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HomeMy WebLinkAbout0180 8. Inspectioa. Leader may make or cauee to be made reasonable entria upon and inspectiorts of the property, providea :hat Lender shall give BoROwer notice prior to any such inapection epecifying reaaonable cau~e therefor related to Lender's inte~eat in the Property. 9. CondemnaUoA. 'Il~e proceeds oi any award or claim for dema~os, direM or conseque'ntial, in connection with any ooademnation or other taking of the property. or part thereof. or for coovayance ia lieu oi oondemnation, are hereby aseigned and shall be paid b Lender. In the event of a total taking of the Property, the proceede ahall be applied to the ~uma eecured by thi~ Mortgage, with the ezcess. if any, paid w~Borrower. In the event of a partial taking of the Property, unlesa Borrowar and Lende~ otherwise agree in writing. there shaU be applied to the eume secured by thia Mortgage such pmportion of the proceed~ as is equal to that proportion which the amount of the sume secured by thia Mortgage immediately prior to tha date of taking beare to the fair martet value of the Floperty immediately prior to the date of ~ taking, with the balancv of the proceeds paid to Borrower. ? If the Property is abandoned by Borrower. or if. aRes notioe by Lender b Borrower that the oondemnor otYers to make an eward or settle a ' claim for demages, Borrower faila b reapond to Lender within 30 days after the date such notice is mailed. Lender is authorised to coUect and apply the pmceeds, at Lender's option, either b restoration or repair of tiie property or to the aums aecured by thia Mortgage. ' Unleea [.ender and Borrower otherwiee agree in wribing, any euch application of pmceeds to principal shall not e~cLend or poetpone the due date of the monthly inetallmeats referred to in paragraphs 1 aad 2 hereof or change the amount of auch installments. 10. Borrower Not Released. E:tenaion of the time for paym~nt or modification of amortization of the suma secured by thia Mortgage granted by I.ender to any eucceseor in intereat of Borrower ahall not operate to release, in any manner. the liability of the original Bormwer ~ and Borrower'a aucceaeore in intereet. l.ender ahall not be required to oommence proceedinga againat auch auc~eesor or refuse to eztend time ! for payment or otherwiae modify amortization oi the sums aecured by this Mortgage by reason of any demand made by the original8orrnwer ~ and Borrower s succeasora in interest. ~ 11. Rorbearaaoe by Lender Not a VNaiver. Any forbearance by I.ender in e:erciaing any ri8ht or remedy hereunder. or otherwise afforded by appticable law, shall not be a waiver of or preclude the e:erciee of any auch right o: remedy. The procutement of ineurance or the payment of tezes or other liens or chargee by L.ender ehall not be a waiver of Lender'e right to aocelerate the maturity of the indebtedness aecund by chis Mortgage. _ - 12 Remedlea Cumulative. All remediee provided in this Mortgage are distinM and cumalative to any other right or remedy under f.his Mortgage or afforded by law or equity, and may be e~cerciee~i concurrendy. independently or aucceeeively. 13. 3ucceesors aad Aesigns Bound; Joint and 3everal Liability; Captioaa. The oovenanta and agreementa herein oontained ehall bind, and the righte hereunder shall inure to. the teepective aucceeeors and esaigns of Lender and Borrower, subject to the pmvisiona of paragraph I? hereof. All covenants and agreementa of Borrower ahall be joint and eeveral. The capLions and headinge of the paregrapha of thia Mortgage are for covenience only and are not to be used to interpret or defiae the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in • ihia Mortgage ehall be given by mailing such notice by certified mail addreeeed to Borrower at the Property Addrees or at euch other addrese ae Borrower may designate by notice to I.ender sa provided herein, and (b) any notice to I.ender shall be given by certified mail, retarn receipt requeated, to Lender a address stated herein or to auch other addrese ae Lender may designate by notice to Borrower aa pmvided herein. Aay notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated hezein. 15. Uniform Mortgage; Governing Law; 3everability.'l~ia form of mortgage rnmbinee uniform oovenants for national uee and non- uniform covenante with limited vsriations by juriadiction to oonetitute a uniform security inatn~ment oovering real pmperty. Thie Mortgage ahaU be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clause of this Motfgage or the Note conflicta with applicable law, such conilict shal! not affect other proviaiona of thia Mortgage or the Note which can be given effect without the rnnflicting proviaion, and W thia end the proviaions of the Mortgage and the Note are declared to be eeverable. 16_ Borrower'e Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after ~ recordation hereof. . 1 7`ranafer of the Property: Aesumption. If all ur any part of the Property or an interest therein ie sold or tranaferred by Borrower without Lender s prior written coneent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchase money eecurity intereet for household appliancee, (c) a transfer by deviee. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest oi three yeara or lese not oontaininB an option to purchaee, Lender may. at Lender's option, declare all the suma securea by this Mortgage to be unmediately due and payable. Lender eh~~.ll have waived such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be eold or tranaferred reach agreement in writing that the credit of euch pezson is satisfactory to I.ender and that the interest payable on the sums eecured by thia Mortgage shall be at auch rate ae Lender ehall requeat. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's auccessor in intereat hae eaecuted a wr~tten assumption agreement accepted in writing by Lender, Lender ahall releaee Borrower from all obligationa under this Mortgage and the Note. If Lender eaercisea such option to accelerate, Lender shall mail Borrower not~ce of acxeleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice ia mailed witliin which Borrower may pay the sums declared due_ If Borrower fails to pay such sums prior to the expiration of auch period, Lender may, without further notice or demand on Iiorrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. j 18. Acceleretion; Remediea. Ezcept as provided in paragreph 17 hereof, upon Borrower's breach of any oovenant or ' agreement of Borrower in this Mortgage, including the oovenanta to pay wben due any sume eecured by this Mortgage, Lender prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) e date, not leas ~han 30 daye trom the date the notice is mailed to Borrower, by which such breach muet be cured; end (4) that failure to cure such breach on or before the date epeciCed in the aotice may reeult in acceleratioa of the aums secured by thia Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall further inform Borrower of the right to reinatate aEter acceleration and the right to aesert in the foreclosure proceeding the non-ezistence of a default or any other defenae of Borrower to acceleration aad foreclosure. If the breach ia not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by thiB Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding: Lender ehall be entitled to collect in such proceeding all expenaes of forecloaure, including, but not limited to. reasonable attorney's feea. and coats of documentary evidence. abstracts and title reporte. 19. Borrower's Right to Reinatate. Notwithstanding Lendei s aoceleration of the sums secured by this Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce thes Mortgage disrnntinued at any time prior to entry of a judgment enforcing ihie Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing fi~ture Advances, if any, had no acceleration occurred; (b) Borrower curea all brnaches of any other covefiante or agreemente of Borrower rnntained in thie Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenante and agreements of Borrower oontained in this Mortgage and in enforcing I.ender's remedies aa provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney's fees; and (d) BoTrower takes such action as Lender may reasonably require to asaure that the lien of thia Mortgage, Lender's interest in the Property and Borrower'e obligation to pay the sums secured by this Mortgage ehall continue unimpaired. Upon auch payment and cnre by $otrower, thie Mortgage and the obligations secured hereby shall rnmain in full force and effect as if no acceleration had occurred. 20_ Asaigament of Rents; Appointment of Receiver. As additional secnrity hereunder, Borrower hereby asaigns to Lenderthe renta of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rnnts as they become due and payable. • I Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a ~ wurt to enter~upon, take poaseasion of and manage the Property and to collect the rents of the Property, including thoee past due. All rente ~ oollected by the n~ceiver ahall be applied firat to payment of the ooate of management of the Property and oollection of renta, including, but not ? limited to, receiver'e feee, premiums on receiver e bonds and reasonable attorney's feea, and then to the auma eecured by this Mortgage. The receiver shall be liable to account only for those renta aMually received. ~ U2~ 6G~K ~U1 PACE ~80 >a ~ ~ = T~ ' ~ ~.r L I ~ ~~d-~ - ~ ~ ~ ; r t J . . . _ _..s,,. ' _ . . . _y.. . .