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HomeMy WebLinkAbout0342 8. Inepection. lxnder may make or cauee tu be made ceasonableentries upon and itispectiona of the pruperty, provided that I.ender ehall give f3ortuwrr notice prior to any euch inepection apeci[ying reasonable cauee therefor related to l.e~de~ e interest in the Property. 9. Condemnation.'11~e proceeds of any award or claim for damages, direct or coneequential, in connection with any condemnation or ~~ther takinR o[ the properiy, or part thereof, or tor canveyance in lieu of coodemnation, are hereby aaxigned and ehall be peid to I.ender. In the event af a i~.~~ iaking of the Property, the pra~eeda shall be applied to the euma aecured by this Mortgage, with the exrees, if any, paid to Borrower. In the event of a partia) taking oi the Property, unless E3orrower and l.ender otherwiee agree in writing, there ehall be applied to the aums eecured by this Mortgage such proporiion of the proceeds ae ie equal to that proportion which the amount of Ihe aums secured by thie Mortgage immediately prior to the date of taking beara to lhe fair market value of the Property immediately prior to the datcof taking, with the balance of the proceeda paid W E3orrower. It the Property ie abandoned by E3orrower, or if, after notice by l.ender to Borrower that the condemnor offers to make an award or setUe a claim for damages, Borrower faile to reepond to I.ender within 30 deys after the date euch notice is mailed, I.ender ie authorized tocollect and apply the proceede, at [.ender's option, either to reatoration or repair of the properiy o~ to the auma secured by this Mortgage. Unlese l.ender and Borrower otherwise aRree in writing, any euch applicetion of proceeda to principal ahaU not extend or postpone the due date of the monthly inetallmenta refernd to in paraqraphe 1 and 2 hereof or change the amount of euch inatallments. 10. Borrower Not Released. F:xtenaion of the time for paymant or modification of amortization of the sums secured by thia MoKgaqe Kr~nted by I,ender to nny succeaso~ in intereat of E3orrower ahall not operate to release, in any manner, the liability of the original E3orrower and Sorrower's succesaonv in interrat. I.ender ahull not be required to commence proceedings against such eucceaaor or refuse to extend time fur p.i~•mrnt or othrrwise modify amortizntion of the sums accured by thia MortKt~ge by ~enson of any demand made by the originai Borrower and E3orrower a succexw~rs in intemst. l 1. Forbearance by l.ender Not a Waiver. Any forbearance by I.ender in exerciaing any right or remedy hernunder, or otherwiee • affurded by appticable law, ehall not be a waiver of or preclude the exereise of any such right or remedy. The procurement of inaurance or the payment of taxea or other liena or charges by Ixnder ahali not be a waiver of Lender e right tn accelerate the maturity of the indebtedneas secured by Ihia Mortgage. 12. Remediee Cumulative. All rnmediea provided in this Mortgage are distinct and cumulative to any other right or remedy under thie btortgage or afforded by law or equity, and may be exerciee~l concurrendy, independenUy or succeasively. 13. Succeasors and Assigne Bound; Joint aad Several Liability; Captione. The covenante and agreements herein rnntained ehall bind, xnd the rights hereunder shall inure to, the reapective auccesaore and aseigns of l.ender and Borrower, aubject to the proviaione of paragraph 17 hereof. All covenants and agreementa of Borrower shall be joint and eeveral. The captions and headinga of the paragraphe of this Mortgage are for covenience unly and arn not to be uaed to interpret or define the proviaiona hereof. 1-1. Notice. F.xcept for any notice required under :~pplicabie Ixw to be given in anolher manner, la) any notice ta E3orruwer provided forin this Mortgage shall be given hy mailing euch notice by certified maii addreased to Borrower at the Property Addresaor at such other address ae F;orrower may designate by notice w I.ender as provided hernin, and (b) any notice to l.ender shall be given by certified mail, return receipt requested, to l.ender's addreas etated herein or to auch other addreas ne Lender may deaignate by notice to Borrower ai+ provided herein. Any notice provided for in this Mortgage ahal) be deemed to have been given to E3orrawer or I.ender when given in the manner designated hemin. 1~. Unitorm Mortgage; Governing Law; Severability..Thia form of mortgnge combinea uniform covenants [or national use and non• uniform covenants with limited variations by juriadiction to canstitute a uniform security instrument cuvering real property. Thie Mortgage ,hall be Ruverned by the law of the jurisdiction in which the PropeRy is located. In the event that any provision or clause of this Mortgage or the tiote conflicts with applicable !aa•, such contlict shall not affect other provisions of this Mortgage or the Note which can be given effect w•ithout the rnnilictinK provieion, and to thia end the provisions of the MortKage and the Note are declared to be severable. 16. Borrower's Copy. Horrower shail be furnished a conformed copy ot the Note and 6f this Mort~age at the time of execution or after recordation hereof. 17. 'I~anefer o( the Property; Assumption. If all or any part of the Property or an interest therein ie aold or tranaferred by I3orrower ~~thout I.ender's prior written consent, excludinq (al the creation of a lien or encumbrance subordinate b this Mortgaqe, (b) the crnation of a pumhase muney security interest for household appliances, (e) a tranafer by devise, descent or by operation of law upon the death of a joint tenpnt or (d) the grant of any leasehold internst of three years or leas not containing an option to purchase, I.ender may, at [.endei a option, declarn ail the sums securc~u by thia Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior w the safe or transfer, I.ender and the person to whom the Yroperty is to be suld or transferred reach agreement in writing that the credit of auch petson is satia[actnry to [.ender and that the interest pay:?ble on the sums secured by this Mortgaqe shal! be at such rate as Lender shall i reyuest. If lxnder hiis waived the option to ~ccelerate pro~~ided in this paragraph 17, and if t3orrower's successor in intereat has executed a 4 wTitten assumptiun :~~reement accepted in writinK by I.ender. [xndershall release Borrower from all obligations under this Mortgage and the ~ j `ote. ` If l.ender exercises such optiun to accele~ate, Ixnder shall m:+il Bormwer notice of acceleration in accordance with paraRraph 14 hereof. ~ 5uch notice ahall pro~•ide a periud of not less than :i0 days from the date the notice is rr.ailed within which Borrower may 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 t3orrower, ~ ~nvoke any remedies permittecl bp paraKraoh 1R hereof. F ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement ot Borrower in thia Mortgage, including the rnvenante to pay when due any aume aecured by this Mortgage. Lender ~ prior to acceleration ehall mail notice to Rorrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action } required to rure euch breach; (3? a date. not less than 30 days from the date the notice ia mailed to Borrower. by which such ~ breach muet be cured; and (41 that tailure to cure such breach on or before the date apecitied in the notice roey reault in ~ xcceleration otthe suma secured by this Mortgage. foreclosure by judicial proceeding and sale of the Propecty. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of e default or any other defense ot [iorrower to acceleration and forecloaure. If the breach ia not cured on or ~ before the date apecified in the notice. I.ender at Lender's option may declare all of the sums secured by this Mortgage to be ' immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender Ahall be ~ entitled to collect in auch proceedinq all e:pensers ottoreclosure. includinq. but not limited to. reasonable attorney's fees. and ~ costr~ of documentary evidence. abstracts and title reporta. 19. Borrower's Right to Reinstate. NotwithatandinR l.ender's acceleration of thesumsaecured by this Mortgage, Borrowerahall have ~ the riqht to have any proceedings begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcinR ~ this blortgage if: la) Rormwer pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration occurred; lb) f3orrower cures a11 breaches of any othercovenante or agreements of Bonower contained in ~ this Mortgage; (c) E3orrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgaqe and in enforcing l.ender's remedies as provided in paragraph 18 hereof, inciuding, but not limited to, reasonable attorney's feea; and (d? t3orrower takea such action as I.ender may reasonably require to assure that the lien of this MortRage, Lender a interest in the Property and Borrower s obligation to pay the sums secured by this Mortgage ahali continue unimpaired. Upon such payment and cure by E3orrower, this Mortgaqe and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aaeignment otRenta: Appointment ot Receiver. As ndditional security hernunder. $orrower hereby assigns to Lenderthe rente of ihe Property, provided that Bormwer ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ` to collect and retain auch rents as they become due and payable. - Upon acceleration under para~raph IS hereof or abandonment of the Property. Lender ehall be entitled to have a receiver appointed by a cuurt tc? enter-upon, take poasession of and manage the Property and to collect the rente of the Property, including thoae past due. All rente a~llected by the receiver shall be applied first to payment of the rnata of management of the Property and collection of rente, including, but not limiteti to, receiver's feea, premiums on receiver's bonds and reasonable attorney's fees, and then to the aums aecured by this Mortgage. The _ receiver ahall be liable to account only for those rents actually received. ~ ' ~ -.a , v b~~K~90 ~a~E 34z ~ ~ ~ ~ ~ ~ ~ . _ _ ~ V F + - - - - i : ~ q ~ .a,y.~,.'~ -.,~'~,a.. . k s'~,'~"~ ~ ~+'a~r . . . -