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HomeMy WebLinkAbout0153 ~ t' • A. Inepection. I.ender may make or cauee to be made rnasonable entriee upon and inepectiona of the property, provided that l.e~der ehall ti~ive fiorrower notice prior to any auch inapection specifying masonable cauee therefor related to l.ender'e intereat in the Piroperty. 9. Condemnation. The proc~eeda of any awacd or claim for damagea, direFt or Coneeqtlential, in connection with any condemnatiun ur other taking of the property, or part thereof, or for conveyance in lieu of condgmnation, are l~eeeby aeeigned and ahall be paid to Lender. !n the event oi a total taking of the Property, the proceede ahell be epplied to the aums eecured by thie Mortgage, with the exceee, i[ any, paid to Borrower. ln the event of a partial tsiking of the Property, unleae Borrower and l.ender otherwise agree in writing, there ahall be ~pplied to the sume eecured by thie MortgaRe such proportion ot the proceeds as ie equal to that proportion which the amount of the eume aPC~~ra~ by thia Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior W thedate of taking, with the batancY of the proceede paid to Borrower. If the Froperty ia abandoned by Borrower, or if, afte~ notice by Lender w Borrower that the oondemnor offers to make an award or eettle a claim for damages. Borrower faila to reapond to Lender within 30 days after the date auch notice is mailed, Lender is authorized to collect and apply the proceede, at I.ender'a option, either to reatoration or repair ot the property or to the eums secured by thie Mortgage. Unless Lender and Borrower otherwiee agree in writing, any such application of proceeda to principal ehall not extend or poetpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of auch inatallmenta. 10. Borrower Not Released. Extenaion o! the time for paym~nt or modification of amortization of the aums secured by this 111ortgage Kranted by l.ender to any successor in interest of I3orrower ahall not operate to mlease, in any manner, the liability of the original Borrower :ind Borrower's successors in interest. I~ender shall not be required to commence procFedings against such succesaor or refuse to extend time for pai~~ment or othemise modify amortization of the sums secured by this Mortgage by reason af nny demand made by the original Borrower and E3orrow•er's successorx in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by L.ender in exercieing any right or remedy here~nder, or otherwiae a fforded by applicable law, shnll not be a waiver of or preclude the exerciae of any auch right or remedy. The procurement of ineurance or the payment of taxes or other liene or chargea by Lender ahall not be a waiver of I.ender's right to accelerate the maturity of the indebtedneas secured by thia Mottgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or Temedy under thie ltortgage or afforded by law or equity, and may be exercise~! concurrently, independently or aucceasively. 13. Succeasore and Assigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein rnntxined ahall bind, and the righta hereunder ahall inure to, the respective successora and asaigns of Lender and Borrower, subject to the proviaione ot uaragraph 17 hereof. All covenan:c+ and aRreements of Borrower ahall be joint and several_ The captions and headings of the paragtepha of this Mortgage are for covenience only and are not to be uaed to interpret or define the provisions hereof. 14. Notice. F:xcept for any notice required under applicable law to be ~civen in another manner. (a) any notice to E3~rrower provided for in this Mort~age shall be given by mailing such notice by certified mail addreased to E3orrower at the Property Addreas or at such other addreas as Horrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender shall be Etiven by certified mail, return receipt requeated, t~ I.ender's addresa stated herein or to auch other address as I.ender may deaignate by notice to Borrower aa provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombines uniform rnvenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniforni security i~strument rnvering real property. Thia Mortgage shall be governed by the lav? of the jurisdictiun in which the Yroperty is located. In /he event that any provision or clause of this Mortgage or the Note contlicts with applicable law, such conflict shail not affect other pmvisions of this Mortgage or the Note which can be given effect w~ithout the rnnflicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be aeverable_ 16_ Borrower's Copy. Borrower shall be fumished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'l~ansfer of the Property; Assumption. If ali or any part of the Property or an ~interest therein ia sold or tranaferred by Borrower without I.ender.'s prior written consent, excluding (a) the rreation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliances, (cl a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not containing an option to purchase, Lender may. at Lendei a option, ` declare all the sums secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior 6 to the sale or transfer, Ixnder and the person to whom the Property is to be soid or transferred reach agreement in writing thai the credit of such ~ person is satisfactory u? I.ender and that the interest payable on the sums secured by this Dlortgage shall be at such rate as Lender ahall ~ rc~uest. If Ixnder has waived the option to accelerate provided in this paragraph 17, and if Borrower's sucreasor in interest has executed a s w~ritten assumption agreement accepted in writing by I.ender, LendershallreleaseBorrowerfromallobligationsunderthisMortgageandthe s \ ote. ~ If I.ender exercises such option to ~cmlerate, Lender shall mait Borrower notice of acceleration in accordance with pazagraph 14 hereof. ; ~uch notice shall pruvide a period of not l~s than 30 days from the date the notice is rr,ailed N ithin which Borrower may pa~ the sums declared a due. If Borrower fails to pa~ such sums prior to the expiration uf such period, Ixnder may, withuut further notice or demand on Eiorrower, " ~nvoke any remedies permitted by paragraoh 1R hereof. ~ lS. Acceleration; Remedies. F.:cept as provided in ~aragraph 17 hereof. upon Borrower's breach of any covenant or :r agreement of Borrower in this Mortgage, including the covenanta to pay when due any sume secured by this Mortgage. Lender prior to acceleration ahaU mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; l2) the action ~ required to cure such breach; (3) e date, not lesa than 30 days from the date the notice is mailed to Borrower. by which euch ~ breach must be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in xcceleration of the sums secnred by this Mortgage. toreclosure by judicial proceeding and ealeof the Property. The notice ahall ~ further inform Borrower of the riqht to reinstate after acceleration and the right to assert in the forecloaure proceeding the ~ non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of the sums secvred by this Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in such proceeding all e:penses of toreclosure, including. but not limited to, reasonable attorney's fees, and ~ ~•osts of documentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. Notwithstanding Ixnder's acceleration of theaume secured by this Mortgage. Borrower shall have r~ the right to have any proceedinga begun by I.ender to enforce this Mortgaqe discontinued at any time prior to entry of a judgment enforcing ~ti= this Mortgage if_ 1a1 E3orrower pays [.ender 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 breaches of any other covenanta or agreements of Borrower contained in this Mortgage; (c) [iorrower pays alt reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower - contained in this MortgaQe and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and t d1 f3orrower takea auch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender'a interest in the Property and Borrower's obligation to pay the suma aecured by this Mortgage shall continue unimpaired. Upon such payment and cure - by ~3orrower, this Mortgage and the obligations securcd hereby shall remain in full force and effect as if no acceleration had occurred. _ 20. Assignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hernby asaigns to Lender therente = of the Property, provided that Borrower ahall, prior 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 pavable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. I.ender sha11 be entitled to have e receiver appointed by a " court to enter upon, take possesaion of and manage the Property and to collect the rents of the Property, including those paet due. All rents collected by the rereiver shali be applied first to payment of the coats of management of the Property and collection of tents, including, but not - limited to, receiver's fees, premiuma on receiver'R bonde and reasonable attorney's fees, and then to the auma eecured by this Mortgage. The - receiver ahall be liable to account only for those rents actually received. E`~CX P1~~ ~ r 28s i53