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HomeMy WebLinkAbout0492 i 8. Inspeetion. [.ender mey make or cause to be made reawnable entries upon and inspections of the pmperty, provided that Ixnder ehall give Borrower notice prio~ W any auch inspection specifying reasonable cause there(or related to I.ender'a intereat in the Pmperty. 9. Co~demnatioa. The proceeds of any award o~ claim for damagee, direct oc coneequential, in connection with any oondennnation or other taking of the property, or part thec~f, or !or rnnveyance in lieu of oondemnation, an hereby aseigned end ehall be paid to I.ender. In the event of e totsl taking of the Prope~ty, the pra.~eeds ahall be applied to the euma securea by thie Mortgage, with the excers, if any, paid to Borrower. In the event o[ a partial taking of the Property, unle9s Borrower and l.ender otherwise agree in writing, there shall be apptied to the sums secured by this Mortgage euch proportion of the proceede ae is equal to that proportion which the amouat of the sums secured 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 telcing, with the balanca ot the proceeda paid to Borrower. ~ If the Property is abandoned by $orrower, or if, aRer notice by Lende~ to Borrower that the oondemnor offers to make an award or settle a claim for damages, Borrower fails to reepond W I.ender within 30 days aRer the daLe such notice ie mailed, Lender ie euthorised to collect and apply the proceeds, at Lender a option, either to restorstion or repair of the property or to the sums eecured by thie Mortgage. Unleas l~nder and Borrower otherwiae agree in writing, any such application of proceede to prinripal ahall not e:tend o~ postpone the due date of the monthly installmenta referred to in paragraphe i and 2 hereof or change the amount ot such installments. ~ ~ 10. Borrower Not Releaeed. ~xtenaion of the time for paymant or modification of amortization of the auma eecured by this Mortgage granted by L.ender to any aucceaeor in intereat of Borrower ahall not operale to releaee, in any manner, the liability of the original Borrower and Borrower's auccesaora in intereat. Lender shall not be required to oommence pra.~eedings against such aucceseor or refuee to extend time for payment or otherwiae modify amortization of the eume secured by thia Mortgage by reason oi any demand made by the original Borrower and Botrower's succeasore in intereat. 11. Forbearance by Lender Not a Waiver. Any [orbearance by Lender in e=emiaing any right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waiver of or preclude the e:erciee ot any euch right or remedy. The pracurement of inearance or the payment of ta:es or other~iene or charges by Lender ehall not be a waiver oi [.ender a right to accelerate the maiurity of the indebtedness aecured by thie Mortgage. 12 Remediee Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to eny other right or remedy under thie Mortgage or afforded by law or equity, and mey be ezercise~i concurrendy, independendy or aua~esaively_ 13. Succeeeore and Aesigne Bound; Joint end 3everal Liability; Captione.'l~e covenanta and agreementa herein contained ehall bind, and the righte hereunder aha11 inure to, the respective eucceeeore and assigns of Lender and Borrower. eubject to the provieiona of paragraph 17 hereof. All covenanta and agreements of Borrower ahall be joint and several. The captiona and headings of the paragrapha of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof. 14. Notiee. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to ~iorrower provided for in chis Mortgage ehall be given by mailing auch notice by certified mail addreset,d to Bonvwer at the Property Address or at euch other addrees ae Horrower may deeignate by notice to Lender as provided herein, and (b) any notice to LendeT ehall be given by cettified mail, return receipt requested, to l.endei e address stated herein or to such other adde~es8 as Lender may deHignate by notice to Borrower as provided herein. My notice pmvided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1 b. Uniform Mortgage; Governing Law; 3everability. This form of mortgage rnmbinea uniform oovenanta for national ueeand non- uniform covenanta with limited variationa by juriediction to rnnstitute a uniform security inatrument oovering mal property.'[1~ie Mortgage ehal) be governed by the law of the jurisdiction in which the Property is located. In the e~ ent that any pmviPion or clauae of thia Mortgage ar the Note contlicta with applicable law, auch conllict shall not affect other proviaiona of this Mortgage or the Note which can be given effeM without the conflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be severabie. 16. Borrower'e Copy. Borrower ahali be furnished a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17. Tranafer of the Property; Asaumption. If all or any part of the Property or an intereet therein is aold or traneferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchase money Becurity interest for houeehold appliances, (c) a tranefer 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 years or lese not containing an option to purchase, Lender may, at Lender'a option, declare all the sums aecured by thie Mortgage to be immediately due and payable. Lender ehal) have waived such option to accelerate if, prior ~ tu the sale or tranafer, Lender and the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of euch ~ peraon is satiafactory to l.ender and that the intereat payable on the suma secured by this Mortgage shall be at euch rate as Lender ehall ~ requesl_ [f [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has e:ecuted a € ; a•ritten assumption agreement accepted in writing by I.ender, I.ender shall release Borrower from all obligations under this Mortgage and the ` ti ote. t € If Lender exercisea such option to acrelerate. Lender ahall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof. ; ~uch notice ahall provide a period of not less than 30 days from thedate the notice ia mailed within which Borrower may pay theaums declared _ due. tf Borrower faita to pay such sums prior to the expiration of such period, Ixnder muy, without further notice or demand on Eiorrower, ~ ~nvoke any remedies permitted by paragraoh 1R hereoC ~ 18. Acceteration; Remedies. Ezcept as provided in paragreph 1'7 hereof, upon Borrower's breach of any rnvenant or ~ agreement of Borrower in this Mortgsge, including the oovenanta to pay when due any sume eecured by this Mortgage. Lender ~ prior to acceleration shall mail notice to Borrower aa provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not lesa than 30 days from the date the notice ie mailed to Borrower, by which euch ~ breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reault in a acceleration of the suma aecured b thie Mort a e, foreclosure b y g g y judicial pFOCeeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinstate after scceleration and the right to aseert in the forecloaure proceeding the ~ non-e:ietence of e default or any other detense of Borrower to aoceleration and forecloaure. If the breach is not cured on or s betore the date specified in the notice, Lender at Lender's option may declare all of the aums secured by thia i~ortgege to be ¢ immediately due and payable without further demand and may foreclose this Mortgege by judicial proceeding. Lender ehalt be ~ entiNed to co11eM in auch roceedin all ex ' P g penees of foreclosure. including. but not limited to, reasonable attorney's feea. and ~ costs of documentary evidence, abstracts and title reporta. ~ 19. Borrower'e Right to Reinstate. Notwithetanding I.ender's acceleration of the aume aecured by thie Mortgage, Borrower ahall have = the right to have any proceedings begun by [.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing { thia Mortgage if: (a) Borr+ower paye Lender all sums which would be then due under thie Mortgage, the Note and notes sEruring Future Advances, if any, had no acceleration occurred; (b1 Borrower cures all breachea of any other covenanta or agreementa of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable e:penseA incurred by Lender in enforcing the covenante and agreementa of Bonower rnntained in this Mortgage and in enforcing I.ender'e remediea as pro~~ded in paragraph 18 hereof, including, bat not limited to, reasonable - attorney e fees; and (d) Borrower takes such action se I.ender may reaaonably require to asaurethat lhe lien of thie Mortgage, Lender'e interest ' in the Property and Borrower'a o6ligation to pay the eums secured by thia 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 as if no acceleration had occurred. _ 20. Aaeignment ot Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aesigns to Lender the rente - of the Aroperty, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of ihe Property, have the right to collect and retain sucA rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to heve a receiver appointed by a " court to enter upon, take poseeaeion of and manage the Property and to collert the rents of the Property, including thoee paet due. All rents ootlected by the receiver shall be applied firat to payment of the costa of management of the Property and collection of rents, including, but not ' limited to, receiver'e fees, premiume on receiver's bonde and reseonable attorney e fees, and then to the e~uns eecured by this Mortgage. The `z recriver ehall be liable to acoount only for thoee renta actua8y received. 5 :`z ; ~ ~~4 49z 3 90C!c ~ r 1 ~ ~