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HomeMy WebLinkAbout0041 • . . ~ 8. Inepection. l.eader may make or cuuse to be made reasonable entrieriyio~ and inspecuune of 1he prope~ty, pruvided that I.ender ehaU give. Borrowe~ notice p~or to a~y euch inapection spccityiog m~sonable cs~uq therefor related to l.ender's intereat in the Property. 9. Condemnation. The proce~rie of any award or claim for damages, d~rect or coneequential, in connection with any oondemnation or other taking of the property, o~ part thereof, o~ [or conveyance in lieu of condemnation, are hereby aseigned aod ehall be peid to l.ender. In the event of a Wtal taking of the Property, the proc~eeds ehell be applied to the euma eecund by thia Morigage, with the ezcees, if any, paid to Borrower. In the event of a partial taking o! the Property, unlees Borrower and Lender otherwise agree in writing, there shall be applied la the suma secured by thie Mortgage such proportion of the pruceede as is equal to that proportion which the amount of the aums aecured by this Mortgege immediately prior to the date of taking beare to the fair market value of the Property immedietely prior Lo the date of taking, with the balanc~ ot the proccede paid to Borrower. lf the Property ia abandoned by Botrower, or if, aRer notice by L,ender to Borrower w':~ o~.. u.u:a, tu. a~.. wau ~s! a~;:.~,b a claim for damages, Eiorrower faila to reepond to I.ender within 30 daye afte~ the date auch notice ia mailed, l.ender ie authorized to collect and apply the proceeda, at Lender'a option, either to reetoration o~ rnpair of the property or to the euma secured by thia Mortgage. Unlesa I.ender and Borrower otherwiee agTee in ~vriting, any auch application of proceeds to principal ehall not eatend or postpone the due date of the monthiy inatallmente referred to in paragraphe 1 and 2 hereof or change the amount of auch inetellmenta. 10. Iiorrower Not Released. ~xteneion of the time for paymant or modificutio~ of amortization of the euma secured by this Mortgege granted by I.ender to any succeasor in interest of E3orrower ahall not operate to mtease, in any manner, the liability of the origina) Borrower and E;ormwer'a euccexaora in inte~eat. l.ender ahall not be required to commence proceedings againat auch aucceasor or refuae to extend time for payment or otherwise modify amortization o[the sums secured by this Mortgage by reason of ~ny demand made by the oriqinal E3orrower and Borrower's successora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercieing any right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of inaurance or the payment of taxes or other liena or charges by i.ender shall not be a waiver of l.endei e right to accelerate the maturity of the indebtedneas aecured by this Mortgage. , 12. Remedies Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be ezercise~i concurrendy, independently or Bucceseively. l3. Succesaore and Aeaigne Bound; Joint and Several LiAbility; Captione. The covenants and agreementa hernin contained ahall bind, and the righta hereunder ahnll inurn to, the respective auccesaore and assigt~s of [.ender and Borrower, auhjert tn the pmviaion6 of paragraph 17 hereoL All covenante and agreementa of E3orrower ahall be joint and several. The captione and headings of the paragrapha of this Mortgage are for covenience only and are not b be uaed to interpret or define the proviaiona hereof. 14. Nutice. F:xcept for any noticr reyuirrd under applicahle I~w to be Riven in another manner, (a) any notice to Rorrower provided for in this MortEtage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at auch other addreae as Borrower may deeignate by notice to l.ender ae pmvided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to I.ender a address atated herein or to such other addresa ae Lender may designate by notice to Borrower ax provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Ixnder when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uniform covenante for national uaeand non- uniform covenanta with limited variations by jurisdiction to cronatitute a uniform security instrument c~,vering mal property_ This Mortgage shall t?e governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clauee of thia Mortgage or the Note contlicts with applicable law, such conflict ahall not affect other provisiona nf this Mortgage or the Note which can be given effect without the conflicting pmvision, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Cu;.~. Borrower ahal! be fumiehed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 1?. Tranafer ot the Property; Aeaumption. If all or any part of the Property or an intereat therein is sold or tranefetred by Borrower without [.ender's prior written consent, excluding lal the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchase money security interest for household appliancea. (c) a tranafer by deviae, d~scent or by operation of law upon the death of a joint tenant or (d1 the Arant of any leasehold interest of three years or leas not rnntaining an option to purehase, I.ender may, at Lender's option, , declare uli the sums secured by this Mortgage to be immediately dur an3 payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, I.ender and the person to whom the Property is Lo be sold or transferred reach agreement in writinq that the credit of euch peraon is satisfactory to Ixnder and that the interest payah;e on the aums secured by this Mortgage ahall be at auch rate as Lender ahall request. !f I.ender has waived the option to accelerate provided in this paragraph 17, and if E3orrower's succe~sor in interest has executed a written a.c5umption aRrerment accepted in writing by I.ender. [.ender shall release Borrower from ~U ~b ~gt~af~ons under thia Mortgage and the i Note. If l.ender exercises such option ta accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof. Such notice sh~ll provide a period of not les.~s than 3(1 days from thedate the notice is rr.ailed within which Borrower may pay the sums declared due. If I3orrower f:iils to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on Eiorrower, mvoke any remedies permitted by para~tranh 11i hereof. 18. Acceleration; Remedies. F:cept ae provided in paragreph 17 hereof. upon Borrower's breach of any oovenant or , agreement of Borrower in this Mortgage. including the oovenanta to pay w6en due any sume secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereofspecifying: (1) the breac6; (2) the aMion required to cure such breach; (3) a date, not lesa than 30 days trom the date the notice ie mailed to Borrower. by which such breach must be cured; and (41 that failure to cure auch breach on or before the date apecified in the notice may reault in acceleration of the sums secured by thie Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice ehall further inform Borrower of the right to reinetate after acceleration and the right to asaert in the foreclosure prceeeding the non-existence of a default or any other defense of Borrower to acceleration and forecloeure. If the breaeh ia not cured on or betore the date epecified in the notice, Lender at Lender's option may declare all of the ouma secured by this Mortgage to be immediately due and payabie without furtherdemand and may foreclosethis Mortgege by judicial proceeding. Lender ahall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reaeonable attorney'e fees. and costa of documentary evidence. abstracts and title reporta. 19. E3orrower's Right to Reinstate. Notwithstranding I.endei s acceleration of the eums secured by this Mortgage, Borrower ahall have the right tn have any proceedings begnn by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a? Rormwer pays I.ender all sums which would be.then due under this Mortgage, the Note and notea secitring Future Advancea, if any, had no acceleration occurred; (b) E3orrower curea al l breachea of any other co~ en anta or agreements of E3orrower con tained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by I.ender in enforcing lhe covenanta and agreementa of Borrower wntained in thiR Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's [ees; and (d 1 Borrower takes auch action as I.ender may reasonably require to aeaure that the lien of thia Mortgage, Lender'e intereet in the Property and F3orrower's obliqation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this MortgaQe and the obligationa secured hereby ahall remain in full force and effeM as if no acceleration had occurred. 20. Asaignment of Rente; Appointment of Receiver. Ae additional.security hereunder, Borrower hereby asaigna to Lender the rente of the Property, provided that Borrower ahatl, prior to acceleration under paragraph 18 hereof or abandonment otthe Property, have theright to collect and retain auch rente as they become due and payable. Upon acceleration under paraqraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a eaurt t~ enter upon, take possesaion of and manaqe the Property and to collect the rente of the Property, including those paet due. All renta collected by the receiver shall be applied firat to payment of the costs of managementof the Property and collection of rente, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attomey'a fees, and then to the aums secnred by thie Mortgage. The receiver ahall be liable to acvount only for those rents actually received. ~Gkr ~8 -~si J ,CFi ~ . . ; ~ 4 ~y~ ~pi ~'""~"~~+;,.-0.a,~ ~.,~,V„ :;~-e.,~~ ~ ' w _ ' ~ ~ ~ ' . _