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HomeMy WebLinkAbout0213 8. Inspectloa. l.ende~ may make or ca~ee to be mede roaroneble entries upon and inspections of the property, provided that l.ender ehall give Bormwer notice prio~ to any such inepection epecriy~Dg nesonRble cauee tiie~tior reia~ea a i.ender e in[errs~ in tne Pn~prny. . 9. Condemnetio».'I~e procYeda of any award or claim for damages, direct ot coneequential, in connectiort with any oondemnation ot other taking of the pmperty, or patt thereof, or for conveyance in lieu of oondemnation, are hereby asaigned and ehall be paid to l.endes. ln the event of a btal taking of the Property, the proceeds shall be epplied to the aume ac~cured by thia Mortgage, with the exceea, if any. paid to Bormwer. Ia the event oi a partial taking of the F'e~operty, unleas Borrower and I.ender otherwise agree in writing, there shall be applied to the auma secured by thie Mortgage such proporti~n of the proceeds ae is equal to that proportion which the amount oi the sums aecured by thie Moetgage immediately prios to the date of tsking bears to the fair murket value of the Property immedietely prior to the date of taking. with the balanca of the proceeda paid to Borrower. Itthe Prope~ty is abandone.l hy RormwPr, or if, sfter notice by I.ender to Borrower that the condemnor offera to make an award or eettle a claim for damagee, Borrower failr to respond to Lender within 30 deye after the date euch notice is mailed, Lender ia authorised to collect and apply the proceeds, at Lender'e option, either to reatoration or repair of the property or to the sums necured by this 111ortgage. Unlees I.e~der and Borrower otherwiee agree in writing, any euch application of proceede to principal ehall not extend or postpoae the due date of the monthly installments teferred Lo in paragraphs 1 end 2 hereof or change the amount of such inatallments. 10. Borrower Not Released. Exteneion of the time for paym~nt or modification of amortization of the guma secured by this Mortgage granted by l.ender to any auc~.~eseor in intereet of Borrower ehall not operate to release, in any manner, the liability of the original Borrower und Borrower'B successora in interes~ Lender shall not be required to oommence proceedinga againat auch aucceseor or refuee to e:tend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reaeot~ of any demand made by Ehe original Borrower and Borrower s aucceasors in intereat. 11. Forbearance by Lender Not a R'aiver. My forbearance by Lender in exerciaing any right or remedy her~under, or otherwiae flfforded by applicable law, ehall not be a waiver of or preclude the exerciee of any Buch right or remedy. The procurement of ineurance or the payment of tsaes or other liena or charges by Lender ahall not be a waiver of Lender e right to accelerate the maturity of the indebtedneae secured by this I~iortgage. 12 Remedies Cumulative. All remedjes provided in thia Mortgt?ge are dietinct and cumulative to any other right or remedy ander thie Mortgage or afforded by law or equity, and may be exerciee~i ooncurrently, independendy or euocessively. 13. 3uccessors and Assigns Bound; Joint and 3everal Liability; Captiona. The covenante and agreemente herein oontained ehall bind, and the righta hereund~ shall inure to, the respective succeaeora and seaigne of Lender and Borrower, subject to the provieione of paragraph 1? hereof. All covenanta and agreements of Borrower shall be joint and several. The captiona and headinga of the paragrapha of this Mortgage are for covenience only and are not to be ueed to interpret or define the proviaione hereof.. 14. Notice. Except fpr any notice re~uired under applicable iaw to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing auci? notice by certified mail addreaxed to Borrower at the Property Addtesa or at such other addrees ae F3orrower may deeignate by notice to I.ender as provided herein, and (b) any notice to L~ender ahal) be given by certified mail, return receipt requeated, to I.ender e addresa stated herein or to auch other addrees ae Lender may deeignate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaig~ated herein. 15. Uaiform Mortgage; Governing I.aw; $everability. Thie form of mortgage combines uniform oover.ants for national uee and non- uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security inatrument covering real property. Thie Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any pmric+ion or clause of this Mortgage ot the Note conilicta with applicable law, such conflict ghall not affect other provisions of this Mort{~n~te or the Note which can be given effect without the conflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable_ 16. Borrower'e Copy. Borrower ahall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after reeo~dation hereof. - 17.'[tiransfer of t6e Property; Asaumption. If all or any part of the Property or an interest therein ia sold or traneferred by Borrower without Lender's prior written consent, e:cluding (a) the creation of ~ lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchaee money aecurity intereat for household appliances, (c) a transfer by devise, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three-yeare or less not rnntaining an option to parchase, L,ender may, at I.ender'a option, declare all the suma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the intereat payable on the sums secured by this Mortgage shall be at auch rate ae Lender ahall request. If Lender hea waived the option to accelerate provided in this paragraph 17, and if Borrower s auccesaor in interest has execated a ~-ritten asaumption agreement accepted in writing by Ixnder, l.ender ehall release Borrower from all obligations underthis Mortgage and the E Note_ If Lender exercises such option to accelerate, Lender eha11 mail $orrower notice of acceleration in accordance with paragraph 14 hereof. tiuch notice shall provide a period of not less than 30 days from the date the notice is ~nailed within which Borrower may pay the auma declared E due. If Borrower fails to pay such suma prior to the expiration of such period, I.ender may, without further notice or demand on Eiorrower, ; ?nvoke any remedies permitted by paragraoh 18 hereof. . ~ ~ 18. Acceleretion; Remediea. Except ae provided in paragraph 17 hereot, upon Borrower'e breac6 of any oovec~ant or ! agreement of Borrower in thie 1Hortgage, including the oovenants to pay w6en due any sume eecured by this Mortgage, Lender ` prior to acceleration ahall mai! notice to Borrower es provided in paragreph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach: (3) a date. not leea than 30 days from the date the notice ia mailed to Borrower, by which such a breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may reault in 5 acceleration of the sums secured by thie Mortgage, forecloeure by judicial proceedin~c and eale of the Property. The notice ehall ~ further inform Borrower of the right to reinstate aRer acceleration end the right to aeaert in the toreclosure prceeeding the ~ non-eaistence of a detault or any other defense ot Borrower to acceleration and forecloeure. If the breach ics not cured on or ~ before the date apecified in the notice, Lender at Lender's opiion may declare all ot the aums aecured by thie Mortgage ~to be ~ immediately due and peyable without further demand and may torecloae thie Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceediog all e:penaes of foreclosure, including, but not limited to, reesoneble attorney's fees, and E costs of documentary evidence~ abstracta and title reports. - 19. Borrower's Right to Reinetate. Notwithstanding Lender'a acceleration of the sums aecured by thia Mortgage, Borrower ahall have a 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 y this Mortgage if: (a) Borrnwer pays Lender all suma which would be then due under this Mortgage, the Note and notes securing Future Advancee, if any, had no accrieration occurred; (b) Borrower curea all breachea of any other covenante or agreemetrts of Borrower contained in thie Mortgage; (c) Borrower pays all reaeonable expensea incurred by Lender in enforcing the covenante and agreements of Borrower oontained in this Martgage and in enforcing Lender a mmedies as provided in paragraph 18 hereof, including, but not IimiEed to, reasonable atiorney e feee; and (d) Borrower takes such action as Lender may reaaonably require to asaure that the lien of thia Mortgage, Lender a interest ~i in the~Property and Borrower's obligation to pay the euma eecuted by this Mortgage ehall rnntinue unimpaited. Upon such payment and cure = by Borrower. thia Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aaeignment of Rente; Appointment of Receiver. As additional aecunty hereunder, Fsorrower hereby asaigna to Lender tne renta of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ' to collect and retain auch renta ae they become due and payable. . • ` Upon acceleration.ander paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a ~ oourt to enterupon, take posBeaeion of and manage the Property and to collect the renta of the Property, including thoee past due. All rnnts 7 oollected by the receiver ahall be applied firat to payment of the ooste of management of the Property and collection of rente, including, but not ~ limited to, receiver'e feea, premiuma on receiver e bonds and reasonable attorney'e fees, and then to the eume sec.~uted by thie Mortgage. The receiver shall be liable to account only for theee renta actually received. • ~ ~ r; ' . a ~ 3 6~~K 293 ~~~E 213 ~ ~ tr ~ - _ _ ; ~ ~ w - ~ ~ . .