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HomeMy WebLinkAbout0696 8. Inspectioa. [.ender may make or cause to be made reawnable entriee upon and inspectiona of the property. provided that Lender ahell give Bor~ower notice prior io any such inspection rpecifying reasonable cause therefor related to Lender's interest in th~ Property. 9. Condemnation. The procceds of any award or claim for damagee, direct or consequential, in rnrlnection with any oo~demnation or other taking of the property, or part thereof, or for conveyance in lieu of condem~ation, are hereby aseigned sod shall be paid to l.ender. In the event of a fofsl taking of the Property, the proceeds shall be applied to the aume secured by thia Morlgage, with the e~ccess, if any. paid to Borrower. In the event ot a pariial taking of the Propetty, unleae Borrower and Lender otherwise agree in writing, then shall be applied to the aums eecurcd by this Mortgage such proportion of the proceeds as is equal to that proportion which the amo~.nt oi the sums eecured by thia Mortgage immedietely prior to the date of talcing beare to the fair marlcet value of the Property immediately priorto the date of taking, with the balance oi the pcoceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Iender to Borrower that the oondemnor offers to make an award or setde a claim for damages, Borrower.faiis b rrapuud to Lender within 30 daya sftrr :he date such notice is roailed, Lender is authorized to collect sad apply the proceede, at I.ender's option, either to resWration or repair of the property or to the eume secured by thie Mortgage. Unlese I.ender and Borrower otherwise agree in writing, any such application of proc~ede to principal ahall not extend or postpone the due date of the monthly inetallmente referred to in paragraphs 1 and 2 hereof or change the amount of such inetaUments. 10. Borrower Not Releaeed. E:tension of the time for paym~nt or modificstion of amortixadon oi the auma eecured by this Mortgage granted by I.ender to any aucceaeor in interest of Borrower ahall not operate to release, in any manner, the liabitity of the original Borrower and Borrower's euccessors in intereat. Lender ahaU not be required to oommence proceedings against auch aucceaeor or refuae to extend time for payment or otherwiae naodify amortization of the sums secured by this Mortgage by reaaon of any demand made by theoriginal Borrower and Borrower a successora in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise afiorded by applicable law, ehall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of ineuranoe or the payment of taxea or other liena or chargea by I.ender shall not be a waiver of Lender'a right to accelerate the maturity of the indebf~ednees secured by thie Mortgage. = 12. Remediee Cumulative. All remediea provided in this Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:erciaerl aoncurrently, independendy or succeasively. 13. 3uccessore and Aseigne Bouad; Joint and 3everal Liability; Captions. The covenante and agreemente herein oontained ehall bind. and the rights hereunder ahall inure to, the respective autt~eseore and aeaigne of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and several. The captions and headings of the paragraphs of this Mortgage are for rnvenience only and are not to be uaed to interpret or define the pmvieione hereof. 14_ Notice. Except for any notice ~equired under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage shall be given by mailing such notice by certified mail addreaeed to Borrower at the Property Addreas or at auch other addreee aa Borrower may designate by notice to Lender as provided herein, and (b) any notice to L.ender ahall be given by certified mail, return receipt requested, to Lender's addresa atated herein or to such other address as Lender may deeignate by notice to Bortowet aa provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Unitorm Mortgage; Governing Law; Severability. This form of mo~rtgagecombines uniform covenants for national uaeand non- uniform covenanta with limited variations by jurisdiction to constitute a uniform security instrument oovering real pmperty. Thia Mortgage shall 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 conilicts with applicable law, auch conflict shall not af~ect other proviaions of this Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to this end the proviaions of the Mortgage and the Note are declared to be severable. 16_ Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. . 17. ~anefer ot the Property; Asaumption. If all or any part of the Property or an intrreet therein is sold or traneferred by Borrower without I.endei a prior written eonsent, eYCluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money aecurity interest for houaehold appliancee. (c) a tranafer by devise, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or leas not containing an option to purchaee, Lender may, at Lendei s option, declare all the suma secarrd 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 peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of euch peraon is satiefactory to Lender and that the interest payable on the aums aecured by this Mortgage shall be.at auch rate as Lender ahall ` request. If Lender has waived the option to accelerate provided in thia paraEtraph 17, and if Borrower s successor in interest has e:ecuted a I written assumption agreement accepted in writing by Lender, LendershaU release Borrower from all obligationa under this Mortgage and the ~i ote. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. 3 Such notice shall provide a period of not lesa than 30 days from the date the notice is mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ~ - 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower'e breach of any covenant or ~ agreement of Borrower in this Mortgage, including the covenante to pay when due any suma secured by this Mortgage, Lender ~ prior to acxeteration shall mail notice to Borrower as provided in paragraph 14 hereof apecifyiag: (1) the breach; (2) the aMion ~ required to cure suc6 breach; (3) a date, not leae than 30 days from the date the notice ie mailed to Borrower. by which such breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notioe may result in ~ acceleration of the suma eecured by this Mortgage. toreclosure by judiciai proceeding and eale of the Property. The notice s6a11 ~ further intorm Borrower of the right to reinetate aRer acceleration and the right to aseert in the foreclosure proceeding the ; non-eziatence of a default or any other defenae of Borrower to acceleration and forecloaure. 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 suma aecured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in such proceeding all e:penaes of foreclosure, including, but not limited to~ reasonable attorney'e fees, and coata of documentary evidence, abetrecte and titie reports. ~ 19. Borrower's Right to Reinetate. Notwithstanding Lender's acceleration of the auma secured by thie Mortgage. Borrowerahall have `a the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) E3orrower pays Lender all suma which would be then due under this Mortgage, the Note and notes aecuring F~ture ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenanta or egreements of Bonower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenanta and agreements of Borrower - oontained in this Mortgage and in enforcing Lender's remedies as pro~~ded in paragraph 18 hereof, including, but not limited to, reasonsble attorney d feea; and (d) Botrower takea such aMion as Lender may rnasonably require to aeaure that the lien of thia Mortgage, Lender's interest in the Property and Borrower's obligation to pay the aums se.cured by this Mortgage shali continue unimpaired. Upon auch payment and cure by Borrower, thie Mortgage and the obligations aecured hereby shall remain in full force and effect ae if no acceleration had occurred. ' 20. Aseignment ot Rents; Appointment ot Receiver. As additional security hereunder, Bonower hereby aasigne to Lender the rents a of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain euch rents as they become due and payable. I = 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 possesaion of and manage the Property and to collect the rents of the Property, including thoee paet due. All renta ~ rnllected by the receiver aha11 be applied first to payment of the coats of management of the Property and collection of rente, including, but not limited to, receiver's fees, premiuma on receiver's bonds and reasonable attorney's feea, and then to the auma secured by thia Mortgage.l'he ~ receiver ahall be liable to account only for thoae renta actually received. ~ ~UGr ~0~ r4CE ~VV ~ ~ ~