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HomeMy WebLinkAbout0743 8. laepectioa. I.ender may make or cause to be made reasonable entries upoo and "uupection~ of the property, provided that Lender ~!?all give Borrower notice prior to at~y such inepection ~peri[yin~ reasonable cawe thenfor nlated W I.eadu'~ inLerest ia the Propett,y. 9. Condemn~tloa. The pmoeeds of aAy award or claim for damages. direct or con~equential. in coancetion wi@? aay oondemnation or other taking of the pmperty. or part thereof, o: [or rnaveyance in lieu of oondemnation, an hereby asaiQncd and shaU be paid to Lender. In the e~~ent of a total taking of the Property, the prooeeds shall be applied to the ~uu~s ~ecured by t!w Mort~egs, with tbe esoess, it eay, paid to Borrower. Ia the event of a partial taking of the Proper~y. unless Borrower aad Lend~ othervrise agree in writinQ. there shall be applied w the sums sec~red by this Mort~age such pmportioa of the pmceads as i~ equal to that pmportioa which the amount of the sums ~ecured by thu Mortgage immediately prior to the date of taking bears to the fair merket value of the Property immediately prior to the date of taking. with the balancY of the prooeeds paid to Botroaer: If the Property ie abandoned by Borrower. ot if, aRer notioe by Lender to Borro~rer that We ooademnor offers to make an award or eettle s claim for damages. Borrower fails to reepond b Lender aithin 30 de~ys aRer the date such notioe ia mailed. Lender u authorised b coAect and apply the proceeda. at Lender e optioa, eithe! b restoration or repair of the pmperty ~ to the sums secured by thi~ Mortgage. Ualess Lender and Borrowe: otherwise agrea in wridn~. any such application of pmceeds to principal shaU not euteud or po~tpone the due date of the monthly installmenta referred tn in paragraphs 1 aad 2 hereof or change the amow?t of such ia~taUments. 10. Borrower Not Released. Extension oi the time for pay~n~nt or modification of amortization of the suma secured by this Mortgage granted by Lender to any succesaor in interest of Borrower ehall no3 operate to releaae, in any manner, the liability of the original Borrower. and Borrower s eucceasora in intereat Lender shall not be required to oommence pmceedinge against such eucceaeor or refuse Lo e:Let~d time for payment or otherwiae modify amortization of the auma eecured by thia Mortgage by reasoa of any demand made by the o;iginal Botroaer and Borrowei a aucoessors in intereat. 11: Forbearanoe by Lender Not a Waiver. Any forbearanoe by I,ender in ~ercising any right or remedy hereunder. or otherwiee a~orded by appUcable law. ahaU not be a waiver of or preclude the eze~ciee of any snch right or remedy.'Ibe procurament of insuranae or the payment of tazes ~ other liens or charges by Lender ahall not be a waiver of Leadefs right to aacelerate the maturity of the indebtedness eecured by thie Mortgage. 12 Remedies Cumulative. All remedies provided in this Moregage an diatinct and cumulative to any other right or remedy under this Morigege or efforded by law or oquity. and may be ezerciee~t ooncurrendy. independendy or suocessively. ~ 13 3ucceeeore and Assigne Bouad; Joint and 3eversl I.iability; Captions. The.oovenants and agreemente herein oontained shall bind, and the righta hereunder ahall inure to, the reapective euoceesors and aasigns of I.ender and Borrower. subject to the pmvisions of . paragraph 1 T hereof. All covenanto and agreements of Borrower shall be joint aad several. The captions and headinge of the paragrapha of thi8 Mortgage are for covenience only and are not to be used to interprM or de5ne the proviaiona hereof. 14. Notice. Except for any notice required under epplicable law to be given in another manner. (a) any notice to Borrower provided for in thia Mortgage ehall be given by mailing euch notice by certified mail addreaeed to Borrower at the Property Addreee or at auch other addrese as Borrower may designate by notioe to I.ender ae ptovided herein, and (b) any notice to LendRr ~ha11 be given by certified mail, nturn receipt requested, to Lender s addresa atated herein or to anch other addreea ae Lender may deeignate by notice to Botrow~ as provided herein. Any notice provided for in lhia Mortgage shaU be deemed to have been given to Borrower or I.ender when given in the manner designated herdn. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uniform oovenante for national aee and non- uniform rnvenanta with limited variationa by juriediction to oonstitute a uniform security instrumeat oovering real property.'l~is Mortgage ahall be governed by the law of the jurisdiction in which the Property is located. In the event that any pmvision or clanee of this Mortgage or the Note conflicts with epplicable law, such conilict shall not a~ect other pmviaions of thie Mortgage or the Note which can be given effect without the oonflicting proviaion, and to thia end thepmviaions of the Mortgage and the hote are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furniahed a oontormed oopy of the Note and of thie Mortgage at the time of e:ec~tion or after recordation hereof. IT. Tranefer of the Property; Aesumption. If all or any part of the ProperEy or an interest therein is sold or traneferred by Borrower without Lender's prior written coneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage. (b) the creation of a purchaBe money eecurity intereat for household appliancea, (c) a t:ansfer by deviee. descent os by operatioa of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or leas not containing sn option to purchsee, Lender may. at I.ender s option, declare all the e~una eecured by thie Mortgage to be immediately due and payable. Lender ehall have waived euch option to accelerate if. prior to the sale or tranefer, Lender and the pereon to whom the Property ie to be eold or traneferred reach agreement in writing that the credit of euch peraon ia satiafactory to Lender and that the interest payable on the aums secured by thie Mortgage ahall be at euch rate ae Lender ahall request. If I.ender has waived the option to acoelerate provided in thia paragraph 17, and if Borrower a succeasor in intereat haa ezecuted a written asaumption agreement accepted in writing by Lender, Lender shall release Borrower from ail obligationa under thia Mortgage and the Note. ' i If Lende~r exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice shall provide a period of not lesa than 30 daya from the date the notice is ~r,ailed within which Borrower may pay the aums declared ~ due. If Bortower fails to pay auch suma prior to the expiration of such petiod, Lender may, without further notice or demand on ~3orrower, invoke any remediea permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. E:cept as -provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mortgage. inclnding the covenants to pay when due any eums Becured by this Mortgage. Lender ~ prior to acceleratioa e6all mail notice to Borrower as pmvided in paragraph 14 hereof epeci[ying: (1) the breach; (2) t6e action required to cure auch breach; (3) a date, not leee than 30 days from the date the notice is mailed to Borrower, by which such ~ breac6 muet be cured; and (4) that failure to care such bresch on or before the date speciRed in the notice may result in € aoceleration of the sums eecured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ furt6er inform Borrower of the right to reinstate after aoceleration and the right to aseert in the forecloaure proceeding the aon-eziatence of a defeult or any other detenae of Borrower to aoceleration and foreclosure. If the breach ie aot cured on or before the date specified in t6e notice, Lender at I.ender's option may declare all of the sums secured by thjs Mortgage to be immediately due and payable without furtherdemand and may foreclose ttusMortgage by judicial proceeding. Ixnder s6a11 be entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reaeonable attorney's feea. and costs of documentary evidence, abstracte and title reports. ~ 19. Borrower's Right to Reinatate. Notwithetanding Lender's acceleration of the aums eec~ued 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 ~ thia Mortgage if; (a) Borrower pays I.ender all suma which would be then due under thie Mortgege, the Note and notes aecuring I~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or egreemente of Borrower contained in ~ thia Mortgage; (c) Borrower paye all reaaonable expenees incurred by Lender in enforciag the oovenante and agreements of Borrower g wntained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, inclnding, but not limited to. reasonable = attorney's fees; and (d) Borcower takes auch action as Lender may reasonably require to assure that the lien of thie Mortgage, Lender's interest in the Property and Borrowei s obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon euc~ payment and cure ~ by Borrower, this-Mortgage and the obligationa serured hereby ehafl remain in full force and effect as if no aoceleradon had occurred. 9 20. Asaignment of Rents; Appointment of Receiver. As additional sec~rrity hereunder, Borrower hereby aseigna to Lender the rente I ~ of the Property, provided that Borrower ahall~ prior to acaeleration nnder paragraph 18 hereof or abandonment of the Property, have We right to collect and retain euch renta as they become due and payable. " ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entided to have a receiver appointed by a ~ aourt to enter.upon, take posseeeion of and manage the Property and to collect the rente of t~e Property. including thoee past due. All rente ~ oollected by the receiver shail be applied 5rat to payment of the ooete of management of the Property and collection of rente, including, but not ~ limited to, receiver's feea, pre~niuma on receiver e bonde and reasonable attomey's fees, and then to the aume eecured by thia Mortgage. The ~ receiver shall be liable to aooount only for those rents actually received. ~ ~ aooK 3U3 ~~cE 7~ k - 2 ~ .~F . . . . . _ _ . ' - - . ' . > ~ , _ •~s~`n.~ `x - - - ` - . . _