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HomeMy WebLinkAbout0028 8. lp~pectio~. I.ender may make or cause to be made reswnable e~tries upon and inspections of the property, provided that Lender shal! give Borrow~ noyoa prior tu any euch inspection specifying rearonable cauee therefor related to I.ender'~ intereat in the Property. 9. Condemnatiob. 71te ptoceeds oI any award or claim for damages, direct or consequential, in connection with any oondemnation or other taking of the pmperty. or part theceof. or for conveyanoe in lieu of condemnation, are hereby aeaigned and shaU be paid to Lender. : In the event of a total taking of the Property, the procoeds shall be applied to the auma eecured by this Mortgage. with the ~ceas, if any. paid to Borrower. In the event of a partial taWng of the Property, unless Borrower and Lender otherwiee agree i~ writin~. there shall be applied to the aums secured by this Mortgage such proportion of the proceeda es is equal to that proportion which the aanoun! of the suma ~ socured by this Mortgage immediately prior to the dab of te4ting bears to the fair market value of the Property immediately prior to the date of taking. with the balanca of the proceeds paid to Borrower. ' If the Property is abandoned by Borrower, or if, aRer notice by I.ender to Borrower that the oondemnor offers to mal~e an award or settle a claim for damagee. Borrower faib to reapond to Lender within 30 days aRer the date euch notioe is mailed, Lender ia authorised to coAect and ' apply the proceeds. at I.endu's option, athe: to restoratioa or repair of the property or to the suma eecured by this Mortgage. ; Uniess Lender and Borrower otherwise agree in writing, any such application of pioceeds to principal shall not eutend or poatpone the due ? date of the monthly inatallmente referred b in paragrapha 1 and 2 hereof or change the amount of such installtaente. ~ 10. Borrower Not Released. Extenaion of the time for paym~nt or modification of amortization of the sucna eecured by this Mortgage • granted by I.ender to any succeasor in intereat of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower ~ and Borrower's succeasors in intemst. Lender ahall not be required to rnmmence procecdinge againat auch aucceseor or tefuae to extend time for payment or otherwise modify amortization of the suma secured by this ~lortgage by maeon of any demand made by the original Borrower and Borrower s succeseore in interest. 11. Forbearanoe by Lender Not a Waiver. My forbearance by Lender in e:ercieing aay right or remedy hereunder. or otherwise afforde~ by applicable_law. shall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of insurance or the r payment of tauee or other liena or chargea by Lender ehall not be a waiver of Lendefs right to aocelerate the maturity of the iadebtednese uecured by thie Mortgage. 12 Remediea Cumulative. All remediee provided in thie Mortgage are diatinM and cumulative to any other right or rea?edy ander this = Mortgage or afforded by law or equity, and may be e~ercieed ooncurrently, independently or aucceaeively. ~ _ 13. 3ucceesora end Aseigne Bound; Joint and Several Liability; Captione. The oovenants and agreementa herein contained ehall bind, and the rights hereunder ehall inure to, the reapective succeseore and assigas of Lender and Borrower, eubject to the provieiona of paragraph 1? hereof. All covenants and agreementa of Borrower ehall be joint and eeveral. The ceptions and headings of the paragraphe of ~ thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviBione hereof. 14. Notice. Eacept for any notice required under applicable law to be given in anoth~ manner, (a) any notice to Borrower pmvided tor in this Mortgage ehall be given by mailing auch notice by certified mail addiesecd to Borrower at the Property Addreae or at such other addrees as Bor[ower may deeignate by notice to L.ender as providcd herein, and (b) any notice to I.ender ehal) be given by ce:tified mail. return receipt requeated, to I.endet'e addreas atated herein or to auch other addrese as Lender may designate by notice to Borrower as provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner d~ignated hezein. 15. Uniform Mortgage; Governing I.aw; Severability. Thia form of mortgage rnmbinea uniform oovenants for national use and non- uniform rnvenants with limited variataona by jurisdiction to oonstitute a unifor~n aecurity instnuuent oovering real property. Thia Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any pmvision or clause of this Mortgage or the Note-ronfiicta with applicable lavr, such conflict shall not aPfect other provieions of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to this end the provisiona of the Mortgage and the Note are declered to be eeverable. • 16. Bormwer's Copy. Borrower shall be furniahed a conformed rnpy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17.1tiransfer of the Property; Asaumption. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower without Lender's prior written consent, ezcluding (a) the cTeation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tranafer by devise, dc:soent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or leas not containing an option to purchaee, Lender may, at Lender'e option; declare all the aume secured by this Mortgage to be unmediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Propelty ia to be sold or tranaferred reach agreement in writing that the credit of such person is satiafactory to Lender and that the intereat payabie on the sums aeclired by this Mortgage ahall be at such rate ae Lender ahalt request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei a succeasor in interest has exeruted a - w~ritten assumption agreement acrepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the I Note. ~ If Lender exerciaes such Uption to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL . ~ Such notice shall provide a period of not less than 30 days from the date the notice is ~nailed within which Borrower may pay the sums declared due. If Botrower faile to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the oovenanta to pay when due any eame aecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying. (1) the breac6; (2) the action ~ required to cure suc6 breach; (3) a date, not lese than 30 daya from the date the notice is mailed to Borrower, by which such breach muef be cured; and (4) that failure to cure auch breach on or before the date apecified in the notice may reault in acceleration of the auma secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The aotice shall ~ further inform Borrower of the right to reinatate after acceleration and the right to assert in t6e forecloeure prceeeding the non-e:iatence of a default or any other def~nae of Borrower to acceleration and forecloaure. If the breach ie not cuted on or before the date epecified in the aotice, Lender at Lender'e option may declare aU of the suma secured by thie Mortgage to be immediately due end payable without furtherdemand and may forecloae thie Mortgage by judicial procee~ding. Lender ahall be _ entitled to collect in auch proceeding all e:pensea of foreclosure, including, but not limited to. reasonable attorney's fees, and coata of documentary evidence, abatrscts and title repqrts. 19. Borrower'e Right to Iieinetate. Notwit}:standing Lender's acceleration of the auma secured by thia Mortgage, Borrowerahall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all suma which would be then dae under this Mortgage, the Note and notes eecuring Future Advances, 'tf any, had no accelerationoccurred; (b) Borrower cures all breachea of any other covenanta or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable eapenaes incurred by Lender in enforcing the oovenants and agreementa of Borrower ~ contained in this Mortgage and in enforcing Lender e rnmedies as provided in paragraph 18 hereof, including, bnt not limited to, reasonable ~ attarney'e feea; and (d) Borrower takes auch action ae Lender may reasonably require to assare that the lien of thia Mortgage, Lender a interest in the Property and Borrower's obligation to pay the sums aecured by this Mortgage ahall rnntinue unim aired. U p pon such payment and cure by Bonower, this Mortgage and the obligationa secured hereby shall remain in ful! force and effect as if no acceleration had occurred. a Z0. Aaeignment of Rente; Appointment of fteceiver. As additional security hereunder, Borrower hereby aesigns to I,ender the renta of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to colleet and retain euch rente 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 ~ court to enter apon, talce posseaeion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta collected by the receiver ehall be applied firat to payment of the oosta of managementof the Property and rnllection of rents, including, but not ~ limited to, receiver'a fe~, prnmiuma on receiver'e bonds and reaeonable attorney a fees, and then to the sums eecured by thiB Mortgage. The ~ receiver shall be liable to acoount only for those rents actually received. ~ ~ ~ ~ BOGK ~O~ fAGE. ~S ~ " - ~ ~.r , _ : - - - ~s ~~v;~ r _ ~ " *r-~"F~~ _ . . . . _y.. . . ~ ~ . . .