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HomeMy WebLinkAbout0347 8. Inepectioa. l.ender may make or cauee to be made reasonable entries upop aad inspectioM of Ihe property, provided that l.ender ehall give Bo~rower notice prior to any aurh inepec/ion sperifying reaeonable cauee therefw related ta Ixndei s interest in the Property. 9. Co~demnetio~. The proceede of any award or claim tor damages, direct or coneequential, in connectiun with any condemnation or other takinQ of the pmperty, or part thereof, or for conveyance in lieu of oondemnadon, are hereby aasigned and ahall be paid to Ixnder. In the event ot a total taking of the Property, the proceede shall be applied to the suma secured by this Mortgage, with the excess, ii any, paid to Borrower. In the event of a partial taicing of the Property, unlese Borrower and l.ender otherwise agree in writing, there ahall be applied to the eume eecured by thia Mortgage euch praportion of the proceede ae ia equal to that proportion which the amount o[the sums eec~red by this Mortgage immediately prior b the date of taking beare to the fair market value otthe Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by l3otrower, or if, aiter notice by l.ender to Borrower that the rnndemnor offere to make an award or eetde a claim for damag~, E3orrower faila to respond to I.ender within 30 daye after the date such notice is mailed, l.ender ie authorized to collect and apply the procee~ls, at I.ender's option, either to mstoration or repair of the property or to the auma eecured by thie Mortgage. Unlese Lender and Borrower otherwiee agree in writing, any euch application of proceeda to principal shal! not e:tend or postpone the due date of the monthly inatallmenta referred to in paragiraphe 1 and 2 hereof or change the amount ot such installments. 10. Borrower Not Releaeed. Exteneion of the time fc.r paymant os modification of amortization of the sume aecured by this Mortgage granted by I.ende~ to any auccessor in intereat of Borrower shall not operate lo release, in any manner, the liability of the original Borrower and Borrower's sueceaeors in intemst. l.ender ahall not be cequired to commence proccedinga againat such succeaeo~ orrefuae to e:tend time for payment or otherwise modify amortization ofthe suma aecured by this Mortga~;e b~r reaaon of any demand made by the original Bor~ower and Borrower's successors in intereat: 11. Forbearance by Lender Not a Waiver. My forbearance by I.ender in e:erciaing any right or rnmedy hereunder, or otherwiee afforded by applicable law, ahali not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of inaurance or 1he payment of taxea or other liena or chargee by Lender shall not be a waiver of Lender e righi to accelerate the maturity of the indebtednesa secured by thie Mortgage. . 12 Remedies Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under thia ;Nortgage or afforded by law or equity, and may be exerciacwi concurrently, independently or aucceesively. 13. Succeasora and Aeeigne Bound; Joint and Several Liability; Captione. The rnvenante and agreementa herein contained ahaU . bind, and the righta hereunder ahall inure to, the reapective auccesaors and aseigns of l.ender and Borrower, aubject to the provieione of paragraph 17 hereof. All covenanta and agreements of Borrower ahall be joint and several. The captions and headings of the paragraphe of this Mortgage are for covenience only and are not to be uaed to interprlt or define the proviaione hereof. 14. Notice. Except for any notice required under applicable law to be given in another mahner, (a) any notice to E3orrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addressed to Borrower at the Property Addresa or at euch other addrees as Borrower msy designate by notice to Lender ae pmvided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender'e addresa stated herein or to auch other addreea as Lender may designate by notice to Borrower as 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. Unitorm Mortgage; Governing I.aw; 3everability.'I1~ia form of mortgagecombines uniform covenan/a for national useand non- uniform covenante with limited variationa by jutiadiction to mnstitute a uniform security inatrument oovering rnal property_ Thia Mortgage shall be governed by the law of the jurisdiMion in which the Property is located. In the event that any pmviaion or clauae of this Mortgage or the Note contlicts with applicable law, auch confliM shall not affect other proviaions of this Mortgage or the Note which can be given effect without the oontlicting provision, and to thia end the proviaiona of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Borrower shall be[urniehed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 'l~anefer of the Property; Aeaumption. If all or any part of the Property or an intereet therein is sold or traneferred by Borrower w~thout I.ender's priot written consent, excludinq (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money aecurity intemst for household appliances, (c) a transfer by devii+e, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or less not containing an option to purchase, Lender may, at Lender s option, declare all the aums secured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Properiy is to be aold or tranaferred rnach agreement in writing that the credit of auch person ia satisfactory to I.ender and that the intereat payable on the sums aecured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's aucceasor in interest has executed a .+Titten assumption agreement accepted in writing by [.ender, (.ender ahall releaae Borrower from all obligationa under thia Mortgage and the `ote_ • t If Lender exercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof. ; Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrow er may pay the suma declared i due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Iiorrower, ' invoke any remedies permitted by paragra~h 1R hereof. `r 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage. including the ouvenants W pay w6en due any sume aerured by this Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) t6e action ~ required to cure such breach; (3) a date, not lese than 30 daye from the date the notice is mailed to Borrower. by whic6 euch ~ breach must 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 sums secured by this Mortgage. foreclosure by judicial proceeding end sale ofthe Property. The notice ahall ~ further inform Borrower of the right to reinate~te aRer acceleration and the right to aaeert in the forecloaure proceeding the ~ non-e:ietence of a default or any other detense of Borrower to acreleration and forecloeure. If the breach ia not cured on or i l~efore the date apecitied in the notice, Lender at Lender'8 option may declare all of t6e sums secured by thie Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ehall be ~ entitled to co11eM in such proceeding aU e:penses ot foreclosure, including. but not limited to. reasonable attorney's feea. and costs of documentary evidence, abstracts and title reporta ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the aume aecured by thia Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all auma which would be then due under thia Mortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all brnaches of any other covenante or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the rnvenants and agreements of Borrower ; contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e fees; and (d) Borrower takes auch action as Lender may r~easonably require to asaure that the lien of thia Mortgage, I.ender'a interest - in the Property and Borrower's obliga?ion to pay the aums aecured by this Mortgage ehall continue unimpaired. Upon auch payment and cure bv Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect ae if no acceleration had occurred. _ 20. Aeeignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna Lo I.ender the renta _ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right :r to collect and retain auch renta ae they become due and payabie. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehali be entitied to have a receiver a rnurt to enter~pon, take poesesaion of and mana e the Pro rt and to collect the renta of the Pro pp°~~ by a 8 Pe y perty, including those past due. All renta _ collected by the receiver shall be applied firat to payment of the coata of management of the Property and collection of rente, including, but not limited to, receiver's fees, premiums on receiver's bonda ar.d reaaonable attorney e fees, and then to the sums eecured by this Mortgage. The receiver ahall be liable to aooount only tor thoee renta actually received. ~ ~ ~ ~ (1~ ~ ~ ~a ~ _ . _ _ _ . - - - i ~ : ~ ~,.y-~ ~ : ~ _ ~ : . ~ - - s , : • . .-.q ~~.,.~,r;.~ ; ~ ° ~ ~ .~n~r ~ ~ ~T~'~'°a~~~ °y ''"ti~...;i - r-~r ~