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HomeMy WebLinkAbout0663 8. Iaspection. l.ender may make or cause b be made reawnable entrie~ upon aad inspections of the property. provided that Leader ehal! . give Bosrow~ notice prior to any such inepection specifying reasoneble cawe theref~ related to Lend~'a interest in the Properly. 9. Condemnatioa. The prooeeds ot any award or claim for dama~es. direct ~ conseqoential, ia connection ~vith any ooademn~tion or . other takinQ of the property. or part thereof. os for conveyanoe in lieu of oondemnation. an hereby assigned and shall be paid b Lender. In the aveat of a total taking of the Pcoperty. the p~c~ds shall be applied to the sums secured by this Mortgage. with the exoen, if any. paid to Borrower. Ia the event of e partial taking of the Propert,y, unlees Bortower and Lend~ othee~vise agree in writiag, there ~haU be applied to the sums secured by this Mortgage euch proportioa of We prooeeds as is equal to that proportion which the amount of !he sums . eec~ued by thia Mortgage immediately prior to the dab of taldn~ bears to the fair market value of the Property immediately prior tu the date of taking, with the balanoe of the proceed~ paid to Borrower. If the Proparty is abandoned by Borrower. or if. aRer aotica by Lend~ to Borrower that We oondemaor o~ers to make'en aw~ard or ~ettle a claim for demages, Borrower fails b respond to Leader ~vithin 30 d~ys aRer the dete such notice ia mailed, Lender ie authorised to collect and apply the proaeds, at Lend~r's option, eithe~ to reatoratioa or repair of the pe~operty or to the sums secured by this Mortgage. Unlees Lender and Borrovver othezwise agree in writing. any such application of pmceedi to principal shall aot estend os postpoae the due date of the monthly instaUments referred fo in paragraphs 1 aad 2 hereof or change ihe amount of such inatallments. ' 10. Borrower Not Releaeed. E:tension of the time for paymaat or modification of amortization of the auma secured by this Mortgage • granLed by Lender to any auccesaor in interest of Borrower ahall not operate to release. in any maaner, the liability of the original Borrowcr ~ and Borrower's aucceesors in u?Leree~ Lender ehall not be tequired to aommenoe pmoeedinge against euch eua:eesor or refuee to estend time for p~yment or otherwise aaodity amortization of the sums eecured by thia Mortgage by reaeoa of any demaad made by the original BoTrowe~r and Borrower a succes~ors in interee~ 11.~ Rorbearance by Lender Not a Walver. My forbearance by Leader in e:ercising any right or remedy hereunder. or otherwise afforded by applicable law. ehall not be a waiver of or preclude the e:e~rcise of any such right or remedy. The procurement of inaurance or the payment of taz~ ot other liens or chargee by Lender ahall not be a waiv~r of Lender'e right to aocelerate the mabuity of the indebt~edneea secured by Lhis Mortgage. 12 Remedies Cumuletive. All remedies providal in thia Mortgage are distinct aad cumulative to any other right or remedy und~ this Mortgage or afforded by law or equity, and may be ~erciee~! oonc~rrendy. independendy or suooessively. _ 13. Successors nnd Assi~as Bound; Joint and 3everal Liability; Captions. The covenanta and agreementa herein contained shall : bind, and the rights hereunder ahall inure to, the reapective eucceeeors and aaeigns of I,ender and Borrower, eubject to the provisiona of paragraph 1? hereof. All rnvenant8 and agrEemente of Borrower shall be joint and eeveral. The captiona snd headiags of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or defiae the proviaions hereof. 14. Notiee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addreeeed to Borrower at the Pcoperty Address or at ai~ch other addreee as - F3orrower may deeignate by notice to L.ender as provided herein, and (b) aay notice to Lender ahall be given by certified mail, return reoeipt reqneated, to Lender e addreaa atated herein or to euch ofher addrees ae Lender may desiBnate by no~ce to Borrower as provided herein. Any notice provided for in thie Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability.'l~ia form of mortgege combines uniform oovenanta for national use and non- uniform rnvenanta with limited variatione by ju=iadiction to oonatitute a uniform security instrument oovering real pmperty. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clanse of this Mortgage or the Note contlicts with applicable law, such conflict shaA not at~'ect other proviaione of this Mortgage or the Note which can be given effect w~thout the conflicting proviaion, and to this end the provisions of the Mortgage and the Note are decland to be eeverable. 16. Borrower's Copy. Borrower eha!! be fumished a conformed oopy of the Note and of Wis Mortgage at the time of e:ecution or after recordation hereof. - 17. 'Itiransfer of the Property; Aesumption. If all or any pad of the Property or an intereat therein ie eold or tranaferred by Borrower without Lender's prior written consent, e:duding (a) the rreation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for houeehold appliances. (c) a transfer by devise, deeoent or by operation of law upon the death ota joint tenant or (d) the grant of any leaeehold intereat of three yeare or leas not oontaining an option to purchase, Lender may. at Lendefs option, declare all the anms eecured by thIA Mortgage to be immediatety due and payable. Let~der ehall have waived euch option to aocelerate if, prior to the sale or tranafer. Lender and the pereon to whom the Property is to be eold or transferred reach agreement in writing thet the credit of euch pereon is satisfactory w I.ender and that the i;:.~. ;..;yable on the auma secured by thie Mortgage shall be at such rate a8 I.ender ahell request. If Lender has waived the option to accelerate pmvided in thia paragraph 17, and if Borrower s eucceeaor in intereet has e:ecuted a ~vritten assumption agreetnent aocepted in writing by Lender, Lender shall release Borrower from all obligationa under thia Mortgage and the - Note. If Lender euerciaea auch option to accelerate, Lender shall mail Borrower notice of aooeleration in aocordance with paragraph 14 hereoL ~ Such notice shall pmvide a period of not less than 30 daya from the date the norice is ~siled within which Borrower may pay the suma declared ' due. If Borrower fails to pay auch aucns prior to the eapiration of such period, Lender may, :~vithout furth~ notice or demand on F3orrower, I~ invoke any remediea permitted by paragraoh 18 hereof. • ~ 18. Acceleration; Remedies. E:ce t as rovided in ar ; p p p agraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage, including the oovenenta to pay when due any suma sewred by thie Mortgage, Lender j prior to aoceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ j required to cure auch breach; (3) a date, not leee than 30 days from the date the aotjce ie mailed to Borrower. by which euch ~ breach muet be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in ! acceleraiion of the sums secured by this Mortgage. foreclosure by judicial proeeeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinatate aRer aoceleration and t6e right to aseert in the toreclosure proceeding the ~ non-e:iatence of a default or any other defense ot Borrower to acceleration and foreclosure. If the breach is not cured on or g before the date apecified in the notice, Lender at Lender's option may declare all of the snma eecured by thie Mortgage to be - 9 :mmediately due and payable without further demand and may torecloBe this Mortgage by judicial proceeding. Lender shall be e ntitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to. reasonable attorney's feea, and ~ coste of documentary evidence, abetracts and title reporte. ' 19. Borrower'e Right to Reinetate. Notwithatanding Lender'a acceleration of the eume eec~u~ed by this Mortgage, Borrower ehall have ` ? the right to have any proceedings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paya Lender all euma which would be then due under this Mortgage, the Note and notee securing ~ture ~ Advances, if any, had no aoceleretion occnrred; (b) Borrower curea all breachee of any other covenants or agreemente of Boaower oontained in i thia Mortgage; (c) Borrower paye all reaeonable expenses incurred by Lender in enforcing the covenante and agreementa of Borrower contained in this Mortgage and in enforcing Lender e remedies ae pmvided in paragraph 18 hereof. including, but not limited to, reasonable attorney e fces; and (d) Borrower takes auch action as Lender may reasonably require to aseure that the lien of thie Mortgage. Lender'e interest ; in the Property and Borrowei s obligation to pay the enma eecured by thie Mortgage shall rnntinue unimpaired. Upon such payment and care ~ by Borrower, this Mortgage and the obligatione secured hereby ahall remain in full force and effert as if no acceleration had occarred. 20. Asaignment of Rente; Appointment of Receiver. As additional eecurity hereunder. Borrower hereby aeaigna to Lender the rente . of the Property, provided that Borrower ahall. prior to aoceleration under paragraph 18 hereof or abundonment of the Property. have the right F co rnllect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. L.ender ahall be entided to have a reoeiver appointed by a ~ court to enter.upon, talce poeeeseion of and manage the Property and to collect the renta of the Property, including thoee past due. All rente ~ rnllected by the receiver ahall be applied 5rst to payment of the ooate of management of the Property and collection of renta, including, but not _ limited to, receiver's feea, premiuma on receiver'e bonde and reasonable attorney'e feee, and then to the sume eecured by thia Mortgage. The . receiver ahall be liable to acoount only for those rente actually reoeived. : - a ~ a _ ~ ~~R,3U6 6b2 ~ ~ ~ - Y _ _