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HomeMy WebLinkAbout0599 8. Inspe~tioa. l.ender may make or cauee to be made reawnable entries upoA and ia~psctions of the property, provided that l.ender ehall give Borrowar aotice prior to any such inapection apecifying reasonsbJs cau~e therefor ~eleted to Lendei s intereet in 1he Property. 9. Coademnstioa.'ll?e proc.~ceds of any award or claim for damages. direM or consequential, in connection with any oondemnation or other taking of the property, or part thereof, or for conveyance i~ lieu of rnndemnation, are hereby asaigned and shall be paid Lo l.ender. In Ihe event of a wtet taking of the Property. the proceeds shap be applie~i u? ih:: auma secured by this Mortgage, with the e:ceas. if any, paid to Borrnwer. ln the event o! s partial taking of tha Property. unleea Sorrower and Lender otherwise agree in writinQ, then shall be applied to the euma secured by this Mortgage such proportion of the proceeds as ia equal to that pmportion which the amount of the aume eecured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of taking, with the balanca o[ the prooeeds paid Lo Borrower. lf the Property is abandoned by Borrower, or if. aRer notice by I.ender to Borrower that the condemnor oPfers to make an award or eetde a claun for damagea, Borrower fails to reapond to Lender within 30 daye after the daLe such notice ie mailed, i.ender is authorited to collect and apply the proceeds, at I.ender e optio~, either to reatoration or repair of the propetty or to the sums eecured by thia Mortgage. Unless I.ender and Botrower otherwise agree in writing, any such application of pcoceeds to principal shaU not e:tend or poetpone the due date of the monthly instaliments referred to in paragraphe 1 and 2 hereof or change the amount of euch inatallmente. 10. Borrower Not Released. Extension ot the time for paym=nt or modificetion of amortization of the eume aecured by this Mortgage granted by I.ender to any succeseor in intereat of Borrowe~ ehall not operate to release, in any manner, the liability of the original Borrower and Borrower's auccessors in interes~ I.ender ahall not be required to rnmmence proceedings againat auch euccesaor or refuee to extend time for payment or otherwiae modi[y amortization of the auma aecured by thia Mortgage by reaaon of any demand made by theoriginal Borrower and Borrower s autt-esssors in intereat. 11. Forbestaace by Lender Not a Waiver. My forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exerciee of any such right or remedy.l'he procurement of inaurance or the payment of taxee or other liene or chargea by Lender shall iiot be a waiver of Lender's right to acrele~ate the maturity of the indebtednesa aecured by this Mortgage. 12. Remedies Cumulative. All remedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be e:ercieed ooncurrendy, independently or eucceaeively, , 13. Succeaeors snd Aseigne Bound; Joint and Several Liability; Captione. The covenanta and agreementa herein rnntained shall bind, and the rights hereunder e,`.~:'. =^•_re to, the respective auccessors and sseigns of I.ender and Borrower, eubject to the ptoviaiona of paragraph 17 hereoL All covenanta and agreementa of Borrower ahall be joint and eeveral. The captiona and headinga of the paragraphe of thia Mortgage are for coveniehce only and are not to be used to interpret or define the proviaione hereof. 14. Notice. E xcept for any notice required under applirable law to be given in another manner, (a) any notice to Aorrower provided for in this Mortgnge ahqll be given by mailing auch notice by certified mail addressed to Borrower at the Property Addresa or at euch other addreee as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's addreea atated herein or to euch other addreas as I.ender may designate by notice to Borrower ae pmvided herein. My notice pmvided for in this Mortgage shalt be deemed to have been given to Rorrower or L.eader when given in the manner deaignetec~ herein. 15_ Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniforan oovenante for national uae and non- uniform covenanta with limited variatione by juriadiction to oonetitute a uniform security inetrument rnvering real property. T1~is Mortgage shall be governed by the law of the jurisdiction in which the Property ia ;ocated. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict shall not affect other provisions of thia inortgage or the Note which can be given effect w~thout the conflicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ehall be furniahed a conformed copy of the Note and of thie Mortgage at the time of execution or after recordation hereof 1?. 71~ansfer ot the Property; Aeeumption. If all or any part of the Property or an intereat therein is eold or traneferred by Borrower wit},out I,ender's prior rrsitten consent, e~[cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a pun hase money eecurity interest for household appliancea, (c) a tranafer by de~lee, dc~cent or by operation of taw upon the death of a joint tenant or (d) the grant of any leasehold interest of thr+ee yeare or less not rnntaining an option to purchase, Lender may, at Lender's option, declare all tt~e sums aecurnl by this Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Ptoperty ia to be eold or transterred reach agreement in wtiting that the credit of such pereon is satiafactory to [.ender and that the interest payable on the suma secured by this Mortgage aha11 be at auch rate as I.ender shall request_ [t I.ender has v?aived the option to amelerate provided in thia paragraph 17, and if Borrower's sueceasor in interest hae executed a written assumption aqreement accepted in writing by I.ender, I.ender shall celease Borrower from all obligations under thia Mortgage and the Note. If I.endet exerriaea auch option to accelerate, I.ender ahail mait Borrower notice of ameteration in accordance with paragraph 19 hereof. Such notice shal! provide s period of not less than 30 days from the date the notice is mailed writhin which $orrower may pay the suma declared due. If Borrower fails to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on Korrower, ~nvoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. E:cept aa provided in paragrap6 17 hereof. upon Borrower'e breach of any oovenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any eums Becured by this Mortgage, Lender prior to acceleration ehal! mail notice to Borrower as provided in paragraph 14 hereofepecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 days from the date the notice ia mailed to Borrower, by which such breach must be cured: and (4) that tailure to cure ench breach on or before the date epeciGed in the notire may result in acceleration of the aums secured by thie Mortgage, forecloaure by judicial proceeding and sate of the Property. The notice ehall further inform Borrower of the right to reiestate aRer acceleretion and th~ rjght to aseert in the foreclosure proceeding the non-e:ietence of a default or any other defenee of Borrower to ecceleration and forecloeure. If the breach ia not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of the sume aecured by thie Mortgage to be immediately dae and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lendershall be entitled to collert in such proceeding al! e:penses of loreclosure. including, but not limited to. reaeonable attorney's feea. and coats of documentary evidence. abstracta and title reporte. 19_ Borrower's Right to Reinatate. Notwithatanding Lender'a acceleration of the sums secured by this Mortgage, Bornower shalt have the right to have any proceedings begun by i.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays I.ender all sums which would be then due under thie Mortgage, the Note and notea eecuring Future Advancea, if any, had no acceleration occurred; (b) Borrowe; cures all breachea of any other covenante or agreementa of Borrower contained in this Mortgege; (c) Borrower pays all reasonabte expenses •incurred by Lender in enforcing the covenanfa and agreeinenta of 8orrower oontained in thie i~lortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof, including, but not limited to, reasonable attomey'e feea; and (d> Borrower takes such action as Lender may reasonably require to aesurn that the lien of thie Mortgage, Lender's intereet in the Property and Borrower'a obligation to pay the auma eecured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage arid the obligations aecured hereby shall remain in full force and effect as if no acreleration had occurred. Z0. Aseiqnment of Rente; Appointmeat of Receiver. AH additional eecurity hereunder, $orrower hereby aesigna to I,ender the reata of the Property, pmvided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment otthe Property, have the right to collect and retain auch rents se they become due and payable. Upon acceteraUion under paragraph [8 hereof or abendonment of the Property, Lender ahall be entitled to have a receiver appointed bya oourt to enter~upon, take possesaion of and manage the Property and to rnilect the rente of the Property, including thoee past due. All rente oollected by the receiver ehall be applied first to payment of the ooeta of management of the Yroperty and collection of rente, including, bUt not limited to, receiver5s feee, premiams on receiver's bonds and reasonable attorney a feea, and then to the auma eecured by this Mortgage. The receiver ehall be liabte to acooant only for thoee rents actually received. a~c~2Jt1 racE 5~9 ; ; ~ _ - . .'~x.~ ~ - ~ ~ r !z. _ „ M ~ S,. ~ ' . ~ ~ ` ~ e-. ~`~"g' * . - ~ ~ ~ . . ~ .