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HomeMy WebLinkAbout0198 8. lnspection. I.ender ma~' makE or cauee to be made rnasonable entrie~ upon and inspecdons of the pmperty, provided that l.ender shall ~ve isorrower ~ouce pnor w a~y sut r~ inspection speciiying reasonable cauee ~nerefor reiaied to Lencier's inteteat in tne Ptoper~y. 9. Condeau?atlon,'l1~~ proceeda of any award or claim for damagee, direct or coneequential, in connection with aay oondemnation or other taking of th~ ;?roperty. or part thenof, or for conveyance in lieu of oondemnation. are hereby aseigaed and ahall be paid to Lender. In the event of a total taking oI the Property. the pmceeda shall be applied b the sume secured by this Mortgage. with the euceee. if any. paid W Bon+ower. la the eveat of a partial taking of the PropeTty. unleae Boreovve9r and I.ender otherwiee agree in writing. there shall be applied to the aums secured by this Mortgage such pmportion of the proceeds as ia equaJ to that proportion which the amount of the sume aecvred by this Mortgage immediately prior to the date of taking bears to the fair martM value of the Property immediately prior to the date of taking, with the balan~ of the proceeds paid to Borrower. ~ If the Property is abandoned by Borrower, or if, aRer notioe by I.ender-to Borrower that the oondemnor of~ete to make aa award or settla a claim for demages. Borrower fails to respond to L.ender within 30 daye afteT the date such notice is mailed, Lender ie authorized to coUect and apply the proceeds, at Lender s option. either b restoration or repair af the property or to the sums aecured by thie Mortgage. linieea I.eader and &?rrvwer uifierwiar ugr~ in writing, uny Buch aNNtic:utiuli uf pnx.'~3~ t~ pti~~cipal dhali nut tsitrnd or {wetjwne ihe due date of the monthly instalLnente referred to in paragrapha 1 and 2 hereof or change the amouat of auch inetallments. 10. Borrower Not Releaeed. ~:tension of the time for paymant or modification of amortization of the euma eecured by tFiis Mortgage Etranted by I.ender to any auccessor in intereet of Borrower ehaU not operate to release, in any manner, the liability of the original Borrower and Borrower'a auccesaora in intereet. Lende~ ahall not be required to oommence proceedinga againet auch eucceasor or refuse to e:tend time for payment or otherwise modity amortization of the aums secured by this Mortgage by rnaeon of any demand made by the original Borrower und Borrower's succeseora in intereat. 11. Forbearanoe by Lender Not a Waiver. My forbea~ance by Lender in exerciaing any right or remedy hereunder, or otherwiee af[orded by applicable law, shaU not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of inaurance or the payment of t~es or other liena or chargea by I.ender ahall not be a waiver of Lender e right to accelerate the maturity of the indebtedneas secured by thia Morigage. , 12 Remedies Cumulative. All remediee provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thia ~ Mortgage or afforded by law or equity, and may be ezerciee~i ooncurrendy. independendy or auoceasively. 13. Succeseore and Aaeigns Bound; Joint nnd Several Liability; Captione. The covenant8 and agreemente herein contained ahall bind, and the righta hereunder ahall inure to, the reapective succeseore and assigne of Lender and Borrower, aubject to the proviaiona of . paragraph 1? hereof. All covenante and agreementa of Borrower ahall be joint and eeveral. The captions and headings of the paragrapha of thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviaione hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage ahall be given by mailing such notice by certified mail addreseed to Borrower at the Property Addreea or at euch other addreea ea Borrower may designate by notice to Lender ae provided herein, and (b) any notice to I.ender ehall be given by certified mail, return receipt requested, to Lender's addreea atated herein or to such other addreas as Lender mey deaig~ate by notice to Borrower aa provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uniforan eovenanla for national uee and non- uniform rnvenanta with limited varietiona by juriediction to oonstitute a uniform security inatruwent oovering real property.'l~ie Mortgege : ahall be goeerned by the law of the juriadiction in which the Property ia located. In the event that any provieion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict shall not af~ect other proviaiona of this Mortgage or the Note which can be give~ effect without the conflicting proviaion, and to this end the proviaione of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furniahed a rnnformed oopy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 1?. '15rai~afer cf the Property; Aseumptioo. If all or any part of the Property or an intereat therein is eold or tranaferred by Borrower w~thpnt Lender's prior written rnnsent, e:cluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage. (b) the creation of a purchas~ money eecurity intereat for houeehold appliances, (c) a transfer by devise. deec~ent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not containing an option to purchaee, Lender may, at Lender e option, ' declare all the sums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior . ' ta the sale or tranefer. Lender and the person to whom the Property ia to be aold or traneferred reach agreement in writing that the credit of such person is satiafactory to [.ender and that the interest payable on the eums secured by this Mortgage shall be at such rate as L.ender ahall request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower s auecesaor in interest has e:ecuted a ! ..-ritten asaumption agreement accepted in writing by Lender; I.ender ahall release Borrower from all obligationa ~nder this Mortgage and the ti ote. If Lender exerciaes such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ' Such notice ahall 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 exp'uation of such period, Lender may, without further notice or demand on Korrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the covenante to pay when due any sums eecured by this Mortgage, Lender prior to aoce~eration e6ai1 mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not lesa than 30 daye from the date the notice is mailed to Borrower, by which euch j breach muet be cured; and (4) that failure to cure such breach on or before the date epeciCed in the notice may result in ~ scceferetion of the auma secured by thie Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinetate aRer aoceleration and the right to aseert in the foreclosure proceeding the non-ezietence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach is not cured on or t~efore the date epecified in the notice, Lender at Lender's option may declare a11 of t6e euma eecured by thie lYlortgage to be ; i mmediately due and payable without further demand and may forecloaethis Mortgage by judicial proceedin$. Lender shall be ~ entitled to collect in auch proceeding all e:penaes of foreclosure. including, but not limited to, resaonable attorney's fees. and ~ coats of documentary evidence, abatracte and title reporte. F 19. Borrower's Ri ht to Reinstate. Notwithstandin Lender s acceleration of the aume eecured b this Mo z g g y rtgage, Borrower shall have the right to have any proceedinga begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage it: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notes aecuring Future Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachee of any other rnvenante or egreemente of Bonower contained in ' thie Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the oovenanta and agreernents of Borrower - contained in this Mortgage and in enforcing I.en~er's remedies as provided in paragraph 18 hereof, including, but not limited to, rea8onable : attorney e fees; and (d) Borrower takea such action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender'e interest ? in the Property and Borrower s obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon such payment and cure ; by Borrower, this Mortgage and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 2(l. Aeeignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby sesigne to I.ender the rente - of the Property, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain a~ch rente as they become due and payable. ~ ' Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a reoeiver appointed by a ~ oourt to enter upon, take poseesaion of and manage the Property and to collect the rente of the Property, including those past due. All rente - collected by the receiver ehall be applied first to payment of the ooate of management of the Property and oollection of rente, including, but not ~ limited to, receiver e fees, premiuma on receiver's bonds and reasonable attorney's fees, and then to the euma eecured by thie Mortgage. The ~ receiver shall be liable to acoount only for those renta actually received. ~ 1 ~ s ~ ?93 ~~~~E 198 ~ ~ _t~ - _ _ _ - - - - ~ ~ _ - - _ ~ ~ -e ~ - ~ ~ ~,.~"~.:~u~z.a_.:: ~'~~'!'~'u~