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HomeMy WebLinkAbout0292 8. lnepectioa. I.ender may make or cauee to be made ~eaaonable entrics upon aad inepectione of the propee~y. provided that l.ender ehall Kive E3orrower notice prior b any auch inepection epecifying reaaonabie cauea therefor related to l.ender's interest in the Proprrty. 9. Condemna?ion. The proceede o[ any award or claim for damages, direet or rnneequential, in connection with any oondemnation or other taking of the pmperty, or part thereof, or for conveyapce in lieu of condemnation, an hemby asaigned and shall be paid to Lender. In the event of a total taking of the Property. the proceede shall be applied to the euma aecured by this Mortgage. with the e:cess, if any, paid to Borrower. In the event of a partial taking of the Froperty. unlese Borrower and l.ende~ otherwise agree in writing, there ahall be xpplied to the aums eecured by this Mortgage such proportion of the proceeds ae is equal to that proportion which the amount of the euma secuced by thia MortgaQe immediately prior to the date of taking beare to the tair market value of the Property immediately prior to the date of tnking, with the balanc~ of the proceeds paid to Borrower. lf the Property ia abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor oP[ers to make an award or eetde a cluim for damagee, Borrower faila to respond to Lender within 30 days after the daie auch notice is mailed, L.ender ie authorised to coUect and apply the proceeds, at I.endei s option, either to reetoration or repair of the property or to the euma secured by this Mortgege. Unleas Lender and Borrower otherwiee agree in writing, any euch application of ptoceeds to principal ehall not e:tend or postpone the due date of the monthly installmente referred to i~ paragraphs 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Released. F.xtenaion of the time for paymant or modification of amortization of the auma secured by this Mortgage Kran?ed by l.ender to any succeaeor in intereat of Borrower ahall not~operate to release, in any manner, the liability of the original Borrower .~nd E3orrower'a succesaora in intereat. I.ender ahall not be cequired to oommence proceedinge againat such succeeaor or refuee to extend time fur payment or otherwise modify amortization of the sums secured by this Mortgage-by ~eaeon of any demand made by theoriginal Borrower and Borrowei s succeeaors in interest. 1 l. Forbearance by I.ender Not a R?aiver. My forbearance by Lender in exercising any right or remedy hereunder, or otherwine afforded by applicable law, ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procucement of inaurance or the payment of taaea or other liens or chargee by Lender shall not be a waiver of Lendei a right to accelerate the maturity of the indebtednese secured by thia Mortgage. - 12 Remediea Cumulative. All remediee provided in this Mortgage are distinct and cwnulative to any other right or remedy under thie titortgage or afforded by law or equity, and may be exercise~l concurrently, independently or aucceeeively. 13. Successors and Aeeigne Bound; Joint and 3everal Liability; Captione.l'he covenanta and agreementa herein contained shall bind, and the rights hereunder ahali inure to, the respective aucceaeors and aseigne of I.ender and Borrower, aubject to the provisione of parngraph 17 hereof. All covenants and agreements of Borrower ahall be joint and eeveral. The captiona and headingg otthe paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (al any notice to Iiorrower provided for in t his Mortgage ahnll be given by mailing such notice by certified mnil addressed to Borrower at the Property Address or at auch other addrees as Borrower may designate by notice to Lender ae provided hemin, and (b) any notice to l.ender shall be given by certified mail, return receipt requested, to l.ender's address atated herein or to such other addmse as Lender may designate.by notice to Borrower ax provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender whet~ given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombinea uniform wvenanta for national uee and non- - uniform covenants with limited variationa by jurisdiction to eonstitute a uniform security insttun~ent covering real propetty. This Mortgage sha11 be governed by the law of the jurisdiction in which the Pcoperty ie located. In the event that any provision or clauae of this Mortgage or thr Note conflicts with applicable law, auch conflict shall not affect other proviaions of this Mortgaqe or the Note which can be given effect w•ithuut the conflicting provision, and to this end lhe proviaions of the Morigage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furnished a rnnformed copy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. Tranafer of the Property; Aseumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower w~ithout [.endei s prior written consent, eacluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b1 the creation of a pumhase money security interest for household appliances, (c) a tranefer by devise, d~scent or by operation of law upon the death of a joint tenant or (d) the grant oI any leasehold interest of three years or less not rnntaining an option to purchase, I.ender may, at [.ender s option, ~ ~eclare all the aums eecured by this Mortgage to be unmediately due and payable. I.ender ahall have waived such option to accelerate if, prior M t~~ the sale or transfer, Lender and the peraon to whom the Property ia to be sold or transferred mach agreement in writing that the credit of auch ~ perso~is satiafactory to I.ender and that the interest payable on the sums secured by this Mortguge shall be at such rate as Lender ahall E rrquest. If Lender has waived the option to accelerate pro~ided in this paragraph 17, and if E3orrower's successor in intereat has executed a ; k•ritten asaumption agreement accepted in writing by I.ender, I.ender shall release Rorrower from all obligationa under this Mortgage and the j ti ote. ~ r If [.ender exercises such option to accelerate, I.ender shall mail Rorrower notice of acceleration in accordance with paragraph 14 hereof. ~ tiuch notice shall provide a period of not less than 3t1 days from the date the notice is rr.ailed within which Borrower may pa~ the sums declared ~ ciue. If Borrower fails to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on E3orrower, ~ ~nvoke any remedies permitted by paraFCraoh 1R hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower'a breach of any oovenant or ~ agreement of Borrower in thia Mortgage. including the covenanta to pay when due any sums eecured by this Mortgage. Lender ~ prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breach; ~2) the action required to cure such breach; (31 a date. not lesa than 30 daya from the date the notice ie mailed to Borrower. by which auch t~reach must be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the auma secured by thia Mortgage, forecloaure by judiciel proceeding and sale of the Property.T6e notice shall - ~ further inform Borrower of the right to reinetate aRer acceleration and the right to easert in the forectoaure proceeding the ' r~on-eziatence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach ia not cured on or ~ before the date specified in the notice. Lender at Lender's option may declare ell of the auma aecured by thia Mortgage to be ~ immediately due and payable without further demand aod may foreciose this Mortgage by judicial proceeding.l.endershall be ~ ~~ntitled to coliect in such proceeding all expensea ottoreclosure. including, but not limited to. reasonnble attorney's tees. and costs of documentary evidence, abatracts and title reporta. ~ 19. Borrower's Right to Reinatate. Notwithstanding I.ender'a ucceleration of the aums aecured by this:Nortgage, Borrower shall have the right to have any proceedings beEtun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing 3' ~ thia Mortgage if: Ia) E3orrower pays t.ender all sums which would be then due under this Mortgage, the Note and notes securing Futum a Advancea, if any, had no acceleration cecurred; (b) Borrowercures all breachesof any othercovenant8 or agreements of Borrower contained in = this Mortgage; Borrower pays all reasonable e:penaes incurred by Lender in enforcing the covenante and agreements of Borrower = contained in this Mortgaqe and in enforcinq I.ender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonablR ` attorney e fees; and (d) Borrower takea such action as I.ender may ceasonably require to asaure that the lien of this Mortgage, Lender's interest in the Property and Bormwer's obligation to pay the sums secured 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 as if no acceleration had occumd. 20. Asaignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to I.ender the rents of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~s to collect and retain such rnnte as they become due and payable. ri Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a • ~ court W enter upon, take posaession of and manage the Property and to collect the rents of the Property, including thoae past due. All renta ~ collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of renta, inclading, but not limited to, receiver's fees, premiuma on receiver's bonda and reasonable attomey's feea, and then to the sums aecured by this Mortgage. The ~ receiver ahall be Gable to account only for those renta actually received. ~ ~ ~ r: pr 3U5 . 291 - ~ ~