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HomeMy WebLinkAbout0198 8. Iaepection. I.ender may make or caune to be made reasonable entries upon aad i?~ps~tior~ of the property, provided that I.ender shall give f3orrowe~ notice prior W any such inepectiun epecifying reasonable cauee therefar related to I.ender'~ inte~+est in the Ptoperty. 9. Condeatnation. The proceeds oI any award or claim for damagea, direct o~ coneequential, in connectl6n wilh any ~wndemnation or other taicing of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby aeaigned and ehall be paid to Lender. In ihe event of a total taking of the Property, the proceede ehall be applied to the eums aecured by this Mortgage, with the ezceas, if any, paid to Borrower. In the event of a partial taking uf the Property. unleea Borrower and [.ender otherwiee agree in writing, there ehall be applied to the auma eecured by thia Mortgage euch proportior? of the proceede ae ie equal to that proportion which the amount of the aums aecured by thia Mortgsge iramediately prior to the date of taking beara to the fair markel value of the Property immediately prior to the dute of taking, with the balanc~ of the proceede paid to Borrower. I[ the Property is abandoned by Borrowet, or if, after notice by I.ender to Borrower that the condemnor offere to make ap award or eettle a claim for dameges, Bor?~ower faiis to neepond to Lender within 30 daya after the date euch notice is mailed, Lender is nuthorized tocollect and apply the proceede, at I.ender'e option, either to reatoration or repair of the property or to the suma eecured by this Mortgage. Unleaa Lender and Borrower dtherwiee agree in writing, any such appiication of proceeds to principal ehall not extend or poatpone the due date of the monthly inetallmente referred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Released. Extension of the time for paymant or modificntion of amortization of the euma secured by this Mortgage granted by Lender to any aucceasor in interest of E3orrower ahall ttot operate to release, in any manner, the liability of the original Borrower and F3orrower's successora in intereat. [.eader shall not be required to commence proceeciinga against such successor or refuse to extend time for payment or othemise modify fimortization otthe sums secured by this Mortgnge by reason of any demand made by theoriginal Borrowet and E3orrower's successors in intereat. 11_ Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in e:ercising any right or temedy hereunder, or otherwiee afforded by epplicable law, shall not be a waiver of or pteclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or chargea by Lender shall reot be a waiver of Lender's right to accelerate the maturity of the indebtedneas secured by thia Mortgage. 12 Remedies Cumulative. All remedies 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 e:erciee~l concurrently, independendy or succeeaively. 13. Successors and Aasigne Iiound; Joint and Several Liability; Captions. The covenanta and agreementa herein contained ahall bind, and the righta hereunder ahall inurn to, the reapective succesaora and aesigna of I.ender and Borrower, aubject to the proviaiona of paragraph 17 hereof. All covenants and agreementa of E3orrower shaU be joint and several. The captiona and headings of the paragraphs of this htortgage are for covenience only and are not to be used to interpret o~ de6ne the ptoviaiona hereof. ~ 2 a. Notire. Exrnpt for ~ny notice reyuired under applicable law to be given in another manner, la) any notice to Burrower providedforin this Mortgage ahaU be given by mailing such notice by certified mail addresaed to Borrower at the Pmperty Address or at auch other address ae Horrower may designate by notice to l.ender as provided hernin, and (b) any notice to I.ender shall be given by certified mail, return r+eceipt requested, to Lender's addresx stated herein or to auch other address as Lender may designate by notice to liorrower aa provided herein. My notice pro»ded for in this Mortgage shall be deemed to huve been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This formof mortgagecombinea uniform covenants fornational use and non- uniform covenants with limited variations by jurisdiction tu conetitute a uniform security instrument eovering real propetty. Thia Mortgage ahal! be governed by the law of the jurisdiction 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 provisions of this ;4lurtgage or the Note which can be given effeet without t.he conflicting pmviaion, and to this end the pmvisiona of the btortgage and the Note are declared fo be severable. 16. Borrower'e Copy. Borrower ahall be furnished a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. IT. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein ia sold or tranaferred by Borrower ~ witi~out [.ender'8 prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d/ the qrant of any leasehold intereat of three years or lesa not containing an option to purchase, Lender may, at Lendei s option, declarn ail the sums securecf by this Mortgage to be immediately due and payable. Lender ahali have waived such option to accelerate if, prior to the sa(e or transfer, I.ender and the person to whom the Property is to be sold or transferred reach a6?reement in writing that the credit of snch person is satisfactory to I.ender and that the intereat payable on the sums secured by this Mortgage shall be at such rate as [.ender ahall request. If Lender has waived the option to accelerate provided in this paragraph l7, and if Borrower s successor in intereat has executed a written assumption agreement accepted in writing by I.ender, I.ender shall release Borrower from all abligationa under this Mortgage and the ;~i ote. • If Lender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 19 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is rt:niled within which Borrower may pav thesums declared due. If Borrower fails to pay such sums prior to the expiration of such period, [.ender may, without further notioe or demand on E3omower, ' ~nvoke any remedies peFmiKcd by paragra~h 1R hereof. 18. Acceleration; Remediea. E:cept as provided in paragraph I? hereof. upon Borrower's breach of any oovenant or agreement of Bonower in Lhia Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration ahall mail notice to Borrower aa provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 days from the date the notice ie mailed lo Borrower, by which euch breach must be cured; and (4) that faiture to cure such breach on or before the date epecified iri the notice may result in acceleration of the sums aecured by this Mortgage. forecloaure by judicial proceeding and sale of the Property. The noticeehall further intorm Borrower of the right to reinstate after acceleration and the right to easert in the foreclosure prceeeding the non-exiatence of a default or any other detenae of 13orrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice. Lender at Lender's tiption may declare all of the aums secured by thie Mortgege to be immediately due and payable without furtherdemand and may forecloae this Mortgege by judicial proceeding. Lender ahall be entitled to collect in such proceeding all expensea of foreclosure, including. but not limited to, reasonable attorney's feea. snd costs of documentary evidence, abatracts and title reports. ~ 19. Borrower's Rigt~t to Reinatate: Notwithatanding L.endei a acreleration of theauma secured Dy this Mortgage, Borrower shal! have the right to have any proceedings begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Bormwer pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures al1 breachea of ~nyothercavenants oragreements of Borrowercontained in this Mortgage; (c) F3orrower pays all reasonable expenses incurred by Lender in enforcing the covenanta and agreements of Borrower rnntained in thia Mortgage and in enforcing [.errder'a remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonabl~? attorney's feea; and ~dl Borrower takes such action as Lender may teasonably require to assure that the lien of thia Mortgage, Lender's interest in the Property and Borrower's obtigation to pay the sums secured by this Mortgage shall continue animpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligationa secured hernby ahall remain in full force and effect as if no acceleration had occurred. 20. Aaeignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna to L.ender the renta of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to cottect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, L.endet ahall be entitled to have a receiver appointed by a court to enter~upon, take posaeasion of and manage the Property and.to collect the rents of the Yroperty, including thoae past due. All rente collected by the receiver aha}I be applied first to payment of the costa of managementotthe Property and collection ofrents, including, but not limited to, receiver'e fees, premiume on receivet's bondA and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver ehall be liable to account only for thoae rente actually received. ~ r~ R ~~4 PACE 1 ~ BO~~K s . . - = - - - - - ~ > : I~ . ~ _ ~ _ , - : ~ ~ ~ , - = _