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HomeMy WebLinkAbout0462 ' • . 8. Inepection. Lende~ may make or cauae to be made reasonable entries upon and inspectione of the property, provided thet [.ender ahali give Borrower notice prior to any auch inapection epecifying reaeonabte cauee therefor related ta l.e~dei a intereat in the Property. 9. Condemnation. The proceede of any award or claim for damagee, ditect or coneequentiel, in connection with any oondemnation or other taking of the pmperty, o~ part thereof, or for conveyance in lieu ot condemnation, are hereby aseigned and ahall be paid to l.ender. In the event of a total taking oi the Property, the proceede shall be applied to the suma eecured by thie Mortgage, with the exceee, if any, paid W Borrower_ In the event ot a partiat taking of the Property, unleee Borrower nnd I.ender otherwiae agree in writing, there ehall be applae~! to the auma eecured by ihie Mortgage such proportion ot the procccde as ie equal to that proportion which the amount of the eume secured by this Mortgage immediately prior to lhe date of taking bears b the fair market value of the Property immediately prior to the date o! taking, with the balance of the proceeda paid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnor offere to make an award or aetde a claim for damagea. Borrower fails to reapond to Lender within 30 days after the date euch notice ia mailed, [.ender ia authorized to coilect and apply the proceede, at I.ender e option, either to reetoration or repair of the property or to the eums secured by this Mortgage. Unlese l.ender and Borrower otherwiae agree in writing, any such application of proceeda to principal ehall not e:tend or poetpone the due date of the mcnthly inatallmenta refernd to in paragraphs 1 and 2 hereof or change the amount of each inetallmente. 10. Borrower Not Released. F.xtenaion of the time for paymant or modification of amortization of the euma secured by this Mortgage Kranted by Ixnder to any surceasor in intetest of Borrower shall not operate to release, in any manqer. We liability otthe original Borrower ~nd Borrower's aucceseora in internat. Lender shall not be required to commence proceedinga againet auch succeeaor or refuae to extend time for pi~yment or otherwise modify amortiz~tion of the sums secured by thia Mortgage by ~eason of any demand made by the original Bortuwer xnd E3orrower's succes.4ors in interest. 11. Forbearance by i.ender Not a Waiver. Any torbearance by Lender in exercising any right or remedy hereunder, or otherwiae at~orded by applicable law, ahall not be a waiver of or preclude the exercise of any euch right or remedy. The procurement of insurance or the payment of taxes or other liena or chargee by I.ender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtedneea secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in thia Mortgage are dietinM and cumulative to any other right or remedy under thie _ _ . . . . - . MTP~~~1'PANV indanandPntly or aucxe.eeive~v. .rtur' a -r vr uia~aiac.; V " a4~~ »::Y :11:~~ . ~K K J ~ ~.Yi:::J. ~ 'n"'__ . 13. Succesaore and Asaigns Bound; Joint and Several Liability; Captione. The covenante and agreementa herein contained ahali bind, and the rights hereuoder ahall inure to, the reapective aucceasors and aasigns of I.ender and Borrower, aubjec! to the provieiona of paragtaph 17 hereof. All covenants and agreementa of Borrower ahall be joint and several. The captiona and headinga of the paragraphs of this Mortgage are for rnvenience only and are not to be uaed to interpret or define the proviaiona hereof. 14. Notice. Except for anp notice required under applicable law to be given in another manner, (a) any notice to f3orrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addreased to Bon~ower at the Property Address or at auch other addreae se E3orrower may designate by notice to lxnder as provided herein, and ~b) any notice to L,ender ahall be given by certified mail, return receipt requested, to Lender's addresa atated herein or to such other addreas as Lender may designate by notice to Borrower as pmvided herein. My notice 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. Thie form of mortgage combines uniform covenants for national uee and non- uniform covenanta with limited variations by jurisdiction to constitute a uniform security instrunient rnvering real pmperty. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located_ In the event that any ptoviqion or clauae of thie Mortgage or the [Vote conflicts with applicable law, such contlict shall not a[fect other proviaions o[ this Mortgage or theNote which can be given eHect without the conflicting provision, and to thia end the provisiona of the Mortgage and the Note are declAred to be severable. 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. 'l~ansfer of the Ptoperty; Aasumption. If all or any part of the Property or an enterest lherein ia sold or tranaferred by Borrower without I.ender's prior written consent, excluding (a) the creation of a tien or encumbrance subordinate to thia Mortgage; (b) the creation of a purchase money security interest for household appliancea, (c) a transfer by devise, d~scent 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 containing an option to pnrchase, Lender may, at Lender's option, declare alf the auma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the aale or transfer, I.ender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch petson is satisfactory to Lender and that the interesl payable on the sums secured by this Mortgage skall be at such rate as Lender shall 'f request. If Lender has waived the option to accelerate ptovided in this paragraph i 7, and if Borrower's successor in intereat hae executed a ~ w~ritten assumptiun agreement accepted in writing by l.ender, I.endershall release Borrower from all obligations underthis Mortgage and the ti ote_ I f I.ender exercises such option to accelerate, I.ender shall mail Borrower noLice of acceleration in accordance with paragraph 14 hereof. ; Such notice shall provide a periud of not less than 3d days from the date the notice is rr.ailed within which Bormw•er may pay thesums declared due. If 8orrower fails to pay such sums prior to the expiration of such period, Ixnder may, without further notice or demand on Borrower, mvoke an} remedies permitted by paragraoh 18 hereoL 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower'e breach of any covenant or agreement of Borrower in this Mortgage. including the covenanta to pay when due any sums secured by thie Mortgage. Lender prior to acceleration ehall mail notice to Borrower as pravided in paragraph 14 hereofspecifying. (1) the breach; (2) the action required to cure such breach; (3) a date, not lees than 30 days from the date the notice ie mailed to Borrower. by which such i breach must be cured; and (4) that failure to cure auch breach on or before the date apecified in the notice may result in ' acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and eale of t6e Property. The noticeahall ; further inform Borrower of the right to reinstate aHer acceleration and the right to eseert in the forecloaure proceeding the non-ezistence of e defeult or any other defenae of Borrower to acceleration aod foreclosure. If the breach is not cured on or before the date speciCed in the notice, Lender at Lender's option may deciare all of t6e auma secured by this Mortgage to be immedietely due and payable without further demand and may foreclose this Mortgage by }udiciai proceeding, Lender ehalt 6e entitled to collect in such proceeding all expenaes of foreclasure, including. but not limited to. reasonable ettorney's fees, and costs ot documentary evidence, ebstracts and titie reports. 19. Borrower'e Right to Reinstate. Notwithats~ndinR I.ender'a acceleration of the sums secnred by thia Mortgage, Borrower shall have i the right to have any proceedings begun by l.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment en[oming thia Mortgage if: (al E;orrower pays Lender ail sums which would be then due under this Mortgage, the Note and notes securing Future Advancee, if any, had no acceleration occurred:lb) Borrower curea all breachea of anyothercovenants or agreementa of Borrowercontained in thie M~rtgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenante and agreementa of Borrower contained in this Mortgage and in enforcing Lendei s remedies as provided in paragraph 18hereof, inctuding, but not limited to, reaeonable attorney's feea; and (di I3orrower takes such action as [.endermay reasonably require to assum that thelien of this Mortgaqe, I.endei s interest in the Property and E3orrower a obligation to pay the sums secured by this Mortgage shal! continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and eftect as if no acceleration had occurred. 20. Asaignment of Renta; Appaintment of Receiver. As additionai security hereunder, I3orrower hereby sasigna to Lender the renta of the Property, provided that Borrower shal), prior to acceleration under paragraph 18 hereof or abandonmeat 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, Ixnder shatl be entitied to have a receiver appointed by a crourt to enter upon, take possesaion of and manage the Property and to collert the rents of the Property, including thoae past due_ All rents oollected by the receiver ahall be app]ied first to payment of the ooata of management otthe Property and collection of rente, including, but not limited to, receiver e feea, premiums on receiver's bonds and reasonable attorney's fees, and then to the auma secured by thie Mortgage. The receiver ahall be liable to acoount only for those rente actually received. R~RX~W ~AI~ ~