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HomeMy WebLinkAbout0494 8. lnepection. I.ender may make or cauee to be made reasonable entriee upon and inspections of the property, pmvided that l.ender ehall qive Borrowet notice prior to any such inepection specifying reasonable cauae therefor related to I.ender'~ interest in the Property. 9. Condemnstion.'Il?e pmoeeds of a~y award or claim fo~ damages, direct or consequential, in connection with a~y oondemnation or other taking of the property, or part thereof, or for conveyanca in lieu of oondemnation, are hereby aeeigned and shall be paid b l.ender. In the event of a total taking of the Property, the proceeds ahall be applied b the sume eecured by thie Mortgage, with the e:cees, if any, paid to Borrower. In tha event of a partial taking of the Property. unleea Bocrower and L,ender otherwiee agree in writing, therc ehall be applied to the eume eecured by this Mortgage euch pmportion of the proceede aa is equal to that proportion which the amount of the suma eecured by thie Mortgage immediately prior to the datc of taking beare to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. lf the Property ie abandoned by Barrower, or if, after notice by Lender to Borrower that the oondemnor ot'fera to make an award or eettle s claim for damages. Borrower faile to reapond to Lender within 30 deys after the date such notice ie mailed, Lender is authorized to collect and apply" the procecds, at Lender e option, either to teetoration or repair of the property or to Lhe auma eecured by this Mortgage. Unleea Lender and Borrower otherwise ageee in writing, any auch application of proceede to principal shaU not e:tend or poetpone the due date of the monthly inatallments ~eferred to in paragraphe 1 and 2 hereof or change the amount of auch inetallmente. 10. Borrower Not Released. E:tension of the time for paymsnt or modi6cation of amortization of the aums eecured by thie Mortgage granted by I.ender to any aucceseor in intereat of Borro~rer ahall not operate to release, in any manner. the liahility of the original Borrower and Borrower'a successore in intereat. Le~der ahall not be required to commence proceedinga againat such auccessor or refuse to e:tend time for payment or otherwise modify amortization of ihe sums aecured by thie Mortgage by reason oi any demand made by the original Borrower and Borrower a satt~essora i~ intereat. 11. Forbearenoe by Lender Not a VYaiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwiee afforded by applicable law, ehaU not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of inauranoe ~r the ' payment of t~ee or other liena or charges by Lender ehall not be a waiver of Lender'e right to accelerate the maturity of the indebtednese secured by this Mortgage. ~ 12' Remediee Cumulative. All remediea provided in thie Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezerciee~i ooncurrendy, independendy or succeasively. 13. Succeaeors and Aasigns Bound; Joint and Several Liability; Captione. The covenanta and agreements herein contained ahall bind, and the righte hereunder ahall inure to, the respective auocessors and essigna of Lender and Borrower, aubject to the provieiona of paragraph 17 hereof. All covenanta and agreementa of Borcower ehall be joint and aeveral. The captione and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner~ (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing auch notice by certified maii addreased W Borr'ower at the Property Addresa or at auch other addreae as Borrower may designate.by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lendei a addmsa atated herein or to such other address as Lender may deeignate by notice to Borrower as pmvided herein. My notice provided for ia this Alortgage shall be deemed to have been given to Bormwer or Lender when given in the manner designated herein 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform rnvenant8 with limited variationa by juriadiction W rnnstitute a uniform security instnuuent oovering real property. This Mortgage ahall be governed by the law of the jurisd;ction in which the Property ia located. In the event that any proviaion or clause of thia Mortgage or the Note conflicta with applicable law, such contlict shall not afCect other proviaions of this Mortgage or the Note which can be given eNect without the conflicting provision, and to thia end the proviaions of the Mortgage and the Note are declared to be severable_ 16_ Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. Tranefer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia sold or transfened by Borrower without Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mottgage, (b) the creation of a purchase money security intereat for houeehold 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 intereat of three yeara or less not containing an option to purchase, Lender may, at Lender's option, declare all the suma sec~red by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior ! to the sale or tranefer, (~ender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such ~ person is satisfaMory to Lender and that the interest payable on the suma secured by thia Mortgage shall be at such rate as Lender ahall ~ request. If I.ender has waived the option to accelerate provided in this paragraph i?, and if Borrower s successor in interest has executed a ~ written asaumption agreement accepted in writing by Lender, Lender ahatl release Borrower firom all obligationa under this Mortgage and the ~ Note. lf Lender exerciees such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ Such notice shall provide a period of not less than 30 days from the date the notice ia inailed within which Borrower may pay the aums declared ~ due. If Botrower faits to pay such xuma prior to the expiration of such period, Gender may, without further notice or demand on tiorrower, invoke any remedies permitted by pazagranh 18 hereof. ~ 18. Acceleration; Remediea Ezcept ae provided in paragraph 17 hereof, upon Borrower'e breach of any covenant or agreement of Borrower in thia Mortgage, including the oovenante to pay w6en due any sume Becured by thia Mortgage. Lender prior to acceleration shall mail notice to Borrower ea provided in paragrap614 hereof specifyiag: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 daye from the date the notice is mailed to Borrower, by which such ~ breach muat be cured; and~(4) thet feilure to cure such breach on or beforc+the date epecified in the notice may result in ~ acceleration otthe euma aecured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. T6e notice ehall ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-e:ietence of a defaalt or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured on'or ~ before the date epecified in the notice, Lender at I.ender's option may declare all of the suma secured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all e:penses of forecloaure, including, but not limited to. reasonable attorney's teea, and ~ coate of docamentary evidence, abstracta and title reporte. . ~ 19. Borrower'e Right to Reinatate. Notwithstanding Lender'a acceleration of the aums eecured by thie Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securing Future ~ Advances, if any; had no acceleration occurred; (b) Borrower cures all breachea of any other cove~ants or agreements of Bonower contained in this Mortgage; (c) Borrower pays all reasonable eapenses incurred by L,ender in enforcing the covenants and agreements of Borrower ~ oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable attorney a fees; and (d) Borrower takea euch action as Lender may reasonably requ'ue to assure that the lien of thia Mortgage, Lendei s interest in the Property and Borrower's obligation to pay the suma secvred by this Mortgage shall continue unimpaired_ Upon auch payment and ctue by Borrower, thia Mortgage and the obligations eecured hereby shall remain in full force and effect as if no acceieration had occuned. 20. Aseignment of Rente; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby asaigna to Lender the rente ~ of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and rntain such rents as they become due and payable. Upon acceleration under paragraph IS hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a ' - oourt to enteri~pon, take possesaion of and manage the Property and to collect the rents of the Property, including thoee past due. Allrente collected by the receiver atiall be applied first to payment of the oosta of management of the Property and rn1leMion of rente, including, but not limited to, receiver e fees, premiums on receiver a bonda and reasonable attorney'e feea, and then to the euma eecared by this Mortgage. The receiver ahall be liable to acoount only for thoee rnnts actually received. ; ~ ~ eo x 2~4 ~Ac~ 49~ r~~ ~ = . ~ - - - - _ _ ~ - - - - ~ - - _ x=-~ _ ~ ~ v~ : . . 3 4 hJ $ :.i ;5. , ` } „~.1..:^ }..s~ +Er : .~,..~2 :k~ ~2-i~ ~ ~~,2 ,~.~CS, ms:5'9.,..GA.TUe . ~c3_~C...r~.-'"x^~xT'a-"~~