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HomeMy WebLinkAbout0941 8. lnspectfoa. I.ender may ma~e or caupe to be made reawnable entRe~ upon and inepections of the property, provided that Lender shall Rive Borrower notice prioT to any such inspection specifying reasonable cawe Iherefor nlated to Lender's interest in the Property. 9. Coademnation. The proceede of any award or claim for daaiages, direct or rnnsequential, in c~nnection with any oondemnation or other taking of the pmperty. or part thereof. or for conveyanoe in lieu of oondemnation, an hereby eseigned and shaA be paid to I.ender. ln the event of a total taking of the Property, the proceeds shall be applied to the aums eecured by this Mortgage. with the esceas. if any, paid to Borrower. In the event of a paKial taking of ihe Property, unleas Borrower and [.ender otherwiae agree in writing. there shall be epplied to the auma eecured by this Mortgage such pm{wrtion of the proceeds as ia equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the daLe of taking, vrith the balanca of the procced~ paid to Borrower. If the Property ie abandoned by Borrower. or it aRer notice by Lende~ to Borrower that the oondetanor o~ers to make an award or settle a claim for damages, Borrower faila to respond to Lender within 30 days aRer the date auch notice ie mailed, I.ender ia authorised to collect and apply the prooeeds, at Lender's option, either to restorabion or repair of the property or to the suma secured by this Mortgege. Unleas L.ender and Borrower otherwise agt+ee in writing, any such application of prooeeda W principal shall not ~tend or postpone the due date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extenaion of the time for paymant or modifiration of amortization of the aume secured by thia Mortgage , granted by Lender to any euccesaor in intereat ot Borrower ahall not operate to release, in any manne~, the liability of the original Borrower and E3orrower's succesaore ia interest. l.ender ahall not be required to oommence proceedinga againat euch succeswr or refuse to e:tend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower a auccesaors in intereat. l l. Forbearanoe by I.ender Not a Rlaiver. My forbearance by [.ender in e:ercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any auch right or remedy. The procurement of inaurance or the payment o! taxes or other liena or chargea by I.ender ahall not be a waiver of Lender'e right to aocelerate the maturity of the indebtedne8e secured by thie Mortgage. 12 Remediee Cumulative. All remediee provided in this Mortgege are diBtinct and cumulative to any other right or remedy under this • ~lortgage or afforded by taw or equity. and may be e:ercieed ooncurrently. independently or euoceeaively. ~ 13. 3ucceseore and Aeaigna Bouad; Joint and Several Liability; Captioae. The covenante and agreementa herein oontained ahall bind, and the righte hereunder shall inure to. the reepective auccessors and asaignx of I.ender and Borrower, aubject to the provieions of paragraph 17 hereof. All covenants and agreementa of Borrower ehall be joint and several. The captions and headinga of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Eacept tor any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in this Mortgage ahall be given by mailing anch notice by certified mail addresaed to Boreqwer at the Property Addrese or at such other addresa ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Leader ~hall be given by certified mail, rehun receipt requeated, to Lender a addresa atated herein or to such other addrese as I.ender may designate by notice to Borrower as provided herein. My r~otice provided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the mannez designated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thie form of mortgage rnmbines uniform covenants for national uee and non- u niform covenante with limited variationa by juriadiction to conatitute a uniform security instrutnent oovering real property. This Mortgege shall be governed by the law of the jurisdiction in which the Property ie located. In the event that aqyr provieion or clause of this Mortgage or the Note contlicta with applicable law, such con(lict shall not a~ect other ptoviaiona of thie Mortgage or the Note which can be given effect without the conflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be aeverable. 16. Borrower'e Copy. Borrower shall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. ~ 17. 'IYanefer of the Property; Aseumption. If all or any part of the Property or an interest therein ie eold or tranaferred by Borrower without I.ender s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchaee money security interest for household appliances, (c) a tranafer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lesa not oontaining an option to purchase, Lender may, at Lender e option. declare all the auma secured by this Mortgage to be immediately due and peyable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Pcoperty ie W be sold or tranaferred reach agreement in writing that the credit of auch _ peraon is satisfactory to L.ender and that the interest payable. on the eums secured by this Mortgage sha11 be at auch rate aa L.ender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a ; w~ritten assumption agreement accepted in writing by I.ender, l.ender shall release Borrower from all obligations under thia Mortgage and the j ti ote. ` I f Lendet exercises such option to accelerate. I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not less than 30 daya from the date the notice ia ir,ailed within which Borrower may pay the sume declared i due. If Borrower fails to pay auch sums prior to tne expiration of such period, Lender may, without further notice or demand on I3orrower, ; invoke any remediea permitted by paragrabh 1R hereof. ~ 18. Acceleration; Remediea. Ezcept se provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or ~ ngreement of Borrower in this Mortgage,-including the oovenante to pay when due any sums secured by thie Mortgage, Lender ; prior to acceleration s6a11 mail notice to Bormwer as provided in paragrap614 hereof apecifying: (1) t6e breach; (2) the action i required to cure auch breach; (3) a date. not leas than 30 daye from t6e date the notice ie mailed to Borrower, by w6ich such a breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ; xcceleratioa of the sume aecured by thiH Mortgage, forecloaure by judicial proceeding and eale of the Property. T6e notice ahall f further intorm Borrower of the right to reinetate aRer acceleration and the right to easert in the foreclosure proceeding the = non-eziatence of a default or eny other defense of Borrower to acceleration and forecloeure. If the breach ie not cured on or t~ fore the date apecified in the notice, Lender et Lender's option may declare all of the sums secured by thie Mortgage to be = immediately due and payable without further demand and may forectose this Mortgage by judicial proceeding. Lender ahall be $ entitled to collect in such proceeding all expenaee of foreclosure. including, but not limited to, reaeonable attorney's feea, and ~ costs of documentary evidence, abatracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithetanding Lender's acceleration of theaums aecured by thie Mortgage, Borrowerahall have ; the right to have any proceedinge begun by [.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ` thia Mortgage if: (a) Borrower pays Lender a11 sums which would be then due under this Mortgage, the Note and notea securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrovrer cures al l breachee of any other covenanta or agreements of Borrower rnntnined in thia Mortgage; (c) Borrower pays all reasonable expenses incurred by Lendet in enforring the covenants and agreements of Borrower = contained in this Mortqage and in enforcinq Lender's remedies as provided in paragraph 18 hereof, including, but not limited. to, masonable _ attomey e fees; and Id) Borrower takes such action as Lender may reasonably require to assure that the lien of thia Mortgage, I,ender'e interest ~3 i n the Property and $orrower's obligation to pay the sums eecured by this Mortgage ehall continue unimpaired. Upon such payment and cure ; by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Aesignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigna to Lender the rente ~ uf the Property, provided that Borrower ahall, prior to acceieration under paragraph 18 hereof or abandonment of the Property, have the right - to collect and retain auch rents aa they become due and payabte. - 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~pon, take posaeseion of and manage the Property and to collect the renta of the Yroperty, including thoae past due. A11 renta ~ rnilected by the receiver shall be applied first to payment of the ooats of management of the Prnperty and collection of renta, including, but not limited to, receiver's feea, premiuma on receiver's bonde and reasonable attomey's feea, and then to the sume eecured by this Mortgage_ The ; receiver ahall be liable to acoount only for those renta actually received. a z: 30Gr 3(~5 rAfE i1~O ~ ~