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HomeMy WebLinkAbout0718 8. Inspectioa. I.ender may make or cause to be made res~ot?able ~ntries upon~~iiepectione of the pmperiy, provided that l.ender shall give Borrower notice prior b any wch ieapection specifyi~g reasonable caws therefor related to I.endei s interest in the Property. 9. COAtI801i16~IOp. The pmceeds oi any award or claim for damages. direct or rnnseQuentiai, i~ con~ection with any oondemnation or other taking of the property, or part thereot~ or far eonveyance iti lieu of condemnation, are hereby asaigned and shal! be paid to Lende:. In the event of a total taking of the Propedy. We proceeds shaU be epplied to tha euma secured by this Mortgase. with the eaccees, ii any, paid to Borrower. In the eveat of a partial talring of the Propesty, unleas Borrower and l.ender otherwiee agree in writing, there ahall be applied to the sums secured by thie Mortgage such proportion of the proceeda aa is equal to that propo~tion which the amount of the sums secured by this Mortgage immediately psior to the data of taking bears to the fair market value of the Aroperty immediately prior to the date of ~oki.+o ~id~ tha halanea of the orooeeds Daid to BOr~owe~. If the Property ia abandoned by Borrower. or if, aRer notice by Lender to Horrower that the oondemnor o~iere to taujcr un..wnru c~r ~iie s cleim for damages, 8orrower tails W reepond to Lender vrithin 30 daye after the date such notioe ie mailed. Lender ie authorised W collert aad apply the proceeds. at I.ender's option, either to reetoration or repair of the pmperty or to the sums secured by this Mortgage. Unless Lender and Borrower other~viee agree ia wri'g. any such appGcation of peoceede to principal ehall not e:tend or postpone the due date of the monthly inatalimentu reftrred to in paragrsphs 1 and 2 hereof or change the aawuat of euch inetallraenta. 10. Borrower Not Released. Exteneion of the time tor paym~nt or modification of amortization of the aume secured by thie Mortgage granLed by I.ender to any succeeeor i~ interest of Borrower shall not operate to releaee, in any manner, the liability of the originul Borrower and Borrowei s succeasora in interea~ Lender ahall not be required to oommence proceedings againat such eucceseor or refuee to e:tend time for payment or otherwise modify amortizadon of the aums secured by this Mortgage hy reason of any demand rnade by theoriginal Borr~e~ and Borrower a suecesaora in interest. 11. Forbearance by Lendet Not a Wsiver. Any forbearance by Lender in exerciaing any right or remedy hereuader, or otherwise af~orded by applicable Iaw, ahall not be a waiver of o~ preclude the e:erciee of any euch right or remedy. The procurement of inaurance or the payment of taxee or other tiena or charges by L.ender shall aot be a waiver of Lender e right to accelerate the maturity of the indebtedneas aecured by thie Moregage. 12 Remedies Cumulative. All remedies pmvided in this Mortgage are dietinct and cvmulative b any other right or remedy under this Mortgage or af~'orded by law or equity, and may be ea~ercieeri ooncurrendy, independently or eaoc~eseively. I~ .S40CCU~1`6 ~itii~ Abbig'8S BBiliitl; Join! sad Several Liability; Captionp. The covenante and agreementa herein contained shall bind, and the righte hereunder shall~inure to. the reepective succeseore and assigne of I.ender and Borrower, eubject to the provieione of paragraph 17 hereof. All covenants and agreementa of Boirower ehall be joint and eeveral. The captions and headinge of the paragraphe of thia Mortgage are for co~enience only and are not to be uaed to interpret or define the proviaione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) arty notice to Borrower provided for in tfiie Mortgage ahall be given by mailing such notice by certified mail addreaeed to Borrower at the Property Ad~lreas or at euch other addreea as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahatl be given by certified mail, return reoeipt requested, to Lehder's addreae stated herein or to such other addrees as L,ender may de~ignate by notice to Bonower as provided herein. My notice pmvided for ia thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15_ Uniform Mortgage; Goveraing Law; 3everability.lliia form of mortgage combines uniform rnvenante for national uae and non- uniform covenants with limited variatione by juriadiction to oonstitute a uniform security instrument eovering real propetty. This Mortgage shall be governed by the law af the juriadiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other proviaions of this Mortgage or the Note which can be given e~'ect without the rnnflicting proviaion, and to this end the provieions of the Mc?rtgage and the Note are declared to be severabte. 16. Borrower'e Copy. Borrower ahall be fumiahed a conformed o~py of the Note and of thiB Mortgage at the time of e:ecution or after recor+dation liereof. 17. 'l~anefer of the Property; Assumption. If all or any part of the Property or an intereat therein is eold or tranaferred by Borrower without Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage. (b) the creation of s purchase money security intee~est fur household appliancee, (c) a transfer 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 years or lesa not oontaining an option to purchaee, Lender may, at L.endei a option, declare all the et+ma secnred by this Mortgage to be immediately due and payable. I.ender ehall have waived such option to acceierate if, prior to the sale or tranafer, L.ender and the person to whom the Property is to be sotd or transferred reach agreement ia writing that the credit of anch person ia satisfactory to Lender and that the interest ~yable on the sums aecured by this Mortgage shall be at such rate ae I,ender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a succesaor in interest has ezecute~ a written assumption agreement accepted in writing by L.ender, Lender shall release Borrower from all obligations under thia Mortgage and the Note. If I.eoder exercises sucb option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 heteof. Such notice ahall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Botrower may pay the suma declared due. If Borrower fails to pay such aums prior to the expiration of such period, Lender may, without further notiee or demand on Botrower, invoke any remedies permitted by paragraoh t8 hereof. 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 6ereof. upon Borrower's breach of aey oovenant or agreement of Borrower in thia Mortgage, including the covenante to pay when due any euma secured by this Mortgage, Lender prior to aoceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the aMion required to cure auch breach; (3) a date, not lese than 30 daye from the date the notice ia mailed to Borrower, by which euch breach muet be cured; and (4) t6at faiiure to cure auch breach on or before the date apecifeed in the notice may result in acceleration of !he sume secured by LhiB Mortgage. forecloaure by judicial proceeding and sale of the Property. T6e notice ehaU further inform Borrower of the right to reinstate efter acceleration and the right to eseert in the foreclosure proceeding the non•eziatence of a default or any other detense of Borrower to acceleration and foreclosure. itthe breae6 is not cured on or before the date epeciFed in the notice, Lender at Lender's option may declare all of the sums secnred by this Mortgage to be immediately due and payable without further demand a~d may foreclose thia Mortgege by judicial proceeding. Lender shall be entitled to coUect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's feea, end coats of documentary evidence, abatracts and tiHe reporta. ~ 19_ Borrower'e Rig6t to Reinstate. Notwithstanding Lender's acceleration of the eume secured by thie Mortgage, Borrower shall have the right to have any proceedings begun by L,ender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya L.ender all suma which would be then due under this Mortgage, the Note and notes aecuring Future Advancee~ if any, had no acceleration occurred; (b) Borrower curea all breaches of any otherrnvenante or agreements of Borrower contained in this Mortgage; (c) Borrower paya all reasonable expenaes incurred by Lender in enforcing the rnvenants and agreeroenta of Borrower oontained in this Mortgage aod in enforcing Lender e remedies as provided in paragraph 18 hereof. including, but not limited to, reaeonable attomey e feee; and (d) Borrower takea snch action as Lender may reasonably require to aaeure that the lien of thia Mortgage. Lender'e intereet in the Property and Borrower a obligation to pay the suma eecured by this Mortgage ehall continue unimpaired. Upon auch payment and cure by Bonowet, thie Mortgage and the obligetions secured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Renta; Appointment of Neceiver. As additional eecurity hereunder, Borrower hereby aasigns to Lender the rents of t1,e Pr~perty. pmvided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to rnilect and retain auch rents as they become due and payable. . Upon acaeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter~pon, teke posaesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta oollected by the reaeiver shall be applied firat to payment of the costa of managementof the Property and ooilection of renta, including. but not iimited to, reoeiver's fees, premi uma on receiver'e bonda and reasonable attorney a feea, and then to the suma secured by this Mortgage. The receiver shall be liab3e W aooount only for those rents actually received. 30v!; ~ . ~ ~ _ ~ _ ~ ~ - - - - _ _ ~ _ - ~ ~ ~ ~ - . R ~a~-~~`.~. ` ° * °x , - =-rri,u...~~ n~~~e