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HomeMy WebLinkAbout0090 8. Inepection. l.ender may make or cauee to be made reaeoneble entries upon and inopectione olthe property, pruvided that l.ender ehaU Kive Borruwer notice prior to any euch inapection specifying reusonable cauee there[ur related to L.ender'e interest in the Property. 9. Condemnatioa. The proceeds of any award or ctaim for damages, direct o~ coneeyuential, in connection with eny oondemnation or other taking of the pmperty, or pert thereof, or for conveyance in lieu of condemnation, are hereby aaeigned and shall be paid b Lender. In the event oi a Wtal ?aking ot the Property, the procceds ehall be applied to the euma aecured by this Mortgege. with the e:cees, if any, paid W Borrower. I~ the event of a partial taking of the Property. ~~nleas E3orrower and l.ender otherwise agree i~ writing, there ehall be ~~pplied to the euma eecured by thie Mortgage auch proportion of the proceeds as ie equal to that proportiun which the amount of the eums kecured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately priot to the date of tf~king, with the balance of the proceede paid to Borrowe~. If the Property ie abandoned by Borrower, or if, aRer ~otice by Lender to Borrower that the condemnor offers to make an award or eettle a claim for damages, Borrower faite to respond to l.ende~ within 30 daye after the date euch notice is mailed, l.ende~ ie authorised to collect and upply the proceeda, at Lender s option, either to reetoration or repair of the property or W the eume eecured by this Mortgage. Unleas Lender and Borrower otherwiee agr~ee in writing, any euch application of proceede to principal ehall not e:tend or postpone the due date of the monthly inatallments referred to in paragraphe 1 and 2 hereot or change the amount of such inatallmente. 10. Borrower Not Released. Extension of the time for paym~nt or modification ot amortization of the auma etiecured by thie Mortgage . Kranted by l.ender to any successor in intcrest of Borrower ahat] not operate to releaep, in nny manner, lhe liability of the oriQinal Borrower ;?nd E3orrowei a Rucceasora in intereat. Lender ahall not be required to commence proceeciings againat auch succesaor or rnfuse to extend time fur payment or otherwiae modify amortization of the sums secured by this Mort{Zage by reason ut any demand made by the original Borrower nnd E3orrower'a succeasora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exerriaing any right or remedy hemunder, or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exerciae of any such right or remedy. The procurement of insurance or the . payment of ta:ea or other liena or chargee by Lender ahall not be a waiver of I.ender'e right to accelerate the maturity of the indebtedneea secured by thia Mortgage. - 12. Remediee Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thia - Aiortgage or aftorded by law or equity, and may be eaerciee~i rnncurrendy, independently or aucceesively. ~ 13. Succeasore and Aseigne Bound; Joint and Severel Liability; Captiona. The covenante and agreemente herein contained ehall bind, and the rights hereunder shall inure to, the rnapective $ucceasora and asaigns of Lender and Borrower, aubject to the provieione of paragraph 1 T hereof. All covenanta and agreementa ot Borrower shall be joint and aeveral. The captione and headings of the paragrapha ot this Mortgage arn for covenience only and are not to be used to inteipret or define the proviaions hereof. l~. Notice. Except for any notice required under xpplicable law to be given in another manner, (a) any notice to Borrower providecl for in t h ia Mortgage ahall be given by mailing auch notice by certified mail .:~idrexaed to Borrower at the Property Addresa or at euch other addrese as Eiorrower may deaignate by notice to l.ender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt rc~ uested, to Lender's address atated hernin or to such other addreas se l.ender may designate by notice to Borrower ae provided herein. Any notice provided for in this Mortgage ehall be deemeci to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Unitorm Mortgage; Governing Law; Severability.l'his formofmortgagecombinea uniformoovenantafornational uaeand non- uniform covenants with limited variations by jurisdiction to conatitute a uniform aecurity instrument rnvering real property. This Mortgage .hall be governed by the lav~ of the jurisdiction in which the Property ia located. In the event that any proviaion or clause of this Mortgage or the Note conflicta with applicable law, such conflict shall not afTect other provisions of this bturtgaqe or the Note which can be given effect ithout the conflicting provision, and to this end the provisions of the Mortqage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed rnpy of the Note and of thia Mortqage at the time of execution or after recordation heeeof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an intemet therein ia sold or tranaferred by Borrower w-ithout Ixnder's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a E~urchase money security interest for household appliances, (c) a transfer by deviee, deacent or by operation of law upon the death of a joint trnant or (d) the grant of any leasehold intereat of three years or leas not containing an option to purchase, I.ender may, at Lender's option, ~lErlare all the suma serurea by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior t~~ the sale or tranafer, l.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such ~ person is satisfactory to I.ender and that the interest payabie on the sums secured by this Mortgage ahall be at auch rate as Lender shall ~ reyuest. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's sucressor in interest has executed a I ~+~ritten assumption aRreement accepted in w-ritinK by l.ender. [.ender shall release Borrower from all obligations under this Mortgage and the C tiute. j If Lender exercises such option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paraqraph 14 hereof. f ~uch notice shall provide d period of not less than 30 days frum thedate the notice is mailed within which Borruwer ma>~ pay the sums declared ( ~iue. If Borrower fail~ to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on Borrower, permitted by paragraoh IS hereof. 4 ~nvoke any remedies ' ~ 18. •Acceleration; Remedies. Ezcept se provided in paragraph 17 hereof, upoa Borrower's breach of any covenant or ~ aAreement of Borrower in thie Mortgage. including the covenanta to pay when due any aums aecured by this Mortgage, Lender ~ prior to acceleration eha11 mail notice to Borrower aa provided in paragraph 14 hereof specifying: (1) the breach: (2) the action ~ required to cure auch breach; (3) a date. not lese than 30 days from the date the notice is mailed to Borrower. by which auch breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reault in # acceleration of the eums aecured by this Mortgage, foreclosure by judicial proceeding and ealeofthe Property. The notice ahall ± further intorm Borrower of the right to reinstate after acceleration and the right to asaert in the foreclosure proceeding the ~ non-existence of a default or any other defenae of Borrower to acceleration and toreclosure. If the breach is not cured on or ~ before the date apeciCed in the notice. Lender at Lender'e option may declare all of the sums secured by this Mortgage to be ~ i mmediately due and payable without further demand and may toreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to coilect in such proceedinq all expenaex of foreclosure, including. but not limited to, reasonable attorney'a tees. and ' costs otdocumentary evidence. abstracts and title reporta. r 19. Borrower's Right to Reinatate. Notwithstanding Lender's acceleration of the sums secured by thia Mortgage, Eiorrower shall have ~ the right to have any proceedings begun by I.ender to enforce this Mortgage discontinued at any dme prior to entry of a judgment enlorcing z this Mortgage if: (a) ~rrower pays l.ender all sums which would be then due under this Mortgage, the Note and notea securing Future :'ldvancea, if any, had no acceleration occurred; (b? Borrower cures ail brnaches of any other covenante or agreementa of Borrower contained in - this Mortgage; (c) E3orrower pays all reasonable eapenses incurred by Lender in enforcing the covenants and aECreements of Borrower + contained in this Mortgaqe and in enfoming I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's feea; and (d) Borrower takes such action as [.ender may reasonably require to asaurn that the lien of thia Mortgage, Lender's interest _ in the Property and F3orrower'a obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon such payment and enre by Borrower, thia Mortgage and the obligationA aecured hereby ahall remain in tull torce and effect as if no acceleration had occurred. - 20. Aaeignment ot Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rente - uf the Property, pTOVided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain auch rents 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 posaesaion of and manage the Property and to collect the rents of the Property, including those past due. All renta collected by the receiver ahall be applied first to payment of the coata of management of the Property and collection of renta, including, but not - limited to, receiver's feea, premiuma on receiver's bonds and reasonable attomey's fees, and then to the suma secured by thie Mortgaqe. The receiver ahall be liable to account only for those rents actually received. ~ ~ ~ gucK 4 rAr.E ~ ~ =i ~ - - - _ _ - z _ ; - ~r~.- - i _ ~ _ . , . ~