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HomeMy WebLinkAbout0293 8. Inspectton. Lender me~y make or cauas b be mede reawnabk eatrie~ upon and iwpections of the property. provided that L.eader ~haii give Borrovrer notice prior to any such inspection apecitying e~eawneble cawe tberefor related to Lender i intere~t in the Property. 8. Coademaatioa.'1l~e prooeeds of aay award or claim for dame~e~. diract ot ooA~squeatial. in connectioa with sny oondemnatioa os othe~ takiag of ehe pmperty. or part thereof. or for conveyanos in lieu of oondemnation. ars heseby assigned aad shall be paid to I.ender. In the eveat of a ~otal tnkinQ of the PropertY. the prvicesd~ shall be applied to the ~ums secured by thi~ Mo~e~0. with the esooM. if aW?. paid to Horro~ver. In the event of a partial tekin~ of the Pe~opecty. unlew Bormwe~ and Lende~ otheiwiae agree ia writin~, thers shall be applied to the sums sscured by this Mortga~s snch proportion ot the pmcbsds aa ia equsl b that proportioa which the amount of the ~ums secured by this Mortgage immediately prior to the date of taldng bears b the fair market value of the Property immediately prior to Lhe date of talring. w~iW the balanoa of the proceed~ paid to Borrower. If ths ProperRjr iu ebendoned by Borrow~. ~ if. after aatice by Lender tu ~3Orrower that tbe oondemaor offen to make an award or ~ettle a claim for damages. Borrower faiL to re~poad to Lendu withip 30 days aRer the date auch aotioe u mailed. Lend~ is authorised to oollect and apply the prooeeda, at Leade~s option. either b restoratioa or repair of the proper~y ~ to We aums ~ecured by this Mort~a~e. Unless I~d~ and Borrower otherwise agree ia writiag, any euch application oiprooeeds to priacipal shaU not ~tand or postpoae the due date of the month~y installmenfa nferred Lo in paragraphs 1 aad 2 heeeof or chan~e the amouat of such iastallmenta. 10. Borrower Not Released. Extensior~ of the bime for paymant or modi5cation of amortization of the eums eecured by this Mortgage granted by Lend~ to any eucressor in interest of Borrower shaU not operate to release. in any manaer. the liability of the original Borrower and Borrower's succeseors in interra~ Lender ehali not be required to commence proc~edinge againat anch eacce~eor or refwe to txtend timz for payment or otherwise modify amortization otthe suma secured by this Mortgege by reason of eny demand made by the origiaal Bormwer and Borrower a succeeeota in intereek 11. Forbearanoe by Lender Not s Waiver. Any forbearanoe by I.ender in racerciaing any right or remedy herannder. or other~viss afforded by applicable law. shaU noi be a waive~ of or preclude the e~cezrise of any such right or remedy. The pmcurement of ins~ranoe or We payment of tases or other liens or chargea by I.ende~r shall not be a waiver of Lender's right to sooelerate the maturity of the indebtedness eecared by this Mortgage. 12 ltemediea Cumulative. All remedies prorided in this Mortgage are distinct and cvmulative to aqy other right or remedy under thii Mortgage o~ afforded by law or eqaity. and may be ezercise~i ooncurrendy. indepeadeady or snoceeaively. _ 13. Succeasors and Aseign~ Bouad; Joint and 8everal Ltability; Captions. The ooveaaata snd agreemente herein oontained shall bind. sad the righta hereunder shall inure W. the respective euocessors and assigns of Lender and Borrowez. subject to the provisione of paragraph I? hereof. All covenants and agreements of Borrower ahall be joint and several.'11ie captions and headings of the paragraphs of thia Mortgage are for covenience only aad are not to be used to intetpret or de5ne the proviaiona he~reof. 14. Notice. E:cept for any notice required under applicable law to be given in another manna, (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Bore~uwet at the Property Addrees or at auch other address as t3orrower may deaigaate by notice to Lender as provided herein, and (b) any notioe to Lender shail be given by certi5ed mail, return reoeipt - requested, to Lender's addreea atated herein or to auch oWer addresa ae I.ender may designate by notioe to Borrower ea provided htrein. Any notice provided for in this Mortgage ehell be deemed to have been given to Borrower or Lender when given in the mannrr designated herein. 15. Uniform Mortgage; Goveruing Law; Severabllity. This form of mortgage combinea uniform oovenants for aational uee sad non- uniform covenanta with limited variations by jurisdiction to constitnte a unifosm exurity inatrument oovering real property. Thia Mortgage shall be govemed by the law of the juriediction in which the Property is located. Ia the event that any pmvieion or clause of this Mortgage or the Note conflicta with applicable law. auch oonfliM shall aot aPfect other pmviaiona of this Mortgage or the Note which can be given effect without the eonllicting proviaioa, and to thia end the pmviaions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furnished a rnnformed oopy of the Note and of this Mortgage at the time of racecution or aker recordation hezeof. 17.1~ansfer of ihe Property; Aesumpdon. If all or any part of the Property or an interest therein is sold or traneferred by Borrower without Lender s ptior written consent, ezduding (a) the creation of a lien or encumbrance eubordinate to this Mortgage, (b) the creation of a purchaee trattey securitjr intrrest for honsehold'$ppliancea, (c) a transfer by deviee, deeoent or by operation of law upon the death of a juint tenant or (d~the ~nt of anj I~sehold intee+eelof three yeara or leaa not oontaining an option to pnrchase, Lender may. at Lender e option, declare al! the'suliui eecul+ed by this Mortgaae bA~ immediately dae and peyable. Lender ahall have waived such option to aocelerate if. prior to the eale or tranefer. Lender and the pereon to whom the Property is to be eold or transfetred reach agreement in writing that the credit of anch person ia satisfactory to Lender and that the interest payable on the aiune secured by this Mortgage ahall be at auch rate as I.ender shall request. If Lender has waived the option to acoelerate provided in thia paragraph 17, and if Borrowe~e euccea~or in intere~st has e:ecuted a written aseumption agreement socepted in writing by Lender, Lender ehall releaae Borrower from all obligationa under this Mortgage and the Note. If Lender e~cercisea such option to accelerate, Lender ahall mail Borrower notice of soeeleration in socordance with paragraph 14 hereot k Such notice ahall provide a period of not lesa than 30 days fram the date the notice ia wailed within which Borrower may pay the aums declared f due. If Borrower faila to pay auch suma prior to the e:piration of such period, I.ender may, without further notice or demand on Borrow~, ~ u?voke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in t6ie Mortgage, including the oovenante to pay when due aqy sume seaured by this ll~ortgage, Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragrap614 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 daya from t6e date the notice is mailed to Borrower, by which such ~ breac6 muet be cured; aad (4) that [ailure to cure euch breach on or before the date specified in the notice may result in G acceleration of t6e eums eecured by thie Mortgage, torecloeure by judiciel prooeeding and sale of the Property. Tbe notice shall ~ further inform Borrower of the right to reinstate aRer aoceleration aad the right to aseert in the foreclosure proceeding the ~ non-eLStence of e default or aay other defenee of Borrower to soceleration and foreclosnre. If the breach ie not cnred on or before the date epeciPed in the notlce, Lender at l.ender'e option may declare aU of the snme secured by t6ie Mortgage to be ~ immediately due and payable without further demand aad may forecl~e this Mortgage by judicial proceeding. Lender ahall be entitled to collect in euch proceeding all ezpenses of [orecloeure, including, but not limited to, reasonable attorney'e fees, and ~ costs ot documentary evidence, abetracts aad title reporfs. 19. Borrower's Rlght to Reinatate. Notwithstanding L,ender's acceleretion of the sume eecured by thie Mortgage. Borrower ehalt have g the right to have any proceedings begun by I.ender to enforce thia Mortgage disoontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage it (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea eecuring Fut~u+e % Advances, if any, had ao aoceleration occurred; (b) Borrower curee all breachee of any other covenante or agreementa of Borrower contained in y thia Mortgage; (c) Borrower paye all reaeonable eapenaee incurred by Lender in enforcing the covenants and agreements of Borrower i oontained in t6ia Mortgage and in enforcing I.ender e remedies aa provided in paragraph 18 hereof. including, but not limited to, reasonable attomey e feea; and (d) Borrov~ter cakes ench action ea Lender may reasonably require to asaure that tl~e lien of lhie Mortgage, Lender'e interea~t ~ in the Property and Bormwei a obligation to pay the aums aecured by this Mortgage ahall oontinue unimpaired. Upon such payment end cure ; ; by Borrower, thie Mortgage and the obligations aecured hereby ehall remain in fuq force and effect ea if no aoceleration had occurred. 20. Aesignment of Rents; Appointmeat ot Receiver. Aa additional eecurity hereunder, Borrower hereby aseigns to Lender the rents i y of the Property, provided that Borrower el~all, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the rigt,: to coUect and retain such rents ea they become due and payable. ~ ~ Upon aoceleration ander paragraph 18 hereof or abandonment of the Property. Lender ehall be entided to have a receiver appointed by a ' oourt to enter~pon, take poeeeeeion of and manege the Property and to collect the rents of the Property, incinding thoee paat dne. All rente ~ ooll~cted by the receiver shall be applied 5rst to paymeot oi the oaeta of management of the Property and collection of renta, inclnding, but not _ ~ limited to, receiver e fees, premi~une on receivrr's bonde and reasonable attorney'a faee, and then to the aume eecared by thie Mortgage.'I~e ~ reoeiver shall be liable to acoount only for those renta actually received. ~ 4' ~ ~ •306 f 293 ~ ~ ~ - _ . ~ _ ~_t- . . °