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HomeMy WebLinkAbout0717 8. • Ia~pectioa. I.e~der may make or cause to be muda rearonable entrie~ upon snd inspection~ oithe property, pmvided that I.ender shall ~ give Borrowe~ notice prior to any auch inspection epecitying reaaonable cauae therefor oelated to Lendes'e inte~ed in the Property. 9. Condemnatloa.'t~e proceeds oi any award or claim for damaRes. direct or consequential, in rnnaection with any oondemnation or other taking of the property, os part thereof, or for conveyanoe in lieu of oondemnation, are hereby aasigned and shall be paid to I.ender. In the event of a total takinQ of the Property. the proceeds aha11 be applied b the sums secured by this Mortgage. with tha esoee~. if any. paid to Borrower. [n the event of e pa~tial talring of the Property. unless Borrower and [.ender otherwiee agree in writing. there shaU be applied to the auma eecured by thi~ Mortgage such proportio~ of the proceedi as u equal to thaL proportio~ which the amouat of the sums eecured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the dete of taking, with the balanc~ of the proceeds paid to Bonower. If 1he Property is abandoned by Borrower. or if, aRer notiee by Lender to Borrower that the oondemnor offers to make an award or settle a claim for damages. Borrower faile to reepand to I.ender within 30 days aRer the date such notice is wailed. Lender ia authorised to collect and apply the proceeds. at I.ender'e option. either to reatoration or repair of tha pmperty or to the sums secured by this Mortgage. Unleea l.ender and Boirower otherwiee a8ree in wiriting. ai~y auch applicatioa of proceeda to principnl shall not extend or postpone the due ; date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower•Not Released. Extenaion of the time for paymant or modificabion of amortizstion of the eums eecured by thia Mortgage granted by Lender to any aucceseor in inten~et of Fiorrowe~ ~hall not operate to release. in any manner, the liability of the original Borrower ' and Borrower a successoiB in interea~ Len~r shall not be required to rnramence ptoceedings againat auch euoceseor or retuse to eztend time for payment or otherwise modify amortizaiion of the sums aecvred by thie Mortgage by reaeon of any demand made by the original Borrower and Borrower's auccessora in interee~ ' 11. Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in ezercising any right or remedy hereunder. or otherwise af[orded by applicabie law, shall not be a waiver of or preclude the exerciee of any such right or remedy.'11ie procurement of ineurance or the payment of taYes or other liene or charges by I.ender shall not be a waiver of Lender's right to aocelerate the maturity of the indebtedneaa eecured by thie Mortgage. ~ ~ 12 Remedies Cumulative. All remediee provided in this Mortgage an diatinct aad cumulativa to any other right or remedy under this 2 Mortgage or afforded by law or equity, aad may be e:erciee~l ooncurtently, independeady or auooeasively. 13. 3uccesaore and Aeeigns Bouad; Joint and Several Liability; Ceptione. The covenant8 and agreemente herein oontained ehall bind, and the righta hereunder shall inure to, the reapective aucoeesors and aesigna of Lender and Borrower, subject to the pmviaione of paragraph 17 hereof. All covenante and agreemente of Borrower shall be joint and eeveral. The captions and headinge of the paragraphs of thie Mortgage are for covenience only and are not to. be ueed to interpret or define the provieione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (al any notice to Borrower provided forin this Mortgage shall be given by mailing sach notice by certified mail addreeeed to Borrower at the Property Addreas or at Buch other addreea as ~ Borrower may deaignate by notice to Lender ae pmvided herein, and (b) any notice to I:ender ahall be given by certified mail. return receipt r~ueated, to Lendei s addreae atated herein or to euch other addreea as I.ender may deeignate by notice to Borrower aa provided herein, Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Goveraing Law; 3everabillty.'l~is form of mortgage combinee uniform oovenants for national uee and noa- uniform covenanta with limited variationa by juriediction to oonatitute a uniform eecu:ity inatrument covering real property. This MortgaQe shall be govemed by the law of the jurisdiction in which the Property ia located_ In the event that any provision or clauee of thie Mortgage or the Note contlicts with applicable law, auch conilict ahall not afi'ect other proviaiona of this Mortgage or the Note whicli'c~t be given egect without the contlicting proviaion, and to thia end the proviaiona of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower shall be fiunished a conformed oopy of the Note and of thia Mottgage at the time of ezecution or after recordation hereof. 17.1`ranefer of the Property; Aesumption. If all or any part of the Property or an intereet therein ie aold or transferred by Borrower without I.ender s prior written consent, e:cluding (s) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money eecnrity intereat for houeehold appliancee. (c) a tranefer by deviee, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not oontaining an option to purchaee. Lender may, at Lender'e option, declare all the sums aecured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to aooelerate if. prior to the sale or tranefer, Lender and the person to whom the Property ie to be sold or traneferred reach agreement in writing that the credit of ench person is satisfactory to [.ender and that the intereat payable on the aums secured by this Mortgage shall be at auch rate ae Lender ahall request_ If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's succeasor in interest haa e:ecuted a written assumRtion agreement accepted in writing by I.ender, Lender shali release Borrower from all obligationa under thia Mortgage and the Note. . If Lender exercisea such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordence with paragraph 14 hereof. Such notice ehall provide a period of not lesa than 30 days from the date tAe notice is rr,ailed within which Borrower may pay the auma declared due. If Borrdwer fails to pay auch suma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragrap6 17 hereof, upon Borrower's bresch of any oovenant or ; agreement of Borrower in thia Mortgage, including the covenants to pay when due any suma eecured by this Mortgage. Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not leas than 30 daye from the date the notice ie mailed to Borrower, by which such ~ breach must be cured; and (4) that failure w cure such breach on or before the date specified in the notice may result in ~ acceleration of the aums secured by this Mortgage, forecloaure by jndicial proceeding and eale of the Property. The notice ehall x further inform Borrower of the right to reinatate after acceleration and the right to assert in the foreclosure proceeding the ; non-ezistence of a default or any other defenae of Borrower to acceleration and forecloeure. If the breach ia not cured on or ~ before the date epecified in the notice, Lender at Lender'e option may declare all of the sums secured by thie Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceediag. Lender ahall be ~ entitled to collect in such proceeding all ezpenses of foreclosure. including, but not limited to, reasonable attorney's fees, and * coats of documentary evidence, abstracts and tiUe reporta. ~ 19. Borrower's Right to Reinstate. Notwithstanding I.ender's acceleration of the sums aecured by this Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage discoatinued at any time prior to entry of a judgment enforcing ~ this Mortgage if (a) Bor~+ower paya Leader all sums which wonld be then due under thie Mortgage, the Note and notes eecuring Ftiture t Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreementa of Borrower contained in thia Mortgage; (c) Borrower pays all reseonable eapenses incurred by Lender in enforcing the covenante and agreementa of Borrower ~ oontained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable ~ attorney's feee; and (d) Borrower takea auch action as I.ender may reaeonably require to asaure that the lien of thia Mortgage, Lender'e intereat ~ in the Property and Borrower's obligation to pay the aume secured by thia Mortgage shall continne ununpaired. Upon auch payment and cvre ~ by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. - 20. Asaignment of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigna to Lender the rents - 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 such rents as they become due and payable. - 7 Upoa acceleration under paragraph 18 hereof or abandonment otthe Property, Lender ahall be entitled to have a receiver appointed by a ~ ooutt to enter-upon, take ~+ossesaion of and manage the Property and to collect the rnnta of the Propetty, including thoee past due. All rente ~ coUected by the receiver ehall be applied first to payment of the oosta of managementof the Property and rnllection of rente, including, but not ~ limited to, receiver's feea, premiums on receiver's bonds and reasonable attorney's-fces, and then fo the euma secured by thie Mortgage. The ~ receiver ahall be liable to aooount only for those rnnts actually received. ~ UR~ ~o~K ~3U1 F:,~~ 717 k. ~ ~ ~ ~ _ - - ~ ~ . _ ~ ~_z ~ ,r .~r ~ K ,r `~F- ~ F . ! ~ _ ~i" . „ec..a. ~ .°J: _ ae..~ :n~~~~;k~ i ...~c__u . ~<a