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HomeMy WebLinkAbout0812 8. lnspection. Lender may make or cause to be made ~easonable entries upon a~d inspections of the proper~y, provided that I.ender ehall give Eiorrower notice prior to any such inspection epecifying reasonable cauee therefor related to Lender'o interest in the Property. 9. Coademnation. The proceeds of any award or clt?im for damager, direct or rnnsequential, in connection with any oondemnation or other taking of the pmperty, or part thereot, or for conveyance in lieu of oonder±nation, are hereby assigned and shall be psid 6o L.ender. In the event of a total taking of the Piroperty, the proceeda ehall be epptied to the suma secured by this Mortgage, with the exoees, it any, paid to Borrovrer. In the event of a partial taking oi the Property, unless Borrower and l.ender otherwiee agree in writing, there al~all be applied W the aums secured by this Mortgage euch proportion oi the proceeds aa ia equal to thet propottion which the amount of the euma aecured by thia Mortgage immediately prior to the date of taking bears to the fait markM value of the Property immediately prior to the daLe ot tsking, with the balanca of the proceeda paid to Borcower. I[ the Property is abandoned by Borrovrer, or ii, aRer notice by I.ender to Borrower that the condemnor offere to make an award or eetde a claim for damages, Borrower fails to reapond to Lender within 30 daye aRer the date euch notice is mailed, l.ender ia euthorised to rnllect and apply the proceeds, at I.ender'a option, either to restaration or repair of the property or to the sums eecured by this Mortgage. Unless I.ender and Borrower otherwi~e agree in writing, any such application of proceeda to principal shaU not extend or postpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of euch inatallments. 10. Borrower Not Released. Extension of the time for paym~nt or modi6cation of amortization of the suma secured by thie Mortgage granted by Lender to any succeaeor i~ intereat o[ Borrower shall not operate to releaee, in any manner, the liability of the original Borrower and Borrower'e succesaora in interes~ Lender ahall not be required to oommence proceedinga againet auch aucc~eeeor or refuee to e:tend time [or payment or otherwise modify amortization of the eums secured by this Mortgage by reaeon of any demand made by the original Borrower and Rorrower'a succesaore in intereat. 1 l. Forbearance by I.eader Not a Waiver. My forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwise aP[orded by applicable law, ahall not be a waiver otor preclude the e:erciee of any euch right or remedy. The procurement of ineurance or the payment of taxes or other liena or chargee by Lender shall not be a waiver of Lendei e right to accelerate the maturity of the indebtedneea secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in thie Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exercised concurrendy. independently or succeeeively. 13. Succeseore and Aesigne Bound; Joint and 3everal Liability; Captiona. The covenanta and agreementa herein rnntained ehall bind, and the righta hereunder ahall inure to, the reepective sucoeseore and aeaigna of l.ender and Borrower, eubject to the provieione of paragraph 1? hereof. All rnvenanta and agreementa of Borrower ahall be joint and aeveral. The captione and headings of the paragraphe of thie Mortgage are for covenience only and are not to be uaed to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable Iaw to be Qiven in another manner, (a) any notice to Borrowet provided forin this Mortgage ahall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addresaor at euch other addreas as Borrower may designate by notice to Lender as provided herein, and (b) any notice to [.ender shall be given by certified mail, return receipt requested, to l.ender's addreas atated herein or to euch other address as I.ender may designate by notice to Borrower as provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everebility. This torm of mortgagernmbinea uniform oovenants for national uee and non- uniform covenanta with limited variations by juriadiction to constitute a uniform aecurity instrument oovering real property.'l~is Mortgage shall be governed by the law 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 Mortgage or the Note which can be given effect without the conflicting proviaion, and to thia e~d the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed copy of the Note and of this Mortgage at the time of e:ecution or after recordation hereoL 17. Traneter of the Property; Aseumption. If all or any part of the Property or an intereat therein ia sold or transferred by Borrower without l.ender'a prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the crnation of a pumhase money eecurity intereat for houaehold appliances, (c) a transfer by deviae, descent 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, [,ender may, at Lender'a option, f declare all the sums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior ~ to the sale or tranefer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of euch peraon is satiatactary to I,ender and that the interest payabie on the sums secured by this Mortgaqe shall be at euch rate as Lender shall reqaest. If l.ender has v?aived the option to accelerate provided in thia paragraph 17, and if Borrower's succeasor in interest has executed a ; written assumption agreement accepted in writing by I.ender, L.ender shall releaae Borrower from all obligationa under thia Mortgage and the ~ Note. : [f Lender exercises such option to accelerate, Ixnder shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not less than:~ daya from the date the notice is mailed within which Borrower may pay thesums declared ~ due. I[ Borrower faila to pay such sums prior to the eapiration of such period, I.ender may, without further notice oT demand on Borrower, € ~nvoke any remedies permitted by paragraoh 18 hereof. € 18. Acceleration: Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's breach ot any covenant or ~ agteement of Borrower in thie Mortgage, including the covenante to pay when due any sums secured by thia Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereotepecifyiag: l l) the breach; (2) the action R required to cure such breach; (3) a date. not less than 30 days from t6e date the notice ie mailed to Borrower.-by which euc6 ~ breach muet be cured; and (4) that tailure to cure such breach on or before the date epecified in the notice may reault in ~ acceleration of the auma secured by this Mortgege, foreclosure by judicial proceeding and aale of the Property. The notice ehall ~ further inform Borrower of the right to reinatate after acceleration and the right to a8eert in the forecloeure proceeding the ~ non-e:iatence of a default or any other defenae of Borrower to aoceleration and foreclosure. If the breach ie not cured on or ~ before the date apecifed in the notice. Lender at Lender'a option may deciare all of t6e eums secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in euch prceeeding all e:penses of foreclosure. includiag. but not timited to. reasonable attorney's feea, and ~ costs of documentary evidence, sbstracts and title reporte. ~ 19. Borrower's Right to Reinstate. Notwithatandinq Lender s acceleration of the eume eecured by this Mortgage, Borrower ehall have ~ the right to have any proceedinga begun by I.ender to enforce thia Mortgage diacontinued at any time prior to entry of a}udgment enforcing ~ this Mortgage if:'la) Borrower pays [.ender all auma_which would be then due under this Mortgage, the Note and notee aecuring Future ~ Advanrns, if any, had no acceleration occurred; (b) E3orrower curea al I breaches of any other covenante or agreements of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable expensea incurred by I.ender in enforcing the covenanta and agreementa of Borrower ~ contained in this Mortgaqe and in enforcing Lender'e mmedies as provided in paragraph 18 hereof, including, but not limited to, reasonabl~ attomey's feES; and (d1 Borrower takea such action as Lender may rea~onably require to assure that the lien of this Mortgage, Lender'e interest in the Property and Borrower's obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force anJ effect as if no acceleration had occurred. 20. Asaignment of Rente; Appointment of Receiver. As additiona) security hernunder, Borrower hereby aasigne to Lender the renta of the Property, provided that Borrower shall, prior to acceleration under paraqraph 18 hereof or abandonment of the Property, have the right W? to collect and retain auch rente ae they become due and payable. Upon accele~ation under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a reoeiver appointed by a `5 oourt to enter upon, take posseseion of and manage the Property and to collect the rents of the Property, including thoae past due. All renta i rnllected by the receiver shal} be applied first to payment of the coate of management of the Property and collection of rnnta, including, but not limited to, receiver e feeH, premiums on receivei s bonda and reaewnable attomey's feee, and then to the aums eecured by this Mortgage. The receiver ehall be liable to acoount only for thoee rente actually received. ~ ~ SccK ~U4 ~acE 81z ~ - - -