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HomeMy WebLinkAbout0763 8. IASpectioa. Lender ~nay make or cauee to be made reasonable entries upon and inspectiona of the property, provided that I.ender ahali Kive Borrower notioe prior b any such inepection specifying teaeonable cause thenfor related to Leader'a intereat in the Property. J. COAI~@IDR61IOp. The pmceeds of any award or cleiaa for dama~er, direct or copiequentinl. in connectioa with any oondemnation or other tating of the pmperty, or part thereol. or for conveyance i~ lieu of oondemnation, are hereby aeaigned and shall be paid to i.ender. In the event of a total taking of the Property, the proceeds shall be spplied to the euras socured by this Mortgage. with Lhe e~cess, if any, paid to Borrower. In the event oi a partial taking of the Prop~ty. unless Borrower and Le~der otherwiae agree in writing, these ehall be applied to the sums sacured by thie Mortgage such proportion of the proceeds as is equal to that pmportioa which the amount of the sums eecured by this Mortgage immediately prior to the date of taking beare to the fair market valuo of the Property ima?ediately prior to thedate of taking. with the baJana3 of the pmceeds paid to Borrower. If the Pcoperty ia abandoaed by Borrower, or if, aRer notice by Lender b Borrower that the oondemnor otfere to make an award or setde a claim for damages. Bormwer fails b reapond to Leader within 30 daye after the date such notice ie mailed. Lender ie authorized b coUect and apply the proc.~eeds, at Lender'e option, either to restoration or repair of the pmperty or to the sume secured by this Mottgege. Unleee Lender and Borrower otherwiee agree in writing, any such application of pmceed~ to prinripal ahall not extend or poslpone the due date of the monthty inetallments referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallments. !0. Borrower Not Released. 8xteneion of the time for payma~t or modification of amortization of the suma secured by thia Mortgage granted by Lender to any eucceasor in inLerest of Borrower ehall not operete to releaee, ie any manner, the liability of the original Borrower and Borrower'e euccxssore in interest I.ender ahali not be required to oommence proceedinga sgainat auch aucceaeor or nfaee to e:tend time for payment or otherwise modify amortization of the sama secured by thia Mortgage by reason of any demand made by the original $orrower and 13orrower a succeseors in intereat~ ~ I1. Forbearance by Lende~ Not a Wwiver. My forbearance by [.ender in e:ercieing any right or remedy hereunder. or otherwise aPforded by applicable law, shall not be a waiver otor pnclude the exemiee of any euch right or remedy.'R~e procurement of insurance or the payment of taxes or ather liena or charges by I.ender ahall not be a waivet of Lender'o right to accelerate the maturity of the indebtedneae eecured by thie Mortgage. 12 Remediea Cumulative. Al! remediee pmvided in thia Mortgage are distinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:erciee~i ooncurrendy, independendy or auccesaively. 13. 3ucceesore and Aseigne Bound; Joint and 3everal I.isbility; Captione. The oovenents and agreemente herein oontained ahall bind, and the righte hereunder shall inure to, the reapective auocessors and assigns of Lender and Borrower, eubject to the provisione of . paragraph 17 hereof. All covenante and agreemente of Borrower ehall be joint snd several. The captions end headings of the paragraphe of thia Mortgage are for rnvenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. ~xcept for any natice required under applicable law to be given iq anolher manner, (a) any notice to Borrower provided for in this Mortgage ehall be given by mailing such notice by certified mail addreaecd to Bornower at the Froperty Addrees or at auch oiher addreee as Borrower may deaignate by notice to Lender as provided herein, and tb) any notice to i.ender shall be given by certified mail, return receipt requested, to Lender a addreee atated herein or to euch other addreas as Lender may designate by notice to Borrower es provided herein. Any notice provided for in thie Mortgage shall be deemed to have been given to Borrower or Lender whea given in t6e manner deaignated herein. 15. Unitorm blortgage; Governing Law; 3everability.lT?is form of mortgage combines uniform oovenants for national uee and non- uniform rnvenanta with limited variations by jnriediction to conatitute a uni[orm security instrument eovering real property. This Mortgage ehall be governed by the law of the jurisdiction in which the Property is located. In the event that any pmvision or clauee of thie Mortgage or the Note conilicte with applicable law, such conflict shall not affect other provieiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the pmvieions ot the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ehall be fumiahed a conformed copy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. Tranefer of the Property; Asaumptioa. If all or any part of the Property or an interest therein is eold or traneferred by Borrower without I.ender's prior vrritten rnnsent, ezcluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage~ (b) the creation of a pumhase money security interest for houeehold appliancea, (c) a trensfer by deviae. dc~oent or by operation of law upon the death of a joint tenant or (d) the gtant of any leasehold interest of three yeare or le8s not containing an option to purchaee, Lender may. at Lender'a option, declare all the Bua?e aecured by this Mortgage to be immediatety due and payable. Lender ehall have waived auch option to accelerate if. prior to the sale or tranafer, Ler~der and the person to whom the Property is to be eold or transferred reach agreement in writing that the credit of euch person ia satiefactory to L.ender and that the intereat payable on the suma secured by thia Mortgage shall be at such rate as Lender ahall requeet. If Lender haa waived the option to accelerate provided in thia paragraph 17, and if Borrower's succeasor in interest has ezecuted a written aasumption agreement accepted in writing by [.ender, Lender ahal! release Botrower from all obligations under thia Mortgage and the vo~. . If Lender exerc~iaes such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not less than 30 daya from the date the notice is ~nailed within which Borrower may pay theauma declared due. If [3orrower fails to pay sach sums prior to the expiralion of auch period, Lender may, without further notice or demand on Korrower, ~nvoke any rnmediee permitted by paragraoh 18 hereof. 28. Acceteration; Remediee. Except as provided in paragraph 17 6ereof. upon Borrower's breach of any oovenant or ' agreement of Borrower in this Mortgage, including the covenante to pay when due any eume aecured by thie Mortgage. Leader prior to aoceleratioe shall mail notice to Bortower as provided in paragraph 14 6ereof specifying: (1) the bresch; (2) t6e action required to cure such breach; (3} a date, not less than 30 daye from t6e date the aotiee ia mailed to Borrower, by which aueh breach mus! be cured; and (4) thet Esilure to cure auch breach on or before the date specified in the notice may result in acoeleretion of the eume eecured by thie Mortgage. foreelosure by judicial proceeding and eale of the Property.T6e aotice s6a11 further inforin Borrower of the right to reinstate after acceleration and the right to asaert in the foreclosure proceeding the non-ezietence of a default or aay other defense of Borrower to acceleration and forecloeure. If the bresch ie noi cured on or before the date epecited in the not~ce, Lender at I.ender's option may declare all of the sume secured by this Mortgage to be immediately due end payable without further demand snd may forecloee thie Mortgage by judicial proceeding. Lender shali be entitled to collect in such proceeding aU espenaee ottorecioaure. including, but not limIted to, reaeonable attorney's fees, end costs of documentary evidence. abatracte and title reporta l9 Borrower's Right to Reinstate. Notwithstanding Lender a acoeleration of the auma eecured by this Mortgage, Borrower shall have _ the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays I.ender all aums which would be then due under thie Mortgage, the Note and notea securing Future Advances, if any, had no accelerateon occurred; (b) Borrower ruree a11 breachea of any other rnvenants or egreements of Borrower rnntained in thie Mortgage; (c) Borrower pays all reaeonable expeneea incurred by Lender in enforcing the covenante and agreemente of Borrower oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fcea; and (d) Borrower takee euch action as Lender may reasonably require toaasure that thelien of thia Mortgage. Lender's interest ia the Property and Borrower e obligation to pay the aums aecured by this Mortgage ahall continue nnimpaired_ Upon such paymen~ and cnre by Borrower. thia Mortgage and the obligatioaa eecured hereby shall remain in full force and dfert ae if no acceleration had oocurred. 20. Aeeignment ot Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigne to Lender the rente of the Property, provided that Borrow~er shall, prior to aooele~ration under parsgrepD IShereof or abandonment of the Property, have the right to colleet end retain euch rente ea they become due and payable. Upoe acoeleration under para~raph 18 hereof or abandonment of the Property, Lende; shall be entitled to have a reoeiver appointed by a ooiut to enter.upon, take poeeeasion ot and manage the Property and to rnllect the rente of the Property. including thoee past due. All reats ooitected by the receiver ahaA be applied first b payme»t of the ooste of management of the Property and wllection of re~te, indu~ng, bnt not limited to, receiver'a feea, premiume on receiver's bonds and reaeonable attomey's lees, and then to the eums eecured by this Mortgage. The recei~er ehsll be liable to acoount only tor thoee rente actually reoeived. B00!l~91, PACE 7~ _ v_. . - - _ . y - . . v ~ ~ ' K ~~.aJ~ ~ ~ S ~ . ~riw~ °"a `~`~~Y~ ~Y° "sl~ : -1 . ,"~-v~. r ' _ 's'~z" ^~'~•z,•;4 s _ ~5 ~ .