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HomeMy WebLinkAbout0956 , 8. Iaspeclion. l.ender may make or cauae to be made reaeonable ent~es upon and inspecti~ons of the property, provided that I.eader shall give Borrower notice prior to any auch inspection specifying reasonable ceuee therefor related b lwnder'a interest iti the Property. 9. Condemaatto~. 71~e proceeds of any award or claim [or damagee, direct or coneequential, in connection with any oo~demnation or other teking of ihe property, or part thereof, or [or conveyance in lieu of condemnation, aro hereby aesigned and shall be paid to l.ender. In the event of a total taking ot the Property, the proceede shall be applied to the aums secured by thia Mortgage, with the e:ceas. if any. paid to Bormwe~. In the event of a partial taking oi the Property. unleaa Borrower and I.ender otherwiae egree in writing, there shall be applied to the eu~ps eecured by this Mortgage euch propoHion of the proceeds ae is equal to that proportion which the amount of the aums secured by thie Mortgage immediately prior to the date of taking beara to the fair market value of ihe Property irnmediately prior to the dete of taking, with the balanca of the proceeda paid to Bo~rower. I[ the Propeirty is abandoned by Borrower, or if, aftet notice by l.ender to Borrower that the condemnor oftere to make an award or eettle a claim for damages, Borrower faile to reapond to Lender within 30 daya after the date euch notice ia mailed~ I.ender ie authorized to rnllect and apply the proceeds, at Leader'a option. either to reatoration or repair of the pmperiy or to the eumr secnred by this Mortgage. Unleaa l.ender and Bo~rower otherwiae ageee in writing. any euch eppUcation of pinceede to principul shall not extend or postpone the due date of the monthly installmenfareferred to in paragraphs 1 and 2 hereof oi change the amount of euch installmenLs. 10. Borrower Not Released. Eatenaion of the time for paymaM or modification of amortization of the auma secured by this Mortgage granted by I.e~der to any succeaeor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Borrower's auccesaore in intereat~ Lender shall not be required to oommence procec~iinga againat auch aucceaeor or refuee to e:tend time for payment or otherwiae modify amortization of the auma secured by thie Mortgage by reason of any demand made by the original Borrower and Aorrower s succesaora in interest. 11. Forbearance by Leader Not a Waiver. My forbearance by Lender in e~ercising any right or remedy hereunder, or otherwise af~'orded by applicable law, shall aot be a waivet of or preclude the euercise of any auch right or remedy. The procurement of inaurance or the payment of ta:ee or other Gens or charges by Lender ehall not be a waiver of Lender'e right to accelerate the maturity of the indebtednesa secured by this Mortgage. 12 Remediee CumulaNve. All remediea provided in thia Mortgage are diatinet and cumulative to any other right or remedy under this Mortgage or aftorded by law or equity, and may be exercise~l concurrently, independently or eucceesively. 13. 3ucceseore and Aseigna Bound; JoinL and 3everal I.iability; Captioas. The covenante and agreementa herein oontained shall bi~d, and the righte hereunder ehall inure to, the reapective aucceseore and asaigns of Lender and Borrower. subject to the proviaions of paragraph 17 hereof. All covenanta and agreemente of Borrower shall be joint and eeveral. The captions and headings of the paragrapha of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaione 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 shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreae or at auch other address ae f3orrower may deaignate by notice to I.ender ae provided herein, and (b) any notice to I.ender ehall be given by certified mail, return receipt requested. to I.ender's addreas atated herein or to such other addreas aa l.ender may designate by notice to Borrower aa 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 deeignated herein. 15. Uniform Mortgage; Governing Law: Severability. This form oimortgage combines uniform covenants for national uae and non- uniform covenanta with limited variations by juriediMion to conatitute a uniform security instrument oovering real property. This Mortgage shali be governed by the law of the jurisdiction in which the Property ia located. In the event that any provinion or clause of this Mortgage or the Note conflicts with applicable law, such conflict ahaU nol affect other proviaions of this Mortgege or the Note which can be given effect ~ without the conflicting pmvision, and to this end the provisiona of the Mortgage and the Note arn declared to be aeverable. 16. Borrower'e Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after ' recordation hereof. 17.'l~anster of the Property; Aeeumption. If alt or any part of the Property or an interest therein is sold or traneferred by Borrower without I.ender'e prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchase money security intereat for household appliancee, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or less not oontaining an option to purchase, Lender may. at I.ender s option, declare all the sums aecured by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranefer, L.ender and the person to whom the Property is to be sold or tranaferred rnach agreement in writing that the credit of auch peraon is satiafactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at auch rate as Lender ahall request. If [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's aucceasor in interest has executed a written asaumption aqreement accepted in writing by Lender, Lendershall release Borrower from all obligations underthis Mortgage and the :~3ote. If I.ender exercises such option to accelerate, I.ender shall mail E3orrower notice of acceleration in accordance with paragraph 19 hereof. ~ Such notice ahall provide a period of not less than 30 days from the date the notice ia rc,ailed within which Borrower may pay the aums declared ; due. If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ~ ~nvoke any remedies permitted by para~Craoh 18 hereof 18. Acceleration; Remediee. Ezcept ae provided in paragrap6 17 hereof, upon Borrower'e breach of any covenant or ~ agreement of Borrower in thie Mortgage. including the covenante to pay when due any sums aecured by this Mortgage. Lender ~ prior to acxeleration e6a11 mail notice to Borrower as provided in paragraph 14 hereof epecifyiag: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lese than 30 days from the date the aotice ie mailed to Borrower, by which such breach muet be cured; and (4) that tailure to cure auch breach on or before t6e date epecified in the notice may result in acceleration of the aume secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall further inform Borrower of the right to reinatate aRer acceleration and the right to assert in the forecloaure proceeding the non-e:ietence of a default or any other defenee of Borrower to acceleration and forecloeure. If the breach ia not cured oa or before the date specified in the notice. Lender at Lender's option may declare all of the suma eecured by this Mortgage to be w immediately due and payable without further demand and roay foreclose this Mortgage by judicial proceeding. Lender sha11 be ~ entitled to collect in auch proceeding all e:penses of foreclosure. including. but not limited to, reagonable attorney's fees. and costa of documentary evidence, abstracta and title reports. ~ 19. Borrower's Right W Reinetate. Notwithatanding Lendei s acceleration of the suma eecured by this Mortgage, Borrower shall have ~ the right to have any proceedinge begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paya Lender all auma which would be then due under thie Mortgage. the Note and notes securing Future ~ Advances, if any, had no acceleration occurred: (b) Borrower cures all breaches otany other covenanta or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays a11 reasonable expenses incurred by Lender in enforcing the covenante and agreements of Borrower ~ rnntained in this Mortgage and in enforcing I.ender's remedies ae provided in paragraph 18 hereof, including, but not limited to, reaaonablc? ? ettorney'e fees; and ld) Borrower takea such action as I.ender may reasonably require to aeeute that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrower s obligation to pay the auma secured by thia Mortgage shat) rnntinue unimpaired. Upon auch paytnent and cure x by Borrower, this Mortgage and the obligationa eecured hereby shall remain in full force and etfect se if no aoceleration had occurred. 20. Asaignment of Rente: Appointment of Receiver. As additional security hereunder, Borrower hereby aseigna to Lender the re~te ~ 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 rntain auch rents as they become due and payable_ ~ Upon acceleration under'paragraph 18 hereof or abandonment olthe Property, [.ender ahall be entitied to have a receiver appointed by a ~ court to enter upon, take poseession of and manage the Property and to collect the renta of the Property, including those past due. All renta collected by the receiver shall be applied firat to payment of the oosfa of management of the Property and collection of tenta, including, but not ~ limited to, receiver'e fees, premiums on receiver's bonde and reaaonable attorney e feea, end then to the aums eerured by thie 1~lortgage. The ~ receiver eha11 be liable to acoount only for those renta actually received. ~ ~ - ~ s Ok ~ e~~K291 Pa~f 948 ~ - _ _ _ _ _ _ _ t ~ v.::~. ~ : - d~.r ~ rF ~ .y _ : :r