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HomeMy WebLinkAbout0265 S. Iaepection. Gender may make or cauae to be made reasooable entriee upon and inepectione of the property, provided that Lender ahall give Borrower notice prior to any auch inepection specifying reaaonable cauee therefor related to I.endei e intereat in the Property. 9. Condemnatioa. The proceeda of a~y award or claim for damages. direct or conaequential, in connection with any condemnation or other taking of the pmperty. or part thereof, or for conveyance in lieu of oondesanation, are hereby aeeigned and shall be paid to Lender. I~ the event oi a total taking of the Property, the pmceeds eholl be appliedEk~a~R~s secured by thie Mortgage, with the esceee. if any, paid to Botrower. In the event of e partial taking of the Property, unless i1d Leader otherwiee agree in writing, there ehall be applie~ the s~:aie eecured by thie Mortgage euch pmportion of the proceede aa ia equal to that proportion which the amount of the sums eecured by thia Mortgage immediately prior to the date of tal~ing beare to the fair market value of the Property immedietely prior to the date of taking, with the baianc~ of the proceeds paid to Borrower. If the Property ia abandoned by BorroNrer, or if, after notice by Lender to Borrower that the oondemnor ot~fers to make an award or eettle a claim for damages, Borrower faile to respond to I.ender within 30 daya after the date euch notice ia mailed, Lender is a~thorized tc rnUect and apply the proceeda. at Lendei e option, either to reatoration or repair of the pmperty or to the auma eecured by this Mortgage. Unlees Lender and Borrowe~ otherwiee agree in writing. any auch application of proceeds to principal shall not extend or postpone the due date of the monthly inatallments refernd to in paragraphe 1 and 2 hereof or change the amount of such inetallmenta. 10. Borrower Not Releaeed. E:teneion of the time for paymant or modification of amortization of the suma secured by this Mortgage granted by Lender to any aucceseor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Aorrower e succesaora in interest. I.ender ahall not be required to commence pr ag~iAettuch suc~:~o~ TLfUs~ Lu cTiicTi3 linc ~c= n* e:tie*~iQe mndify amortixatinn of the suma secured by this Mortgage by re ' of ~11fy aemand made by the original Borrower _ . and Borrower a aucceasora in interest. 11. Forbearance by I.ender Not a R?aiver. Any forbearance by I.ender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law, shali not be a waiver of or preclude the exerciae of any such right or remedy. The procurement of ineurance or the payment of taues or other liena or charges by Lender shall not be a waiver of Lender's right to acceterate the maturity of the indebtednesa secured by this Mortgage. 12 Remediee Cumuletive. All reraediee provided in this Mortgage an distinM and cumulative to any other right or remedy under this Mortgage or afiorded by law or equity, and may be e:ercised ooncurrently. independenUy or aucceesively. 13. Succeeeore and Assigne Bouad; Joint and Several Liabillty; Captione. The oovenants and agreementa hernin oontained ahall bind, and Lhe righte hereunder ehall inure to, the reepertive auttti~saore and aseigns of L.ender and Borrower, subject to the provieione of paragraph 17 hereof All co~enants and agreementa of Borrower ehali be joint end eeveraf. The captions and headings of the paragraphe of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, ( a) any notice to Borrower provided tor in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at such other address as Borrower may designate by notice to I.ender as provided herein. and (b) any notice to L.ender ahall be given by certified mail, return receipt requeated, to I.ender's addresa atated herein or to auch oLher addreas as Lender may deaignate by notice to Borrower as provided herein. My notice pmvided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability.'I1?is form of mortgage combines uniform eavenanta for national uae and non- uniform covenants with limited variationa by juriediction to conatitute a uniform aecurity instrument oovering real property. This Mortgage shall be governed by the law of the juriediction in which the Property is located. In the event that any provieion or clause of thie Mortgage or . the Note confiicts with applicable law, auch conflict shall not affect other pmviaions of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the pmvisions of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'IYansfer of the Property; Asswnptioa. If all or any part of the Property or an interest therein ia sold or tranaferrcd by Borrower without Lendei s prior written consent, excludinq (althe creation of a lien or encambrance aubordinate to thia Mortgage, (b) the creation of a ' purchase money eecurity interest for houeehold appliancee, (c) a transfer by devise, deeoent or by operation of law upon the death of a joint ~ tenant or (d) the grant of any lesaehold intereat of three yeara or less not containing an option to purchaee. Lender may. at Lendei a option, ~ declare all the suma secured by this Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if. prior i to the sale or transfer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch ~ person is satisfactory to Lender and that the interest payable on ihe suma secured by this Mortgage shali be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 19, and if Borrower's successor in interest has eaecuted a E written asaumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under thia Martgage and the E \ote. ~ If Lender exercises such option to accelerate. Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall pro~•ide a period of not less than 30 days from the date the notice is ~r,ailed within w hich Borrower map pay the sums declazed ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ~ mvoke any remedies permitted by paragraoh lA hereof: 18. Acceleration; Remedies. Ezcept as provided ia paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of 13orrower in thia Mortgage. including the covenanta to pay w6en due any sums eecured by this Mortgage. Lender prior to acceleration e6a11 mail notice to Borrower ea provided in paragraph 14 hereof specifying: (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 Borrower, by which suc6 ; breach muat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may reault in ~ acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinstate aRer acceleration and the right to asaert in the foreclosure proceeding the ~ non-e:istence o! a default or any other defense of Borrower to soceleration and foreclosure. If the breach ie not cured on or ~ before the date epecified in the notice. Lender at Lender's option may declare all of the aume aecured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to coUect in auch proceeding aU e:penses of toreclosure, including, but not limited to. reasonable attorney's fees, and ~ costa of documentary evidence. abstracta and title reporte. 19. Borrower'e Right to Reinetate. Notwithstanding Lender a acceleration of the suma eecured by this Mortgage, Borrower ehall 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 r thia Mortgage if: (ai Borrower paya Lender all sums which would be then due under thie Mortgage, the Note and notes aecuring Future Advancea, if any, had no acceleration occarred; (b) Borrower cures all breachea of any other covenante or agreemenfe of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reaeonable e:penaes incurred by Lender in enforcing the covenants and agreemente of Borrower contained in thie Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takea such action se Lender may reasonably require to aseure that the lien of this Mortgage, Lender'e interest " in the Property and Borr+ower's obligation b pay the aums secured by this Mortgage ahall continue unimpaired. Upon such payment and cure - by Borrower, thi8 Mortgage and the obligatione secured hereby shall remain in full fozce and effect as if no acceleration had occurred. 20. Aesignment of.Rente; Appointment of Reoeiver. As additional security hereunder, Borrower hereby asaigna to Lender the rente of the Ptoperty, provided that Borrotver ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right = to collect and rntain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ oo~ut to enterypon, take po~seaeion of and manage the Property and to rnllect the renta of the Property, including thoee past due. All renta _ oollected by the receiver ehall be applied first to payment of the ooate of management of the Property and collection of rente, including, but not limited W, receiver's fees, premiuma on receiver e bonds and reasonable attorney e feea, and then to the sums secured by this Mortgage. The - receiver ahall be liable to acoount only for those rents actually received. ~ ~ 6~RR ~76 PA~~ a4 ~ ~ : = - - - - _ _ . : . _ ~ _