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HomeMy WebLinkAbout0980 8. lnepection. Ixnder mey make or cauee to be made reasonable entries upon and inspectiona of the praperty, provided that I.ender ehall give Borirowe~ notice prior to any euch inspection specifying reaeonable cauee tl~eretor related to I.ender's internst in the Property. 9. Condemnation. The proceeds of any award or claim [or damages, direct or consequential, in rnnncrtion with any rnndem~ation ur other taking of the pmperty, or part thereof, or tor conveyance in lieu of condemnation, are hereby asaigned and ehall be paid to l.ender. In the event of a total taking of the Propeirty, the proccede shall be applied to the suma eecured by thia Mortgage, with the exceea, if any, paid to BoROwer. In the event of a partial taking of the Property, unteea Borrower and [.ender otherwise agree in writing, there ehall be applied to the eums eecurnd by this Mortgage euch propartion of the proceeds as is equal to that proportion which the ~+m~nnt ~f thP eums secured by this Mortgage immediatcly prior to the date of taking beara to the fair market value of the Property immediately prior ta thedate of taking, with the balancY ot the proceede paid to Borrower. If the Property ia abandoned by Rormwer, or if, nRer notice hy l,ende? to Iinrrower that the rnndemnor offers to make an award or eettle a claim for damages, Borrower faila to reapond to Gender within 30 days after the date such notice is mailed, l.ender is authorized to collect and apply the proceeda, at [.ender'e uption, either to restoration or repair of the property or to the aume aecured by thia Mortgage. Uniess l.ender and Borrower otherwise agree in writing, any euch application of proceede to pnncipal enall not extend or poetpone the due date of the monthly inatallment8 referred to in paragraphs 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Released. ~xtenaion of the time for paym ~nt or modification of amortization of the auma secured by this Mortgage grpnted by Ixnder to any auccessor in intemst of Borrower ehall not uperate to release, in any manner, the liability of the originai Borrower and Borrowe~ s succesaors in interest. l.ender shall not be required to commence proceedings against such auccesaor or refuse to extend time far payment or otherw?se mudify amort~zstion otthe sums secured by this MortKage by reason of any demand made by theoriginal E3orrower and E3orrower's succes.gors in inte~esl. 11. Forbearance by Lender Not a Waiver. Any forbearance by l.ender in e:erciaing any right or remedy hereunder, or otherwise af~orded by applicable law, ahall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of ineurance or the payment of la~ces or other liena or chargea by Lender ehnil not be a waiver of l.ender'a right to accelerate the maturity ot lhe indebtedneae secured by this Mortgage. ~ 12 Remedies Cumulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under thia Mortgage or atforded by law or equity, and may be exemised rnncurrently, independently or auccesaively. 13_ Succeeaors and Aaeigne E3ound; Joint and Several Liability; Ceptione. The covenants and agreements herein contained ahall ~ind, and the teghta hereunder aha!) inure to, the respertive sucePSSUr3 and asaigns of Lender and Rorrower, aubject to the provisiona of paragraph 17 hereof. All covenants and aRreementa of Borrower ahall be joint and several. The captions and headings of the paragraphe of this Mortgage are [or covenience only and are not to be used to interpret or define the proviaiona hereof. 1-1. Notice. F.xcept for any notice required under applicable law to be given in another manner, la) any notice to Rorrower provided forin this btorlgage shal! be given by mailing such notice by certified mail addresaed to E3orrower at the Property Add~ess or at auch other address as Borrower may designate by notice to Lender as provided hernin, and Ib) any notice to I.ender ehall be given by certified mail, return receipt requested; to Lender's addreas stated herein or to auch other address ea Lender may designate by notice to Borrower as provided herEin. My notice pm~lded for in this Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This torm of mortgage combinea uniform rnvenanta for netionai uae and non- uniform covenants with limited variations by jurisdiMion to constitute a uniform security instrument eovering real property. 7'hia Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts w~th applicable law, such conflict shall not affect other provisions of this Mortgage or the IVoir which can be given effect w~thuut the conflicting pm~~sion, and to this end the proeisions of the Mortgage and the Note are declared to be se~erable. 16_ Borrower's Copy. Borrower ahail be furniehed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17_ Tranafer of the Property; Asaumption. lf ali or any part of the Property or an interest therein is sold or tranaferred by Borrower w~thout [.ender s prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of s purchase money aecurity intereat for household appliances, (c) a transter by deviae, deacent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the aums scrurecf by this Mortgage to be immediately due and payable_ Lender ahall have waived auch option to accelerate if, prior to the sale or transfer, I.ender and the person to whom the Property ie to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request_ If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a w~ritten assumption agreement accepted in writinQ by Lender, l.ender shali release Borrower from all obligations underthislltortgage and the Note. [f [.ender exercisex such option to accelerate, I,ender shall mail Rorrower notice of acceleration in accordance with paragraph 19 hereof. ~ 5uch ootice shall pro~•ide a peri~ of not less than :i0 days from the datelhe notice is mailcd within which Borrower may pay the sums declared i due_ !f $orroK•er fails to pay such sums prior to the expiration of such period, l.ender may, vvithout further notice or demand on E3orrower, mvoke any remedies permitted b~ para~traoh 1R herenf. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenanta to pay when due any suma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure auch breach;l3) a date. not leas than 30 daye from the date the notice ia mailed to Borrower, by which euch ~ breach must be cured: and (4) that failure to cure such breach on ur before the date specified in the notice may result in ~ acceleration of the sums aecured by thie Mortgage. foreclosure by judicial prceeeding and eale of the Property. The noticeahaU further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ~ non-e:iatence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ before the date apecified in the notice. Lender at Lender's option may declare all of the sums secured by this Martgage to be ~ immediately due and payable without furtherdemand and may forecloae this Mortgage by judicial proceeding. Lendershall be E entitled to collect in such proceeding all e:penses of toreclosure. including. but not limited to. reasonable attorney's fees. and ~ costs of documentary evidence. abatracts and title reporta. 19. Borrower's Right to Reinetate. Notwithstanding Lender's acceleration of the suma secured b this Mo E y rtgage, Borrower shall have ~ the right to have any proceedings begun by I.ender to enforce this hlortgage discontinued at any time prior to entry of a judgment enforcinq ~ thia Mortgage if: (a) Eiorrower paya Lender ali sums which would be then due under thia Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrovrer curea all breachea of any othercovenanta or agreements of Borrower contained in i this Mortgage; Ic) F3orrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreements of Borrower oontained in this Mortgage and in enfoming I.ender's remedies as pmvided in paragraph 18 hereof, including, but not limited t~?, reasonable ; attorney's fees; and (d? Borrorver takes auch action as Lender may rnasonably require to asaure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower s obligation to pay the sums serured by this Mortgage ahall trontinue unimpaired. Upon such payment and cure by Borrower, this Mortgaqe and the obligationa secund hereby ahall remain in full force and effert as it no acceleration had occurred. ` 20. Asaignment of Rents; Appointment of Receiver. As additional security hernunder, Borrower hereby aseigna to Lender the rente ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a court to enter_upon, take posseasion of and manage the Property and to collect the renta of the Property, including lhoae paet due. Ali rente I rnllected by the receiver ahall be applied firat to payment of the costs of management of the Pmperty and collection of renta, including, but not ~ limited to, receiver's fees, premiuma on receiver's bonds and reasonable attorne_v'a feea, and then to the eums aecured by this Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received. i vp F e . ~:.~~.290 ~a~~ 98Q F i i 3 - ' ' ~ " _ _ _ ~ _ yrj', : ~ ~ x ~ y`;-,~'n ~.7' s ~y r~.~ ~ ~ . .n.'~~=.:.. . " '