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HomeMy WebLinkAbout0083 8. In~pection. L.ender may make or cause to be mads re~o;tble eatrie~ upon ~d i~upections of the pmperty, provided that Lender shall give BoROwer notice prior b any such inepec~tion spoci(yin~ ~onable cauee'there[or related w Le~der's interest in the Property. 8. COQfI@QIAYuOA.'Ilie proceeds of any award or claim for damages. direct or conaequential, in c.onnection with sny oondemnation or other taking of the prope~ty, or part thenof, or for conveyance in lieu of rnndemnation, are hereby aeaig~ed and shell be paid b Lender. In the event oi a total taking of the Pcoperty, the proceeds shall be appliad to the sums eecured by thu Mortgage. with the e~ccees, if any, paid to Bor~ower. In the event of a partial ta~in~ of the Property. unless Bormwer and Lender otherwise agree in writing, there shaU b.~ applied to the suma secured by this Mo~rtgage such proportion of the proceed~ as ie equal to that proportion which the amount oi the s~uns secured by this Mortgage immedietely psior to tha date oi taking bears to the fair martet value oithe PropeKy immediately prior to the date of taking, w~ith the balanoa of the proceeds paid ta Borrowor. • Ilthe Property is abandoned by Borrower, or if. aRer notice by Leader to Borrower that the oondemnor ofters to make an award or eettle a claun for damages. Borrower faila to respond to Lender within 30 days after the date such notioe is mailed. Lender is authorized b coAect and apply the proceeds. at Lendei s option. either to restoratioa or repair of the property or to the suma secured by this Morfgage. Unless I.ender and Borrower otherwise agree in writing. any auch application oiproceeds to principal shall not eactend or postpone the due date of the monthly insLallaneats referred to in paragraphs 1 and 2 hereof os change the amount of auch inataUmenta. 10. Borrower Not Releaeed. Ezteneion of the time for paymant or modification of amoriization of the suma Becured by this Mortgage granted by I.ender to any autt~eseor in interest of Borrower ahall not operate to releaee, in any manner, the liability of the otiginal Borrower and Borrower's succeesore in interest~ Lender ehall not be requi:ed to oommence pmccedings againat auch succeaeor or refuee to e:tend time for payment or otherwi~e modify amortization otthe aums aecured by this Mortgage by reseon of any demand made by the original Borrower and Borrower's succeaeore in interest. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in exercising eny right or remedy hereunder, or othetwise afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of ineurance or the ~ payment of t~es or other liene or chargea by Lender ahall not be a waiver of Leader'a right to accelerate the maturity of the indebtednesa secured by this Mortgage. 12 Remediee Cumulative. All remedies pmvided in this Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or eqaity. and may be ezercieeii ooacurrently. independently or succeeaively. . 13 3uccessore and Aeeigne Bound; Joint and Several Liability; Captione. The rnvenante and agreements herein coatained ehall bind, and the righte hereunder shall inure to, the respective euoceeeors and aasigns of I.ender and Borrowet, subject to the prnviaions of paragraph 17 hereof. All rnvenante and agreements of Borrower ahall be joint and eeveral. The captione and headings of the paragraphe of thia Mortgage are for covenience only and are not W be need to interpret or define the provieions hereof. 14. Notice. Except 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 such notice by certified mail addreaecd to Borrower at the Property Address or at anch other addreas as Borrower may deaignate by notice to I.ender ae provided herein, and (b) any notice to Lender ehall be given by certified mail. return receipt requeated. to I.eader e addmas atated herein or to euch other addreee ae Lender may deeignate by notice to Borrower as provided herein. My notice pmvided for in this Mortgsge ahall be deemed to have been given to Borrower or Lender when given in the manner designaLed herein. 15. Uniform Mortg~ge; Governing I.aw; 3everability. Thia fomn of mortgage combines uniform oovenanfa for national uee and non- uniform covenants with limited variationa by juriadiction to oonatitute a uniform secwity instrument covering real property. ThiB Mortgage ehall be governed by the iaw of the juriediction in which the Property is located. In the event that any provision or claaee of thie Mortgage or the Note conilicte with applicable law, such conflict sha1) not affect other pmvisions of this Mortgage or ihe Note which can be given effect without the rnntlicting Frovision, and to thie end the pmvisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ehall be furnished a rnnformed copy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. Tranafer of We Property; Aesumption. If all or any part of the Property or an intereat therein is eold or traneferred by Borrower ~ without I.ender'e prior written coneent, excluding (a) the creation of a lien or eacumbrance eubordinate to thie Mortgage, (b) the creation of a purehase money security in~t for houeehold appfiances, (c) a transfer by deviae, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leseehold intereat of three years or lesa not oontaining an option to purchaee, Lender may, at I.ender s option. dectare aU the sums aecured by this Mortgage to be immediately due and payable. I.ender ahall heve waived auch option to aocelerate if, prior~ to the sale or tranefer, Lender and the peraon to whom the Property is to be aold or traneferred reach agreement in writing that the credit of auch person ie satisfactory to Lender and that the interest payable on the sums aecured by this Mortgage shall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei s succeasor in interest hea executed s writLen assumpdon agreement aooepted in writing by Lender, Lender shall releaee Borrower from all obligations under this Mortgage and the. Note. 'i If Lender e~cerciaes such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 19 hereof. ` Such notice shall provide a period of not less than 30 days from the date the notice is ~aited within which Borrower may pay the sums declared due. If Boaower faila to pay auch aums prior to the eapiration of such period, Lender may, without further notice or demand on Iiorrower, ~ invoke any remedies permitted by pa~rauh 18 hereof. ~ f IS. Acceteration; Itemediea. Ezcept as provided in ara , upon Borrower'e breach of any covenant or ~ p graph 17 hereof egreement of Borrower in this Mortgage, includiag the oovenanta to pay when due any sume secured by ihis Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower sa provided ia paragraph 14 hereof epecifying. (1) the breach; (2) the action required to cure such breach; (3) a date. not leea t6an 30 daye trom the date the notice ia mailed to Bonower, by which euch ~ breach must be cured; and (4) that failure to eure such breach on or before the date epecified in the notice may result in ~ acceleration of t6e sums aecured by thie Mortgage. forecloaure by judicial proe~eeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate aRer acceleration and the right to aseert in t6e forecloeure proceeding the non-e:ietence of a default or sny other defenee of Borrower to acceleretion and toreclosure. If t6e breach ie not cared on or before the date epec[fied in the notice, Leader at Lender's option may declare all otthe sume gecured by this Mortgage to be immediately due and psyable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in such proceeding all e:penses of foreclosure, including, but not limited to. reeaonable attorney'e fees. and coste of documentary evidence. abatracta and title reporte. ~ 19. Borrower'e Right to Reinatate. Notwithatanding Lendei s acceleration of the sume aecured by this Mortgage, Borrower ahall have the right to have any prooeedinga begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a jndgment enforcing thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under thie Mortgage. We Note and notes eecuring I~ture Advancee, if any, had no a^celeration occurred; (b) Borrower curea all breaches of any other covenante or agreemente of Boaower contained in this Mortgage; (c) Borrower paya all reaaonable e:penses incurred by Lender in enforcing the oovenants and agreementa of Boirower ~ o~ntained in thie Mortgage and in enforcing Lender e remedies se provided in paragraph 18 hereof, including, but not limited to, reaeonable ~ , y y req rtgage. Lender'a interest attorne~e feea• and (d) Borrower takes auch action as Lender ma reaeonabl uire to assure that the lien of thia Mo in the Property and Borrower's obligation to pay the sums secured by thia Mortgage shall oontinue unimpaired. Upon auch payment and cure by Borrower, thie Mortgage and the obligationa eecnred hereby ahall remain in full force and effect as if no acceleration had occvrn{d. - 20. Aseignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigne to I.ender the rente ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain euch renta aa 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~pon, talce poseeaeion of and manage the Yroperty and to collect the rents of the Property, including thoee past due. All rents ~ oollected by the receiver ahall be applied firat to peyment of the ooete of management of the Property and oollection of rente, including, but not ~ limifed to, receiver e feea, premiuma on receiver'8 bonds and reasonable attorney'a fces, and then to the auma eecnred by thie Mortgage. The receiver ahall be liable to acoount only for those rents actually received. ~ . ~ ~ °sooK z9~ ~acf ~ ~ _ . a~ - _ - - - - - - ~ ~ - ~ ~ ~ _ Y~,~~.~. ; _ T _Y 4*+~ A~.~ ~i~~~~~ ~ ~ ~~,~r3-'~:: '