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HomeMy WebLinkAbout0094 8. Ia~pection. Lender aaay make or cause to be made reawnable e~trier upon and in~pections of the property, provided thet Lender shal! give Botrower notice prior to any such inapection specifying reaeonable cause therefo~ related to Lender'a intereat in the Property. 9. Coademnation. 'l1~e prooeeds o[ any award or claim for damagar, direct or coneequential, in rnnnection with any oondemnation or other taking of the property. or pert thereof, or for conveyaace in lieu of oondemnation, are hereby aasigned and shaU be paid to Lender. In the event of a totsl leking of the Property, the proceede ahall be applied to the aums aecured by thia Mortga~e. with the e:oesa. if any. paid to Borrower. ln the event of a partial taking of the Property. unleas Borrower and Lender otherwiee agree in aniting. there shall be appGed to the sums eecured by this Mo~age such proportio~ of tha proceede us ie equal to that pmportion which the amount o! the sums secured by this 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 balanoa of the proceeds paid to Borrower. Ittha Property is abandoned by Bo:rower. or if, after notice by Lender to Borrower that the oondemnor ot~ere to make an award or setde a claim for damages. Borrower faila to r~pond to Lender within 30 daya aRer the date such notice is mailed, t,ender ia authoriud b collect and apply !he proceeds, at Lender's option. either to reatoration or repair of the property or to the snms eecured by this Mortgage. Unlees I.endu and Borrowez otherwise agree in writing, any such appUcation of pe~occeda to principal shall not ~tend or postpone the due date of the monthly instaUments referred to in paragrapha 1 and 2 hereof or change 4tie amount of such inatellmente. 10. Borrower Not Releaaed. E:tenaion of the time for paymant or modification of amortization of the aums secured by this Mortgage granted by Lende~ to any eucceaeor in intereat of Borrower shall not operate to releaee. in any manaer. the liability of the original Borrower and Borrower'e succeesora in interest~ Lender shall not be required to oommence proceedings againet such sua~eseor or re[uee to e:tend time for payment or otherwiae modify amortization of the aums eecvred by thie Mortgage by reason of any demand made by the original Bormwe~ ~ and Borrower'a successora in intereet. 11. Forbearanoe by I.ender Not a Waiver. My forbearance by Lender in e:ercising any tight or remedy hereunder, or otherwise - aPforded by applicable law, ahall not be a waiver of or preclude the eaerciee of sny such Tight or remedy. The pmcvrement of inaurance or the payment of t~es or other Uens or charges by Lender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtedneas eecured by this Mortgage. • ~ ~ 12. Remedies Cumuladve. All remedies provided in thie Mortgage are dietinet and cumulative to aay other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciee~l ooncurrently. independendy or suoceesively. 13. 3ncceseore and Aseigae Bound; Joint and Several Liability; Captione. The oovenants and agreementa herein contained ehall bind, and the right8 hereund~ ahall inure to, lhe reapeMive aucceseore and aasigas of I.ender and Borrower; aubject to the provisione of ~ paragraph 17 heteof. All covenante and agreemente of Borrower ehall be joint and eeverel. The captioae and headinge of the paragraphe of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provieiona hereof. 14. Notice. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided forin thie Mortgage ahall be given by mailing such notice by certified mail addreeaed to Borrower at the Property Addrese or at such other addreea ea Borrower may designate by nc?tice to Lender as pmvided herein. and (b) any notice to Lender shall be given by certified mail, return reoeipR requested. to I.ender'e addreas atated herein or to such olher addreae ae Lender may deeignate by notice to Borrower aa provided herein. My notice pmvided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Govertung Law; Severability: Thia form of mortgage combines uniform aovenante [or national uee and noa- uniform covenante with limited variationa by juriadiction to conatitute a uniform security inetrumeat covering real pmperty. Thia Mortgage ahall be goveraed by the law of the juriadiction in which the Property ia located. ln the even! that any proviaion or clause of this Mortgage or the Note contlicte with applicable law, auch conflict ahaU not affect other pmvieions of thia Mortgage or the Note which can be given effect without the oontlicting provieion, and to thia end the provieions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furniahed a rnnformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. • • 17. 'l5ranefer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia eold or transferred by Borrower without Lender a prior written rnnaent, e~cluding (a) the creation of a lien or encumbrance aubordinate Lo thie Mortgage. (b) the creation of a purchaee money security interest for houBehold appliancea, (c) a transfer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or leea not oontaining an option to purchase, Lender may. at Lender's option, declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or dranefer, Lender and the peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch peraon is satisfactory to L.ender and that the interegt payable on the sume secured by this Mortgage shall be at auch rate ae I.ender ehall request. If I.ender has waived the option to accelerate provided in this para~raph 17, and if Borrower's succesaor in interest has e~cecuted a ~ written assumption agreement accepted in writing by Lender, I.ender ahall release Borrower from all obligationa under thia Mortgage and the ! Note. E If Lender ea~ercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not less than 30 daya from the date the notice is ~r,ailed within which Borrower may pay the aums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, € invoke any rnmedies permitted by paragraoh 18 hereof ~ 18. Acceleration; Remedies. Ezcept ae provided in paragtaph 17 hereof. upon Borrower'B breach of any oovenant or ~ agreement ot Borrower in thie Mortgage. including t6e oovenanta to pay when due any enms eecured by this Mortgage, Lender prior to acceleration ehali maii notice to Borrower ae provided in paragraph 14 6ereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lese than 30 daye from the date the notice is mailed to Borrower, by which euc6 breach muat be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in acceleration of the auma secured by this Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice ehall further inform Borrower o! the right to reinatate after aooeleration and the right to assert in the forecloeure proceeding the non-e:istence of a default or any other defense of Borrower to acceleration and forecioeure. If the breach is not cured on or before the date specified in the notice, Lender at I.ender's option may declare all of the sume secured by thie Mortgage to be immediately due and payable without further demand and may forecloae thie Mortgage by judicial proceeding. Lender ehall be ; entitled to collect in such proceeding all expenses of toreclosure, includiag, but not limited to. reasonable attorney's feee. and coets of documentary evidence. abatracts and title reports. ~19. Borrower'e Right to Reinsfste. Notwithstanding Lender's acceleration of the aume secured by thia Mortgege, Borrower ahall have ~ the right to have any prooeedings began by I.ender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if; (a) Borrower paya Lender all auma which would be then due undei this Mortgage, the Note and notes eecuring E~ture ~ Advanoea, if any, had no aeceleration occurred; (b) Borrower curea all breaches of any other covenante or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reseonable expensea incurred by Lender in enforcing the covenante and agreementa of Borrower oontained in this Mortgage and in enfonting Lendei s remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney's fee,s; and (d1 Borrower takes such action as Lender may reasonably require to sesure that the lien of thia Mortgage, Lender'a intereet ~ in the Property end Borrowei a obligation to pay the suma eecured by this Mortgage ehall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obiigations secured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Asaignment of Rente; Appointment of Rcceiver. Ae additional security hernunder, Borrower hereby aseigns to Lender the rente of the Property, provided that Borrower shall. prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such rente as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointed by a ~ oourt to enter~pon, take poaseseion of and manage the Property and to collect the rents of the Property, including thoee paat due. All rente oollected by the receiver ehaJl be applied firet to payment of the oosta of management of the Property and collection of rente, including, but not ~ limited to, receiver'a feea, premiume on receiver's bonda and reasonable attorney's feee, and then to the auma eecnred by thie Mortgage. The ~ receiver ahall be liable to aoo~unt only for thoee rente actually t~eceived. ~ ~ ~ t' ~ ~1!, ~ ~~GC ~ ~ ~ ~ - - _ ~ ~~Y a ~ ~ ~ ~ '-,Fx : _ - A - ~ : r~ ' <