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HomeMy WebLinkAbout0824 8. lnspectioa. I.ender may make or cause to be made ceasonable entrie~ upon aod inspectiane of the property, provided that l.ender ehall give Borrower notice prior to a~y such inspection specifying reasonable cause therefo~ celated W I.ender'e intereet in the Property. 9. CondemnaUon.'l~e proceeds of any award or claim for damages, direct os conaequential, in rnnnection with any mndemnation or other takit~g of the propecty, or part thereof, or tor rnnveyance in lieu oi oondea~Abn, are hereby assigned snd shall be paid b Lender. In the event oi a btal taking of the Property, the proceed~ shall be applied to the sume secured by thia Mortgage. with the exceas. if any. paid to Borrower. In the event ot a partial taking ot the Property. unleas Borrower a~d Lender otherwiee agree in writing, there shall be applied to the aume aecwed by this Mo~tgage such proportion of the pra,~oeds as ia equal to that proportion which the amount of the suma eecured by this Mortgage immediately prior to the date of takinR bears tn the fair market value oithe Property immediately prior to the date of taking. with the balanc~ of the proceeds paid to Dorrower. I[ the Property is abandoned by Fiorrower, or iE, after notice by I.ender to Bor~ower that the rnndemnor offers to make an award or settle a claim for damagea, Borrower fails to respond to Lender withi~ 30 days aRer the date euch notice is mailed. Lender ie authorized to coliect and epply the proceeds. at I.ender's option. either to reatoration or repair of the pmperty or to the aums secured by this Mortgege. Unless [,ender and Bor~ower otherwiee agree in writing, any such application of pmceeds to principal ahall not e:tend or postpone the due date of the mor~thly inatallmenta te[erred to in paragraphs 1 and 2 hereof or change the amount of euch inetallmenfs. 10. Borrower Not Released. F.xtension of the time for paym~nt or modi6cation of amortization of the suma eecured by thie Mortgage ~anted by l.ender to any auccesaor in internet of Borrower shall not operate to releaae, in any manner, the liability of the original Borrower and Borrower's autt~eaaora in intereat. l.ender ahall not be required to oommence proceedinge againat such eucceeaor or refuae to extend time for payment or otherwise modify amortization of the sums secureai by this Mortgage by reaeon of any demand made by theorigina) Borrower and Borrower's auccessore in interest. 11. Forbearance by Leader Not a Vllaiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwise afforded by appGceble 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 ta~cee or other liena or charges by Lender ehall not be a waiver of l.ender a right to accelerate the maturity of the indebtedneae secured by thie Mortgage. 12 Remedies Cumulative. All remediee provided in thie Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or at~oided by law or equity, and may be e:ercieed mncurrently, independently or euooesaively. 13. Succ~eaeors and Aseigns Bound; Joint and Several Liabillty; Captione. The covenanta and agreemente herein contained ehall bind, and the righte hereunder ahall inure to, the reapective succeseore and aseigne of Lender and Borrower, eubject to the pmvieiona of paragraph 17 hereof. All covenante and agreements of Borrowershall be joint and eeveral. The captione and headings of the paragraphe of thia Mortgage are for covenience only and are not to be ueed 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 thia Mortgage ahall be given by mailing such notice by certified mail addreaaed to Borrower at the Property Addreea or at such other addreae aa E3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return reaeipt requested, to I.ender's address atated herein or to such other address ae Lender may deeignate by notice to Bormwer aa pmvided herein. Any 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. Uniform Mortgage; Governiag I.aw; 3everability. Thia form of mortgage combines uniform rnvenants for national uee and non- uniform covenanta with limited variations by juriediction to constitute a uniform security instn~aient eovering real property.'IT~ie Mortgage ahall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not af#'ect other provieiona of this Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to thia end the pmvisions of the Mortgage and the Note are declare~ to be sevetable. 16_ Borrower'8 Copy. Borrower ahall be furnished a rnnformed copy of the Note and of thie.Mortgage at the time of e:ecution or after recordation hereof. 17. 'ltiranefer of t6e Property; AeBUmptioa. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower without Lender a prior written coneent, e:cluding (a) the creation of a lien or encumbranoa aubordinate to thia Mortgage, (b) the creation of a purehase money security intereat for household appliancea, (c) a transfer by deviae, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not containing 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 auch option to accelerate if, prior to the sele or tranafer, Lender and the person to whom the Property is to be sold ot ttanaferred reach agreement in writing that the credit of such person is satiafactory to Lender and that the interest payable on the auma secured by this Mortgage ahall be at such rate as I.ender ahall request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a eucceasor in interest haa e:ecuted a written assumption agreement accepted in writing by Lender, Lender ahall release Borrower trom all obligationa under thia Mortgage and the Note_ ' If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not lesa than 30 days from the date the notice ia ruailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, L.ender may, without further notice or demand on ~iorrower, ~ invoke any remediea permitted by paragira~h 18 hereof. ~ 18. Acceleration; Remediee. Ezcept aH provided in paragraph 17 hereof, upon Borrower'e breac6 of any oovenant or F agreement of Borrower in thia Mortgage, including the covenante to pay when due any aume secured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less t6an 30 days trom the date the notice is maifed to Borrower, by which auch ~ 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 eume secured by t6is Mortgage, foreclosure by judicial proceeding and sale of the Property. T6e notice ehall £ further inform Borrower of t6e right to reinetafe aRer acceleration and the right to aseert in the forecloaure proceeding the ~ non•e:iatence of e default or any other defenae of Borrower to acceleration and foreclosure. If t6e breach ia not cured on or ~ betore the date specified in the notice. Lender at Lender's option may declare all of the sums secvred by thie Mortgage to be ~ immediately due and payable without furtherdemand and may forectose t6is Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding aU e:penses of foreclosure. including, but not limited to. reasonable attorney's fees, and ~ coets of documenfary evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender s acceleration of the sums secured by this Mortgage, Borrower ahall 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 ~ thia MortgaRe if (a) Borrower paya L.ender all suma which would be then due under thie Mortgage, the Note and notea securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenanta or agreemenfs of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the rnvenants and agreementa of Borrower ~ contained in thie Mortgage and in enforcing Lendei s rnmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable 3 attorney's fees; and (d? Borrower takes auch action es Lender may reasonably require to asaure that the lien of thia Mortgage, Lender's interest ; in the Property and Borroveer's obligation to pay the sums secured by this Mortgage ehall continue unimpaired. Upon euch payment and cure by Borrower, this Mortgaqe and the obligationa secured hernby ahall remain in full force and effect as if no acceleration had occurred. = 20. Aseigament of Rents; A~pointment of Receiver. As additional security hereunder, Borrower hernby assigne to Lender the renta ~ of the Property. provided that Borrower ahall, prior to aoceleration ~nder paragraph 18 hereof or abandonment of the Properiy, have theright to collect and retain auch rents se they become due and payable. ~ Upon acceleration under paragraph 1S hereof or abandonment of the Property. Lender ahaU be entitled to heve a receiver appointed by a ~ oonrt to enterupon, take poseeseion of and manage the Property and to rnllect the renta of the Property, including thoee past due. All renta p aollected by the receiver ehall be applied first to payment of the aoate of management of the Property and collection of rente, including, but not ~ limited to, receiver e fees, premiume on receiver e bonda and reasonable attorney e fees, and then to the enma secured by thie Mortgage. The ~ receiver shall be liable to aooount only for thase rents actually received. ~ ~ ~ ~ s k ~ a~~r f;;~~ ~ ° ~ 291 ~1S ~ ~ ;t~ ~ , ; - - - > - . - _ ~ ~ ~ a ~ ~ ~ ~ _ > _ _ ~ _ - ~ ~~S . "dA