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HomeMy WebLinkAbout0018 . ~ H. Inepection. l.ender may make or cuuee to br made reasonable entriee upon and inepectione of the pruperty, provided that I.ende~ ehall give Iiorrower ~otice prior to any such inepection e{xrifying reasonuble cuuee therefor related to lender'q intereat•iA the Property. 9. Condemnation. The proceede of nny award ur claim fur damagea, direct or conaequentiet, in connectiun witb any condemnation or other txking of the property, ur part thrreot, or for conveyance in lieu of condemnation, are hereby nseigned and ehaU be paid to I.ender. In the event of a total taking of the Piroperty, the proceede ehall be applied to the sume secured by thie Mortgage, with 1he excees, if any, paid to Horn?wer. In the event of a partial taking of the Property, u~leea Borrower and l.ender otherwiee aqree in writing, there ehall be applied to the suma secured by thie Mortgage euch pro{wrtio~ oi the proceede ae is equal to that proportion which the amount of the eums eecured by this plortgage immediately prior to the date of taking bears to the fair market value of the Hroperty immediately prior to the date of taking, with the bala~cr of the proceede paid to E3orrower. • lf the Property ia abandoned by ~3orrower, or if, afte~ notice by Lender to Borrower thet the co~demnor offers to make an award or eetde a claim for damages, E;ocrower faile to reapond to l.ender withi~ 30 days after the date euch notice is mailed, l.ender is authorized tocollect and apply the proceeds, at I.ender's option, either to reetoration or repnir of the property or to the eums eecured by thie Mortgage. • lJnleae l.ender and Borrower otherwiae agree in writing, any euch application of proceeda to principal shall not eatend or poatpone the due date of the monthly inatallmente referred to in paragraphe 1 and 2 hereof or change the amount of auch inefallmente. 10. E3orrawer Not Released. Exteneio~ of the time for paymant or modification of amortization of the aums aecured by this Morigage granted by l.ender to any succe:?swr in intereat of 13orrower shall not operate to releaxe, in any manner, the liability of the original Borrower aind I3orrower's successorei in interest. Lender ahall not be requi~ed to commence proceedings againet such successor or refuse to extend time for payment or otherwixe modify xmortization of the suma xecured by thia Murtguge by re~+eon of any demand made by the o~ginal f3orrower and F3orrower's auccessors in inte~rst. 11. Fotbearance by Lender Not a Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiae afforded by applicable law, ehatl not be a waiver of or preclude the exerciae of eny euch right or remedy. The procucement of insurance or the payment of taxes or other lierie or chargea by l.ender ahall not be a waiver of I~ender'e right to accelerate the maturity of the indebtednesa secured by thie Mort~aRe. 12. Remedies Cumulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exercise.i concurrently, independently or aucceaaively. 13. SucceRaors and Aasigne Bound: Joint and Severel Liability; Ceptione. The covenanta and agreementa herein contained ahall bind, and the rights hereunder ehall inure to, the rnepective succeaeors and aseigna of Lender and Borrower, subject to the proviaiona of parugraph 17 hereof. All covenants and agreementa of Borrower ahall be joint and several. The captions and headinga of the paragraphs ot this Mortgage are tor covenience only and are not to be used to interpret or define the pmvisiona hereof. 14. Notice. F.xcept for any notice reyuired under applicable law to be given in another manner, la) any notice to Borrower provided forin this Mortgage ahall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addresa or at auch other addreas as Korrower may deaignate by notice to l.ender as provided herein, and (b> any aotice to [.ender shall be given by certified mail, retum receipt requeated, to l.ender'a nddresa stated herein or to auch other address as I.ender may deaignate by notice to Borrower aa provided hetein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or l.ender when given in the manner designated herein. l:i. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national useand non- uniform covenants w~th limited variations by jurisdiction to conatitute a uniform security instrunient covering real property. Thia Mortgage shall be Koverned by the law of the jurisdiction in which the Property is located. tn the event thuCany provision or clause of this Mortgaqe or the Note conflicts with applicable law, such conflict shall not affect othrr provieions of this Murtgage or the Nute which can be given effect w-ilhout the conflictinK pm~•ision, and to this end the pruvisions of the Mortgage and the Note are declared to be severable. 16_ Borrower'e Copy. Eiormwer ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after rcrordation hereof. 17. Tranafer of the Property; Aeaumption. If all or any part of the f'roperty or an intereat therein is sold or transferred by Borrower without I.ender's prior w~ritten conaent, excluding 1~) the creation uf`a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase monev security interest for household appliances, lc) a tranafer by deviae, d~scent or by operation of law upon the death of a joint tenant or ld? the grant of any leasehold interest of thnr years or texa not containing an option to purchase, Lender may, at Lendei s option, declare all the sums xcrured by this Morigage to t?e immediately due and payable. I.ender ahall have waived such option tr~ accrlerate if, prior to the sule or transfer, l.ender and the person to whum the Propert~• is to be ~old or transferred reach aRreement in writing that the credit of auch person is satisfactory to I.ereder ~nd that the interc~t payable on the sums secured by this MortgaKe shall be at such rate as l.ender ahall request. If Ixnder has ~+~i~•ec1 the optiun tn a~rrlerate pmvideci in this paragraph 17, and if B~rrovrer's successor in interest has executed a w~ritten assumption aKreement acrepted in writinK by lxnder, l.ender rhiill rele~e Borruv~er from all obligatiuns underthis Mortgage and the ti ote. if I.ender exercisex xuch optiun G~ ace-rlerate, I.ender ahall mail Rottower notice of acceleratiun in accordanrn with paragraph 14 hereof. ~I Such notice ahull provide 1 peri~xl of nut tc~s th:+n:4) day~s from thedate the notice is rr,ailed w•ithin which Born~wer may pay thesumsdeclared ~ due. !f Borrower fnils to p.~c such sumF prior to the expiration of such period, [.ender may, vrithout further notice or demand on liorrower, ~ ~nvoke:~ny reme~~ies permittecl by paraKrunh Ix hrrcr,t • ' 18. Acceleration: Remediea. Fxcept ae providcd in paragreph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage. including the covenante to pay when due any eume secured by thia Mortgage. Lender ~ prior to acceleration shaU mail notice to Borrower as provided in paragraph 14 hereof specifying: (11 the breach; (2) the action required to cure such breach; (3) a date, not less than 30 daya from the date the notice ie mailed to Borrower, by which euch breach roust be . ured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums eecured by this Mortgage. foreclosure by judicial proceeding and e~ale ofthe Property.The noticeshall further inform Iiorrower of the right to reinstate aRer acceleration and the right to essert in the foreclosure proceeding the non-existence of a default or any other defenae of Borrow~er to aceeleretion and foreclosure. [f the breach ia not cured on or before the date specified in the notice. Lender at l.ender's option may declare all of the aums aecured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceedinq. Lendershall be entitled to collrct in such proceedinR all ezpensea of foreclosure. including. but not limited to. reaxonable attorney's tees. and costs of documentary evidence, abatracts and title reports. 19. Borrower'e Right to Reinetate. Notwithcstanding l.ender'a accelerationofthesumsaecured by this Mortgage, f3orrowershall have the riQht to have any proceedinQs beAun by l.ender to enforce this Mortqage discontinued at any time prior to entry of a jodRment enforcing this Mortgage if: (al E3ormwer paye I.ender all aums which would be then due under this Mortgage, the Note and notes esecuring Future ~ Advances, if any, had no acceleration occurred; lbl E3orrower cures all breaches of any other cuvenants or agreements of E3orrower contained in this Mortqage; (c1 Borrower pays all reasonable expenses incurred by I.ender in enforcing the covenants and aqreements of Borrower ~ contained in thia MortgaQe and in enforcing I.ender'a remedies as pruvided in paragraph lA hereof, including, but not limited to, rnasonable attorney e feea; and Id) E3orrower takes such action as Ixnder may reasonabiy require to assure that the lien of:his Mortgage, Lender'a intereat ~ in the Property and Borrower's obligation to pay the sums secured by this Mortguge ahall continue unimpaired. Upon such payment and cure ~ by BorroweT, this Murtgage a~d the obliQations secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Aasignment otRents; Appointment of Receiver. As additional aecurity hemunder. Borrower hereby aaaigns to Lendertherenta ~ of the Property, provided that E3orrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payab?e. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. I.ender ahall be entitled to have a receiver appointed by a ~ rnurt to enter upon, take poasesaion uf and manage the Property and to collect the renta of the I'roperty, including those past due. All rents ~ collected by the receiver ahall be applied first to payment of the costa of manaqement of the Property and collection of renta, including, but not ~ limited :o, receiver's fees, premiums on receiver's bonds and reasonable attomey's fees, and then to lhe auma secured by this Mortgage. The ~ receiver shall be liable to aceount only fnr thoae rentx actualiy received. ~ ~ UP ~ r s ~Ju1l r:SrT ~ ~ ~ ~ ~ : - - s ~ .:'~y~,~ „ ;~,a ~ : u. ~e ,,'~,~js.~~~r w . . _ _ . . _~~n'.~- ~ _ . . . .