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HomeMy WebLinkAbout0516 8. Iaspection. LeAder may make or cauee to be made reaeonable eatries upon and inapections of the property. provided that Lender ahaU give Borrowe~ notioe prior to any auch inspection specityinQ reasonable causs therefor nlated b Lender's interest in the Property. 9. Condemnadoa.'l~e pmceeda of any aaard or claim for damaQes. direct or consequential, in connecaon wich a~y aoademnaeon or other taking of the property, or part thereof. or for coaveyance in lieu of oondemnation. are hereby aesigned and ahaA be paid to I.ender. In the avent of a total taking of the Property. !he proceeds shall be applied to We sums secured by this Mortgage, with the ezoees, if any. paid to Borrower. In the event of a partial tabng of We Prop~ty~ unless Borrowe~r and Lender othetwise agree in writing~ there ahall be applied to the sums sec~u~ed by thia Mortgage euch pmportion of the proceeds ae is equal ta that proportion which the amount of the sums ~ecured by this Mortgege immediately prior to the date of taking beais to the fair market value of the Propedy unmedietely prior to the dete of takine. with the balance of the pmceeds paid to Borrower. If the Property is abendoned by Borrower, or if. aRer notice by Lender to Borrower that the ooademnor often to make an awrard or settle a claim for damages. Borrower fails to rcepond to I.ender rvithin 30 days aRsr the date such notioe ia mailed. I,endez is authorised to rnllect and apply the proceeds. at Lender's option, eitheT to r~toration or repair of We prop~rty or to !he euroe secue+ed by this Mortgage. Unleas Lender and Borrower otherwise agree in writing~ any such application of prooeeds to principal ahaU not e~tend or postpoAe the due date of the monthly installments referred to in paragraphs 1 and 2 b~eof or change the amount of such instailments, 10. Bortower Not Released. E:tension of the time for ptUnnaat or modification of amortization of the aume eecured by thia Mortgage granted by Lender to any auccessor in interest of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower'e succesaors in interea~ i,ender ahall not be required to oomm~nce praceedings agaiuet such euooessor or refuee to eztend time for payment or otherwiee modify amortization of the auma secured by this Mortgege by reaeon of any demand made by the originat Borrowa and Borrow~r e aucc~essore in interes~ 11. Forbearanoe by Lender Not a Waiver. Any forbearance by I.euder in e:ercieing any right or remedy hereunder. or otherwiae afforded by applicable law, ehall not be a waiver of or preclude the ~ercise of aay euch right or remedy. The procurement of ineuranoe or the payment of tauea or other liens or charg~ by Lend~ir ehall not be a waiver of Lender's rig6t to aooelerate the maturity of the indebtedness secured by thia Mortgage. 12 Remedies Camulative. All remediea pmvided in thie Mortgage are distinct and cumnlative to any other right or nmedy under t1?is Mortgage or afforded by law or equity. and may be e~erciscrl ooncurrently. independently or succeasively. 13. 3ucceasore and Asaigne Bound; Joint and 3everal Liability; Captione.'I1ie oovenanLs and agreementa herein oontained shall bind, and the rights hereunder shall inure to, the reepective sncceeaore and essigna of Lender and Borrower, subject to the pmvisioas of paragraph 17 hereof. All covenants and agreementa of Borrower shall be joint and eeveral. The captioas and headinaa of the neraarnnh¦..o iius ~iorigage are for rnvenience oniy and are not to be used w interpret or define the provisione hereof. ~ ' 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in thie Mortgage ahall be given by mailing auch notice by certified mail addreseed to Borrower atlhe P[operiy Addreae or at euch other address aa Borrower may deaignate by notice to Lender ae provided herein. and (b) any notice to Lender ehall be given by certified maii, return e~eceipt requeated, to I,ender e addresa atated herein or to auch other address ea L,ender may designate by notiee to Borrower ae provided herein. My notice pmvided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uaiform Mortgage; Goverding l.aw; 3everability. Thie form of mortgage combinea uniform oovenants for national uee and non- uniform covenanta with limited variationa by juriediction to oonatitute a uniform security instrument oovering real property.'Phia Mortgage ehall be governed by the law of the juriadiction in which the Property is located. In the event that any provision or dauBe of this Mortgage or the Note conflicte with applicable law, euch conflict shall not affect other proviaiona of this Mortgage or the Note which can be given effect without the oonflicting pmvision, and to thie end the proviaions of the Mortgage and the Note are declared to be eeverable. 16. Bortower's Copy. Borrower ahall be furniahed a oonformed o~py of the Note and of thia Mortgage at the time of ~ecution or after recordation heseof. 17. 'l5raneter of the Property; Aaeumption. If all or any part of the Property or an interest therein is eold or traneferred by Borrower without I.ender's prior written conaent, ezclnding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchaee money security intereat for houeehold appliances, (c) a dransfer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of thrce years or less not oontaining an option to purchaee, Lender may, at Lendei a option. declare all the aums secured by thiB Mortgage to be immediately due and payable. Lender ehall have waived auch option to aocelerate if, prior I to the sale or transfer, Lender and the pereon to whom the Property is to be eold or tranaferred reach agreement in writing that the credit of auch person ia satisfactory to Lender and that the interest payable on the auma secvred by this Mortgage shall be at auch rate aa Lender ahall ' request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's aucceasor in interest hae e:ecuted a written aseumption agreement acoepted in writing by Lender, Lendershall release Borrower from all obligationa under thia Mortgage and the Note. ~ If Lender exercisea auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice shall provide a period of not less than 30 days firom the date the notice ia ir,ailed within which Borrower may pay the aums declared M due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on ~iorrowet, ~ invoke any remedies permitted b ara E y p graoh 18 hereof. 18. Accelerstion; Remediea. Ezcept se provided in paragraph 1? hereof. upon Borrower'e breach of any oovenant or p agreement of Borrower in thia Mortgage, including the oovenante to pay when due any sume eecured by thie Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying. (1) t6e breach; (2) the action j required to cure such breach; (3) a date, not leas than 30 days from the date the notice ie mailed to Borrower, by which snc6 ~4 breach muat be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in q aooeleration of the sume eecured by thie Mortgage. foreclosure by judicial proc~eding and eale of the Property. T6e notice ehsll , further inform Borrower o! the right to reinatate aRer acceleration and the rig6t to aeaert in the forecloeure procee~iing the ~ non-ezistence of a default or any other defense of Bortower to aceeleration and foreclosure. If the breach ie not cured on or € before t6e date specified in the notice, Lender at Lender'e option may declare all of the eume eecured by thia Mortgage to be 1 immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all ezpenses of foreclosure. including, but aot limited to, reasonable attorney's feee, and ~ coste of documentary evidence. abatracte and title reporte. ; 19. Borrower's Right to Reinetate. Notwithatanding Lender a acceleration of the auma eecured by thia Mortgage, Borrower ahall have ~ the right to have any proceedings begun by I.ender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lendet all suma which would be then due under this Mortgage, the Note and notea eecuring Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other oovenante or egreemente of Borrower rnntained in 5 thia Mortgage; (c) Borrower pays all reasonable e:penses incurred by Lender in enforcing the oovenanta and agreemente of Borrower rnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reseonable ~ attorney e fees; and (d) Borrower takes auch action ae Lender may reaaonably require to assure that the lien of thie Mortgage, Lender'e interest in the Property and Borrower'e obligation to pay the aums aecured by this Mortgage ahall rnntinue unimpaired. Upon auch payment and care by Borrower, this Mortgage and the obligationa secured hereby ehall remain in fu11 foroe and effect as if no acceleration had occurred. ; 20. Asaignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby aeeigna to L,ender the rente of the Property, provided that Borrower ahall. prior to aoceleration under paragraph 18 hereof or abandonment of the Property~ have the right to collect and retain such rente aa they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter.apon, take poseeseion of and manage the Property and to ooUect the renta of the Property, including thoee past due. All rnnte ooAected by the receiver ahall be applied firat to payment of the ooets of management of the Property and collection of renta. including, but not ~ limited to, receiver'e feea, premiuma on receiver'e bondB and reasonable attomey'a fees, and then to the auma secured by thia Mortgage. The ~ receiver ahall be liable to aooount only for thoee renta actually received. ~ ~ 's : z 3 t a~~? ?~a!,~ rJ~.s ~ 5~ ~ u~__