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HomeMy WebLinkAbout0257 R. Inepectiun. I.ender may make or cauae to be made reaaonable entriee upon and inepections of the property, provided that I.ende~ ehall give E3orrower notice prior to any euch inapection epecifying reaeonable cauee there[o~ related to l.ender's intereet in the Property. 9. Condemnation. The proc~ceds of any awar~. ar claim for damagea, direct or coneequential, in connection with any mndemnation or other tuking of the property, or part thereof, or for conveyance in ticu of condemnatiun, are hereby aeiaigned and ehall be paid W Lender. ln the eve~t of a total txking of the Property; the proceede shaU be applied io ihe aums eecured by this Mortgage, with the e:cese, if any, paid to Borrower. l~ the event of a partial taking of the Property, unlees Borrower and Lmder a!lierwiee agree in writing, there shall be applicd to the suma secured by thia Mortgage auch ptoportion of the pro~.~~eeds ae is equal to that proportion whirh the amount of the aume eecured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately priur Lo the date of taking, with the balanca uf the proceeda paid to Borrower. If the Ptoperty ie abandoned by Borrower, or it, after notice by [.ender to E3orrower that the condemnor oNere to make an award or aetde a claim for damagea, Borrower fails W reapond to Lender within 30 days afiter the date auch notice is mailed, Lender is authorized tocollect and apply the proceeda, at Lendei a option, either to realoration or repair of the property or to the eums secured by this Mortgage. Unleas Lender and Borrower otherwiae agree in writing, any euch application of proceeds to principal ahall not extend or postpone the due date of the monthly inatallmente referred to in paragrapha 1 and 2 hereof or change the amount of euch inetallmenta. 10. Borrower Not Released. Extenaion of the time for paymant or modification of amortization of the sums xecured by this Mortgage Kranted by l.ender to any aucceasor in intereat of [iorrower ahall not operate to mtease, in any manner, the tiability of the original Borrower and I3orrower'a auccessors in interest. l.ender shall not be required to commence proceedings against such succesaor or refuae to extend time ~ for payment or otherwise modify umortization of the suma secured by this Morigage by reason of any demand made by the original Borrower <md Borrower's succes.~ors in interest. 11. Forbearance by I.ender Not a Waiver. My forbearance by l.ender in etercising any right or remedy hereunder, or otherwiee afforded by appticable law, shall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of insurance or the payment of taxes or other liens or chargee by I.ender ahall not be a waiver of I.ender's right to accelerate the maturity of the indebtedneas secured by thia Mortgage. 12 Remediee Cumulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exercise~i concurrently, independently or succeeaively. - 13. Succesaors and Aesigns Bound; Joint and Severel Liability; Captione. The covenanta and agreements hernin contained ahall bind, and the righLe hereunder shall inure to, the respective autt~essors and asaigns of Lender and Borrower, aubject to the proviaiona of paragraph 1? hereof. AU covenants and ngreementa of Borrower shall be joint and aeveral. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under ~pplicable law to be qiven in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addreas or at auch other addreae as E3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, retum receipt requested, to Lender e address atated herein or to Auch other address as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shali be deemed to have been given to Borrower or Lender when given in the manner designated herein 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform covenants with limited vnriations by jurisdiction to conatitute a uniform security instrument covering real property. This Mortgage shaU be governed by the law of the jurisdiction in which the Property is lceated. In the event that any pro~~sion or dause of this Mortgage or the Note conflicts with applicable lavr, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'8 Copy. Borrower ahall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or atter recordation hereof. 17.1'ranafer of the Property; Aaeumption. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower without I.ender's prior written consent, excluding (a) the creatiun of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a i pumhase money security interest for household appliancea, (c) a tranafer 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 years or less not rnntaining an option to pumhaae, Lender may, at l.endei a option, ; declarn all the sums secureu by this Mortgage to be immediateiy due and payable. Lender ahall have waived auch option to accelerate if, prior f ta the sale or tranafer, t.ender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such ~ person is satisfactory to Lender and that the interest payable on the sums secured by thia Mortgage shall be at such rate as Lender shal! - request. If Lender hz~s waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in intereat has executed a ~ wTitten asaumption agreement accepted in writing by I.ender, I.ender ahall release Borrower from all obligations under this Mortgage and the > { ti`ote. 4 If I.ender exerci~ such option ur accelerate, l,ender xhall mail Rorrower notice of acceleration in aecordance with paragraph 14 hereof. ; 5uch notice shall provide a period of not less than 30 days from the date the notice is rr.ailed within which Botrower may pay the sums declared x due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on Eiorrower, invoke any remedies permitted by paragraoh lR hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereof, upon Borrower a breach of any covenant or ' agreement of Borrower in thia Mortgage, including the covenants to pay when due any eums secured by this Mortgage. Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the aMion ~ required to cure such breach; (3? a date, not lesa than 30 days from the date the notice is mailed to Borrower, by which such ~3 breach muet 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 aums secured by this Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice shall ~ further intorm Borrower of the right to reinatate after acceleration and the right to asaert in the toreclosure proceeding the ~ ~ non-exiatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ia not cured on or ~ before the date specitied in the notice. Lender at Lender's option may declare all of the suma secured by this Mortgage to be ~ immediately due and payable wilhout furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be 3 entitled to collect in auch proceeding all expenses of forecioaure. including. but not limited to. reasonable attorney's fees. and coata of documentary evidence, abstracta and title reporta. 19. Borrower'8 Right to Reinatate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower ahall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Futum y~ Advances, if any, had no acceleration occurred; (b) i3orrower cures ali breachea of any other covenante or agreements of Borrower contained in this Mortgage; (c) Borrower paya all reasonable expenses incurred by Lender in enforcing the covenants and agreementa of Borrower contained in this Mortgaqe and in enforcing Lender's remediea as pmvided in paragraph 18 hereof, including, but not limited to, reaaonable = attorney's fees; and (d) Borrower takes euch action as Lender may reasonably require to aesum that the lien of this Mortgage, I.ender's intereet in the Property and E3orrower's obligation to pay the sums secured by this Mortgage ahall continue unimppired. Upon auch payment and cure :~s by Borrower, ihis Mortgage and the obligutiona secured hereby shall remain in full force and effect as if no acceieration had occurred. 20. Assignment ot Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigns to Lender the rents of the Property, provi~~l that Korrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rentr; ~4 they become due and payable. [lpon acceleration under paragraph I8 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a L' rnurt to enter_upon, take poasesaion of and managr i.he PropeRy and to rnllect the rents of the Property, including thoae past due_ All renta - rnllected by the receiver shall be applied firat to payment of the rnats of rr~anagement of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reaeonabie attorney's fees, and then to the Aums secured by this :V(ortgage. The _ receiver sha11 be liable tu ac~vunt unly for tho~e rents actudliy receivcd_ x~ go°~ 286 ~~~f 25? ~ ~]'~,t'£ - _ _ . .