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HomeMy WebLinkAbout0147 8. l~epection. l.ender may make ur causse to be made reasonable entries upon and inspections o[the proQetty, provided that l.ender ehalt give I3orrower notice prior to any euch inspection specif~~ng ~easonable cauae therefor related to Lendei e inte~eat in the Property. 9. Condemnation. The proceede of any award or claim for damagee, direct or coneequenti~l, in connection with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnetion, are hereby aasigned and ehall be paid to Lender. In the eveot of e total taking of the Property, the proceede ahall be applied to the eume aecured by thie Mortgage, with the e:ceaa, ii any, paid W Borrower. !n 1he event of a pariial taking of the Property, unleue Horrower and Ixndei otherwiae aqree in writing, there ehall be applied to the sume aecured by this Mortgage euch proportion of the proc~eds ueris equal to fhat proportion which the amount of the auma secured by thie~ Mortgage imn~ediately prior to the date of taking bears to the fair market value of the Property immediately prior W the date of taking, with the balanc~ of the proceeda paid to Qorrowe~. - If the P~operty ia abandoned by f3orrower, or if, aRer notice by I.ender to E3orrower that the condemnoroffere to make an award or eetde a ciaim for damagea, Borrower fails to teepond tu l.ender within :l0 daye after the date auch notice is mailed, [xnder is authorized to collect and apply the proceeda, at Lender'e option, either to restorat~on or repair of the property or to the eums eecured by this Morlgage. Unleas L.ender and Borrower otherwise agree in writing, any such application of proceeda to principal ahall not extend or postpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmenta. 10. E3orrower Not Released. F.xtenaion of the time for paym~nt or modification of amortization of the suma secured by this Mortgage ~ranted by I.ender to any auccessor in internat of Bormwer shall not operate to release, in any manner, the liability of the original Borrower und Borrower'a successora in intErest. Lender ahall not be required to commence prc~ceedings againet such succesaur or refuse to extend time for payment or othervvise modify umortization o[the sums secured by this RiortKnge by reasun of any demand made by the original Borrower und I3orrower's auccessors in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee nfforded by appiicable law, shall not be a wai~ er of or preclude the exercise of any auch right or remedy_ The procurement of insurance or the payment of taxee or other liena or chargea by Lender ahall not be a waiver of Lender'a right to accelerate the maturity of the indebtedneae secured by thia Mortgage. 12 Remediee Cumulative. Alt remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or affordei~ by law or equity, and may be exercise~ concurrently, independently or succesaively. 13. Successore and Asaigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hernunder ahall inure to, the reapective successors and asaigne of I.ender and Borrower, aubject to the provisions of paragraph 17 hereof. All co~enants and agreements of Borrower shall be joint and several. The captions and headinga of the paragrapha of thia Mortgage are for covenience only t?nd are not to be used to interpret or define the provisione hereof. 14_ Notice. Except for any notice required under applicable law to be Qiven in another manner, lal any notim to Borrower provided for in this Mortgage shall be given by mailing such notice by rertified mail addressed to Borrower at the Property Address ur at such other addreea ae Borrower may designate by ~otice to Lender as provided herein, and (b) any notice to I.ender ahall be gicen by certified mail, return receipt requeated, to Lender's address stated hemin or to such other address as I.ender may designate by notice to Borrower an provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated hernin. 15_ Uniform Mortgage; Governing I.sw; Severability. This form of mortgage combines uniform covenanta for national use and non- uniform covenanta with limited variations by jurisdiction to oonstitute a uniform security instrument covering real ptoperty. This Mortgage ~hall be guverned by the law of the jurisdiction in which the Property is located. In the event that any provision or clauae of this Mortgage or the Note contiicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect ..•ithout the conflicting provision, and to this end the provisions of the hlortgage and the Note are declared to be se~erable. 16. Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'I~anster of the Property; Asaumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without l~ender s prior written consent, excluding (a? the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by deviae, descent or by operation of law upon the death oS a joint i tenant or id) the grant of any leasehold intereat of three years or less not containing an option to purchase, [.ender may, at Lender's option, ' declarn alI the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate it, prior E to the sale or transfer, I.ender and the person to whom the Property is to be sold or tranaferred reach agreement in writing ttiat the credit of such e person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as [.ender ahall E request. IE I.ender has w•aived the option to accelerate provided in this parflgraph 17, and if F3orrow~er's successor in int~eat has executed a ~ ~vritten assumptiun aKreement accepted in writing by L.ender, [xnder shall release Borrower from all obligations underthis 1lortqage and the ~ ~ ote. ~ If Ixnder exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ ~uch notice shall pmvide a period of not less than 30 days from the date the notice is mailed within which Borrow er may pay the sums declared ~ due_ If Bonower fails to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on Eiorrower, ~nvoke any remedies permitled by paraKraoh 1R hereof. ~ 18. Acceleration; Remediea. Except as provided in parngraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage. including the covenante to pay when due any aums secured by this Mortgage, Lender ' prior to acceleration shaU mail notice to Borrower se provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ reyuired to rure such breach; (3) a date, not less than 30 daya from the date the notice ia mailed W Bonower, by which such breach must be'cured; and (4? that failure to cure such breach on or before the date specified in the notice may result in ~ acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and eale of the Property.The notice ahail ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure prceeeding the ~ non-exiatence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or K before the date apecified in the notice. Lender at Lender's option may declare all of the eums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceedinq. Lender shall be s= entitled to collect in such proceeding all expensea ot foreclosure. including, but not limited to. reasonable attorney's fees, and ~ costa of documentary evidence. abstracts and title reporta. 19. ~3orrower's Right to Reinetate. Notwithstanding Lender's acceleration of the suma secured by this Mortgage, l3orrower shall have ~ the right to have any pra~eedings begun by l.ender to enforce this Mortgage discontinued at~ny time prior to entry of a jud~nent enforcing ~ ~3 this Mortgage if: ia) Borrower paya I.ender all sums which would be then due under this Mortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenants or agreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by l.ender in enforcing the covenants and agreementa of Borrower contained in this Mortgaqe and in enforcing l.ender`s remedies as provided in paragrapn ifi nereof, inciuding, but noi iimiie~i iu, reasonaole attorney's feea; and Id) F3orrower takes auch action as Lender may reasonably require to assurn that the lien of this Mortgage, I.ender's intereet in the Property and i3vrrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure ;;3 by Borrower, this Mortgage and the obligationa secnred hereby ahall remaiR in full force and effect as if no acceleration had occurred. 'l0. Assignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the renta = of the Property, provided that Borrower shall, prier to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, L.ender ahalt be entitled to have a receiver appointed by a court to enter~upon, take poasesaion of and manaqe the Property and to collect the renta ot the Property, including those past due. All renta collected by the receiver ahall be applied first to payment of the costa of management of the Property and rnllection of renta, including, but not limited to, receiver'a fees, premiums on receiver's bonds and ressonable attorney's fees, and then to the suma secured by this Mortgage. 7'he receiver shall be liable to account oniy for those rents aMually received. G ~ . ~ ~ss ~F. i ~7