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HomeMy WebLinkAbout0540 8. Inapection. Lender may make or caws to bs made e~suonable ~trie~ upoa wd in~pections oithe property. provided that Leader ahaQ ~ive Botro~?er notios prior to auy ~uch irupectioa ~pecifyin~ repsonabk diwe therefor related b Lender's interest in the Pmperty. 9. Condemnwdon. The p~ocesds of any awaid os claim toT dama~ea. direct or con~equential, in connection ~vith any aoadomnation or other takin~ of the propsrty. or psrt thereo[. or for oonveyaroa in lie~ of oonde~nnatioa, Rre hei+eby asai~ned and ahall be paid Lo Lender. In We event oi a ~otsl takin~ of the PropertY. the proceed~ shall bs applied to the sums secund bY thia Mort~ce8e, with the ascess. if aay, p~id to Borrower. in the event of a partial tahinS of the Pmperty. ualeea Borrower and Lender other~rise agree in writia~~ there shaU be applied to the suau ~ecurad by this Mort~aRe such propo~tion of the proceeds as is equal b that pmportian which the amount of We sums secured by this Mwrtgage immedistely prior to the date of taicing bean to the fair market value of We Property immediately prior to Lhe date of teltin~. with the bslaaw of the pmoeedi paid b Boreower. Itt!?e Propetty is absndoned by Borrowre~. ~ J. aRes notioe by Lender W Bor[ower that the oondeaanor offen to malce aa awrud or ~ettle a cWm for demages. Borrower faili to re~pond to I.ender arithiu 30 daya ait~er the date such notice ia mailed. Lender is authosir,ed to rnllect and apply tbe pmoeed~. ac I.end~ s opaon, eithe: to restoration or repair of the property or to the ~wns socured by this Mortgage. Unles~ Lend~ ead Borrower oth~wise agree in writia8, anY such appGcation of prooeeda to principal shall not eif,end or poatpoae the due date of the monthly installcneats e~eferred to in par~?graphs 1 and 2 bereof o: change the amonnt of such inataUments. 10. Bortower No! R.eleased. Factension of the time for paymsnt or modi6cation of amortizatioa of the auma secured by thia Mortgage granted by La~der to any suc~essor i~ interest of Borrowa shall not operate W telease, ue any manner, the liability of the original Borrower and Borro~'s sua~ssors in intereef~ l.ender sha11 not be required to oommence pmceedings againat such eucceasor or refuse to e:tend time f~ p~yment or otherwiee modify amortization of the sums aecvred by this Mottgage by reason of any demand made by the originai Borrower and Horrowe:'s aucocssors in intc~ I1. Forbearanoe by l.ender Not a Waiver. Any forbearance by I.ender in ~ercising any right or nmedy herEUnder. or othervvise aHorded by applicabk laa. ahall not be a~raivrr of or preclude the ~errise of any snch right or remedy. The procurement of ineurance or the paymeat of tases or oth~ liens or charges by Lender shaU not be a waiver of Lender e right t~o aaoelerate the meturity of the indebtedness senired by Wis Mortgage. ~ 12 Remedies CumWative. Ail remedies provided in thie Mortgage are disdnct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezercised ooncurrently. independently or succeasively. 13. Suooessore and Aeaigns Bound; Joint and 3everal Liability; Captions. The oovenanta and agreements herein oontained shall bind, and 1~he righte hereunde~r ehall inure to, the respective succeasora and assigns of Lender and Borrower, subject to the proviaione of paragraph 17 hereof. Ali rnvenanla and agrcemente of Borrower shall be joint and eevesal. The captione and headinga of the paragraphe of this Martgage are for covenience only and are not W be aeed to interpret or define the proviaions hereof. ' 14. Notioe: Except for any notice required under applicable law to be given in another manner, (a) any notice b Borrower pmvided for in this Mosfgage ehall be given by mailing euch notice by certified mail addreeecd to Borrower at the Property Address or at auch other addreae as 8orrower may designate by notice to Lender as pmvided herein, and (b) any notice to I.ender ahall be given by certi6ed mail, return receipt requeeted. ~o Lendei s address sca~ed herein or to auch other addrees es Lender may deeigaace by noeice to Borrower as provided herein. Any notice provided for ia thia Mortgage shall be deemed to have been given to Borrowtr or Le,nder when given in the manner designated herein. 15. Uniform Mortgage; Govenung I.aw; 3everability. Thie form of mortgage combinea uniform oovenanta for national uae and non- uniform oovenants with limited variationa by jurisdiction to oonstitnte a uniform sec~uity instn~men~ covering real property. This Mortgage ehall be governed by the law of the jwiediction in which the Proptdy ie IocaLed. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, euch rnnilict ahall not affert other provisions of thie Mortgage or the Note which can be given effect without the contlicting provision, and to thie end the provisions of the Mortgage and the Note are declared to be eeverable. ~ 16. Borrower'e Copy. Borrower ahall be furaiahed a rnnformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 'lYanafer of the Property; Aesumption. If all or any part of the Property or an interest therein ia eold or transferred by Borrower without Lender'e ptior written cc+naent, r~cluding (a) the creation of a lien or encnmbrsnce aubordinate to ihis Mortgage, (b) the creation of a ; purchase money eecurity interest for houeehold applianc~, (c) a transfer by deviae, deecent or by operation ot law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lesa not oontaining an option to purchase. Lender may. at Lender'e option, ~ declare all the sums secured by thie Mortgage to be immediately due and payable. Lendet ahall have waived euch option to socelerate if, prior ; to the eale or tranafer, Leader and the person to whom the Property is to be soW or transferred reach agreement in writing that the credit of such peraon ia satiefactory to Lender and that the intere8t payable on the auma secured by this Mortgage a}iall be at sach rate as I.ender ahali request. ItLender has waived the option to accelerate provided in thia paragraph 17, and if Borrower s aucceasor in interest has e:ecuted a = written seaumption agreement acgepted in writing by Lender, Lenderahall releaee Borrower from ali obligations under thia Mortgage and the ~ Note. . If Lender ~ercisea auch option to accelerate, Lender shall mail Borrower notice of aoceleration in aocordance with paragreph 14 hereoL Snch notice ahall provide a petiod of not leas than 30 days from the date the notice ia mailed within which Borrower may pay the auma declared ~ due. If Borrower faila to pay such suma prior to the e:piration of sach period, Lender may, witfiout furthez notice or demand on Iiorrowe~, mvoke anY re~nedie8 Permitted by patagraoh 18 hereof. ~ 't 18. Aoceleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or i agreement of Borrower in tbie blortgage, including tbe oovenante to pay when due any sume secured by thie Mortgage. Lender ~ prior to aooeleration ehall mail notice to Borrower as provided in paregraph 1~ hereofspecifying. (1) the breach; (2) the action ~ required to cnre wc6 breacl~; (3) a date, not less than 30 daye from the date the notice ie mailed to Borrower, by which such breac6 must be cured: and (4) that failure to cure euch breach on or before the date specified in the notice may resuit in acceleration of the sums secured by this Idortgage. foreclosure by judiciel pmceeding and sale of We Property. T6e notice ehall further inform Borrower of ths right to reinetate aRer aooeleration and t6e right to asaert in the foreclosare proceeding the non-eziatence of a default or any ot6er defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at I.ender'e option may declare all of Ehe sums secured by this Mortgage to' be i mme~iately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Lender ehall be entitled to collect in sucfi procceding all espeneea ot forecloeure, includiag, lwt not limited to, reeeonabie attorney's feee, and ooste ot documentary evidence, abetracts and title reports. , 19. Borrower's Rig6t to Reinstate. Notwithetanding Lender's acceleration of the aume secured by this Mortgage, Bosrower ahal{ have ~ the right to have any proccedinge begun by Lender, to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paye I.ender alf sums which would be then due under thie Mortgage, the Nole and notea ~ecuring Future ~ Advenoea, if any, had no aoceleration oasurr~ed; (b) Borrower cures all breachea oiaay other covenanta or agreemente of Borrower contained in this Mortgage; (c) Borrower paye all reseonable ~penaes incurred by Lender in enfoming the oovenante and agreementa of Borrower ~ oontained in thie Mortgage and in enforcing Lenderb remedies as provided in paragrsph 18 hereof, inclnding, but not limited to, reaeonable ~ attarney's fees; and (d) Borrowrr takes anch action as Lender may reasonebiy require to seeure that the lien of thia Mortgage, Lender'e interest in the Property and Borrowe~s obligatioa to pay the anme aecured by this Mortgage ahell continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligations eecured hereby shall remain in full force and effect as if no acceleration had axarred. ~ 20. A,ssisnment of Rents; Appointment of Receiver. As additionnl security hereunder, Borrower hereby aeaigne to I.ender the rents ~ of the Propsrty. pmvided that Borrower ahall, ptior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collcd and retain such rents as they become due and payable. ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ oonrt to entrr~upon, take poeaeasion of and manage the Property and to oollect the renta of the Property, including thoee past due. All rente " oollected by the reoeiver shall be applied firat to payment of the ooata of management of the Property and oollection of rente, including, but not ~ limitod to, reoeiver'a fcea, premiums on receiver a bonds and reaaonable attorney's feea, and then to the euma eecured by th'ss Mortgage. T6e ~ reoeiver ahaU be liable to acoount only for thoee rents actually reoeived. ~ ~ SooK 295 PAGE ' S39 ~ 3 ~ . a ~-_`...s ~ . . _ - . - - - - - = ~