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HomeMy WebLinkAbout0698 8. InspeMioa. I.ende~ may make or cause to be made rea~onable entrie~ upon at~d inipectiona of the propetty, provided that I.endes shall give Borrower notioe p~ior to any such inspection specifying reasonable cauee therefor related to I.endee's u?terest in tl~e Ptoperty. 9. Condemnation. The proceeds of any award or claim for damagea. direct or consequentiel, in rnnnection with any oondemnation or other takin~ of the pmperty, ar part thereof, or for rnaveyanoe in lieu of condemnatio~. are henby assigned and shaU be paid tQ Lender. In the eveat of a total taking of the Property, the proceed. ahall be epplied to the sums eecund by thie Mortgage, with the ~cess. if any, paid b Borrower. In the event of e partial taking of the Property, unlesa Borrower and Lender otherwise a~ree in writing. there shall be applied to the sum. eecured by this Mortgage such proportion oi the proceeds as is equal to that pmportion which the amount of the sums eecured by this Mortgage immedietely prior to the date of talcing bears to the tair market value of the Property immediately prior to We date of taking. with the balanca of the proeeede paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the oondemnor ot~ers to make an award or settle a claim for damagee, Borrower faib b respoad to Lender within 30 days after the date such notioe is mailed. Lender ia authorised to coAert and apply the proceeds. at Lendet's option. either to reetoratioa or repair of Lhe pmperty or to the suma secured by this Mortgage. Unleea Lender and Bormwer otherwiee agree in writing, any such application of pmceede to principal shall not ~tend or postpone the due date of the monthly inataliments referred b in paragraphe 1 and 2 hereof or change the amount of such inatallmente. 10. Borrower Not Releaeed. F.~ctension of the time for paym_nt or modification of amortisatio~ of the sume eecured by thie Mortgage giranted by Lender to any aucceaeor in intereet of Borrower ehaU not operate to release, in any manner, the liability of the original Borrower and Borrower's aua.~eeaora in intereet Lender shall not be required to oommence proceedings againat euch succeseor or refuse to e:tend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reaeon of any demand made by the original Boirower and Borrower's auci.~essora in interest. _ 11. Forbearaaoe by Leader Not s N?alver. My forbearance by Lender in exercising any right or cemedy hereunder, or othe~wiee afforded by applicable law. shall not be a waiver of or preclude the eaerciBe of any auch right or trmedy.'11~e procurement of insurance or the payment of taxee or other liens or charges by Lender ahall aot be a waiver of I.ender a right to aocelerate the maturity of the indebtedneea eecured by this Mortgage. 12 Remedie8 Cumuladve. All remedies provided in thie Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or aPforded by law or equity, and may be e:erciee~i ooacurrendy, independently or suooeasively. 13. 3ucceasore and Aasigna Bound; Joint and 3everal Liability; Captions. The oovenante and agreemente herein rnntained shell bind, and the righta hereunder ahall inure to. the reapective aua~eaeors and asaigns of Lender and Borrower. subject to the pmvieione of paragraph 1? herepf. All covenaata and agreemente of Bosrower ehall be joint and eeveral. The captiona and headinge of the paragrapha of this Mortgage are for rnvenience only and are not to be ~eed to interpret or define the provieions 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 shall be given by maiting such notice by certi6ed mail addresaed to Borenw~er at the Property Addreea or at euch other addrees as Borrower may designate by notice to Lender as provided herein, and (b) any notice to I,c~der ahall be given by certified mail, return reoeipt requested, to Lender's addresa stated herein or to auch other addreee as Lender may designate by notice to Borrower aa provided herein. My notice provided for in thie Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deaignated hesein. 15. Uniform Mortgage; Goveraing I.aw; 3everability. This form of mortgage eombines uniform covenanta for national uae and non- - uniform rnvenants with limited variationa by jurisdiction to oonstitute a uniform eecurity inetrument covering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property ia located_ In the event that any pmviaion or clauee of this Mortgage or the Note contlicts with applicable law~ auch conflict ahall not aHect other pmvisions of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the proviaione of the Mortgage and the Note are declarpd to be severable. ~ 16. Borrower'8 Copy. Borrower ahall be furniahed a rnnformed rnpy of the Note and of ihia Mortgage at the time of execution or after recordation hereof. ~ 17. Tranafer of the Property; Aseumption. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower without I.ender s prior written conaent, excluding (a) the creation of a lien or encumbranoe subordinate to thia Mortgage, (b) the creation of a purchaee money aecurity intereet for houaehold appliances. (c) a tranafer by devise, deacent or by operation of law npon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or leea not oontaining an option to purchase. Lender may. et Lender a option, declare ap the sums secured by thia Mortgage to be immediately due and payable. Lender ahall have waived such opdon to accelerate if, prior to the eale or tranafer. Lender and the peraon to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of euch peraon ia satiafactory to L,ender and that the interest payable on the aume secured by this Mortgage shall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 1 T, and if Borrower's successor in interest has e:ecuted a written assumption agreement accepted in writing by Lender~ I.ender shall release Borrower irom sil obligationa under this Mortgage and the Note_ ' If Lender exerciaea auch option to accelerate, Lender shall mail8orrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shal! provide a period of not less than 30 daya from the date the notice is mailed within which Borrower may pay the aums declared ! due. If Borrower fails to pay such sums prior to the e:p'vation of such period, Lender may, without further notice or demand on E3orrower, invoke any remedies permitted by paragranh 18 hereof. 18. Acceleration; Remedies. Ezcept ae provided ia paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mortgage. including t6e oovenants to pay w6en due any sume secured by this Mortgage, I.ender ' R prior to aoceleration s6all mail aotice to Borrower se provided in paragraph 14 hereof apecifping: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lese than 30 deye from the date the aotice ie mailed to Borrower, by which sach ~ breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in a acceleration of the eums aecured by this Mortgage, foreclosure by judicial prooeeding and eale of the Property. The notice shall ~ further inform Borrower of t6e right to reinetate after acceleration and the right to as8ert in the foreclosure proceeding t6e ~ non-ezistence of a default or any ot6er defenae of Borrower to soceleration and foreclosure. If the breach is not cured on or ~ before the date epecified in t6e notice, Lender at Lender's option may declare all of the eume aecured by thie Mortgage to be immediately due and payable without furtherdemand and may forecloee this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding alt e:penses of foreclosure, including, but not limited to, reseonable attorney's feee, and coete of documentary evidence, abetracte and title reports. ~ 19. Borrower's Right to Reinetate. Notwithetanding Lender's acceleration of the suma secared by thie Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing r this Mortgage if (a) Borrower pays Lender all suma which would be then due under this Mortgage. the Note and notea eecuring Future ~ Advancee, if any, had no accelerstion occurred; (b) Borrower cures all breaches of any other covenante or egreemente of Borrower contained in this Martgage; (c) Borrower pays all reasonable e:penses incurred by Lender in enforcing the covenants and agreements of BoTrower > f contained in this Mortgage and in enforcing Lendet's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's feea; and (d) Borrower takes auch action as Lender may reasonably require to assurn that the lien of this Mortgage, Lender's intereat ~ in the Property and Borrower'e obligation to pay the sums aecured by this Mortgage ehall rnntinue unimpaired. Upon euch payment and cure ~ by Borrower, this Mortgage and the obligationa secured hereby ahall remain in fiill force and effect ae if no acceleration had ocC~~rred. ' Z0. Aseignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aeeigne to i,ender the rents _ of the Property. provided that Borrower shall, 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. ~ ; 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 poeseasion of and manage the Property and to rnllect the rents of the Property, including those past due. All renta oollected by the receiver shall be applied Srat to payment of the ooate of management of the Property and rnllection of rents, including, but not ' litnited to, receiver'e fees, premiuma on receiver's bonds and reasonable attorney e fees, and then to the auma eecured by this Mortgage.'17ie ' receiver ahall be liable to aocount only for those rents aMually received. ~ :e, r 6~pK 3U1 F:,, F 698 ~ ~ ~ e ~ ~ ' _ _ - - - ~s~.~ „v.~~'~ ~ ' } ~ ~.~V„,., ~ ~ . _ _ _ _.v. . _._.e, ~s-- l ~r3~;• . _ ,