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HomeMy WebLinkAbout0979 8. lnepection. I.ender may make ur cauae W be mnde reasonaWe mtries upo~qAqd ?nspectione of the property, provided that l.ender ehull give Borrower notice prior to any auch inepection apecifying reasonable cause therafor related to Lender'a intereat ~n the Property. 9. Coademnatiop. The proceeda of any award or claim for damages, direct or consequential, in connection with any oondemnation or othe~ taking of the pmperty. or part thereof, or for conveyance in lieu of condemnation, are hereby aeaigned and shall be paid to Gender. In the event of s total taking of the Property, the proceeds shall be applied to the suma secured by this Mortgage, with the e:cees, it any, paid to Borrower. In the event ot a partial taki~g of the Property, unlese Borrower and I.ender otherwise agree in writing, there ehaU be applied W the sums eecured by this Mortgage such proportion of the proceede as ie equal b thai proportion which the amount of the sume secured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Proper?y immediately prior to the date of taking, with the balanca of the proceeda paid to Borrower. ' If the Property ia abandoned by Borrower, or if, aRer notice by Lender w Eiorrower that the condemnor otY'ere to make an award or eettle a claim for damagee, Borrower [aile to reepond to Lender within 30 days after the dete euch ~otice is mailed, L.ender ia authorized to collect and apply the proceeda, at Lender's option, eithe~ to reetoration or mpair of the property or to the sume eecured by this Mortgage. Unleas Lender and Borrower otherwiee agree in writing, any euch application of proceede to principal ahall not extend or poetpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch installmenta. 10. Bormwer Not Releaeed. Extension of the time for paym~nt or modiCication of amortization of the suma secured by thie Mortgage ~ranted by l.ender to any sucseasor in interest o[ Bor~ower ehall not operate to release, in any manner, the liability of the original [3onower and Borrower's succeeaora in interest. l.ender ehall not be required to rnmmence proceedinge againat auch aucceasor or refuse to e:tend time for payment or othern iae modify nmuriizalion of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrower and Eiorrovrei s succeasora in interest. 11. Forbearsace by l.eader Not a Riaiver. My forbearance by Lender in ezerriaing any right or remedy hereunder, or otherwiee afforded by eppiicable law. ehall not be a waiyer of or preclude the e:erciee of any auch right or rnmedy. The procurement of insurance or the payment of taxea or other liena or chargea by l.ender ehall not be a waiver of Lender e right to accelerate the maturity of the indebtednees secured by thie Mortgage. 12 Remedies Gtitmulative. All remediee provided in this Mortgage are distinct and cumulative to any other right or remedy under thie ~iortgage or afforded by Iaw or equity, and may be exemise~i concarrendy, independendy or suoceeaively. 13. Sucoesaore and Asaigna Bound; Joint and 3everal Liebility; Captions. The rnvenants and agreements herein contained ehall . bind, and the rights hemunder ahall inure to, the reapective successors and aseigne of I.ender and Borrower, aubject to the provisions of paragraph 17 hereof. All eovenants and agreements of Borrower ahall be joint and several. The captions and headinga of the paragraphe of thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviaione hereof. 14_ Notice. Except for any notice reyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia blortgage shall be given by mailing auch notice by certified mail addreesi.d W Borrower at t6e Property Address or at such other addreea as Borrower may designate by notice to [.ender as provided hernin, and (b) any notice to Lender ahall be given by certified mail, retum receipt requested, to Lender's address stated herein or to such other addreas as [.ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgaqe shall be deemed to have been given to Borrower or Lender when given in the manner designaied herein. I~. Uniform Mortgage; Governing Law; Severability. Thie form ofmortgagecombinea uniform rnvenanta for national use and non- unitorm covenanta with limited variationa by jurisdiction to constitute a uniform security instrument rnvering real property. This 1liortgage shall be govemed by the law of the jurisdiction in which the Property is Iceated. In the event that any provi~.ion or clause of this Mortgage or the Note conilicts with applicable law, such conflict shall not affect other provieions of this Mortgage or the Note which can be given ePfect without the conflicting proviaion, and to this end the provisiona of the hiortgaQe and the Note are declared to be severeble. 16. Borrower's Copy. Borrower ahall be furnished a conformed oopy of the Note and of thie Mortgage at the time of eaecution or after rc.nnwr~sfinn ho~vanf ~ 17.~Tranefer of the Property; Assumption. If all or any part of the Property or an intereat therein is sold or tranaferred by Borrower w~thout Lender's prior written conaent, e~ccluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the c~eation of a purrhase money security intereat for household appliances, (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 interest of three years or lesa not oontaining an option to purchase, Lender may, at I.ender s option, ' declare aA the sums securea by this Mortgage to be immediately due and payable. Lender ahaU have waived such op6on to accelerate if, prior i to the sale or tranefer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such ~ person is satisfactory to [.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as L.ender ehall ; request_ If l.ender has waived the option to accelerate provided in this paraRraph 17, and if Borrowei s successor in interest has executed a ~ w•ritten assumption agreement accepted in writing by I.ender, Lendershall release Borrower from all obligations under this Mortgage and the r ; ~ ote. If Lender exercises such option to accelerate, [.ender 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 thedate the notice is mailed within which Borrower may pav the sums declared # due. If $orrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on 13orrower, ~ ~nvoke any remedies permitted by paragraoh iR hereof. 3 ~ 18. Acceleration; Remediea. Ezcept se provided in paragraph 17 hereof, upon Borrower's br.eac6 of any eovenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay when due any aums secured by this Mortgage, Lender a prior to acceleration ahall mail notice to Borrower as provided in paragrap614 hereof epecifying. (1) the breac6; (2) the action ~ required to cure such breach; (3) a date. not leas than 30 days from the date the notice is mailed to Borrower. by which such ~ breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice mey result in ~ accelerat ion of the eums aecured by this Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice ehall ~ further inform Borrnwer of the right to reinatate aRer acceleration and t6e right ta easert in tl~e foreclosure prceeeding the non-eziatence of a default or any other defenae of Borrower to acceleration and forecloeure. If the breach ia not cured on or ~ befure the dste apecified in the notice, Lender at Lender's option may declare all ot the sums aecured by this :Hortgage to be d immediately due and payable without further demand and may Coreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all e:penses of foreclosure, including, but not limited to. reasonable attorney's fees,,ind ~ costs of documentary evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinatate. Notwithstanding Lender a acceleration of the aums aecured by this Mortgage, Borrower ahall have ~ the right to have any proceedings begun bp Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes securing Futute ~ Advances, if any, had no scceleration occurred; (b) Borrower cures al1 breaches of any other covenanta or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the rnvenanfa and agreementa of Borrower = contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but irot limited to, reasonable - attorney's fees; and Id) Borrower takes such action as Lendet may reasonably require to asaure that the lien of this Mortgage, I.ender's interest _ in the Property and Borrower's obligation to pay the aums secured by this Morigage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgaqe and the ohligations eecured hereby shall remain in full force and effect as if no acceleration had occurred_ _ 20. Aeaignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigna to Lender the renta ~ of the Property, provided that Borrower shall, prior to acceleretion 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 under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ~ oourt to enter-upon, talce possesaion of and manage the Property and to collect the rents of the Property, including those past due. All rente " collected by the receiver ahall be applied first to payment of the ooste of management of the Property and collection of rents, including, but not limited to, receiver'e fees, premiuma on receiver's bonda and reasonable attomey's feee, and then to the aume secured by this Mortgage. The ~ receiver ehall be liable to aooount only [or those renta actually received. ~ t ' ~ ~ 6001I ~ fACE 9/ ~ ~ ~ ~ f. - - - - . _ _ _ _Y__ _ _ ~ R ~ ^ ~ . - ` _ .