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HomeMy WebLinkAbout1328 8. lnspectioa. !.ender may make or cause to be made reasonable entries upon end inspections of the property, provided that Lender shall Kive Borrower notice prior to any such inapertion specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or ether taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, t,aid to Burrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the attmr u~~ured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date o! taking, with tt?e balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if, after notice by Lender to &,rrowtr that the condemnor often W make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, !.ender is authorised to collets and ;?pply the proceeds, at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unle~as !.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall note:tend or postpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for paym=nt or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in internat. !,ender shall not be required to commence proceedings against such successor or refuse to extend time f„r payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in a:erciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the t,ayment of taxes or other liens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedneae Kecured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or succeaeively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to, the respective aucixsaon and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and he~adinga of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the proviaiona~ hereof. i a. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addre~ased to Born, er at the Property Address or at such other address as f torower may designate by notice to !.ender as provided herein, and (b) any notice to !.ender shah be given by certified mail, return receipt requested, to Lendei a address stated herein or to ouch other address as Lender rosy designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or !.ender when given in the manner designated herein. 15. llniform Mortgage; Governing Law; Severability. This form of mortgagecombines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnverinq real property. Thin Mortgage .hall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the :llortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 1 i. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower ~cithout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, lc) a transfer by devise, descent or by operation of law upon the death of a joint i«~nant or ld1 the grant of any leasehold interest of three years or lees not rnntaininq an option to purchase, Lender may, at Lender's option, iectare all the sums secures by this Mortgage W be immediately due and payable. Lender shall have waived such option to accelerate if, prior the sale or transfer, Lender and the person W whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall beat such rate as (.ender shall request. It Lender has waived the option W accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a .+ritten assumption agreement accepted in writing by lender, Lender shall release Borrower from all obligations underthis Mortgage and the j \ ote. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. i tiuch notice shalt provide a period of not less than alt days from the date the notice is mailed within which Borrower may pay the sums derlazed ` clue. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, I Invoke any remedies permitted by paragraph lf+ hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender "s prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such 1 hreach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration otthe sums secured by this Mortgage. foreclosure by judicial proceeding and saleof the Property. The notice shall e g further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-e:iatence of a default or any other defense of Borrower to acceleration and foreclosure. It the breach is not cured on or t~etore the date specified in the notice. !.ender at Lender's option may declare all of the some secured by this Mortgage to be immediately due and payable without further demand and may forecloaethie Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's tees, and cc,sts of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I gender's acceleration of the aume secured by this Mortgage, Borrower shall have the right to have any proceedings begun by !.ender to enforce this Mortgagediscontinued at any time prior to entry of a judgment enforcing this Mortgage if: la) Borrower pays Lender all sums which would be then due under this Mortgage, the Nole and notes securing Future :ldvances, if any, had no acceleration occurred; tb1 Borrower cures all breaches of any othercovenants or agreements of Borrower contained in ~ this Mortgage; Ic) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney a fees; and Id! Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation W pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents ~.f the Property, provided that Borrower shall, prior to acceleration under pazagraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a court to enter-upon, take possession of and manage the Property and to collect the rents of the Property, including those peat due. All rents , = collected by the receiver shall be applied first to payment of the costa of managementof the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver a bonds and reasonable attorney a fees, and then to the aume secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. BOOK304 PAGE1327 $ - _