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HomeMy WebLinkAbout0021 . + S. Inapectfon. I.e~der may make or cause to be made reasonable entries upon and iaspections of the propa~sty.provided that Lender shall give Borrower notice prior to any euch inepection epecifying reasonable cauee therefor related to I.ender'e intereet in the Property. 9. Coademnat~on.'I~e prooeeds of any award or claim for damagea, direct or consequential. in rnnnection with any oondemnation or other taking of the properfy, or part thereof. or for conveyance in lieu of oondemnation. are hereby aseigned and shall be paid to Lender. In the event of a total taking of the Propedy, the proceeds ehall be applied to the sums eecured by this Mortgage, with the esoees. if any. paid to Bormwer. In the event of a partial taking of the Property. unleea Borrower and Lender otherwiee agree in writing, there ehall be applied to the eume eecured by thie Mortgege such proportion of the proceeds as is equal to that pmportion which the amount of the eums eecured by thie Mortgage immediately prior to the date ot taking bears to the fair market value of the Property immediately prior to the date of txking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Bormwer, or if, after notice by I.ender to Borrower that the condemnor offers to make an award or eettle a claim for damagee, Borrower fails to reepond to Lender within 30 daya after the daLe auch notice ie mailed, Lender is autho:ized Lo rnllect and apply the proceede, at I.ender s option. either b reetoration or repair of the pmpetty or to the eums secuted by thie Mortgage. Unlese I.ender and Borrower otherwise agrce in writing, any auch application of procecde to principal ehall not extend or poetpone the due date of the monthly inetallmente referred b in paragraphs 1 and 2 hereof or change the amount of euch installmente. 10. Borrower Not Releaeed. Extension of the time for paymant or modification of amortization of the sums eecured by thie Mortgage granted by Lender to any aucceaeor in interest of Borrower ahall not operate to releuse, in any manner. the liability of the original Borrower and Borrower's aucceasors in interea~ Lender ahall not be required to commence proceedings againet euch aucceeaor or refuse to e:tend time for payment or otherwiae modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and t3orrower e aucceasora in intereat. - 11. Forbearance by I.ender Not a VHaiver.~Any forbearance by I.ender in exercieing any right or remedy hereunder, or otherwiee afforded by applicable law. ahall not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of insurance or the payment of taxea or other liena or charges by Lender ahall not be a waiver of Lendei e right to accelerate'he maturity of the indebtedneae secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in thia Mortgege are diatinM and cumulative to any other right or remedy under thie Mortgage or afforded by law or ecLuity, and may be ezerciee~i ooncurrendy, independently or eucceeaively_ ' 13_ Succesaore and Aseigns Bound; Joint and 3everal Liability; Captioae. The covenanta and agreements herein contained ahall bind, and the righte hereunder shall inure to, the respective aucceseors and asaigna of Lender and Borrower, aubject to the proviaiona of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and eeverai. The captione and headinga of the paragraphe of thia Mortgage are for covenience only and are not to be used to fnterpret 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 provided for in this Mortgage ahall be given by mailing auch notice by certified mail addressed to Borrnwer at the Property Addresa or at euch other addrees aa Borrower may deaignate by notice to I.ender as provided herein, and (b) any notice to Lender ahail be given by certified mail, return receipt requeated, to Lender'e address stated herein or to such other nddrees as Lender may deaignate by notice to Borrower se provided herein. Any notice provided for in this Mortgage ahall be deemed to have been gi~ en to Borrower or Lender when given in the manner deaignated herein. 15_ Uniform Mortgage; Governing Law; Severability. This form of mortgege combines uniform covenants for national uee and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security inetrument rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provixion or clauae of thia Mortgage or the Note c-ontlicts with applicable law, such conflict shall not affect other proviaions of this Mortgage or the Note which can be given et~'ect without the conflicting provieion, and to this end the pro~hsions of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Borrower ahall be furniahed a conformed rnpy of the Note and of this Mortgage at the time of eaecation or after - recordation hereof. 17.'l~anafer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia sold or transferred by Borrower w•ithout Lender's prior wiitten consent, eacluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the crnation of a purchase money security interest for houaehold appliances, (c) a tranafer by deviae, d~cent or by operation of law upon the death of a joint tenant ~r (d) the grant ot any leasehold interest of three years or lesa not rnntaining an option to purchase, Lender may, at Lender e option, declare all the suma eecured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the aale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such persdn is satisfactolry to L.ender and that the interest payable on the suma aecured by this Mortgage ahall be at such rate as Lender shal) requeat. If l.ender has waived the option to accelerate provided in this paragraph 17, and if Boaower's successor in interest has eaecuted a w~ritten assumption agreement accepted in writing by Lender, I.ender shall release Borrower from all obligations under thie Mortgage and the 'f ~iote. ' If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ Such notice ahall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the aums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Iiorrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ~ 1S. Acceleration; Remediea. E:cept as provided in paragtaph 17 6ereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in this Mortgage. including the oovenants to pay when due any aums aecured by this Mortgage. Lender k prior to aoceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) t6e action ~ required to cure such breach; (3) a date, not lese than 30 daye trom the date t6e notice ie mailed to Borrower, by which such ; breach muat be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in rt acceleration of the eums aecured by thia Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinatate atter acceleration and the right to assert in the foreclosure proceeding the ~ non-e:istence of a default or any other defense of Borrower to acceleratioa and foreclosure. If the breach ie not cured on or r before the date apecified in the notice. Lender at Lender's option may declare all of the aums secured by this Mortgage to be r immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be ~ entiUed to collect in such proceeding all ezpenaea of foreclosure. including, but not limited to. reasonable attorney'e feea, and ~ coata of documentary evidence, abstracts and title reporta. . 19. Borrower'e Rig6t to Reinetate. Notwithatanding Lender'a acceleration of the euma secured by this Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforring ~ thie Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notes securing ~ture : Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or sgreemente of Aorrower contained in ; this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreements of Borrower oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney'a feea; and Borrower takea auch action as Lender may reasonably require to sesure that the lien of thia Mortgage, I.ender's interest in the Property and Borrower's obligation to pay the aums aecured by this Mortgage shaly continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigne to Lenderthe rente ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right s to collect and retain such rents ae they become due and payable. Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.upon, take poaeeesion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta ~ collected by the receiver ahall be applied firat to payment of the oosts of management of the Property and collection of rente, including, but not ti limited to, receiver's fees, premiuma on receiver a bonds and reaeonable attorney's feea, and then to the eums eecured by this 1lfortgage. The ~ receiver ahall be liable to acoount only for those rents actually received. ~ ~ ~ S~rJf ~UV r:11,E ~ ~1 ~ R ~ ~ - - - = ~ ~ . - _ ~ .