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HomeMy WebLinkAbout0386 8. I~~peetion. lrnde~ mey make or cauae to be made ~earonable entries upon and inspectiowsof the pmperty, provided that [.ende~ shall give Eiorrower notice prior to any such i~spectioo apecifying reasonable cause therefor related to I.ender'a interest in the Property. 9. Condemnation. The pra.~eeds of any award or claim for damages, direct or consequential, in connection with any oondemnation or othe~ taking of the pmperty, or part theceof, or for conveyance in lieu of condemnation, ane hereby asaigned and shall be paid to l.ender. In the event of a Wtal taking of the Property, the proc~ds shall be appliod to the eums secured by thia Mortgage, with the excees, if anjr, paid to F3orrower_ In the event of a partial taking of the Pcoperty, unleea Borrower and I.ender otherwiee agree in writing, there ehall be applied to the aums eecured by this Mortgage such proportion of the proceede aa ie equal to that pmportion which the amoui?t of the sums secured by thie Mortgage immediately prior to the date of taking beare to the fair marlcet value of the Property immediately prior to thedate ot taking, with the balanci of the proceeds puid to Borrower. If the Property is abandoned by Borrower, or if, after notice by [.ender w Eiorrower that the oondemnor olTera to make an award or setde a claim for damages. Borrower faile to reapond to Lender within 30 days after the date euch notice ie mailed, Lender ie authorized to coUect and apply the pra.~eede, at l.ender's oQtion, either to reatoration or repair of the property or to the sume aecured by thie Mortgage. Unleas I.ender and Borrower otherwide agree in writing, any euch application of proceede to principal ahall not eatend or poetpone the due dnte of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of euch inetallmente. 10. l3orrower Not Releaeed. Extenaioo of the time for paym ~nt or modification of arnortization oilhe suma secured by this Mortgage granted by Lendet to any auccesaor in intereat oi Borrower shall not operate to release, in any manner, the liability of the original Borrower and E3orrower'a successore in interest. I.ender shall not be required to commence proceed'.ngs againat such aucceasor or refuee W extend time for payment or otherwise modify amoriization of the sums secured by this Mortgage by reason of any demand made by t1~e original Aorrower and Borrower'a sucressora in intereal. • 11. Forbearance by I.ender Not a Waiver. Any forbearance by l.ender in exerciaing any ri8ht or remedy hereunder, or otherwiee afforded by applicable Iaw, aha11 not be a waiver of or preclude the e:ercise of any auch right or remedy. The procurement of ineurance or the payment of taxes or other liena or charges by i.ender ahaU not be a waiver of Lendei a right to accelerate the maturity ot the indebtedneae secured by thie Mortgage. 12 Remedies Cumulative. All remedies provided in this Mort~age are dietinct and cumulative to any other right or remedy under this ~tortgcige or afforded by law or equity. and may be exereieed concnrrently, indepeadendy or snccessively. 13. Succeaeors and Aeaigna Bound; Joint and Several Liability; Captioae. The oovenante and agreemente herein contained shall bind, and the rights hereunder ehall inum. to, the reepective aucceaeora and aeaigne of Lender and Borrower, aubject to the provieione of paragraph 1? hereoL A{{ covenanta and agreements of Borrower ahall be joint and eeveral. The captiona and headinga of the paragraphe of this Mortgage are for covenience only and are not to be used to intetpret or define the proviaions hereoL 14. Notiee. F.xcept for any notice required under applicable law to be qiven in unother manner. (a1 any notice to ~3orrower provided for in tt~is Mortgage ahall be given by mailing auch notice by certi6ed mai) addressed to Bortower at the Property Addreas or at auch other addreae as Borrower may designate by notice to l.ender as provided hernin, and (b) any notice to Lender shatl be given by certified mail, return receipt requested, to I.ender'e addreas atated herein or to such other address as Lendet may deaignate by notice to Borrower as provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to E3orrower or Lender when given in the manner deaignated herein_ 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombinea uni~orm oovenants for national useand non- uniform covenanta with limited variationa by jurisdiction to constitute a uniforcn security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the PropeRy ia located. In the event that any provieion ur clause of this Mortgage or the Nole conflicts with applicable law, auch conflict shall not af~ect other proviaiona of this Mortgage or the Note which can be given effect u-ithout the conflicting proviaion, and to this end the pmviaions of the Morigage and the Note are declared to be severable. l6. Borrower'e Copy. Borrower shall be fumiahed a conformed copy o! the Note and of this Mortgage at the time of ezecution or after recordatiun hereof. ~ 17. 'ltiranafer of the Property: Aseumption. If all or any part of the Property or an interest therein ie sold or tranaferred by Borrower without l,ender s prior written consent, exctuding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for houeehold appliancea, (c) a transfer by devise, descent or by opetation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lendei e option, declctre alt the sums secured by this Mortgage to be immediately due and payable. Lender ahal) have waived euch option to accelerate if, prior ' to the sule or transfer, I.ender and the person to whom the Property is to be aold or tranafer~ed reach agreement in writing that the credit of such ~ peraon is sat?afactory to Ixnder and that the interest payable on the sums secured by this Mortgage ahall be at such rate as Lender ahall = request. If lxnder has waived the option to accelerate provided in thia paragraph 17, and if Borrower's successor in intereat has ezecuted a E k-ritten assumption agreement accepted io writing by I.ender, Lender shall release Borrower from al{ obiigatibns under thia Mortgage and the ' ~ ti ote. ~ If [.ender exercisea such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ tiuch notice shal{ provide a peri~d of not less lhan :i0 days from the date the notice is ~r.ailed within which $orrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, w~ithout further notice or deznand on ~3orrower, ~ ~nvoke any remedies permitted by paragraoh 1R hereof. 4 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrnwer's breach of any oovenant or ~ Hgreement of Borrower in thia Mortgage. including the covenants to pay when due any sume secnred by this Mortgage, Lender ~ prior to acceleration ehall maii notice to Borrower es pcovided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure auch breach; (31 a date, not lese than 30 days from the date ihe notice ia mailed to Borrower, by which such breach must be cured; and (4) that feilure to cure such breach on or before the date apecified in the notice may result in ~ ncceleration of the sums secured by thie Mortgage. forecloaure by judicial proceeding and sale of the Property. The aotice ehall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ~ non•e=istence ota default or any other defense of Borrower to aceeleration and foreclosure. If the breach ia not cwedon or before the date apecified in the notice. Lender at Lender'a option may declare all otthe sums secured by this Mortgage to be ~ immed~atety due and peyable without fuRher demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~•ntitled to coilect in such proceeding all e:penaes otforecloaure. including. but not limited to, reasonable attorney'e feea, and F coslx ot documentary evidence. abatrects and title reporte. 19. Borrower'e Right to Reinstate. Notwithstanding L.ender'e acceleration of the sums eecured by this Mortgage, Borrower ahall have the right to have any proceedinga begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a? Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securing Futurn s Advances,ifany,hadnoaccelerationoccurred;IblBorrowercuresallbreacheaofanyothercovenanteoragreementsofBorrowercontainedin thia Murtgage; (c) Borrower ~ays all reasonable expensea incurred by L.ender in enforcing the rnvenanta and agreementa of Borrower contained in Rhis Mortgage and in enforcing Lender's rnmedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable y attorney's fees: and Id) Borrower takes auch action ae Lender may reaaonabiy requice to asaure that the lien of this Mort~age, I.ender's inteiee? in the Property and Borrower'a obligation to pay the auma secured by thie Mortgage ahall continue unimpaired. Upon such payment and cure by Borrowe~, this Mortgage and the obligationa secured hereby ahall remain in full for`e and effect as if no acceleration had occarred. - 20. Aseignment ot Rents; Appointment of Receiver. As additional security hemunder, Bonower hereby asaigns to Lender the rente of the PropeRy, provided. that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandopment of the Property, have the right ' to collect and retain auch rents ae they become due and payable. Upon acce{eration under paragraph IS hereof or abandonment of the Property, Lender shall be entitled to have e receiver appointed by a court to enter upon, take posaeeaion of and manage the P~operty and to collect the rents oi the Property, including thoee past due. All rente _ collected by the receiver ahall be applied first to payment of the coata of managementof the Property and collection of rents, including, but not ~ limited to, receiver'e fees, pre~miums on receiver's bonda and reasonable attorney'e fees, and then to the auma eecured by thie Mortgage.'[?~e - receiver ahall be 1ia61e to account only for thoae rente actuslly received. ~ ~ ~ ao~K ~~7 ~acE 3~~ ~ ~ _ _ _ _r ~ .