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HomeMy WebLinkAbout0381 8. ln~pection. Lender m+?y make or cawe to be made rey~ri~bb entrie~ ~pon ~ inspectioni olthe ptoperty, provided thst Leader ~1?all give Borrower notica prior to any ~uch inspectio~ specifying reawnable cauee therefd: related to Lender's ineere~t in the Property. 9. Condemnadoa.'!~e prooeeds of eny award or claim for dameQes. direM os coruequential. in coarection wieh any oondemnaaon or othes takinS ot We PpP~Y. ~ P~ theraof~ or fo~ eonveyaaoe ip lieu oi ooadeaanation. are he:eby a~siQned aad shall be paid b Leader. Ia the event oi a total takin~ of We Property. We proosed~ sbaU bs applied to the sums secured by this Mortgage. witA the ~cea, If aay. - paid to Borrower. In the event ot s partial takia~ oi We Property. unlees Borrower and Lender otherwi~e agna in aritinQ. then shall be ~ applied to~ the suau eecured by thi~ Mwrtga~e such proporrion of the proceed~ as ia equal to that proportion which the amount of ths sums . eecund by this Mortga~{e immediately prior to the date of Wdng bean to the fair market value oithe Property immediately prior to the date of taking. wiW the balanoa of the procesds paid to Borrower. If the Properfy i~ abandoaed by Borwwer. os i~ aRer notioe by LeY?der to Borrower that the oondemaor offen to make aa ewerd or ~ettle a claim for damages. Horrower fails b tespond to Leades wiWia 30 days aner Lhe date such aotioe u mailed. I.ender is authoriud to collect and appljr the prooeeds. at~ Lendet'~ option. e~tha to t+estoratioa os repair of We property or to the sums secured by thia Mortgage. = UAlees Lender and Borrow~ otherwise agree in writine, anY such application of pmoeeda to principa! shall aot estend or postpoae the due date of the month~y uutallmente referred to in paragraphs 1 and 2 hereof or change the amount of such installment~. ~ 14 Borrower Not Released. F~tension of the time for paymsnt or modification of amortization of the sums secured by thia Mortgage ' granted by Lead~ to any succeaeor in intereat of Borrower shall not operate to release. in any manner, the liability of the original Borrower ; and Borrower's succeesors in interea~ Lender shall not be required to commence procee~iings againet such succeseor or refuse to extead time for payment or otheswiee m0dify amortization of the eums eec~red by thia Mortgage by reason of any demand made by the osiginal Borrower and Borrower e auccesaore in interes~ - 11. Forbearwnoe by Lender Not a Waiver. Aqy forbearance by Lender in ~erciaing any right or nmedy henunder. or otherwi.e ~ afforded by applicable taw, dhall not be a waiver of or preclude We exercise of any such right or remedy. The procurement of inauraboe ~ the ~ payment of t~es or other liens or chargea by Lende: thaU not be a waiver of Lender's right to aocelerate the maturity of the iadebtednesa aec~red by this Mortgage. ; . 12 Remediee Gtimulative. All nmediee pmvided in this Mortgage are diatinct and cnmulative to any oWer right or remedy under this ; 1~lortgage or aHorded by law or equity, and may be ezercisevl coacurrendy. independendy or suoceeaively. 13. 3uocessors and Aeslgns Bound: Joint and Several Liability: Captions. The oovenanta and agreementa herein oontained shaU : bind, and the righte hereunder shall inure to, the reepecrtive auccessors and aseigna of Lender and Borrower. subject to the provieions of paragraph 17 hereoL All covenaats and agreementa of Borrower shall be joint and aeve:al. The captions and headinge of the paragraphs of thie Mortgage are for covenieace only aad are rwt to be ueed to interpret or de5ne the pmviaione hereof. . f 14. Notioe. E:cept for any notice required under applicable laa to be given in another manner, (a) any notice to Borrower provided for in 1 thie Mortgage shall be given by mailing suc]~ notice by certified mail addreesed to Borrower at the Property Addnss or at such other address as Borrower may deaignate by notice to I.ender as provided herein. and (b) any notice to Lender shall be given by certi5ed mail, retum reoeipt requested, to I.eader'a address stated hezein or to auch other address as Lender may deeignate by notioe to Borrower ea provided herein. Any notice ptovided for in this Mortgage ehall be deemed to have been given to Botrower or I.ender when givea in the manner designated herein. 15. U~iform Mortgage; Goveraing Law; Severability. Thia form of mortgage combinee uniform oovenants for national use and non- ~ uniform coveaanta wiW limited veriations by jurisdiction b oonstitute a uniform eecurity inetnunent oovering real pmperty. This Mortgage ~ shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clauee of thie Mortgage ot ' the Note rnntticts with applicable law, auch coaflict ahall not affect other proviaiona of this Morigage or the Note which can be given effect ~ without the oonflicting proviaion, and to thie end We proviaione of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Bonower shall be furnished a oonformed oopy of the Note and of thie Mortgage at the time of ezecntion or aiter - recordation hereof. - _ 17.'lSransfer of the Property; Aesumption. If all or any part of the Property or an interest thenii? ia sold or.transferred by Borrower 3 withont I.endela prior written coneent, ~duding (a) the creation of a lien or encvmbrance eubordinate to this Mortgage. (b) the creation of a ` purchase money eecurity interest for household appliances, (c) a transfer by devise, deecent or by operation of law npon the deafh of a joint tenant or (d) the grant of any leasehold interest of three years or lese not oontaining an option to purchaae. I.ender may, at Le~de~s option. declare all the auma eecured by thia Mortgage to be immediately due and payable. I.ender shall have waived such optioa Lo aacelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be eoW or tranaferred reach agreement in writing that the credit of such i person is satiafadory to I.ender and that the interest payable on the eums aecured by this Mortgage shall be at anch rate as Lender shall requeat. If Lender haa waived the option to acoelerate pmvided in this paragraph 17. and if Borrowe~'e aucceasor in inteseet hae executed a written asaumption agreement accepted in writing by i.ender. I.ender shall releaee Borrower from all obligatione under thia Mortgage and the - Note. If Lender eu~ such option to accel~ate, i.ender ahall ~ail Borrower notice of acceleration in acoordance with paragraph 14 hereoL ~ I; Such notice ahall pmvide a period of not lese than 30 days from the date the notice is mailed withia which Borrower may pay the aums declared ~ due. If Borrowa fails to pay snch suma prior to the e:piration of such period; Lender may. without further notice or demand on Fiorrower, ' ~ invol~e any remedies permitted by paragraoh 18 hereo[ - " ~ ~ 18. Acceleration; Remedies. Ezcept ae pmvided in paragraph 17 hereof, upon Borrower'e breach of aay oovenant or ~ agreement of Borrower in thie Mortgage, inclnding the ooveaants to pay when dne any sums eecured by this Mortgage, Le~nde~r - prior to aoceleration shall mail notice to Borrower ae prnvided in paragrap614 hereof epedfying: (1) the breach; (2) the action ~ required to cuie such breach; (3) a date, not less than 30 daya from the date the notice is mailed to Borrower, by which sncb ~ breach must be cured; and (4) that failure to cure such breach on or before the date specified in the nottce may resnlt in ~ acceleration of t6e sums eecured by thie Mortgege, forecloeure by judicial proc~eeding and eale of the Property. T6e notice ehall . further inform Borrower of t6e right to reinatate after acceleration and the right to aesert in the foreclosure praceedtng the non-ezistence of a default or any other defense of Borrower to aoceleration and foreclasure. If the breach is aot cured on or before the date specified in the notice, I.ender at Lender'e option may declare ell of the sume secured by thie Mortgage to be ~ immediately due and payable without fnrther demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be - entitled to collect In suc6 prooeeding all expeneea of [oreclosure, including, but not limited to, reaeonable attoraey's fee8; and ~ costs of documentary evidence, abstracts and title repc?rte. ' 19_ Borrovver'a Right to Reinstate. Notwithatanding I.ender's aoceleration of the aums eecured by this Mortgage, Borrower shall have ~ the right to have any proceedinge begun by Lendez to enforcethis Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paya Lender all suma which would be then due under thia Mortgage. the Note and notes securing Futnre Advances, if any, had no acoeleration occurred; (b) Borrower cures all breaches of any other oovenants or agreemente of Borrower rnntained in this Mortgage; (c) Borrower paye all reaaonable apenseg incurred by Lender in enforcing the oovenants and agreemente of Borrow~ oontained in thie Mortgege and in enforring Lendei s remedies as pmvided in paragraph IS heteof, inclading, bnt not limited to, reasonable ~ attorney's fcea; aad (d) Borrower takes sucb action ae I.ender may reasonably require to assnre that the lien of thie Mortgage, I.ender's interest = ~ in the Propesty and Borrower a obligation to pay the sume secured by this Mortgage shall continue unimpaired. Upon such payment and cnre ~ ~ by Borrower. this Mortgage and the obligations aecured hereby ahall remain in full force and effect as if no aoceleration had oocurred. ~ ~ 20. Aesignment of Rents; Appointment of Reoeiver. Aa additional eecurity here~wder, Bormwer hereby aseigue t~o I.ender the r~ts = ~ of the Property, provided that Borrower ahaU, prior to aoceleration under paragraph 18 hereof or abandonm~t of the Property. have ibe right to colled snd ntain anch rente as they beoome due and payable. ~ Upon acoeleration uader paregraph 18 hereof or abendonment of the Property. Lender shall be entitled to have a receivc appointed by a ~ ooarfto enternpon. take poeeeasion of and manage the Property and to oollect the rents of the Property. including Woee paat due. All rente ~ ~ collected by.the reoeiver shall be applied first to payment of the oosts of management of the Property and oollection of rente. including, bnt not ~ ~ limited to, c~vez'e fees. premiume on receiver's bonde aad reseonable attorney'e fees. and then to the snma eecured by this Mortgage. T6e reoeiver shaU be liable to aooonnt.only for those renta actually received. ~ ~ ~ , ~ soo~ z87 ~E 3T9 ~ ~ ~ ~ _ ~ ,~,~-i::~ t.;~^'.»~ ~ ~.^.s"~ ' - - .~~~'~"-ak~~,~e~~..s..F > s~ .