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HomeMy WebLinkAbout0532 8. Inspectlon. l.e~der may make or cauee to be made reaionable e~tries upon and inspectione of the pwperty, pruvided that I.ender ehall give Borrowe~ notice prior to any euch iaapection specifying reasonable cauee therefa~ related to I.ender'e interest in the Property. 9. Condetanatlan. The proceeda of any award or claim for damages, direct or consequential, in rnnnection with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of oondemnation, are hereby aesigned and ehall be paid to I.ender. In the event of a total taking of the Propetty, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, i! any, paid to Borrower. In the event of a partial taking of ~he Property, unleas Borrower and Lender otherwiee agtee in writing, there shall be applied to the aume secured by this Mortgage auch proportion of the proceeds as ia equal to that proportion which the amount of the eums secured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanc~ of the proceeda paid to Botrower. If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor of'fers to make an award or settle a claim for damegea, Borrower faile to reepond to Lender within 30 daye after the date such notice ie mailed, I.ender ie authorized to collect and ; apply the proceeds, at Lender'e option, either to reatoration or repair of the property or to the eums eecured by thia Mortgage. Unlese Lender and Bormwer otherwise agree in writing, any such application of procceda to principal ehall not e:tend or poetpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereot or change the amount of such insiallmente. 10. Borrower Not Released. Exteneion of the time tor paymant or modification of amortization of the eums aecured by thie Mortgage grented by l.ender to any eucceseor in intereat of Borrower ehaU not operate to release, in any manner, the liability of the original Borrower . and E3orrower's aucceaeors in interesk I.ender ehall not be required to commence proceedinga againat euch auecc~seor or refuee to extend time for payment or otherwiae modify amortization ot the suma se~vred by this Mortgage by reason of any demand made by the original Borrower and Borrower a surcessora in intereat. 11. Forbearauce by I.ender Not a Waiver. Any forbearance by I.ender in e:ercieing any right or remedy hereunder. or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exercise of any such riqht or remedy. The procuremenE of inanrance or the payment of ta:ee or other liene or charges by Lender ahall not be a waiver of I.ender e right to accelerate the maturity of the indebtedneas secured by this Mortgage. 12 Remedies Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezercieed concurrently. independently or auccesaively. 13. Successore snd Aeeigne Bound; Joint and 3everal Liability; Captioae.7T~e covenante and agreementa herein contained shall bind, and the righte hereunder ahaU inure to, the reepective aucceaeors and aseigne pf Lender and Borrower, eubject to the proviaiona of paragraph 17 hereof. All covenanta and agreemente of Borrower ahall be joint and eeveral. The captions and headinge of the paragrapha of this Mortgage are for covenience only and are not to be ueed to interpret or define the proviaione 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 thie Mortgage ahall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addreas or at auch other addrees as Borrower may designate by notice to Lender as pmvided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requeated. to Lender'a addreas stated herein or to suc6 other addreas as Lender may deeignate by notice to Borrower aa provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. I5. Uniform Mortgage; Governing Law; Severability.'l~ia form of mortgage combines uniform rnvenanta for n ational use and non- uniform covenante with limited variations by jurisdiction to rnnstitute a uniform eecurity inatrument rnvering real property. This Mortgage shall be governed by the Iaw of the jurisdiction in which the Property is lceated. In the event that any proviaion or clause of this Mortgage or the Note contlicts with applicable law, auch conflict shall not aYfect other provisions of this Mortgage or the Note which can be given effect without the eontlicting provision, and to this end the provisions of the Mortgage and the Note ate deciared to be eeverable. 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. 'l~aasfer of the Property; Assumption. If all or any part of the Property or an intereat therein is aold or traneferred by Borrower without Lender'a prior written consent, excluding (a) the creation of a lien or encvmbrance aubordinate to thia Mortgage, (b) the creation of a purchase money aec~rity interest for household appiiancea, (c) a tranefer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of.any leasehold intereet of three yeara or leae not oontaining an option to purchaee, Lender may, at Lender s option, declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be sold or tranafetred reach agreement in writing that the cndit of auch person is aatisfactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at auch rate as I.ender aha11 request. If Lender has waived the option to accelerate provided in this paragrt?ph 1T, and if Borrower's auccesaor in internat has executed a written assumption agreement accepted in writing by l.ender, I.ender ahall release Borrower from all obligatione under thia Mortgage and the Note. ~ If Lender exerciaes auch option to accelerate, I.ender ahall mail Borrower notice of acceleration in acrnrdance with paragraph 14 hereof. ~ Such notice shali provide a period of not less than 30 days from the date the notioe is ir.ailed within which Borrower may pay the sums declared j due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. E:cept ae provided in paragraph 17 hereof. upon Borrower'e breach of any covenant or ! agreement of Borrower in this Mortgage. including the oovenante to pay w6en due any euma aecured by thie Mortgage, Lender ; prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereofepecifyiag: (1) the breach; (2) the aMion ~ required to cure auch breach; (3) a date, not leas than 30 daya from the date the notice is mailed to Borrower, by which such i breach must be cured; and (4) that Cailure to cure auch breach on or before the date epecified in the notice may result in ~ acceleration of the aume secured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower ot the right to reinetate aRer acceleration and the right to assert in the foreclosure proceeding the ; non-existence of a default or any other defense of Bonower to acceleration and foreclosure. If the breach ie not cured on or } before the date apecif ed in the notice, Lender at Lender'e option may declare all of the suma secured by this Mortgage to be e immediately due and payable without further demand and may foreclose thie Mortgage by judicial prceeeding. I~ender ahall be ~ entitled to collect in such prceeeding all e:penaes of toreclosure, including, but not limited to, reasonable attorney's feea, and 3 costa of documentary evidence, abstracta and title reporta. ~ 19. Borrower's Right to Reinstate. Notwithstanding I.ender's acceleration of the sums aecured by thia Mortgage, Bonower shall have ; the right to have any proceedings begun by Lender to enforce this Morigage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes aecuring Future ' Advances, if any, had no accelerati~n occurred; (b) Borrower cures all breaches of any other covenante or agreements of Borrower contuined in ~ this Mortgage; (c) Borrower pays aU reasonable expenses incurred by Lender in enforcing the covenants and agreemente of Borrower ~ rnntained in this Mortgage and in enforcing Lender a remedies aa provided in paragraph 18 hereof, inclnding, but not limited to, reasonable ¢ attorney e fees; and (d) Borrower takes such action as Lender may reasonably requirn to assure that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrower's obiigation to pay the aums serured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain iA full force and effect as if no acceleration had occurred. - 20. Aseignment of Rente; Appointroent of Receiver. As additional security hereunder, Borrower hereby asaigne to t.ender the renta of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rente as they become due and payable. _.n acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed by a ; oourt G, entervpon, take poaseasion of and manage the Property and to coliect the mnte of the Property, including thoae past due. All renta collected by the receiver sha11 be applied first to payment of the mata of management of the Property and rnllection of rente, including~ but not ' ~ limited to, receiver's feea, premiuma on receiver's bonds and reasonable attorney's feea, and then to the aums eecnred by this Mortgage. The ti receiver shall be liable to acrnunt only for those renta actualiy received. ~ • . : ~ ~ 4 BL~~lc ~ ~V~ r":1!'E 532 k . ~ ~ , ~ - _ - - ~ ~ ~ y~_,~ ~t ~ ~ - ~.x-;Y r . .,~t ~ ~'~~~~s`~`t'~,v~``~L'=~i~.F_ F - :3