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HomeMy WebLinkAbout0525 8. laspection. l.ender may make or cauee to be made reawnable entries upon and inapections of the property, provided that I.ender ehall give Borrower notice prior to any such i~epection apecifying reasonable cauee therefor related W t.endei a intereet in the Property. 9. Condemnatioa. The proceede of any award or claim for damages, direct or rnnaequeMial, i~ cunnection with any oondemnation or other taking o[ the property, or part theceof, or for conveyance in Geu of oondemnation, are hereby aeeigned a~d shall bs paid to Lender. In the event of a total taking of the Propeety, the proceeda ehall be applied to the auma eecured by this Mortgage, with the e:ceas, if any, paid to Borrower. In the event of a partial taking of the Property, unleaa Borrower and I.ender otherwiee agree in writing, there ehall be applied to the eums aecured by thie Mortgage auch proportion ot the proceede as is equal to that proportion which the amount of the sums eecured by t}~.ie Mortgage immediately prior b the date of taking bears b the fair market value of the Property immediately prior to the date of taking, with the balan~ of the pi^oceecis paid to Borrower. If the Property ia abandoned by Boroower, or if, aRer notice by [,ender ta Borrower that the oondemnor ot~ere to make an award or settle a claim for damages. Borrower faile to respond to I.ender within 30 days after the date auch notice ia ma.iled, Lender is authorized to collect and apply the proceede, at I.ender s option, either to restoration or repair of the property or to the eume eecured by this Mortgage. Unleaa Lender and Borrower otherwiae agree in writing, any euch application of pmceede to principal ahall not eztend o~ postpone thedue date of the monthly inetallmenta refeRed to in paragrapha 1 and 2 hereof or change the amount of such inatallments. 10. Borrower Not Released. Fxtenaion of the time for paymant or modification ot amortization of the auma secured by thie Mortgege granted by l.ender to any euccesaor in interest of Borrower shall not operate to releaee, in any cuanner, the liability of the original f3orrower and Borrower'a succeaso~a in intereat. l.ender shall not be required to oommence proceedinge againat such succeaeot or refuee to e:tend time fur payment or otherwise modify amortization of ihe sums secured by this Mortgage by reaeon ot any demand made by theoriginal Rorrower and f3or~ower s succeesora in intereat. 11. Rorbearance by I.ender Not a Waiver. Any forbearance by Lender in exerciaing any :ight or remedy hereunder, or otherwiee af'lorded by applicable law, ehall not be a waiver of or preclude the e:erciee ot anq euch right or remedy. 71~e procurement of insurance or the payment of taxea or other liens or chargee by I.ender ehall not be a waiver of I.ender a right to accelerate the maturity of the indebtedneea aecured by this Mortgege. 12 Remedies Cumulative. All remediee pmvided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be ezercieeri ooncurrently, independently or eucceasively. 13. 3ucceseore and Aaeigns Bound; Joint and 3everal Liability; Captions. The covenants and agreemente herein contained shall bind, and the righta heeeunde~ ahall inure to, the respective succeaeors and assigne of Lende~ and Borrower, aubject to the provieiona of paragraph 17 herec,f. All covenante and agreementa of Borrower shaU be joint and eeveral. The captions and headings of the paragraphe of thia Mortgage arn for covenience only and are not to be uaed to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage ehall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreee or at such other addreee se Borrower may deaignate by notice to Lender ae provided herein, and (b) any notice to Lender shall be given by certified mai1, rnturn reoeipt requeated, to Lender'e addresa ststed herein or to auch other address as l.ender may deaignate by notice to Borrower ae provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everability.'l~iB form ofmortgage combinea uniform oovenants for national uee and non- uniform covenants with limited variationa by juriediction to constitute a uniform eecurity inatrument oovering real pmperty. This Mortgage shall be governed by the law of the jurisdiction in which the Property ie located_ In the event that any provision or clauae of this Mortgage or the Note contfict8 with applicable law, such conflict ahall not afiect other provieions of this Mortgage or the Note which can be given effect without the rnnflicting provieion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Tranafer of the Property; Aseumption. I[ all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower without I.endet s prior written coneent, excluding (a) the rreation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security intereat 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 of three yeara or lesa not containing an option to purchase, Lender may, at Lender s option, declarn all the auma secureA by this i~tortgage to be immediately due and payable. I.ender ahall heve waived such option to accelerate if, prior to the sale or tranafer, [.ender and the person to whom the Property ia to be sald or tranaferred reach agreement in writing that the credit of auch peraon is satiafactory to I.ender and that the interest payable on the aums secured by this Mort{;age shall be at such rate as I.ender ahaU requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succeasor in interest has eaecuted a written assumption agreement accepted in writing by I.ender, Lendershall release Borrower from all obligations nnderthis Mortgage and the - i Note_ ; If I.ender exerrises auch option to accelerate, I.ender ahall mail E3orrower notice of acceleration in accordance with paragraph 14 hereof. j Such notice shail provide a period of not leas than 30 daya from the date the notice is ~nailed within which Borrower may pay thesums declared i due. If Aorrower faila to pay such sums prior to the expiration of sueh period, I.ender 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'e breach of any oovenant or j agreement of Borrower in thie Mortgage, including the covenanta to pay when due any eume secured by this Mortgage, Lender ' prior to acceleration shalt mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) t6e action j required to cure auch breach; (3) e date. not less than 30 days from the date ihe notice is mailed to Borrower, by which euch g breach muat be cured; and (4) that lailure to cure auch breach on or before t6e date specitied in t6e notice may result in : acceleration of the sums secured by thie Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice ehall s further inform Borrower of the right to reinstate after acceleration and the right to essert in the forecloaure proceeding the ~ non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the 6reach ie not cured on or ~ before the date epecified in the notice. Lender at Lender'e option may declare all of the eums secured by this Mortgage to be : immediately due and payabte without furtherdemand and may toreclose this Mortgage by judicial proceeding. Lender shall be ~ cntitled to collect in such proceeding ali expenaes of forecloaure, including. but not limiled to, reaeonable attorney's fees, and 3 costa of documentary evidence. abatractx and title reports. ~ 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration of the auma secured by this Mortgage, Botrower ehall have ~ the ri ht to have an roceedin s g y p g begun by Lender to enforce thia Mortgage diecontinued at any time prior to entrq of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes eecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other coverianta or agreements of Borrower contained in ~ this Mortgaqe; (c) Borrower pays all reaaonable expenses incurred by L.ender in enforcing the covenanta and agreementa of Borrower ~ contained in this Mortgage and in enforring I.ender's remedies as provided in paragreph 18 hereof, including, but not limited to, reasonable ~ attorney's feea; and (dl Borrower takea sach action as Lender may rnasonably require to asaure that the lien of thie Mortgage, Lender's interest - in the Property and Borrowei s obligation to pay the auma secured by this Mortgage ahail continue unimpaired_ Upon such payment and cure ~ by Borrower, this Mortgage and the obliqations aecured hereby ahall remain in full force and effect ae if no acceleration had occutred. ; 20. Aseignment otRents; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigna to Lender the rente i of the Property, provided that Borrower shall, prior to acceleTation under paragraph I S hereof or abandonment of the Property, have the right to collect and retain euch rents se 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 upon, take poseession of and manage the Property and to collect the renta of the Property, including thoee paet due. All renta z oollected by the receiver ehaU be applied firat to payment of the coats of management of the Property and collection of rente, inciuding, but not limited to, receiver's feee, premiuma on receiver's bonda and reasonable attorney's feea, and then to the sums eecured by this Mortgage. The ~ receiver shall be liable to acrnunt only for those rentes actually received. n ~ - ~ BG2r~01 ~~,~.c 5~5 y 3 ; ~ - - - ~ : ~ ~ .4--.~ ~ ~r~ ~ ~ - 4 ' . ,.a '~'~a.: 1 x._ .