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HomeMy WebLinkAbout0350 , 't 8. In~pection. l.ender may make or cause to be made reasonable entriee upon and inspections of the property, p~ovided that Lender shaU give Borrowe~ notice prior to any such inspection epecifying reaaonable cause therelor related to Lender'~ intereat in the Property. 9. Condemnation.'11~e prooeede ot any award or claim for ~amagea, direct o~ coneequential, in rnnnection with any ooademnation or uther taking of the property, or part thereof, or for conveyance in lieu of oondemnation, are hereby aaaigned aod ehall be paid b Lander. In the event of a total taking oi the Property, the proceeds shall be applied to the aume secured by this Mortgage, with the e:cess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and l.ender otherwise agree in writi~g, there shaU be applied ta the suma secured by this Mortgage such proportion of the proceede as ie equal to that propoirtion which the amount of the eums eecured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balan~ of the proceeda paid to Borrower. If the Property is abandoned by $orrower, or if, aRer notice by Lender to Borrowe~ that the condemnor of'fers to malce an award or eetde a claim for damages, Borrower faile to rr.spond to I.ender within 30 days after the date such notice ia mailed, l.ender ia authorized Lo collect and , apply the proceeda, at I.ender's option, either to reeLoration or repair of the property or to the aums eecured by this Mortgage. Unleae l.ender and Borrower otherwiee agree in writing, any such application of proceeda to principal shall not e:tend or poetpone the due date of the monthly inatallmente referred !o in peragrapha 1 and 2 hereof or change the amoant of such inatallmenta. 10. Borrower Not Released. Extension of the time for paymant or modification of amortizatioa of the auma eecured by thie Mortgage granted by l.ender to any aucceasor in interest of Eiorrower shall not operate to rnlesee, in any manner, the liability of the original Borrower and E3orrowei s succeasora in interest. l.ender ahall not be required to commence proceeedings againet auch succeasor or refuse to e:tend time for payment or otherwiae modify amortization otthe snma secured by thie 1~lortgage by reaeon of any demand made by the original Borrower and Borrowei s aucceaeoce in interest. 11. Forbearaace by I.ender Not a Waiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwise afiorded by applicable law. ahall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of ineurance or the payment of ts~ces or other liene or chargea by Lender ahall not be a waiver of Lender a right to accelerate the maturity of the indebtednesa secured by this Mortgage. 12 Remediee Cumulative. All remediea provided in thie Mortgage are dietinM and cumulative to any other right or remedy under thie Mortgnge or afforded by law or equity, and may be e~cercised concurrently, independendy or aueceeaively. 13. Succesaore and Assigne Bound; Joint and Several Liability: Captione. The covenants and agreementa herein oontained shall bind, and the tighte hereundet sha11 inure to, the reepective succeesore and aseigns of Lender and Borrower, eubject to the provieiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and eeveral. The captiona and headings of the paragrapha of thia Mortgage are for covenience only and are not to be useti to interpret or define the proviaions hereof. 14. Aiutice. F.xcept for any notice reyuirrd under applicable law to be Qiven in another manner, (a) any notice to Korrower provided for in this Mortgage shall be qiven by mailing such notice by certified mail addreased to Borrower at the Property Addresa or at such other addreea as Borrower may designatp by notice to Lender as provided hernin, and (b) any notice to I~ender ehall be qiven by certified mail, retum receipt requeated, to Lendei s addreas stated herein or to auch other address as Lender may deaignate by notice to Borrower as provided herein. My notice provided for in this Mortgage ahall be deemed to have been given.to Borrower or l.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combinea uniform covenante for national use and non- uniform covenants with limited variationa by jurisdiction to rnnatitute a aniform eecurity instrument rnvering real property. This 111ortgage ahall be goverAed by the law of lhe jurisdiction in which the Property ia located. In the event that any provision or clauae of this Mortgege or the Note conflicta with applicable Iaw, auch conflict shall not aPfect other proviaions of this Mortgage or the Note which can be given effect w~thout lhe conflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed copy ot the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Aesumption. If all or any part of the Property or an intereat therein is sold or transferred by Borrower ~ without Lender's.~ior writ p~cCluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ~ purehase money aec~~or~oueehold appliances, (c) a transfer by deviee, dc~acent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold i~terest of three years or leas not containing an option to purchase. Lender may. at Lender e option, I declare all the aurris sec;y~~i ~g~PL~Q~'a$,e to De immediately due and payable. Lender ahall have waived such option to accelerate if, prior ~ to the sale or transfer, Len~er an the peraonlo whom the Property is to be eold or traneferred reach agreement in writing that the credit of euch i person ia satisfactory to Lender and that the interest payable on the euma secured by thia Mortgage aht+ll be at auch rate as L.ender ahall ! request_ I[ I.ender has waived the option to accelerate provided in thix paragraph 17, and if Borrower'e successor in interest has executed a k written assumption agreement arcepted in writing by l.ender, L.ender shall release Borrower [rom all obligationa under this Mortgage and the i ti ote. If Lender exercises such option to accelerate, l.ender ahall mail t3orrower notice of acceleration in accordance vvith paragraph 14 hereof. ` Such notice shall provide a period of not less than 3b days from thedate the notice ia mailed within which Borrower may pay the auma declared ~ due. If Rorrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on tiorrower, ~ ~nvoke any remedies permitted by paragraoh 1R hereof. - ~ 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the covenante to pay when due eny sume eecured by thie Mortgege, Lender ~ prior to acceleration ahall mail notice to Borrower aB provided in paragraph 14 hereof epecifying: (1) the breach; (2) the actjon { required to cure auch breach; (3) a date, not lesa than 30 daye from the date the notice ie mailed to Bonower. by which auch ~ breach muet be cured; and (4) that failure to cure each breach on or before the date specified in the notice may result in ~ acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and ealeof the Property. The aotice ehaU ~ further inform Borrower of the right to reinatate after acceleration and the right to aBeert in the foreclosure prceeediag the non-ezistence of s default or any other defense of Borrower to acceleration and forecloeure. If the breach ia not cured on or before the date epecified in the notice, Lender at Lender'e option may declare all of the aums secured by thie Mortgage to be - immediately due and payable without further demand and may forecloee this Mortgage by judicial proceedinq. Lender shall be ~ entitled to collect in such proceeding all expensee ot foreclosure, including, but not limited to. reasonable attorney's feea, and ~ coste ot documentary evidence, abatracta and title reporte. - ' 19. Borrower's Right to ReinAtate. Notv~~thstanding Lender's acceleration of the aumasecured by this Mortgage, ~iorrower ahall have the right ta have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing * thia Mortgage if: la) Borrower paya Lender all auma which would be then due ur~der this Mortgage, the Note and notes securing Future ~ Advancea, if any, hud no ncceleration occurred; (b) I3orrower curea all breachea of any other covenanta or agreementa of Borrower conts?ined in ~ thie Mortgage; (c1 Borrower pays aU reasonable expenses incnrred by Lender in enforcing the covenanta and agreementa of Borrower - rnntained in this MortgaRe and in enforcing I.ender'a mmedies as provided in paragraph 18 hereof, including, but not limited to, rnasonable ~ attomey's fees; and (d) Borrower takea auch action as Lender may reaaonably require to assure that the lien of thia Mortgage, Lender'a intereet in the Property and Borrowei s obligation to pay the sums eecured by this Mortgage ahall continue unimpaired. Upon euch payment and cure ~ by 13orrower, this Mortgage and the obligations aecured hereby ahaU remain in tull force and eftect as if no acceleration had occurred. 't` 20. Asaignment otRente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to I.endertherenta - otthe Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereaf or abandonment of the Property, have the right to collect and retain auch rnnts 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 - oouri to enter upon, take posseseion of and manage the Property and to collect the rente of the Property, including thoae past due. AU rente oollected by the recriver shall be applied first to payment of the ooeta of management of the Property and collection of rente, including, but not limited to, receiver'e fees, premiums on receiver's bonde and :eaeonable attorney'e feea, and then to the suma eecnred by this Mortgage.'tl~e receiver shall be liable to aca,unt only for thoee rents actually received. . ('t a~;« ~97 3~ ~ ~ . ~ ~ ~ _ : - . _ _ : _