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HomeMy WebLinkAbout0749 8. In~pection. Lender may make or cawo b be made resw~able entries upon and inepoctiona of the pmperty. provided that Lendar shall ~ive Borrower notioe prior to aqy such inspection sperityinQ reaeonable cause therefor related to Lendes's interest in the Property. 9. CoademtudoA. The proceeda of any award or claim tor dama~es. direct or rnnsequentisl, in connection wiW any oond~nation or other takin~ of the pro~earty. or patt thereof, or for coaveyaaos ia lieu of oondema 'oa. sre hereby aasigaed and ahaU be paid co LeAder. In the event of s btal taking of the Pcoperty, the proceeda1Aa11 bejapplied b t6d secured by this Nortgage. with the esoess. if aay. paid to Boreower. la the event of s partisl taking of the Pro~erb. utdees BorroMlr L,end~ otherwise agree iA writing. there shall be applied to the suws ~ecured by this Mortgage such pmportioa of We prooeeds as ia equsl to that proportion ahich the amount of the sums eecured by this Mortgage immediately prior to the date of taking bears to the fair merket value of the Propedy immediately prior to the date of taking, wiith the balana~ ot the proceeds paid to Borrower. . If the Propez~ty ii absndoned by Borrower, ot if. aRes aotioe by Lender to Borrower that the oondemnor oPfess b make an $ward or settle a cleun for damages. Borrower fsils to reepond to Lender within 30 d~ys aRer the date such notice is mailed. I.ender is anthoiized to ooUect and apply the pmoeede, at Lendei s option. eithe! to natoratio~ or repair of the prope~rt,y or to the sums secured by this Mortgage. Unlesa Lender aad Borrower otherwiee agree in writing, any such application of prooeed4 to priacipal shaU not ractend or postpone the due date of the moathly inste?lla4enta refere+ed to ia peragraphs 1 and 2 hereof or cl~ange the amount of such installments. 10. Borrower Not Eteleaaed. F.ztension of the time for paymant or modification of amortizetion of the auma eecured by thia Mortgage granted by Lender to any succeasor in inter~et of Borrower ahaU aot operate to release. in any manner. the liability of the original Borrower and Borrowe~ e aucoeesors in intere~t I.ender ahall not be required to oommence proceedinge againat euch suoceesor or retuee to eztend time for payment or otherwise modify amortization otthe auma secvred by this Mortgage by reason of any demand made by the original8orrower and Borrower'a succeseora in interest. 11. F'orbearanoe by Lender Not s Rlaiver. Any forbearanoe by Lender in eserciaing any right or remedy hereunder. or oWerwise afforded by appUcable lnw, shall not be a waiver of or preclude the e:erciee of any euch:ight or remec~y. The procuretaent of insuraace or the payment of taues or other lieAS or charges by Lender shall not be a waive: of Lender's right to aoa~erate Lhe maturity of the iadebtedness eecured by this Mortgage. 12 Remedies Cumulative. All remedies provided in thie Mortgage are diatinct and cvmalative to any other right or remedy under this Mortgsge or afforded by law or equity, and may be ezercieeri ooncurrently. independendy or suooessively. 13. Sucoessore and Asaigne Bonnd; Joint and 3everal Liabillty; Captions. The covenants and agreements herein oontained ehall bind, and the rights hereunder ahall inure to, the reepective successore and aeaigns of I.ender and Borrower. subject to the pmviaions of paragraph 17 hereoL All rnvenante aad agreementa of Borrow~ shall be joint and eeveral. The captiona end headinge of the paragraphs of • thie Mortgage are for covenience only and are not to be ueed to interpret or define the provisiona hereof. . 14. Notice. Ezcept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing snch notice by certified mail addreseed to Borrower at the Property Addreae or at auch other address as Borrower may designate by notice to Lender ae provided herein. and (b) any notioe to I.ender ahall be given by certified mail, return reoeipt requeated, to Lender's address steted herein or to such other addrees as I.ender may deeignate by notice to Borrower as pmvided herein. Any notice provided for in thia Mortgage ehall be deemed to have bcen given to Borrower or Lender when given in the ma~ner deeignated herein. 15. Uniform Mortgage; Governing I.ew; 3everability. This form of mortgage oombines uniform oovenants for national uee and non- uniform oovenaate with limited variatione by juriediction to oonstitute a uniform eecurity instmment oovering real pmperty. This Mortgage - ahall be governed by the law of the jariediction ia which the Property ie loca0ed. In the event that any pcoviaion or clause of thie Mortgage or the Note rnnflicta with applicable law, auch canttict ehall not affect oLher provisiona of this Mortgage or the Note which can be given effect without the contlicting proviaion, and to thia end the pmviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be farnished a confomned oopy of the Note and of thia Mortgage at the time of enecution or after reoordation henwf. 17.'ISranefer of the Property; Assumption. If ail or any part of the Property or ~n intereat therein is sold or traneferred by Borrower without L.ender'a prior written coneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchaee ononey security intereat for honaehold applianoee, (c) a tranafer by deviee, deecent or by opexation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yesra or leee not containing an option to purchase, I.ender may. at I.ender'e option. declare all the aume secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to socelerate if~ prior to the sale or transfer, I.ender and the pereon to whom the Property ie to be aold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to [.ender and that the interest payable on the suma eecured by this Mortgage ahall be et such rate ae Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17; end if Borrowe~e succeseor in interest hae ezecuted a written asaumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under thie Mortgege and the Note.' ~ If I.ender euercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in aocordance with paragraph 14 hereof. ; Such notice shall provide a periud of not lesa than 30 days from thedate the notice is mailed within which Borrower may pay the aums declered ~ due. If Borrower fails to pay auch sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower~ mvoke any rnmedies p~mitted by paragraoh 18 hereot 18. Acceleration; Remediea Ezcept ae prnvided in paragraph 1? hereof, upon Borrower'e breach of aay covenant or ~ agreement of Borrower in thie Mortgage, including the oovenants to pay when due any sume secared by thia Mortgage. Lender prior to"seceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion required to cure such breach; (3) a date. not less than 30 daye from the date the notice ie mailed to Borrower, by which such breac6 must be cared; and (4)_ that failure to cure auch breach on or before t6e date specified in the notice may result in acceleration of the auma sec~red by thie Mortgage, forecloaure by judicial proceeding and sale of the Property. T6e notice ehall further inform Borrower of the right to reinetate aRer acceleratioa aad the right to assert in the foreclosure proceeding the non-ezietence of a default or any other defense of Borrower to aoceleration and forecloeure. If the breach ia aot cured on or before the date epeci6ed in the notice. Lender at I.ender'e option may declare all of the sums secured by this Mortgage to be - immediately due sad payable without fu~-ther demand and may toreclose thie Mortgage by judicial proceeding. Lender shall be entitled to oollect in euch proceeding all e:penaes of forecloaure, including, but not limited to, reaeonable attorney's feea, and costs of docamentary evidence. abetracts and title reporte. 19_ Borrower'e Rig6t to Reinstate. Notwithetanding Lender's acceleration of the suma secured by thie Mortgage, Borrower ahall have the right to have anq prooeedings begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paye Lender a11 euma which would be then due under this Mortgage. the Note and notes eecuring FuturP Advances, it any. had no acceleration oocurred; (b) Borrower cures all breac6ee of any other oovenante or agreements of Borrower contained in - this Mortgage; (c) Botrower pays all reasonable e:penaee incurred by Lender in enforcing the oovenante and agreemente of Borrower v~ oontained in thia Mortgage and in enforcing Lender e remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney'e feea; and (d) Borrower takea anch action as Leader may reaeonably require to assure that the lien of thie Mortgage. Lender'e intet~est ' ~ in the Property and Borrower's obligetion to pay the eume eec~red by this Mortgage ehall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligationa eecured hereby ahall remein in fiill force and effect as if no aoceleration had occurred. - ~ Z0. Aasignment of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower,hereby assigns to Leader the rente ~ of the Property. provided that Borrower ahall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain snch rents aa they become due and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ~ oourt to enter~upon, take po~eession of and manage the Property and to rnllect the renta'of the Property, including those past due. All rente ooUected by the reoeiver ahall be applied fuat to payment of the ooets of management of the Property and coilection of rents, including, but not limited to, receiver's fees, premiums on rec~eiver's bonds and reseonable attorney e fees, and then to the aume eecured by thie Mortgage. The receiver ehall be liable to aooount only for those rents actually reoeived. ~ . ~ ~ ao~28? ~ 746 ~t ~ _ . _ - _ _ _ _ _ - :.4:- K.:._. , , . . _ ..~.a+Chp.._