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HomeMy WebLinkAbout1049 8. lASpection. Le~de~ may make or cauae to be mede reasonable entries upon and inspectiona of the pmpeety. provided that L.ender ehall give Borsower notice prior to any such inspection specifying reaaoaable cause therefor related to Lender's intereet in the Property. 9. Condemaatioa.'11~e proceeda of any award or claim for damages. direct or consequential, in rnnnection with any oondemnation or other taking of the property, ar part thereof, or for conveyanoe in Ueu of conde~anation. are hereby aeaigned aad shall be paid to Lendes. In the event of a total taking of the Property. the proceeds shaU be applied to tha eume secured by thie Mortgage, with the eucess. if any. paid to Borrower. In the event of a partial Laking o[ the Property, unless Borrower and Lender otherwise egree ia writing, there shaU be appUed to the sums secund by this Mortgage such pmportion ot the proceeds as is equal to that pTOportion which the amouat of the sums secured by this Mortgage immediately prior to the date of taki~g bean to the fair market value of the Prope~ty immediately prior b the date of taking, with the balenct~ ot the proceeds paid to Borrower. If the Propesty is abandoned by Borrower, or if, aRar notice by Lender to Borrower that the oondemnor offere to make an award or settle a claim for daaaages, Borrower fails to reepond to Lender within 30 daye aRer the date auch notioe ie mailed. Lende~ is authorized to coUect and apply the proceeds, at Le~der s opdon. either to reetoration or npair of the property or to the eums eecured by this Mortgage. Unleea Lender aad Borrower otherwiee agree in wridng, any auch application of pmceeds to principal ahaU nut e:tend or poetpone the due date of the monthly installments re[erred to in paragraphs 1 a~d 2 hereof or change the amount of auch installmente. 10. Borrower Not Releaeed. E:tenaion of the time for paym:nt or modification of amortization of the aums aecured by this Mortgage gra~ted by Lender to any succesaor in intereat of Bonower ahall not operate to relesee, in any manner, the liability of the original Borrower and Borrower e succesaors in intereak Lender ehall not be required to oommence proceedings againat euch aucceeaor or tefuee to e:tend time for payment or otherwiae modify amortization of the aums aecured by thie Mortgage by reaeon of any demand made by the original Borrower and Borrower s auccesaora in interes~. 11. Rorbearanoe by I.ender Not a R?aiver. My forbearance by L.ender in e:ercieing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or pteclude the e:ercine of any such right or remedy.'11~e procuremeat of inenrance or the payment of ta:ee or other liena or chargee by I.ender shap aot be a weiver of Lender's right to accelerate the maturity of the indebtedneea secured by this Mortgage. 12. Remediea Cumulstive. All remediea provided in this Mortgage an diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be ezerciee~i ooncurrently, independendy or aucceeaively. 13. 3uccessore and Asaigne Bound; Joint aad 3everal Liability; Captions. The covenants and agreements herein contained ahall bind, and the righte hereunder ahall inure to, the respective aucceseors and aeaigna of Lender and Borrower. aubject to the provieions of paragraph 17 hereof. All covenante and agreemente of Borrower ahall be joint and several. The captione and headinge of the paragrapha of thia Mortgage are for rnvenieace only and are not to be ueed to interpret or define the psovieions hereof. l4. Notice. E:cept for any notice required under applicable law to be given in another manner; (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing auch notice by certified mail addresee~i to l3orrower at the Property Addreea or at auch other addresa ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return reoeipt requested, to Lender s address stated herein or to such other addreas as Lender may deaignate by notice to Borrower as provided 6erein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. l5. Uniform Mortgage; Governing I.aw; Severability. Thie form of mortgage combinea uniform rnvenanta for national use and non- uniform rnvenants with limited variaGona by juriadiction to oonatitute a uniform security instrument oovering real property. This 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 conflicta with applicable law, auch coniliM shall not affect other proviaiona of this Mortgage or the Note which can be given effect without the rnntlicting proviaion, and to this end the proviaione of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furnished a conformed eopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Tranater o! t6e Property; Aseumption. If all or any part of the Property or an interest therein is aold or traneferred by Borrower withoyt l.end~'s prior written coneent, e:cluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a punhase money serurity intereat for household appliances, (c) a tranafer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not oontaining an option to parchaee, L.ender may, at Lender e option, declare all W e aums ec~~ured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the s:~le or traneler, Lender and the person to whom lhe Property ie to be aold or tranaferred reach agreemerit in writing that the credit of euch person is satiafaCtory to Lender and that the interest payable on the suma secured by this Mortgage shaJl be at such rate as Lender ahall request. if I.ender has waived the option to acoelerate provided in this paragraph 17, and if Borrowei a aucceasor in interest has executed a K-ritten t~ssumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under this Mortgage and the ~ Note. • ~ If Lender exercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL i Such notice ahall provide a period otnot less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due_ If Borrower faifs to pay auch sums prior to the eapiration of such period, L.ender may, without further notice or demand on Borrower, . ~ ~nvoke any remedies permitted by paragraoh 18 hereof ~ 18. Acceleration; Remediea. Ezcept as provided in paragraph 1? hereof, upon Bortower's breac6 of any ooveaant or ~ agreement of Borrower in this Mortgage, including the oovenants to pay when due aay sume secured by thie Mortgage. Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure euch breach; (3) a date, not lees t6an 30 days from the date the notice ie mailed to Borrower, by w6ich euch 4 breach muet be ctued; and (4) that failure to cure such breach on or betore the date specified in the notice may reault in ~ acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after aoceleration snd the right to aseert in the foreclosure proceeding the s non-e:ietence of a default or any other defenee of Borrower to aoceleration and foreclosure. If the breach is not cured on or ~ before the date epecified in the notice, Lender at Lender'e optioo may declare all of t6e euma aecured by thie Mortgege to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in auch proceeding all ezpenses of foreclosure. including, but not limited to, reasoneble attorney's fees, and coste of documentary evidence. abstracts and title reporta, ~ 19. Borrower'e Right to Reinetate. Notwilhetanding Lender's acceleration o[the aums aecured by thie Mortgage, Bortower ahall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior b entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all auma which would be then due under this Mortgage, the Note and notea securing Future Advanoea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenante or agreementa of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reasonabte ~penses incarred by l.ender in enforcing the oovenants and agreemente of Borrower t oontained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 1 S hereof, including, but not limited to, reasonable i attorney e fees; and (d) Borrower takes euch action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's intereat f in the Property and Borrower's obligation to pay the aums secured by thie Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, thie Mortgage and the obligationa secured hereby ehall remain in full force and effect ae if no acceleration had occurred. Z0. Assigament of Renta; Appointment ot Receiver. As additional security hereunder, Borrower hereby assigne 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 collect and retain auch tents ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a mceiver appointed by a oourt to enter.upon, take poaseasion ot and manage the Froperty and to collect the rente of the Property, including those past due. All renta a oollected by the mceiver shall be applied firet to payment of the ooata of management of the Property and collection of renta, including, but not ~ limited to, receiver e fees, premiume on receiver'e bonds and reasonable attorney e feea, and then to the sums eecured by thie Mortgage. The = receiver shall be liable to acoount only for thoae rents actually received_ S ~ ~ f{ i ~ DGK ~ / ~Gf ~O~ ~ ~ _ w ~ _ ~ . : a , , ~ • ~ V _ ~;:;.:.:;_Y ;