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HomeMy WebLinkAbout0041 8. InepectIob. I.ender may make or ceuse to be made reaionable entries upon and inspectiona of the propetly, provided that Iwnder shall give Borrower notice prior to any such inspection epecifying ~easonable cause therefor related to Lender's intereat in the Proper4Y. 9. Coademnatioa. 71~e proceede o! any award or claim for demages, direct or consequential, irt connection with any oondemr~etion or other Laking ot the property. or part thereof, or for conveyanoe in lieu of oondemnation, are hereby aseigned and ahaU be paid to Lender. In the event of a total taking of the PropeKy, the proceeds ahall be epplied to the eume secured by this Mortgage, with the eacees. if any, paid to Borrower. ln the eve~t of a partial taking of the Property, unleee Borrt?wer aad I.ender otherwiee agree in writing. then shall be applied to the sume eecured by this Mortgage euch proportion oi the proceeda as is equal to that proportion which the amount of the sums secured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior b the date of • taking, with the balanca of the prooeeds paid to Bonower. If the Property is abandoned by Botrower, or if. aRer notice by Lender to Borrower that the oondemnor of~ere to make an award or eettle a claim for damages, Borrower faila to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to ooUect end apply the proceeds, at I.ender s option, either to restoration or repair of the property or to the eums secured by this Mortgege. Unlesa Lender and Borrower otherwiee agree in writing, any auch appGcation of p~oceeds to principa! ahall not e:tend or poetpone the due date of the monthly inatallmenta nferred to in paragrephs 1 aad 2 hereof or change the amount of auch installmenta. 10: Borrower Not Released. Extenaion of the time for paymsnt or modification of amortization of the aums eecured by this Mortgage granted by I.ender to any succeaeor in interest of Borrowes ahaU not operate to relesee, in any manner, the liabiGty of the original Borrower and Borrower e aucceeaors in intereet Lender ehall not be required to commence proceedings againat auch succeaeor or refuae to extend time for payment or otherwise modify amortizatiun of the sums aecured by this Mortgage by reaeon of any demand made by theoriginal Borrower and Borrowei s au~reaeora in interest. ' 11. Forbearanoe by Leader Not a R?aiver. Any forbeatance by Lender in e:erriaing any right or remedy hereunder, or othetwiee aftorded by applicable law, ehall not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of insurance or the payment of ta:ee or other liena or cl~arges by Lender ehall not be a weiver of Lender e right to aocelerate the maturity of the indebtedneea eecured by thie Mortgage. 12 Remedies Gtimutatlve. All remediee provided in thia Mortgage are diatinct and camulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercieed concurrently. independently or auoceeaively. l3. Suceeaeore and Aaeigne Bound; Joint and Several Liability; Captione. The oovenante and agreementa herein rnntained shall bind, and the rights hereunder ahall inure to, the reapective eucceaeors and aseigna of Lender and Borrower, eubject to tlie proviaiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and eeveral. The captions and headinga of the paragraphe of thia Mortgage are for covenience only and are not to be uaed to interpret or define the provisione hereof. 19. Notice. 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 auch notice by certified mail addressed to Borrower at the Property Addreas or at Buch other addreae aa Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt . requeated, to Lender's addresa stated herein or to such other addreas as Lender may de$ignate by notice to Borrower es provided herein. Any notice provided for in thie Mortgage shall be deemed to have been given to Borrower or l.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform oovenanta for national uee and non- uniform covenanta with limited variationa by juriediction to rnnetitute a uniform eecurity inatrument oovering real property. This Mortgage shalt be governed by the law of the jurisdiction in which the Property is located. ln the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict ahall not affect other provisiona of thie Mortgage or the Note which can be givea effect without the rnnflicting provision, and to thia end the proviaions of the Mortguge and the Note are declared to be severable. 16. Borrnwer's Copy. Borrower ahall be furniahed a conformed oopy of ihe Note and of thia Mortgage at the tune of execution or after rerordatiun henof. i 7_ Transfer of t6e Property; Aseumption. If a11 or any part of the Property or an intereat therein ia sold or tranaferred by Borrower without Lender's prior written conaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tranefer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) lhe grant of any leasehold interest of three yeara or less not oontaining an option to purchase, Lender may, at Lender's option, declare all the eums'aecured by this Mortgage to be immediately due and peyable. Lender ahall have waived auch option to accelerate if. prior to the sale or'trai~afer, Lender and the peraon to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at such rate as Lender shall request_ If Lender has waived the option to acceierate provided in thia paragraph 17, and if Boaower's successor in intereet has eaecuted a written aasumption agreement accepted in writing by I.ender, Lenderst~all release Borrower from all obligations under this Mortgege and the Note. ; If Lender exercisea such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 19 hereoL f Such notice shall proyide a period of not less than 30 days from the date the notice is ~r.ailed 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 Borrower, ; invoke any rnmediea permitted by paragra~h 18 hereof. IS. Acceleration; Remediee. E:cept ae provided in paragrap6 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage, including the oovenants to pay when due any eume eecured by thie Mortgage, Lender t prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action - ~ required to ture suc6 breach; (3) a date, not lesa t6an 30 deys from the date the notice ie mailed to Borrower, by which euch ; breach muet be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in ~ acceleration of the sume secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice shell < further inform Borrower of the right to reinstate after acceleration and the right tq a8sert in the forecloeure proceeding the z non-eziatence of s default or any other detenee of Borrower to acceleration and foreclosure. If the breach ie not cured on or > before the date specified in the notice, Lender at Lender's option may declare aU of the eume secured by this Mortgage to be ~ i~nmediately due and payable without turther demand and may foreclose this Mortgage by judicial proceeding. Lgnder ehall be ; entitled to collect in auch proceeding all ezpenaes of foreclosure. including, but not limited to, reasonable attorney's fees, and ~ coata of documentary evidence. abstracts and title reports. ~ 19. Borrower'e Right to Reinatate. Notwithstanding [.ender's acceleration of the aume aecured by thi8 Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing . this Mortgage if: (a) Borrower pays Lender all sums which would be then due under thie Mortgage, the Note and notes eecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreementa of Borrower containe3 in this Mortgage; (c) Borrower pays a11 reaaonable expensea incurred by Lender in enforcii~g 4he covenante and agreements of Borrower ` contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable i attomey'a fe~; and (d) Borrower takea such action as Lender may reasonably require to aesure that the lien of this Mortgage. L.ender's interest ' in the Property and Borrower's obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ; by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleratien had occurred. i 20. Aeeignment of Rente; Appointment of Receiver. As additional security hereunder, Bonower hereby assigna to Lender the rente ~ of the Property, provided that Borrower shall, 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. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I,ender ahall be entitled to heve a receiver appointed by a court to enter.upon, take poasession ot and manage the Property and to collect the renta of the Property, including thoee past due. All rente ~ oollected by the receiver ahall be applied first to payment of the crosta of management of the Property and coltection of rents, inciuding, but not ~ limited to, receiver e fees, premiuma on receiver's bonda and reasonable altomey'a fees, and then to the aums aecured by thie Mortgage. The ~ receiver shall be liable to acoount only for those renta actually recei~ed. ; ~ ~ ~ goo~ 308 ~A~~ 41 ~ , ~ ~ : - - . - _ _