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HomeMy WebLinkAbout0202 8. Inapection. l.ender may make or cause to be~adeteepnable entriee,upDn and inepectiuns of the pruperty, provided that I.ender ehall give Borrower notice prior to any euch inapection opecifjring rnaaonable cauee therefor related to L.ender'e intereet in the Property. 9. Coedemnation. The proceeds of any award or cleim for damagee, direct or coneeyuential, in connection with any condemnation or other taking of the pmperty, or part thereot, oc for conveyance in lieu of eondemnalion, are hereby aaaigned and ahaU be paid to I.ender. ln the event ot a total taking of the Property, the procee~s ahall be applied to the aume secured by thie Mortgage, with the exceas, if arty, paid W Borrower. In the evgnt oi a partial taking of the Property. unlesa Borrower and L.ender otherwiee agree in writing, thete ahall be applied to the eums aecured by this Mortgage such proportion of the proceeds as ie equal to that proportion which the amovnt of the eume eecured by thie Mortgage immediately prior to the date of taking beare to the fair market value of the Ptoperty immediately prior to the date of taking, with the balanc~ of the proceeds paid to Borrower. If the Property ie abandoned by Borrawer, or if, after notice by Lender W Borrower that the condemnor oftere to make an award or eettle a claim for damagea, Borrower faila to reapond to I.ender within 30 days after the date such notice ie mailed, l.ender is authorised to col]ect and apply the proceede, at l.endez a option, either to reatoration or repair of the property or to the eume secured by this Mortgage. Unleae I.ender and Borrower otherwiee a~ree in writing, any such application of procerda to principal shall not extend or postpone the due ~ date of the monthly inatallments refernd to in paragrapha 1 and 2 hereof or change the amount of auch inetaltmente. 10, Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the aums secured by thie Mortgage grante~ by l.ender to any successor in internst of Borrower shali not operate to rnleaae, in any manner, the liability of the original Borrower and Borrower's successo~s in intereat. I.ender shail not be required to oommence proceedings against such aucceasr,r or rnfuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original E3orrower and f;orrower'a auccessors in iaterest. 11. Forbearance by I,ender Not a Waiver. Any forbearance by I.ender in eaerciaing any right or remedy hereunder, ar otherwiee afforded by applicable law, shall not be a waiver of or preclude the exetcise of any such right or remedy. The prceurement of insurance or the payment of taxes or other liene or chargea by Lender ehal! not be a waiver of I.ender e right to accelerate the maturity ot the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All temedies provided in thie Mortgage are distinct aad cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be e:erciseri rnncurrently, independendy or s~icceseively. 13. Succeaeors and Assigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall bind, and the rights hereunder shall inure to, the respective succesaors and asaigns of I.ender and Botrower, aubject to the proviaiona of paragraph 17 heteof. All covenants and agreements of BorroweT shall be joint and several. The captions and headinga of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. t 4. Notic~e. lsxcept for any notice reqairrd under applicable law to be given in another manner, (a1 any notice to Borrower provided for in this Mortgage shall be given by mailing such notice bp certified mail addresseti to Borrower at the Property Addreas or at auch other addrese as Borrower may deaignate by notice to I.ender as pro~rided herein, and (b) any notice to I.ender ahail be given by certified mail, return receipt requested, to I.ender's address stated hernin or to such other addreas ae Lender may designate by notice to Bonov?er 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 designated herein. 15_ Uniform Mortgsge; Governing Law; Severability. This form of mortgage combinea uniform covenants for national uae and non- uniform covenants with limited variationa by juriadiction to rnnstitute a uniiorm security instrument eovering real property.l'his Mortgage shal) be governed by the law of the jnrisdiction in which the Ptoperty is located. In the event that any proviaion o~ clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Alortgage or the Note which can be given effect without the conflicting provision, and to this end the pmvisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a confortned copy of the Note and of thia Mortgage at the time of execution or after rerordaiion hereof 17. 'Itiransfer of the Property; Aasumption. If all or any part of the Property or an intereat therein ie sold or transferred by Borrower without I.?nder's prior written consent, exctuding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a pumhase money security intereat for household appliances, (c) a tranafer by devise, descent or by operation of law upon lhe death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or less not contai~ing an option to purchase, Lender may, at Lender'a option, ~ deciare all the sums secured by this Mortgage to be immediately due attd payable. Lender shal! have waived such option to accelerate if, prior to the sale or tranefer, Lender and the peraon to whom the Property is to be sotd or transferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at auch rate as Ixnder ahall requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if E3orrower a successor in interest has executed a written assumption agreement accepted in writing by I.ender, I.ender shall release Borrower from all obligationa under this Mortgage and the Note. I' If I.ender exerrises such opiion to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ' Such notice sha11 provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the suma declazed due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, v?ithout further notice or demand on E3omower, invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. E:cept as provided in paragrapb 1? hereof, upon Borrower's breach of any oovenant or I agreement of Borrower in thie Mortgage. includ'eng the covenanta to pey when due any sume eecured by this Mortgage, Lender ! prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1)the breach; (2) the action required to cure such breach; (3) a date, not lesa than 30 days from the date the notice ie mailed to Borrower, by which suc6 breach muat be cured; and (4? that faiture to cure such breach on or before the date epecified in the natice may result in acceleration of the auma secured by thia Mortgage, foreclosure by judicial proceeding and sale of the Property.The notice ahall further inform Borrower of the right to reinstate after acceleration and the right to asaert in the forecloaure proceeding the • non-existence of a default or any other detense of Borrower ta acceleration and forecloaure. If the breach is not cured on or before the date apecifed in the notice, Lender at Lender's option may declare al! of the eums seeured by this Martgage to be immediately due and payable without further demand and may forecloae this Mortgage by judicial prceeeding. Lender shall be I, entitled to rnllect in such proceeding all e:penses of foreclosure, including. but not limited to. reasonable attorney's feea. and costs of documentary evidence. abstracta and title reports. 19. Borruwer'a Right to Reinstate. Notwittstanding Lender's acceleration of thesums aecured by this 1lfortgage, Borrower shall have the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all snms which would be then due under thia Mortgage, the Note and notes securing Futurn Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea ofany other covenants oragreements of Borirowercontained in this Mortgege; (c) $orrower pays all reasonable expenses incurted by Lender in enforcing the covenanta and agteements of Borrower contained in this Mortgaqe and in enforcing Lender's remediea ae provided in paragraph 18 hereof, including, but not limited to, rerssonable attorney's fees; and (d) $onrower takes auch actian as Lender may reasonably requ've to assure that the lien of thie Mortgage, Lender's interest in the Property and Borrower's obligation to pay the aums secured by this Mortgage shali corttinue unimpaired. Upon auch payment and cure by Borrower, thie [?lortgage and the obligations secured hereby shall rnmain in full force and effect as if no acceleration had occurred. 20. Asaignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigns to Lender the rente of the Property, pmvided that Borrower shall, prior to acceleration under paragrapt~ 18 hereof or abandonment of the Property, have the right to collect and retein such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entiped to have a receiver appointed by a oourt to enterapon, take possession of and manage the Property and to rnllect the rents of the Property, including thoee past due. All rents oollected by the receiver ahall he applied first to payment of the costs of management of the Property and coltection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonda and reasonable attorney's feea, and then to the suma eecured by this Mottgage. The receiver ahall be liable to acoount only for those renta actuaity received. 2~ r( ~rvZ .x ixr ' ~ t ' '~~~.~5?`~~~:.:,~~.is`~`"~1 3x°_~ :~-"'."'~,~.,~i~;:_.~ $c~. . ' ' :