in _ this Mortgage; (c) Borrower pays all reasonable expenses incurred by I.ender in enforcing the covenante and agreemente of Borrower contained in this Mortgage and in enforcinq Lender's remedies as provided in paragraph 18~hereof, including, but not limited to, reasonable - attorney e fees; and (d) Borrower takea such aMion as Lender may reasonably require to asaure that the lien of this Mortgage, Lender'e intereet << in the Property and Iiorrower's obligation to pay the eums eecured by this Mortgage shali continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. ;j~ 20. Asaignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigng to Lender the renta ' of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have !he right to collect and rntain such rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a - court to enterapon, take posaeseion of and manage the Pmperty and to rnllect the renta of the Property, including those past due. All rente rnllected by the reeeiver ahall be applied firat to payment of the Mata of management of the Property and collection of renLa, including, but not limited to, receiver'a fees, premiuma on receiver's bonds and reasonable attorney'a fees, and then to the sums secured by this Mortgage.l'he - receiver ahall be liable to account only for thoae renta actually received. . "~'a SCCK~CV i'A,F ~ i = I