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HomeMy WebLinkAbout0185 A. Inepection. l.ender may make or cause to be made reasoneble entries upon end inspectiona otthe properiy, ptovided ttiat Lende~ ahall give Borruwer notice p~or to any auch inspection specifyi~g reaeonable cauae therefor related to Irndei s interest in the Property. 9. Coademnetion. The proce~eda of any award or claim for damag~, direct or ~wnsequential, in connection with any condemnation or other taking ot the property, or part thereof, or for conveyanre in lieu of condemaation. are hereby aasigned and shall be paid to I.ender. [o the event of a total taking of the Property, the pra.~eede ehall be epplied to the ~ums secured by thie Mortgage, with the exces~, if any, paid to Borrower. ln the event of e partial taking of the Property. unleae Borrower and l.ender otherwiee agree in writing, there shall be applied to the aums secwed by this Mortgage euch proportion of the proceeda ae is equal W that proportion which the amouot of the sums aecured by ihis Mortgage immediately prior W the date of taking beare to the fair market value of the Property immediately prior to the date of txking, with the balanca ot the proceede paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower faila to respond to l.ender within 30 daya atter the date auch notice is mailed, l.ender is authorised to collect and apply the proceeda, at l.ender's option, either to reetoration or repai~ of the pmperty or to the sume eecured by this Mortgage. Unleae l.ende~ and Borrower otherwiee agree in writing, any such application of proceeds to principal ahall not e:te~d or postpone the due date of the monthly inetaUmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch inataliments. 10. Borrower Not Releaeed. Extension of the time for paymant or modification ot amortization of the sume eecured by thia Mortgage granted by [.ender to any auccexeor in intereat of Boroower ahall not operate to release, in any manner, the liability ot the original Bor?rower and Bor~ower's auccesaore in intereat. l.ender ahall not be required to commence proceedinge againat auch succeeaor or retuse to extend time [or payment or otherwiae modify amortization otthe aums aecvred by this Mortgage by reason of any aemend made by the original Borrower and E3orrower s succeesors in intereat. 1!. Forbearanoe by Lender Not a N?aiver. My forbesrance by I.ender in e:erciaing any right or remedy hereunder, orotherwise afforded by applicable lew, ahall not be a waiver of or preclude the exerriee of any auch right or remedy. The procurement of ineurance or the payment of taxee or other liena or chargea by Lender ahall not be a waiver of l.ender'a righL Lo accelerete the maturity of the indebtedneas secured by thie Mortgage. 12. Remedies Cumulative. All mmedies prorided in thia Mortgage are distinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may bee:erciae~t ooncurrendy, independently or eucceeaively. - 13. Succeseore and Aseigna Bound; Joint and 3everal Liability; Ceptions. The covenanta and agreementa herein oontained ehall bind, and the righta hereunder ahall inure to, the respective aucceaeors and aeeigns of Lender and Borrower, subject to the provieione of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and eeverel. The captions and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be used w interpret or define the pmvieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Iiorrower provided for in thia Mortgage shall be given by mailing such notice by certi6ed mail addreaeed to Borro~ver at the Property Addreas or at auch other addreae as $orrower may deaignate by notice to Lender se provided herein, and (b) any notice to Lender ahall be given by certified mail, rtturn receipR requested, to l.ender'a address stated herein or to such other addreas as Lender may deaignate by notice to Borrower as provided herein. My notice provided for in thia Mortgage shall be deemed to have bren given to Borrower or L.ender when given in the manner deaignated herein. l5. Uniform Mortgage; Governing I.ew; Severability. This form of mortgage rnmbinea uniform covenante for national uae and non- uniform covenanta with limited variations by juriadiction to constitute a uniform security instrun~ent oovering real property_ Thia Moir3gage shaU be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provinion or clauae of thie Mortgage or the Note conilicta with applicable law, auch conflict shall not affect other provisiona of this Mortgage or the Note which can be given effect without the contlicting provision, and to this end the pmvisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furnished a conformed rnpy of the Note and of this 3Nortgage at the time of euecution or after recordation hereof 17. Tranefer ot the Property; Aseumption. If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower without Lender'a prior written consent, eacluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money aecurity intereat for houeehold appliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereet of three years or lese not containing an option to purchase, Lender may, at I.ender s option, declare aU the auma secured by this oi~age W be immediately due and payable. I.ender ahall have waived such option to acceletate if, prior to the sale or tranafer, Lender and the `rson to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of euch ~ pereon ie satiafactory to Lender and that the intereat payable on the suma secured by this I?lortgage shall be at such rate as I.ender shall ! request. If Lender has waivrd the option to accelerate provided in this paragraph 17, and if Eiorrower s successor in interest hae executed a ~ written asaumption agreement accepted in writing by Lender, I.ender shall release Borrower from a11 obligations under thia Mortgage and the ~ Note. If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ Such notice shall provide a period of not less than :i0 days from the date the notice is ~r.ailed within which Borrower may paY the sums declared ; due. If Borrower fails to pay such suma prior to the expiration of such period, l.ender may, without further notice or demand on Iiorrower, invoke any remediea permitted by paragraoh IR hereof s 18. Acceieration; Remediea. E:cept es provided in paragraph 17 hereof, upon Borrower'8 breac6 ot any oovenant or ~ agreement of Borrower in thia Mortgage, including the covenanta to pay when due any sume aecured by thie Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure auc6 breach; (3) a date. not lese than 30 daya from the date the notice is mailed to Borrower, by which euch ~ breach muat be cnred; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the euma secured by thie Mortgage. forecloaure by judicial proceeding and aale of the Property. The noticeahall ~ further inform Borrower o[ the right to reinatate aRer acceleration and the right to assert in the foreclosure proceeding the ~ non-e:iatence of a default or any other detense of Borrower to acceleration and forecloaure. If t6e breach ie not cured on or ~ before the date epecified in the notice. Lender at Lender's option may declare all of the eums aecured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to coilect in auch proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's fees. and coats of documentary evidence, abstrects and title reports. ~ 19. Rorrower's Right to Reinatate. Notwithetanding I.ender's acceleration of the aume aecured by thie Mortgage, Borrower shall have ~ the right to have any proceedings bequn by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: la) Borrower pays Ixnder all sums which would be then due under thia Mortgage, the Note and notea securing Future b Advances, if any, had no acceleration occurred; (b) Borrower curea all brnaches of any other covenants or agreementa of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable expensea incurred by [.ender in enforcing the covenants and agreementa of Borrower ~ ~ conlained in this MortgaQe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attomey's fees; and ld) Borrower takes such aMion es Lender may reasonably require to aesurn that the lien of thia Mortgage, Lender's intereet " in the Property and E3orrower's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations eecared hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Asaignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigns to Lender the renta of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right i to collect and retain such 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 court to enter upon, take posaeasion of and manage the Property and to collect the rents of the Property, induding thoee past due. All rnnta ~ collecied by the receiver shall be applied first to payment of the coats of management of the Property and collection of renta, including, butnot ~ limited to, receiver's fees; premiuma on receiver's bonds and reasonable attorney'a fees, and then to the sums aecured by thie Mortgage. The receiver ahall be liable to acoount only for tho~e rente actually received. F~ 9GC~r ~ ° ~ 3U V' 4 ac~ 185 ~ ~ ; : - - - - - ~ ~ ~ 'S ,.~.*'S eY,. ~~~,i ~ : _ ~'~i 'a:~v . b 2~, ~e ~~~~m. g•v k' .r_:'.