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HomeMy WebLinkAbout0246 S. In.pection. Lender may make ~r cauae to be made reaaonableentries upon and ic?epections of the prop~ty, provided that l.ender shall - give Borrower notice p~or to eny such inepection epecifying reasonable cause therefo~ related to I.ende~ a inirrest io the Prvperty. 9. Condemaatiott. TAe proceede uf any award or claim for damages, dinrt or rnneequential, in con~ection with any oondemnation or other taking of the property, or part thenot, or for co~veyance in lieu oi condemnation, are hereby aseigned and shall be paid b I.ender. In the event of a total taking of the Property, the proceeda ahall be applied to the suma eecured by thie Mortgage, with the e:cess, if any, peid to Borrower. In the event o[ a paetial taking of the Property, unleas Borrower and l.ender otherwiae agree in writing, there shall be applied to the aums eecund by this Mortgage such proportion of the proceedr aa ia equal to that proportion which the amount of the eums secured by thia Mortgage immediately prio~ to the date of taking bears to the fair market value o[the Property immediately prior to the date of taking, with the balance o[ the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, efter notice by Lende~ to Borrower that the oondemnor of[ere to make an awerd or settle a claim for damages, Borrowrr faib to reapond to Lender within 30 days after the date euch notice ie mailed, I.ender ie authorised to callect and apply the proceeds, at I.ender e option, either to restoration or repair of the property or W the eums eecured by this Moztgege. Unleae l.ender and Borrower otherwiee agree in writing, any euch application of proceeds to principal ehall not eatend or postpone the due date of the monthly inatallmente referred to in paragrapha 1 and 2 hereof or change the amount of such inetallments. 10. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the a~ms secured by thia Mortgage Kranted by I.ender to any aucceseor in intereat o[ Eiorrower shall not operate to release, in any manner, the liability of the original Borrower ~ind Borrower's succeasora in interest_ l.ender ehaU not be required to commence proceedings againet auch aucceeeor or refuae to e:tend time fur payment or utherwise modify amortization of the auma aecured by this Mortgage by reason of any demand made by the original E3orrower and Borrower's succesaors in interest. 11. Forbearance by I.eader Not a R?aiver. My forbearance by Lender in exercising any right or remedy hereunder, or otherwise . aPforded by applicable law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy.l'he procurement of ineurance or the payment of taxea or other liene or chargea by I.ender ehall not be a waiver of l.ender'e right to accelerate the maturity of the indebtednesa secured by thia Mortgage. ~ l2 Remediee Cumulative. All cemediea provided in this Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exemisevl concurrendy, independendy or successively. 13. Succeseors and Aseigns Bound; Joint and Several Liability; Captione. The covenanta and agreemente herein rnntained ehall bind, and the righte hereunder shall inure to, the reepective aucceseors and assigns of Lender and Borrower, aubject to the provisione of pnragraph I? hereof. All covenants and agreemente of Borrower ehaU be joint and eeveral. The captions and headings of the paragrapha of thia Mortgage are for covenience only and are nat to be uecd to interpret or define the provieions hereof. 14. Notice. F.xcept for any notice required under applicable law to be Riven in another manner, (a) any notice to Borrower provided for in thia Mortgage shal! be given by mailing such notice by certified mail addresaed to Borrower at the Prop~ty Addresa or at euch other addreae as Borrower may designate by notice to Lender ns provided herein, and (b) aoy notice to I.enuer ahall be given by certified mail, return receipt requeated, to Lendei s addreas stated herein or to auch other addreas as Lender may deeignate by notice to Borrower aB provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or l.ender when given in the manner deaignated herein. 15. Unitorm Mortgage; Governing Law; Severability. This form of mortgage combinea uniform covenants for national uae and non- uniform covenants with limited variations by jurisdiction to conatitute a uniform security inatrument covering real property. This Mortgage shall be governed by the law of the juriadiMion in which the Property is located_ In the event that any proviaion or clause of this Mortgage or the Note conQicta wilh applicable law, such contlict shali not af~ect other proviaions of this Murtgage or lhe Note which can be given effect without the conflicting provision, and to thia end the provieions of the Mortgage and the Note are declared to be eeverable. 16. Borrower'8 Copy. Borrower ahaU be furniehed a conformed rnpy of the Note and of thie Mortgage at the time of execution or after rcrordation heteof. 1?. 'I~enefer ot lhe Property: Asaumption. If al) or any part of the Property or an intereat therein ie sold or transferred by Borrower w~ithout Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security intereet for household appliances, (c) a transfer by devise, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not containing an option to purchase, Lender may, at I.ender s option, declare all the suma secured by lhis Mortgage to be immediately due and payable_ Lender shall have waived auch option to accelerate if, prior tu the sale or tranafer, Lender and the peraon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such ' person is satis[actory to Lender and t~at the interest payable on the sums secured by thie blortgage ahall be at such rate as I.ender ahalt ' request. If Lender has waived the option to accelerste provided in this pazagraph 17, and if Borrower'a successar in interest has executed a written assumption agreement accepted in writinQ by l.ender, l.ender shall release Borrower from all obligatiuns under this Mortgage and the i \ ote. ~ If Lender exercises such option to accelerate, Ixnder shall mail Rorrower notice of acceleration in accordance with paragraph 14 hereof. z ~uch notice shall provide a period of not lexs than 30 days from the date the notice is mailed 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 Eiorrower. ' ~nvoke any remeclies permitted by paraQtaoh iR hermf. ~ f ~ 18. Acceleration; Remedies. E:cept as provided in peragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage. including the covenants to pay when due any aums eecured by this Mortgage. Lender ~ prior to acceleration ehall mail notice to Borrower aa provided in paragraph 14 hereof apecifying: (1) the breach; (2) the aMion ~ required to cure such breach; (3) a date, not lese than 30 days from the date the notice ia mailed to Borrower. by which euch ~ breach muet be cured; and (4) thet failure to cure such breach on or before the date epecified in the notice may reault in ~ Hcceleration oithe sums secured by this Mortgage. foreclosure by judicial proceeding and eale olthe Property. The notice ehall ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreciosure proeeeding the ~ ~on-eziatence of a default or any other defenae ot Borrower to aoceleration and foreclosure. If the breach ie not cured on or ~ before the date apecified in the notice. Lender at Lender's option may declare all of t6e eums secured by thie Nortgage to be ~ immediately due and payable without furtherdemand and may torecloae thie Mortgage by judiciel proceeding. Lender ahail be ~ entitled to collect in auch prceeeding all expenses ot foteclosure. inciuding. but not limited to, reasonable attorney's fees, and ~ costa of documentary evidence. abstracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithatanding l.ender's acceleration of the sums aecured by this Mortgage, Borrowershall have ~ the right to have any proceedinga begun by l.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcinq ~ this Mortgage if: la) Borrower pays l.ender al: sums which would be then due under this Mortgage, the Note and notes aecuring Future - Advances, if any, had no acceleration occurred; lb) Borrowercures all breaches of any othercovenants or agreementa of Borrower contained in ~ this Mortgaqe; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enfomin I.ender's remedies as rovided in aragraph IS hereof, including, but not limited to, reasonable ~ 8 P P s attorney's feea; and (dl Borrower takes such action as Lender may reasonably require to asaurethat the lien of this Mortgage, Lender'a intereat in the Property and Borrower'a obligation to pay the sums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect ae if no acceleration had occurred. 20. Aesignment of Rente: Appointment of Receiver. As additional eecurity hereunder, Borrower hereby asaigns to Lender the renta of the Property, provided that ~3orrower ahall, prior to acceleration under paragraph 18 hereof or abundonment of the Property, have the right ' to collect and retain auch rents as they become due and payable. I Upon acceleratian under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a court to enter upan, take posaeasion of and manage the Property and to collect the rnnta of the Property, including those paet due. All rente ~ coUerted by the receiver ehall be applied first to payment of the coata of management o(the Property and coUection of rents, including, but not ~ i't; limited to, receiver e fees, premiuma on receiver's bonda and reasonable attomey a fees, and then to the euma secured by this Mortgage. The ! receiver ahall be liable to acrnunt only for those rente actually received. ~ I ~ ~ 3l'D'' 3U4 ~ r~ ~ ~~V z~= ~ _ ; - - - - ~ _ ~ ~ ~ ' ~ ~ ~ ~~`._~""`~-"'~w~~ ' I I ~ ,a~~.~ _ : .w' _