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HomeMy WebLinkAbout0645 8. Iaspectioa. I.ender may make or cauee to be made reasonable entriw upon and iaapections of the property, p~ovided that l.ender shall give Borrower notice prior to any auch inepection epecityin~ na~onable cau» Were(or related b L.ender's i~te~est in the Propcrty. 9. Condemnatioa.'ll~e proceeda of any award or claim for damages. ~red ~ rnnsequential, in connection wiW any oondemnation or other taking of the prope~ty. or part thereoi. or for conveyance in lieu oi oondemnation, are hereby aesigned and shaU be peid to I.ender. !n the event of a fotat taking of the Property, the proceeds ~hall be epplied to the sume secured by this Mortgage, with the exceas, if any, paid to Borrower. In the evenl of a partial taking ot the Property, unleas Borrower and Lende~ otherwise agree in writing, there shall be applied to the sums eecured by this Mortgage auch proportion of the proceeds ae is equal to that pmportion which the amount of the swns eecured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior b the date of taking, with the balan~ of the prooeeds paid to Borrower. [f the Pmperty ia abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor oPfers to make an award or settle a claim [or damages, Borrower tails to respond to I.ender within 30 daye after the date euch notice is mailed, Lender is authorited to collect and apply the pmceeds, at Lender'a option, either to reatoration or repair of the pmperty or to the auma secured by this Mortgage. Unleea Lender and Borrower otherwise agree in writing, any such application of praceeds to prinripal shall not e:tend or poetpone the due date of the monthly installments referred to in paragrapha 1 and 2 hereof or change the amount of auch inetallmente. 10. Borrower Not Reteased. Eztenaion of the time for paymant or modification of amortization of the eume aecured by thia Mortgage granted by I.ender to any aucceaeor in intereet of Borrower ehall not operate to releaee, in any manner. the liability of the original8orrower and Rorrower'e succeasora in interest. Lender shall not be required to oommence pra~eedings againat such eucceasor or refuae to e:tend time for payment ar otherwise modify amortization of the sums secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower's aucce~saora in interest. 11. Forbearance by I.ender Not a Walver. Any forbearance by Lender in e:ercieing any right or•nmedy hereander, or otherwiee afforded by ~pplicable law, ahall not be a waiver of or preclude the ezercise of any euch right or eemedy. The procurement of insurance or the payment of taxee or other liene or chargea by Lender ehall not be a waiver of Lender s right to accelerate the maturity of the indebtednese secured by thia Mortgage. 12 Remediee Cumulative. All remediee provided in thie Mortgage are distinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity. and may be exerciee~i ooncurrently, independendy or succeaeively. ' 13. Succeesore and Aeeigna Bound; Joint and Several Liability; Captioae. The covenante and agreementa herein rnntained ehall bind, and the righta hereunder shall inure to, the respective aucceaeore and asaigas of Lender and Borrower, aubject to the proviaiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and several. The captiona and headinge of the paragraphs of thia Mortgage are for covenience only and are not w be used to interpret or define the pmviaions hereof. t9. Notice. F.xcept for any notice ~equired under applicable law to be given in another mannet~ (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addresaed to Borrower at the Property Address or at euch other addreae as Borrower may designate by notice to Lender ea provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender s addresa atated herein or to auch other address as Lender may deaignate by notice to Borrower ae provided herein. My notice provided for in th~.Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deHignated herein. 15. Uniform Mort~ge; Governing I.aw; Severability. This form of mortgage combines uniform oovenanta for national uae and non- uniform covenanta with limited variationa by jurisdiction to conatitute a uniform eecurity instnui~ent rnvering real property. This Mortgage ahall be governed by the law of the juriadiction in which the Piroperty is located. In the event that any provision or clauee of this Mortgage or the Note conflicte with applicable law, auch conflict ahall not affect other proviaiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to thie end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'8 C~py. Borrower shall be furniehed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. 7~ranefer of the Property; Aeaumption. If all or any part of the Property or an intereat therein ie eoid or tranefernd by Borrower without Lender's prior written conaent, ezcluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money eecurity internet for household appliances, (c) a tranafer 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 yeara or lese not containing an option to purchase, Lender may. at I.ender s option, declarn all the aums aecured by thia Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior i to the sale ~r tranafer, Lender and the person to whom the Property is to be sold or tranaferred rnach agreement in writing that the ct~edit of sach ~ peraon is satiefactory to Lender and that the interest payable on the suma secured by this Mortgage ahall be at auch rate ae Lender ahall requeat_ If [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower a successor in interest has ezecuted a ~ «Titten assumption agreement accepted in writing by I.ender, Lenderahall release Borrower from a11 obligations underthis Mortgage and the ; ti ote_ ' If Lender exercises such option to accelerate, I,ender shall mail Borrower notice of acceleration in aceordance with paragraph 14 hereof. y ~uch notice shall provide a period of not less than 30 days from the date the notice is ?r,ailed within which Borrower may pay the suma declared ~ due. If Borrower fails to pay such suma prior to the expiration of such period, i.ender may, w-ithout further notice or demand on E3orrower, ~ invoke any remedies permitted by paragra~h 18 hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrnwer's breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the oovenante to pay when due any sume aecured by this Mortgege. Lender ~ prior to aeceleration ehell mail notice to Borrower as provided in paragraph 14 hereofepecifying: (1) t6e breach; (2) the action required to cuce such breach; (3) a date. not less than 30 daya from the date the notice ia mailed to Borrower, by which auc6 ~ breach must be cured; and (4) that failure to cure euch breach on or betore fhe date e pecified in the notice may result in acceleration of the sums secured by this Moctgage, foreclosure by judicial proceeding and eale of the Property. The notice shall further inform Borrower of the right to reinatate atter acceleration and the right to aesert in the foreclosure proceeding the ~ non-ezistence of a default or any other defense of Borrower to soceleration and foreclosure. If the breach ia not cured on or before the date epeciCed in the notice. Lender at Lender's option may declare all oithe sums eec~red by thie Mortgage to be ~ immediately due and payable without furtherdemand and may forecloeethie Mortgage by judicial proceeding. Lenderahall be ` entitled to collect in such proceeding all e:penaes of forecloaure. including. but not limited to, reesonable ettorney's fees, and ~ coats of documentary evidence. abatracte and title reports. ~ 19. Borrower's Right to Reinetate. Notwithetanding Lender's acceleration of the sumasecured by thie Mortgage, Borrower ahall have the right to have any proceedinga began by Lender to enforce this Mortgage diacontinued at any time prior to entry of a jndgment enforcing ~ this Mortgage if: (a) Borrower pays Lender ail auma which would be then due under thia Mortgage, the Note and notea securing Fuiure ~ Advances, if any, had no acceleration occurred; (b) Borrower curea sll breachee of any othercovenants or agreemenfa of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreemente of Borrower rnntained in thie Mortgaqe and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable _ attorney's fees; and Id) Borrower takes auch adion as Lender may reasonably require to aeaure that the lien of this Mortgage, Lender'a interest in the Property and Borrowei a obligation to pay the sums secared by this Mortgage ehall continue unimpaired. Upon auch payment and cure by Borrower, thia Mortgage and the obligations aecured hereby ahall rnmain in full fotce and effect se if no acce?eration had occnrred. ~ 20. Aesignment ot Rents; Appointment otReceiver. M additional eecurity hemunder, Borrower hereby aseigna to Lender the renta x ~f the Property, provided that Borrower ahall, prior to acceleration under paragraph 18hereoforabandonmentof the Property, have the right s~ to collect and retain such rents aa they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oo~ut to enter upon, take posaesaion of and manage the Property and to collect the rente of the Property, including thoee past due. All rents ' collected by the receiver ahall be applied first to payment of the ooste of managementof the Property and rnllection of renta, including, but not limited to, reoeiver's feee, premiume on receiver'e bonds and reasanabie attorney's fees, and then to the auma eecured by thie Mortgage. The :T:;; receiver ehail be liable to acoount only for thoee rnnte aMually received. q;, ~ ~ EGRK 29~ PAGE V~ ~ x~; ~ - - - . - - ~ - - ~ ~ ; 7 ~ , - ~ _ ~ ~ { ' _ ~A `u r