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HomeMy WebLinkAbout0458 8. Inspection. l.ender may make or cause to be made reaeonable eatries upon and inepectio~s of the property, provided thai Lender ehall give Borrower notice prior to any such inspection apecifying reasonable cuue~ therefor related to Lender's intereet in the Property. 9. CondemAatioa. The p~oceeds oi any award or claim for damagea, diroct oc oonsequential, in connection with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of oondemnation, are hereby aaeigned and ehaA be paid to Lender. In the event of a total taking of the Property, lhe proceede shall be applied to the suma eecured by this Mortgage, with the exceee, if any, paid to Borrower. In the event of a partiel taking of the P~operty, unleae Borrower and l.e~der otherwiee agree in writing, there ehall be applied to the suma eecured Dy thie Mortgage auch proponion oi t~~e yrw.~e..ue m:b ry~o~ ~..:+~.+L N...N.., i:..r. w:;~h L::: :.,-r,:.unL :.f L~:t o::.:.a eecured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immedietely prior to the date of u+king, with the balanca of the proceede paid to Borruwe~. , If the Property ie abandoned by Borrower, or if, aRer notice by I.ender to Borrower that the condemnor oFfera to make an award or eettle a claim for damagea, Borrower fails to reepond to I.ender within 30 days after the date euch notice ie mailed, [.eader is authorized to collect and apply the proceede, at Iendei e option, either to reatoradon or repair of the property or to the sums aecured by this Mortgage. Unleae I.ender and Borrower otherwise ag~ee in writing, any euch application of proceeda to principal ahall not extend or poetpone the due date of the monthly inetallmente referred to in paragraphe 1 and 2 hereof or change the amount of euch inatallmente: 10. Borrower Not Released. Extenaion of the time for paymant or ~nodification of amortization of the aums aecured by this Mortgage granted by l.ender to any succeasor in interest of E3orrower ehall not operate to release, in any manner, the liability of the original Borrower and Eiorrower'a auccessors in intereat. l.ender shaU not be required to rnmmence proeeediti~s pgsinat such succesaor or refuee to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borruwer and Bonower a successors in interest. 11_ Forbearance by l.ender Not a R?aiver. Any forbearance by Lender in exerriaing any right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waiver of or preclude the exercise of any such right or remedy_ The procurement of ineurance or the payment of taxea or other liene or chargea by Lender ahall not be a waiver of I.ender'a right to accelerate the maturity of the indebtedneae secured by this Mortgage. 12_ R~medies Cumulative. All remedies pro~~ded in thia Mortgage are diatinct and cumula~ve to any other right or remedy under thie - Mortgage or afforded by law or equity, and may be exercise~i rnncurrently, independently or succeaeively. 13. Succeasore and Aeeigna Bound: Joint and Several Liability; Captione. The covenants and agreements herein rnntained ahall bind, and the righte hereunder shall inurn to, the respective auccessore and eeeigns of Lender and Borrower, eubject to the pmvisione of paragraph 17 hereof. All covenanta and agreementa of ~3orrower ahall be joint and several. The captions snd headings of the paiagrapha of thia Mortgage are for rnvenience onty and arn not to be uaed to interpret or define the proviaione hereof. 14. Notice. F.xcept for any noti^; required under applicable law to be given in another manner, (a) any notice to E3orrower provided for in thia Mortgage e~hall be given by mailing auch notice by certified mail addressed to Borrower at the Property Address or at such other addreae as Borrower may designate by notice to Lender as pmvided herein, and lb) any notice to Lender shali be given by certified mail, mturn receipt requeated, to Lender's addreas stated herein or to such other address as Lender may deaignate by notice to Borrower aa provided herein. My nutice provided for in this Mortgage ahall 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 mortgagecombines uniform covenants for national ueeand non- uniform covenanta with limited variations by jnrisdiction to rnnstitute a uniform aecurity instrument rnvering mal property. This Mortgage shall be Qoverned by the law of the jurisdiMion in which the Property ia located. In the event that any provit+ion or clause of this Mortgage or the Note conflicts with appticable Eaw, auch conflict shall not affect other pmviaiona of this Mortgage or the Note which can be given effect without the wnflicting provision, and to this end the pmvisions of the Mortgage and the Note are declared to be aeverable_ 16. Borrower'e Copy. Borrower ahall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. ; 17. Tranafer of the Property; Aasumption. If ali or any part of the Property or an interest therein is aold or transferred by Borrower I withoat L.ender's prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ; purrhase money security interest for houaehold appliances, (c) 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 years or lesa not oontaining an option to purchase, Lender may, at Lender a option, declare al; the sums securea by this Mortgage to be immediately due and payable. Lender ahali have waived such option to accelerate if, prior to the sale or transfer. Ixnder and the person to whom the Property is to be aold or transferred reach agreement in writing that the credit of such person is satisiactnry to Lender and that the interest payable on the aums secured by this Mortgage shall be at such rate as Lender ahall request. If Lender has waived the option to acceterate provided in this paragraph 17, and if Borrower's succeasor in interest has executed a written assumption agreement accepted in writing by I.ender, Lender ahall release Borrower from all obligations under thia Mortgage and the tiote. If I.ender exercises auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 19 hereof 9uch notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower mny pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on ~iorrower, mvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. Fzcept as provided in paragraph 17 hereof, upon Bonower's breach of any covenant or ~ agreement of Borrower in this Mortgage. including the covenants to pay vehen due any eums secured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the BMion ~ required to cure suc6 breach; (3) a date. not lesa than 30 daye from the date the notice ia maited to Borrower, by which euch ~ breach muet be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may result in ~ acceleration of the eume secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ahall further inform Borrower of the right to reinetate after acceleration and the right to assert in the forecloaure proceeding the non-exiatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare all of the euma secured by thie Mortgage to be ~ ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. (.ender shall be ~ entitled to collect in auch proceeding sll ezpenses of foreelosure. including, but not limited to. reasonabie attorney's fees. and ~ costs of docamentary evidence, abstracts and title reports. ~ 19. Borrower'e Right to Reinstate. Notwithatanding I.ender's acceleration of the aums eecured by this Mortgage. Borrower shali have ~ the right to have any proceedings begun by I.ender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing this Atortgage if: (a) Bormwer pays I.ender all sums which would be then due under this Mortgage, the Note and notea securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenante or agreements of Borrower containe~l in ' this Mortgage; (c) Borrower paya ali reasonable expensea incurred by Lender in enforcing the covenants and agreementa of Borrower oontained in thia Mortgage and in enforcing Lendei s remedies as provided in paragraph I8 hereof, including, but not limited to, reasonable nttorney's fees; and (d1 Borrower takee such action as Lender may reasonably require to asaure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the sums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Asaignment of Rente: Appointment of Receiver. As additional aecurity hereunder, f3orrower hereby asaigna to Lender the rente - of the Property, provided that Borrower ahall, priur to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch renta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shaU be entitted to have a receiver appointed by a _ oourt to enter~upon, take possession of and manage the Property and to colleiK the renta of the Property, including those past due. A11 renta collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rente, including, but not limited to, receiver's fees, premiums on receiver's bonda and reasonable attorney's feea, and then to the aums aecured by this Mortgage. The ~ receiver ahall be liable to acoount only for those rents aMuaUy received_ ~ r~ ~ ~ ~ 456 ~~~~Il~~ fA'v•