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HomeMy WebLinkAbout0278 8. lnspection. Lender may make or cauee to be made reawnable entriee upon and inspectio~s of the pmperty, provided that Lender ahall give Borrower notice prior b any euch inapection epecifying reaxonable cause therefor celated to Le~dei s interest in the Property. 9. Coademnetioa.'I~e proceeds of a~y award or claim for damagea, direct or rnnaequential, i~ connection with any oondemnation or other taking of the pmperty, or part thereof, or [or conveyance in lieu of condemnatiQn. are hereby assigned and shall be paid to l.ender. I~ the event of s total taking of the Property, the pra.~eE.ds ehall be applied to the sume secured by this Mortgage. with the escees, ii any, paid to Bor[ower. In the event of a partial taking of the Property, unlees Boetower and I.ender otherwise agree in writing, there shall be applied to the eums secu~ed by this Mortgage auch ptoportion of the proceeds as ie eqaal to that proportion which the amount oi the sums eecured by thia Mortgage immediately prior to the date of taking beare to the fair market value of the Properiy immediately prior to the date of taking, with the balan~v of the proceeda paid to Borrower. if the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oP[ers to make an award or settle a clsim for damages, Borrower fails to reapond to I.ender within 30 daya aRer the date such notice is mailed, Lender ia authorized to rnllect and apply the proceeds, at L.endei a option, either b restoration or repair of the pmperty or to the suma secured by this Mortgage. Unleae Lender and Bon»wer otherwiee agree in writing, any such application of ptoceeds to principal shall not e:tend or postpone thedue date of the monthly inetallments referred to in paragraphs 1 and 2 hereof or change the amount of euch inetallments: 10_ Borrower Not Releaeed. Extension of the time for paymant or modification of amortization of the auma eecured by this Morigage granted by Lender to any eucceeaor in interest of Borrower shall not operate to release, in any manner, the liabitity of the original Borrower and Borrowei a successora in interesL l.ender ahall not be required to mmmence proceedinge againet such succeaeor or refuse to e:tend time for payment or otherwiee modify amortization of the aums secured by this Mortgage by reason of any demand made by the original8orrow~ and Borrower a auccea.vors in interest. 11. Forbearance by I.ender Not a VNaiver. Any forbearance by I.ender in e:ercieing any right or nmedy hereunder, or otherwiee aPforded by applicable law, ahall not be a waiver of or preclude the ezerciee of any euch ri~ht or remedy. The procurement of insuraace or the payment of ta~cee or other liene or chargee by I.ender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedneas eec~red by this Mortgage. 12. Remediee Cumulative. All remedies provided in thie Mortgage are diatinct and cumulative to any other right or remedy uader this Mortgage or afforded by law or equity. and may be e:erciee~i ooaeurrently. independently or succesaively. 13. 3uccesaore and Aeeigne Bound: Joint and 3everal Liability; Captione. The oovenante and agreemente herein oontained ehall bind, and the righta hereunder shall inure to, the reepective aucceasore and aasigna of Lender and Borrower, subject to the proviaions of paragraph 1? hereof. Al1 covenanta and agreements of Borrower shall be joint and eeveral.'l~e ceptions and headings of the paragraphe of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaiona 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 this Mortgage ahaU be given by mailing such notice by certified mail addreased to Borrower at the Property Addreas or at auch other addreae ae Borrower may designate by notice to [.ender ae provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's sddrees etated herein or to euch other addrees ae Lender may designate by notice to Borrower ae provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Unifortn Mortgage; Governing Law; 3everability. This form of mortgage combinea uniform oovenants for national uae and non- uniform covenante with limited variations by juriadiction to oonstitute a uniform security inatruwent aovering real property. This Mortgage ahall be governed by the law ot the jurisdiction in which the Property ia located. in the event that any provieion or clauee of this Mortgege or the Note conflicte with applicable law, auch contlict shall not affect other proviaiona of thie Mortgage or the Note which can be given effect wiLhout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy oi the Note and of thie Mortgage at the time of ezecution or after recordation hereof. 17. 'l~aneter ot the Property; Aesumption. If all or any part of the Property or an interest therein ia eold or transferred by Borrower withont !.ender'a prior written consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a putchaee money eecurity intereat for houeehold appliancea, (c) a tranafer by devise, dc~cent or by operation of law upon the death of a joint tcnant or (d) the grunt of any leasehold intereat of three yeara or leas not oontaining an option topurcha8e, Lender may, at Lender's optioa, decfare a11 the auma secured by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if. prior to the sale or tranafer, Lender and the peraon to whom the Property ia to be aold or tranaferred reach agreement in writing thai the credit of such peraon ie satiafactory to L.ender and that the interest payable on the aume aecured by this Mortgage shall be at auch rate as Lender shall request_ If Lender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower a succeasor in interest h8e e:ecuted a written aasumption agreement accepted in writing by Lender, Lender ehall releaee Borrower from all obligations under this Mortgage and the I Note. ~ ~ If Lender exerciaea such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with pazagraph 14 hereot ` Such notice shall provide a period of not less than 30 daya from the date the notice is ~r.ailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without furthez notice or demand on Iiorrower, ~ mvoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower'B breach of any oovenant or agreement of Borrower in thie Mortgage, including the oovenante 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 specitying: (1) the breac6; (2) the action required to cure auch breach; (3) a date, not leae than 30 daya from the dete the notice is mailed to Borrower, by which such breach must be cured; and (4) t6at failure to care euch breach on or before the date epecified in the notice may result in acceleration of the sums secured by t6is Mortgage, forecloaure by judiciai proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinetate after acceleration and the right to seaert in the foreclosure proceeding the non-e:ietence of a defautt or any other defenae of Borrower to acceleration and forecloaure. If the breach ie not cvred on or before the date specified in the notice, Lender at Lender'e option may declare all of the syms secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judieial proceeding. Lender ahall be entitled to collect in such proceeding all e:penaes of toreclosure. including. bat not limited to, reasonable attorney's fees. and coate of documentary evidence, ~:bstracts and title reports. 19. Borrower'B Right to Reinstate. Notwithstending Lender s acceleration of the auma secured by thia Mortgage, Borrower shall have " the right to have any proceedinga begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notea securing Fulure ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other rnvenant8 or agreementa of Borrower rnntained in thie Mortgage; (c) Borrower pays all reasonable expensea incurred by I.ender in enforcing the covenante and agreemente of I3orrower ~ oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable - attorney'a fees; and (d) Borrower takea euch action aa Lender may reasonably require to assure that the lien of this Mortgage, Lendet'r interest in the Property and Borrower's obligation to pay the aums secured by this Mortgage ahall continue unimpaired_ Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Aesignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigna to Lender the renta ~ of the Property, provided that Borrower sha11, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to coUect and retain such rents as they become due and payable. ~ Upon acceleration under paragraph 1R hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ court to enter.apon, take poseeasion of and manage the Property and to collect the rents of the Property, including those past due. All renta ~ collected by the receiver ahall be applied firet to payment of the costa of managementof the Property and collection of mnts, including, bui not ~ limited to, receiver'e feee„premiums on receiver a bonda and reasonable attorney's fees, and then to the aums secured by thia Mortgage. The ~ receiver ahall be liable to aooount only for those rents actually received. ~ ~ ~ BfloK291 ~ 278 ~ . - ~ _ _ _ _ ,~r - : ~ ~w . r.v : . . ~ ~ ~ ~j ~ ~ P . - ~ t~-~ ~ ` ~ ~ - -