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HomeMy WebLinkAbout0684 8. InapectioA: Lender may ma1~e or cawe to be mede eeasonablo eatria upon and inspectioae of the pmperty, provided that Lender ahall give Borrowe~ nodce prior b any auch inspectio~ specifyi~g reasonable ca:ue therefor related to Lendei s interest in the Property. 9. CondemnaUon. 'il~e pwceeds of any award or claim for damages, diroct or consequential. i~ connection with any oondemnation or other taking of the property, or part thereoi. or for conveyance in lieu of oondeannation, are hereby a~signed and shall be paid to Lender. I~ the event oi a total taking of the Property, the proceeds ~hall be applied w the sums secured by this Mortgage. with the excees. ii any, paid to Borrower. In the event of e partial taking of the Property. unles~ Bocrower and Lender otherwiee agree ia writing, then ehall be applied to the aums secured by this Mortgage such proportion of the proceedi as ia equal b that pmportion which the aa~ount of !he sums aecured by thie Mortgage immediaeely prior to the date oi taking bears to the fair market value of the Property ianmediately prior to the date ot taking, with the balanca of the proceeds paid to Bormwer. lf the Property ie abandoned by Botrovrer, or if, aRer notioe by Lender to Bormwer that the oondemnor offets to make an award or setde a claim for daraagea, Borrower fails to reapond to I.ender within 30 days after the date such notioe is mailed, Lender u euthorized to coUect aad apply the pr«xeds, at I.ender's option. either to restoration or repair of We property or to the eums securod by this Mortgage. Unlese I.ender and Borrower otherwise agree in writing, any auch epplication of prooeeda to principal ahall not e~ctend or poetpone the due date ot the monthly installmenta referred to in paragraphs 1 end 2 hereof or change the amount of auch installments. 10. Borrower Not Reteased. E:tenaion of the time for paym~nt or modification of amortization of the eume eecnt+ed by thia Mortgage granted by l.ender to any successor in interest of Borrower shall not operate to reieaee. in any manner, the liebility of the original Borrower and Borrower a aucceaeore in 3nterea~ [.ender shall not be required to commence proceedings againat such eucceeeor or refuse to extend time for payment or otherwise modify amortization of the aums aecured by this Mortgage by reaeon of any demand made by theoriginal Borrower and Borrower s succeseors in interest_ 11. Forbearaace by Lender Not a Waiver. My forbearance by Lender in eaercieing any right or remedy hereunder, or otherwise afforded by applicable law. ehall not be a waiver of or preclude the e:erciee of any euch right or remedy.'[1~e procurement of insuranoe or the payment of taxes or other liene or chargea by Lender ehall not be a waiver of I.ender a right to accelerate the maturity of the indebtedneas secured by thie Mortgage. 12. Remcdiee Cumulative. All remediea provided in thie Mortgage are dietinct and cumulative to any other right or remedy under fhis Mortgage or afforded by law or equity. and may be e:erciee~l ooncurrently, independenUy or aucceasively. 13. Succeasore and Assigae Bo~wd; Joint and Several Liability; Captions. The covenante and agreemente herein oontained ahall bind, and the righte hereunder sha11 inure to, the respective aucceasore and assigna of t.ender and Borrower, aubject to the proviaions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and eeveral. The captions and headings of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage shall be given by mailing such notice by certified mail addresaed to Borrower at the Proprrty Addrees or at auch other addreee se Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender ahall be given by certified mail, return reoeipt requested, to Lender's addrese stated herein or to such other addreas as Lender may deaignate by notice to Borrower ae provided herein. My notice pmvided for in thie ,1~Iortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability.'17~ia form of mortgage combines uniform oovenante for netional uee and non- uniform covenanta with limited variations by jurisdiction w oonatitute a uniform security inatrument covering real property.'l~is Mortgage shall be governed by the law of the jurisdiction in which the Property is lceated. In the event that any proviaion or clauee of this MQrtgage or the Note conQicta with applicable law, such conflict shali not affect other proviaions of this Mortgage or the Note which can be given effect ..~thout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be aeverable_ l 6. Bormwer's Copy. Borrower ahall be fumiahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereoL I T. 'ISraaefer oi the Property: Aasumptioa. If a11 or any part of the Property or an intereat therein is aold or tranaferred by $orrower w~thout L.ereder'a prior written conaent, e:cluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage, (b) the creation of a purchase muney xc:urity interest for household appliances, (cl a transfer by devise, descent or by operation of law upon the death of a joint tenan~ or (d) the gtant of ~ny leasehold intereet of three years or leas nat eontaining an option to purchaae, Lender may, at Lender's option, 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 transfer, L.ender and the person to whom the Property ia to be aold or transferred reach agreement in writing that the rredit of euch ~ peraon is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at such rate as Lender ahall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a succeasor in interest has e:ecuted a ~ w~ritten as3umption agreement accepted in writing by Lender, Lender ehall release Borrower from all obligationa under this Mortgage and the i Note. ~ If Lender eaercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall pmvide a period of not less than :~0 daya from thedate the notice ia mailed within which Borrower may pay the aums declared ~ due. If Borrower fails to pay auch aums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ~nvoke any remediea permitted by paragraoh 18 hereof. F ~ 18. Acceleration; Remedies. Except es provided in paragraph 17 hereof, upon Borrower'e breac6 of any oovenant or ~ agreement of Borrower in this Mortgage, including the oovenante to pay when due any aume secured by thia Mortgage, Leader ~ prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not lese than 30 daye from the date the notice ie mailed to Borrower, by which suc6 ~ breach muat be cured; and (4) that failure to cure such breach on or before the date speciGed in the notice may result in ~ acceleration of the sume aecured by this Mortgage, forecloaure by judicial proceeding and eale of the Property. T6e notice ehall further inform Borrower of the right to reinatate atler acceleration and the right to aesert in the foreclosure proceeding the ~ non-ezistence of a defeult or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or ~ before the date epecified in the notice. Lender at Lender's option may declare all of the sums aecared by this Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding ali e:penses of foreclosure, including. but not limited to. reasonable attorney's feea, and ~ coats of documentary evidence. abstracta and title reports. ~ 19. Bonower's R'sght to Reinatate. Notwithatanding Lender'a acceleration of the eums eecured by this Mortgage, Borrower shall have s the right to have any proceedinga begun by I.ender to enforce thia Mortgage discontinued at any time prior to eatry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays I.ender all suma which would be then dus under this Mortgage, the Note and notes aecuring Future ~ Advances, if any, had no acceleration occuned; (b) Borrower cums all breachea of any othez covensinte or agreements of Borrower contained in thie Mortgage: (cl Borrower pays all reaaonable expensee incurred by Lender in enforcing the oovenants and agreements of Borrower oontained in this Mortgage and in enforcing Lender e remediea as provided in paragraph 18 hereof, including, but not limited W, reasonable ~ attorney's fees; and (d) Borrower takea such action as Lender may reasonably require to asaure that the lien of this Mortgage, L.ender'e interest ~ in the Property and Borrower'a obligation to pay the aume secured by this Mortgage shall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effert as if no acceleration had occurred. gn y y gns to Lender the renta ~ 20. Asai ment of Rente; Appointment of Receiver. Aa additional securit hereunder, Borrower hereb seai ~ of the Property, provided that Borrower ehall, prior to acxeleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente as they become due and payable. 4_ 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 posaeaeion of and manage the Property and to collect the rents of the Property, including thoae paet due. All rente ~ ooUected by the receiver ehall be applied first to payment of the ooets of managementof the Property and collection of rents, including, but not limited to, receiver'a fees, premiuma on receiver e bonde and reasonable attorney's fees, and then to the suma eecured by this Mortgage. The ~ receiver sha11 be liable to acoount only for thaae renta aMually received. - ~ ~ °~`.3U5 ~83 ~ ~ ~4 ~