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HomeMy WebLinkAbout0845 8. Inepection. l.ender may make or cauee to be made reasonable entries upon and inspectione of the property, provided that I.ender shall give Borruwer notice prio~ to any euch inepection apecifying reaeonable cauee themfor related to Lender'e intereet in the Property. 9. Conde~anation.'11~e procceda of any award o~ claim f~r~la~nagee, diiect or coneequential, in connection with eny oondemnation or other taking uf the property, or part thereot, or for rnnveyaace in 6ea of oondemnetion, are hereby aaeigned and shall be paid to I.ender. In the event of a total taking of the Property, the proceeds ehelH be applied to the wms eecured by this Mortgage, with the eucess, if any, paid to Borrowe~. In the event of a partial taking o[ the Property, unleas Borrower and l.ender otherwiee agree in writing, there ahall be . appiied to the aume secured by this Mortgage such pmportio~ uf the proc~eeds as is equal to that proportion which the amount o! the sums Be~vred by this Mortgage immediately prior w lhe date of taking beare to the fair market value of the Prope~ty immediately prior to the date of taking, with the balenca of the proceeda paid to Borrower. If the Yroperty ie abandoned by Borrower, or if, aRer notice by Lender W Borrower that the condemnor of~'ere to make.an award or eetde a claim for damagee, Borrower faila to respond to I.ender within 30 days afler the date such notice ie mailed, l.ender is authorized to coUect and apply the procecde, at I.en~r'e option, either to restoration or repair of the property or to the aums eecured by thie Mortgage. Unleaa l.ender and Bo weT otherwiee agre~e in writing, any auch application of proceede to principal ahaU not e:tend or poetpoae the due date of the monthly inetallmenta ~eferred to in paragrapha 1 and 2 hereof or change the amount of auch inetallmenta. 10. Borrower Not Released. I:xteneion of the time for paymant or modification ot amortiza?ion of the eums aecured by this Mortgage granted by l.ender to any succeaeor in intereat of Borrower ehall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. l.ender ahall not be required to commence proceedings aqainat auch succeasor or refuse to extend time fur payment or olherwise modify amortization of the suma secured by thia Mortgage by reason of any demand made by the original Borrower and fiorrowei s aucceagora in interest. ~ 11. Forbeareace by I.ender Not a Waiver. Any forbearance by I.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy.'I7?e procurement of insurance or the payment of taxes or other liens or chargea by Lender shall not be a waiver of I.ender'e right to accelerate the maturity of the indebtednese secured by this Mortgage_ 12 Remedies Cumulative. All remediea provided ih thia Mortgage are distinct and cumulative to any other right or remedy under thie Morigage or afforded by law or equity, and may be exercised rnnc~urently, independently or succesaively. 13. Succesaors and Aeaigne Bound; Joint and Several Liability; Captions.'19~e rnvenanta and agreementa herein oontained shall bind, and the righta hereunder shall inure to, the mapective succeasora and asaigna of Lender and ~3orrower, subject to the provisiona of paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and several. The captions and headinga of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the proviaions hereof. 14. Notice. F:xcept [or any notice required unde~ applicable iaw to be given in another manner, any notice to Eiorrower provided for in this Atortgage shail be given by mailing such notice by certified mail addressed to.E3orrower at the Property Addresa or at such other addreas as Borrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requeated, to l.ender's addreas atated herein or to such other addreas as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage shall be deemed tn have been given to Borrower or [.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This formof mortgage combines uniform oovenante for national uee and non- uniform covenants with limited variatione by jurisdiction to oonatitute a uniform security instrument coveting reat property. Thia Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the 1\oie conflicts with applicable law, such conflict shall not affect other pmvisiona of this Mortgage or the Note which can be given effect w~thout the contlicting pmvision, and to this end the provisiona of the Mortguge and the Note are declared to be aeverable. I6. I3orro~rer'B Copy. Borrower sha11 be furnished a conformed copy of the Note and of thia Mortgageat the time of execution or after recor~otion hereof. 17. Tranafer of the Property; Asaumption. If all or any part of the Property or an intereHt therein is sold or tranaferred by Borrower without Lendei s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this l~iortgage, (b) the creation of a purehase money security intereat for household appliances, (c) a transfer by deviae, de~acent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intemat of three years or lesa not containing an optioR to purchaee, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immed'eately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, Ixnder and the person to whom the Property is to be sold or transferred reach agreemept in writing that the credit of such ; person is satisfactory to Lender and that the intereat payable on the sums secured by this Mortgage ahall be at such rate as Lender ahall ~ request. If [.ender has waived the option to accelerate provided in this paragraph 17, and it Borrower s succesaor in interesE has executed a ~ written assumption aqreement accepted in w~riting by Lender, I.ender shall release Borrower from all obligations underthis Mortgage and the j Note_ - If [.ender exercisea such option to accelerate, Lender shall mail i3ormwer notice of acceleration in acrordance with pazagraph 14 hereof. ~ Such notice shall provide a period of not less than :;0 days from thedate the notice is rr.ailed within which Borrower may pay the sums declared E due. If Borrower fails to pay such sums prior to the expiration of such period, [.ender may, without fnrther notice or demand on fiorrower, € mvoke any remedies permitted by paraqranh 18 hereof. ~ 18. Acceleration; Remediea. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage. including the covenante to pay when due any sume eecured by this Mortgage, Lender s prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 daya from the date the notice ia mailed to Borrower. by which such ~ breach muat be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in e acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and saleotthe Property.The notice shall ~ further intorm Borrower of the right to reinstate aRer acceleration and the right to aseert in the foreclosure proceeding the ~ non-ezistence of a default or any other defense ot Borrower to aceeleration and foreclosure. If the breach ie not cured on or ; before the date epecified in the notice. Lender at Lender's option may declare all o: the suma eecured by this Mortgage to be a immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in euch proceeding all expenses of forecloaure. including•fiut not limited to. reasoneble attorney's fees. and ~ costs of documentary evidence, abstracts and title reporta. 4 19. Borrower'e Right to Reinetate. Notwithatsinding Lender'a acceleration of the sums aecured by thia biortgage, Borrower shall have ~ the right to have any pmceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advances, if any, had no acceleration occurred: (b) Borrower curea all breaches of any other covenante or agreements of Borrower contained in this Mortgage; 1c) Borrower pays ail reasonable expenses incurred by Lender in enforcing the rnvenanta and agreementa of Borrower = contained in this Mortgaqe and in enforcing I.ender'a remedies as provided in paragraph IS hereof, inciuding, but not limited to, reasonable attorney's fees; and Id) Borrower takes auch action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's intereet ~ in the Property and Borrower's obligation to pay the sums aecured by thie Mortgage ahall continue unimpaired. Upon such payment and rure ~ by Borrower, this Morigage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Aseignment of Rente; Appointment of Receiver. As additional secnrily hernunder, Borrower hereby aseigns b L.ender the renta j of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right t to collect and retain euch rents as they become due and payable. . ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ rnurt to enter-upon, take pc~sseasion of and manage the Property and to collect the rents of the Property, including thoee past due. All rente coilected by the receiver ehall be applied first to payment of the eosts of management of the Property and collection of rente, including, but not - limited to, receiver's fees, premiume on receiver's bonds and reasonable attorney e fees, and then to the sums secured by thie Mortgage. The ~ receiver shall be liable to account only for those renta actually receired. ~ ~ ~ : r" : • = ~o~K 294 844 ~ ~ . ~ - - - - _ - - : ~ ~ ~ ~ _ - - t ~a ; _ ~~>=P;. ~ ~ :