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HomeMy WebLinkAbout0968 1 ? 8. Inapection. Lender may make or cauee to be made reasonable entriee upon and inspections of the property, pmvided~thet Lender ehall give Borrower notice prior to any euch inspection specitying rraaonable cauee thecefor related to I.endei s interest in the Properiy. 9. Condemnation. The p~oceeds of eny award or claim [or damages, direct or coneequential, in connection with any oondemnation or other taking of the property, or part thereot, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event oi a Lotal taking of the Property, the pra.~eede shaU be applied to the sums secured by this Mortgege, with the excees. if any. paid to Borrower. I~ the event of a partial taking of the Pmperty. unlesa Borrower and I.ender otherwise agree in writing. there shall be apptied to the suma secured by thia Mortgage such pmportion of the proceeds as is equal to that pwportion which the amount of the sums eecured by this Mortgage immediatxly prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taki~g. with the balanca af the proceeds paid b Borrower. If the Property is abaadoned by Borrower, or if, aRer notice by I.ender to Borrower that the oondemnor oftera b make an award or setde a claim for damagea, Borrower fails to respond to Lender withi~ 30 daye aRer the date such notice ia mailed, Lender ia authorised to collect and apply the proceeds, at Lender s option, either to restoration or tepair of the property or to the aums eecured by this Mortgage. UnleBe L,ender and Borrower otherwiee agree in writing, any such application of proceeda to principal ehall not e:tend or poetpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of euch installments. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the eume eecured by thie Mortgage granted by Lender to any eucceseor in interest of Borrower ahall not operate to releaee, in any manner. the liability of the original Borrower and Borrower e aucccasora in interea~ Lender shall not be required to commence proceedings againat euch eucceseor or refnee to e:tend time for payment or otherwiae modify amortization of the suma secuted by thia Mortqage by reason of any demand made by the original Boirower and Borrower's auccessora in intereat. 11. Forbearance by I.ender Not a R?aiver. Any forbearance by Lender in exercieing anp right or ~remedy hee+eunder, or otherwise afforded by applicable law, ehall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liene ur chargee by Lender ahall not be a waiver of I.ender'e right to aocelerate the maturity of the indebtedneae secured by this Mortgage. 12 Remediee Cumulattve. All rewediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afiorded by taw or equity, and may be e:erciee~i ooncurrent~y, independendy or aucceaeively. 13. 3ucceeeors and Aaeigns Bound; Joint and Several Liability; Captiona. The covenanta and agreementa herein rnntained ehall bind, and the righte hereunder ahall inure to, the reapective succeaeors and-aeeigna of I.ender and Borrower, aubject to the proviaiona of paragraph 1? hereof. All covenante and agreemente of Borrower sha11 be joint and aeveral. The captions and headinga of the paragrephe of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaions hereof. 1~f. 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 auch notice by certified mail addreeaed to Borrower at the Property Addresa or at auch other addrese as Borrower may deaignate by notice to I.ender as provided herein, and (b) any natice to Lender ahall be given by certified mail, return receipt requeated, to Lender'e addrees atated herein or to such other addreas as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner deeignated herein. 1 S. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform oovenants for national uae and non- uniform covenante with limited variations by jurisdiction to constitute a uniform security inetrument oovering real property.'[Tiis Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clauee of this Mortgage or the Note conflicte with applicable law, such contlict ahall not at~ect other proviaiona of this Mortgage or the Note which can be given effect w~thout the conflicting proviaion, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17.1Yanefer of the Property; Aaeumption. If ali or any part of the Property or an interest therein is aold or traneferred by Borrower without [.ender s prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money secutity intereat for houaehold appliancea, (c) a transfer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three yeara or tesa not containing an option to purchaee, Lender may, at Lender'e option, declare all the suma 8ecured by this Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if. prior to the sale or tranefer, I.ender and the peraon to whom the Property is to be sold or transferred rnach agreement in writing that the credit of euch person ia satisfactory to Lender and that the intereat payable on the aums secvred by this Mortgage ahall be at auch rate as Lender shall ; request. If Lender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower s auccesaor in interest has execated a ' written assumption agreement accepted in.writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the I Note. I If I.ender exercises such option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay the aums declared due. If Borrower Cails to pay such sums prior to the expiration of such period, Ixnder may, without further notice or demand on tiorrower, j invoke any remedies permitted by paragraoh 18 hereof. - I 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any ooveaant or ~ agreement of Borrower in thie Mortgage, including the covenanta to pay w6en due any sums eecured by thie Mortgage. Lender ~ prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (l ) the breac6; (2) the action ~ required to cure such breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower. by which euch ~ breach muat be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice mey result in ~ acceleration of the sums aecured by this Mortgage, forecloaure by judiciel proceeding and eale of the Property. The notice ahall ~ further inform Borrower otthe right to reinetate after acceleration and the right to assert in the forecloeure proceeding the non-e:istence of a default or any other defense 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 aU of t6e sume aecured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be entitled to collect in auch proceeding all e:pensea of forecloaure, including. but not limited to. reasonable attorney's tees, and coats of documentary evidence. abstracts and title reporta. ~ 19. Borrower'e Right to Reinatate. Notwithatanding Lender'a acceleration of thesums aecuted by thia Mortgage, Borrowershall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advancee, if any, had no acceleration occurred; (b) Borrower cure~ al l breachea of any other rnvenants or agreementa of Borrower contained in ; this Mortgage; (c) Borrower pays al! reasonable expensea 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'e feea; and (d) Botrower takea euch action as Lender may reaaonably r~quire to assure that the lien of this Mortgage, Lender's intereet ~ in the Property and Borrower's obligation to pay the aums secured by thia Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortqage and the obligations secared hereby ahall mmain in full force and effect as if no acceleration had occurred. ~ Z0. Aseignment of Rents; Appointment o! Receiver. AH additional security hereunder, Borrower hereby aasigns to Lender the renta ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ ~ to coliect and retain such renfs as they become due and payable. ~ Upon acceleration under paragraph IS hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointed by a ' court to enter-upon, take poeeesaion of and manage the Property and to collect the renta of the Property, including those past due. All tenta ~ collected by the receiver shall be applied firat to payment of the coeta of management of the Property and rnllection of rente, including, but not ~ limited to, receivei a(eea, premiuma on receiver's bonds and reasonable attorney's feea, and then to the suma eecnred by thie Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received. ~ r ~ / 30Gr V~(5 ri~rE VV ~ ( _ ~ :i...... . . t