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HomeMy WebLinkAbout0378 8. laspection. l.e~der may make ur cause W be made reasoaable entriee upon and inspec?ione of the property, provided that l.ender ahall give AoROwet ootice prior to any such inspectio~ epecifying reaaonable caure theiefor related b l.ender's interest in the Ptoperty. 9. Coademnatioa.'(7~e proceeds o[a~y award or ciaim for damages, direct or coneequential, in conneclion with any oondemnation or other takicy~ of the property, or pact thereot. or for conveyance in.lieu of eondemnation, are hereby asaig~ed and shall be p~id to I.ender. In the event of a total taking ot the Pcoperty, the proceeds shall be applied to the eume eecured by this Mortgage, with the esceas, i[ any, paid to Borrower. ln the event ot a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sume secured by thie I?lortgage auch proportion of the proceeds as is equal to that proportion which the amount o! the aums secured by thie Mortgage immediately prior to the date ot taking beare to the fair ma~ket value of the P~operiy immediately prior to the date of taking, with the balanc~ of the proceeda paid to Borrower. It the Property ie abandoned by Borrower, or if, aRer notice by I.ec?der to E3orrower that the oondemnor o~[ers to make a~ award or settle a claim for damagea. Borrower fails to rrepond to Lender within 30 days after the date euch notice is mailed, Lender ie authorized to collect and apply the proceede, at Lender'e option, either to restoration or repai~ of the property or to the eume aecured by thia Mortgage. Unleea I.ender and Borrower otherwiee agree in writing, any euch applicetion of proceeda to principal ehall not e:tend or postpine the due date of the monthly installmenta refened to in paragraphs 1 and 2 hereof or change the amount af auch inetallments. l0. Borrower Not Released. Extenaion ot the time for paymant or modi6cation of amortiza n otthe auma eecured by thia Mortgage granted by t.ender to any auccesaor in intereet of Borrower ahall not operate to release, in aay manner, e liability of the original Botrower and F3or~ower'a aucceasors in interest. l.ender ahall not be required to commence procecdinge againat auch succeseor or refuee to e:tend time for payment or otherwise modify amortuation of the auma secured by this Mortgage by reason of any demand made by the original Borrower and l3orrowei s succeaeors in interest. 11. Forbearance by Lender Not a R?aiver. Any forbearance by [.ender in e:erciaing any right or remedy hereunder, or otherwiee afforded by applicable law, eha}I not be a waiver of or preclude the exerciae of any such right or remedy. The procurement of insurance or the payment of taxea or other liena or chargea by Lende~ ehall not be a waiver of I.ender e right to accelerate the meturity of the indebtedneee secured by thie Mortgage. 12 Remediee Cumulative. All remedies provided in this Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerciee~l rnncurrendy, independendy or euccesaively. - 13. Succeaeore and Aeaigne Bound; Joint and Severa) Liability; Captione.'19ie covenante snd agreements herein contxined shall bind, and the righta hereunder shall inure to, the reapective eucceseors and aseigna of Lender and Borrower, aubject to the provieiona of pars~graph 17 hereof. Ail covenants and agreementa of Eiorrower shall be joint and eeveral. The captiona and headings of the paragraphe ot this Mortgage are for covenieace oniy and are not to be ueed to interpret or define the provisiona hereoL ! 4. Notice. F:xcept for any notice required under applicable law to be given in ~nother manner, ~a) any notice to E3orrower provided for in this Mort~age ahall be given by mailing such notice by certified mail addrnased to Borrower at the Property Addresa or at auch other addresa ae E3orrower may designate by notice to l.ender as provided hernin, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to I.ender'a addresa atated herein or to such other addreae as I.ender may designate by notice to Borrower as provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform oovenante for national uee and non- uniform covenants with limited variationa by juriadiction to conatitute a unifo~n security inetnuuent oovering rnal property_ This Mortgage shal) be governed by the law of the jurisdiction in which the Property ia located. In the event that any provinion or clauae of this Mortgage or the Note con!]icts with applicable law, auch contlict shall not affect other ptoviaiona of this Mortgage or the Note which can be given effect w~thout the conflicting provieion, and to thia end the proviaions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furnished a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Tranater of the Property; Aseumption. If all or any part of.the Property or an intereet therein ia sold or traneferred by Borrower without Lender's prior written consent, e:cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a ~ purrhase money aecurity interest for household appliances, (c) a transfer by devise. descent or by operetion of law upon the death of a jaint tenant or (d) the grant of any leasehold intereat of three years or leae not oontaining an option to purchase, Lender may, at Lender'a option, declare all the suma secured by this Mortgage to be immediately dve and payable_ Lender ahall have waived auch option to accelerate if, prior to the sale or tTanefer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch person ia satisfactory tu Lender and that the interest payable on the sums secured by this Mortgage ahall be at such rate as Lender ahall request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's ancceasor in interest haa executed a written assumption agreement accepted in writing by I.ender, I.ender ahall releaee Borrower from all obligations under this Mortgage and the tiote. . i If Lender exercises such option to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall pru~ ide a period of not less than :~0 days from thedate the notice ia mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or dem~nd on fiorrower, ! invoke any remediea permitted b~• paragraoh 1R hereof. i I8. Acceleretion; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower'•s breach of any oovenant or 4 agreement of Borrower in thia Mortgage. including the covenante to pay when due any sume eecured by thie Mortgage. Leader I prior to acceleretion shall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, aot lese than 30 daye from the date the notice ie mailed to Borrower, by which auch i 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 suma eecured by thie Mortgage, foreclosure by judicial proceedingand eale ofthe Property.The noticeehall i further intorm Borrower ot the right to reinetate after acceleration and the right to aseert in the forecloeure proceeding t6e f non-e:iatence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or F before the date specited in the notice. Lender at Lender'e option may declare ali of the euma eecured by thie Mortgage to be I immediately due and payable without furtherdemand and may foreclosethie Mortgageby judicial proceeding. Lender ehall be entitled to collect in such proceeding all ezpensex of forecloaure. including, hut not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracte und title reports. 19. Borrower's Right to Reinetate. Notwithstanding L.ender's acceleration of thesuma eecured by thie Mortgage, Borrower ahall have ~ the right to have any proceedinqs begun by Lender tr, enforce thia Mortgage diecontinned at any time prior to entry of a judgment enforcing ~ thia Mortgage it: (a? Eiorrower pays Lender all sums which would be then due under this Mortgage, the Note and notea eecuring Future ' ~ Advancee, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreementa of Borrower rnntained in { thia Mortgage; (c) Borrower pays alt reasonable expenses incurred by Lender in enforcing the covenante and agreementa of Borrower i contained in thiA Mortgage and in enforcing I.ender's remediea as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (d) Borrower takea auch aMion as Lender may reasonably require to aseure thatt~e lien of this Mortgage, Lender'e intereet ~ in the Property and Borrower'a obligation to pay the suma aecured by this Mortgage ehall continue unimpaired_ Upon auch payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby~ehall mmain in full force and effect as if no acceleration had occurred. f 'L0. Aeeignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigne to Lender the renta ~ of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, hsve the right ; to collect and retein auch renta as they become due and payable. = Upon atceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a r oourt to enter upon, take poasession of and manage the Property and to collect the renta of the Property, including those paet due_ All rente 3 collected by the receiver ehall be applied first to payment of the coste of management of the Property and collection of rente, including, but not limited to, receiver's fees, premiuma on receiver's bonda and reasonable attorney e feea, and then to the aums accured by thie Mortgage. The ~ receiver shall be liable to acc~ount only for those rents actuaUy received. l ~ i ~ ! 1~ ao~~297 FA~~ 378 ~ _ _ ~.r_ ~cv...~ . _ _ , - . . . _ . , , s -r_ , . r ~ ..a