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HomeMy WebLinkAbout0032 . . ~ 8. laspectioa. l.ende~ may make or cause to be made reaeonable entties upon and inepectione of Ihe prope~ty, proviu'ed that Gender shal! give Bocrower notice prior to any euch inepection specifying reaeonable cauee therefar related to I.ender's intereet ia the Property. 9. Condemnation.'I~e procscds of any award or claim for damages, direct or consequential, in connection v?~th any oondemnetion or other taking of the pmperty. or part thereof. or for conveyance in lieu of rnndemnation, en hereby aeeigned and ahell be paid to Lender. I~ the event of a total taking of the Property, the pra.~ecda shall be eppGed to the eums eecured by this I?iortgage. with the e:oeea, if any, paid to Borrower. In the event of a partial taking of the Property. unlees Borrower and Lender otherwiee agree in writing. there ahall be applied to the eume secured by this Mortgage auch proportion of the proceede ae ie equal to that proportion which the amount of the sume aecured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediatelY prior to the date of taking, with the balan~v of the proceeda paid to Bcrrower. If the Property is abandoned by Borrower, or if, after notioe by L,ender to $orrower that the oondemnor of[ere to make an award or eettle a claim for damages, Borrower fails to tespor.d to Lendes within 30 days aRer the date euch notice is mailed. Lender ia authorized to collect and apply the pmcecda. at I.ender s option, either to restoration or repair of the pmperty or b the eums eecured by this Mortgage. Unlees I.ender and Borrower otherwisc agree in writing, any euch application of proceede b principal ehall not extend or postpone the due date of the monthly inetallmente referred to in paragrepha 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Releaaed. Extenaion of the time for paym~nt or modification of amortization of the auma secured by thie Mortgage granted by Lender to any aucceeeor in interest of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower'a eucceesors in interea~ L.ender shall not be required to oommence proceedinga against auch succeasor or refuee to extend time for payment or otherwise modify amortization of the eums secured by thia Mortgage by reason of any demand made by the original Borrower and Borrower a aucc~essors in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in e:erciaing any right or remedy hereunder. or otherwiae afforded by applicable law, ahall not be a waiver of or preclude the e:erciee of any euch right or remedy. The prorurement of inaurance or the payment of ta~cea or other liena or chargea by Lender ahall not be a waiver of Lender s right to accelerate the maturity of the indebtednees aecured by thie Mortgage. 12 Remediee Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other pght or remedy under thie Mortgage or afforded by law or equity, and may be ezercieeri concurrently, independendy ur aucceseively. 13. Succeaeore and Assigne Bound; Joint and 3everal Giability; Captione. The rnvenante and agreements herein rnntained ahall bind, and the rights hereunder aha11 inure to, the reapective aucceesore and aseigns of Lender and Borrower, eubject to the provieions of paragraph 17 hereof. All covenanta and agreements of Borrower ahall be joint and several. The captione and headings of the paragraphe of this Mortgage ere for covenience only and are not to be ueed to interpret or define the pmvieione hereof. ~ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage aha11 be given by rosiling auch notice by certified mail addressed to Borrower at the Property Addreea or at such other addrees as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be gi~ en by certified mail, return receipt requeated, to Lender a addresa stated herein or to auch other address ae Lender may designate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uniform oove~~ante for national use and non- uniform covenants wlth limited variationa by juriadiction to rnnatitute 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 provieion or clause of this Mortgage or the Note conflicts with applicable law, auch rnnflict shall not affect other prnvisions of this Mortgage or the Note which can be given effect withoet the conflicting proviaion, and to thia end the proviaions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower shall be fumiahed a conforroed rnpy of the Note and of this Mortgage at the time of eaecution or after recordation hereof. 17. 'IYanafer of the Property; Assumption. If all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower w~thout Lender's prior written c~:nsent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security interest ?'or household applianoee, (c) a tiranefer by deviae, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leaseiiold intereat of three yeara or lese not containing an option to purchase. Lender may, at Lender's option, declare all the sums secared by'Ehia b4ortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of snch person is satisfactory to Lender and that the interest payable on the sums secured by this MortgaF;e shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei s auccessor in interest has executed a w~ritten assumption aqreement accepted in writing by Lender, Lender ehall release Borrower from all obligations u nder thia Mortgage and the Note. j If Lender exercises such option to acrelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof j Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums 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, i invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remediea. Ezcept eB provided in paragraph 17 hereof, upon Borrower'8 breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay w~en due any sume eecured by this Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower es provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not lese than 30 days from the date the notice ie mailed to Borrower, by whic6 such ; breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the eums secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ehall ! further infoFm Borrower of the right to reinstate aRer acceleration snd the right to assert in the foreclosure prceeeding the ~ non-e:istence of a default or any other defense of Borrower to aceeleration and torecloewe. If the breach ie not cured on or before the date apecified in the notice, Lender at Lender's option may declare alt of the euma aecured by this Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ahall be ; entitled to collect in auch proceeding all e:penaea of forecloaure, including. but not limited to, reasonable attorney's fees. and ~ coats of documentary evidence, abatracts and title reports. ' 19. Borrower's Right to Reinetate. Notwithatanding Lender's acceleration of the suma secured by this Mortgage, Borrower shall have 5 the right to have any proceedings begun by Lender to enforce this Mortgage discflntinued at any time prior to entry of a judgment enforcing ' thia Mo a e if: (a) Borrower R rtg g pays Lender all sums which would be then due under this Mortgage, the Note and notes aecuring Future ; Advances, if any, had no acceleration occurred; (b) ~3orruwer cures all breachea of any other rnvenanta or agreementa of Borrower contained in ; this Mortgage; (c) Borrower pays a11 reasonable expenses incurred by Lender in enforcing the covenante and agreemente of Borrower oontained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable atiorney e fees; and (d) Borrower takea auch action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's interest ; in the Property and Borrowei s obligation to pay the aums aecured by thia Mortgage ahall continue unimpaired. Upon auch payment and cure ; by Borrower, this Mortgaqe and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ Z0. Aaaignment of Rente; Appointment of Receiver. As additional security hernunder, Borrower hereby asaigne to Lender the rents ~ 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 such rents as they become due and payable. i Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a f oourt to enter~upon, take poasesaion of and manage the Propetty and to collect the rents of the Property, including those past due_ All rente - collected by the receiver ahall be applied firet to payment of the ooata of management of the Property and collection of rente, including, but not ~ limited to, receiver a fees, premiuma on receiver'e bonda and reasonable attorney's fees, and then to the auma secnred by this Mortgage. The ~ receiver ahaU be liable to acoount only for thoae rents actually received. ~ i l~ k~ ~Op a~,.:. a .,~f 32 ~ ~ y ~ r _ _ : . - ~