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HomeMy WebLinkAbout0049 8. IASpCC1~OD. Lender may make or cause to be made reasonable entries upo~ and inspections of the pwperty, provided that Lender ehaU give Borrower notice prior to any euch ins~ection apecifying reasonable cauee therefor related to I.ender'~ intereet in the Property. 9. Condemnadoa.'I~e proceeds of any eward or claim for dama~es. direct or consequential, in rnnnection with any oondemnation or other taking of the property. or pert thereot, or for conveyanoe in lieu of oondem~ation, an herebY end shaU be paid Lo Lender. In the event o[ a total taking of the Property, the proceeds ahall be apptied to the eums eecured by this Mortgag4. v~h tha ~cees. if any, paid to Borrower. In the event of s partial taking of the Property, unlees Borrower and I.ender otherwise agree in writing, there ehall be applied W the suma eecured by this Mortgage such pmportion of the proceeds ae 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 PropeKy immediately prior to the date of taking, with the balanoa of the proceeda paid to Bonvwer. _ If the Property is abandoned by Borrower. or if, after aotice by I.ender to Eiorrowes that the oondemnor offere to make an award or eettle a claim for damagea, Borrower fails Lo respond to Lender within 30 daye aR,er the date auch notice ia mailed, Lender ie authorized to collect and apply the proceeds. at Lendei s option. eithe~ to reabrabion or repair of the property or to the eums eecured by this Mortgage. Unlesa Lender and Borrower otherwiae agcee in writing, any auch application of ptoceeds to principal shall not e:tend or pastpona the due date of the monthly inetallments referred to in paragraphs 1 and 2 hereof or change the amount of euch inataUmenta. 10. Borrower Not Released. E:tension of the time for paymant or modi6cation ot amortization of the aume secured by thie Mortgage granted by Lender to any eucceaeor in intereet of Borrower shall not operate to release, in any manner, the liability of the original Borrower and $orrower'e auccesaors in interes~ Lender ahall not be required to oommence proceedings againat auch succeasor or refuse to extend time for payment or otherwise modify amortization of the aums aecured by this Mortgage by reaeon of any de~nand made by the original Borrower and Borrower s successora in interest. 11. Rorbearanoe by Leader Not a R?aiver. My forbearance by Lender in exercieing any right or remedy hereunder. or otherwise aff'orded by applicable law, ahall not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of ineurance or the payment of tauee or other liena or chargee by Lender ehall not be a waiver of Lender'e right to accelerate the maturity of the indebtedneee aecured by thie Mortgage. 12 Remediee Cumuletive. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or aftorded by law or equity, and may be e:erciee~i ooncurrendy, independently or eucceaeively. 13. 3uccesaors and AseignB Hound; Joint and Several Liability; Captioae. The covenants and agreementa herein oontained ehall bind, and the righta hereunder shnll inure to, the respe~ctive eucceseore and aeeigna of I.ender and Borrower, eubject to the provieione of paragraph 17 hereof. All rnvenante and agreemente of Borrower ahall be joint and eeveral. The captions and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the psovisions hereof. 14. Notice. Except for any notice required under applicable Iaw to be given in aaother manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailingsuch notice by certified mail addresaed to Borrower at the Property Addreae or at auch other addreae ae Borrowei may designate by notice to I.ender as provided hereiri. and (b) any notice to Lender ahall be given by certified mail, return receipt requeated. to I.ender's addresa stated herein or to auch other addreas as Lender may designate by notice to Borrower aa provided herein. Any notice pmvided for in this Mortgage shall be deemed to have been given to Borrower or L.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing l,aw; 3everability. This form of mortgage combines uniform oovenants for national uee and non- uniform rnvenants with limited varistiona by juriadiction to rnnatitute a uniform security inatnuuent covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Propedy is located. In the event that any provieion or clauae of this Mortgage or the Note conflicte with applicable law, auch conflict shall not aPfect other provisions of this Mortgage or the Note which can be givea effect without the rnnflicting proviaion, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shalt be furniahed a conformed oopy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. Tranefer of the Property; Asaumption. If all or any part of the Property or an interest therein is sold or tranaferred by Borrower ~ without Lender a prior written conaent, eacluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage,lb) the creation of a purrhaee money eecurity intereat for household appliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a jaint te,nant or (d) the grant of any leasehold iaterest of three yeara or lesa not oontaining an option to purchase, Lender may. at Lender's option, declare aU the suma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to aocelerate if, prior to the sale or tranafer, Lender and the peraon to w hom the Property is to be sold or transferred reach agreement in writing that the credit of such person ia satisfactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a auccessor in interest haa ezecuted a written assumption agreement accepted in writing by Lender, Lender shali release Borrowei from all obligations under this Mortgage and the N ote_ ~ If Lender exercises auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is ir,ailed within which Botrower may pay the sums declared ~ due_ If Borrower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ' 18. Acceleration; Itemediee. E:cept ae prnvided in paragraph 17 hereof, upon Borrower'e breach of any covenant or ~ agreement of Borrower in this Mortgage, including the oovenante to pay when due any aums eecured by this Mortgage, Lender ` prior to acceleration ahaU mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action # required to cure such breach; (3) a date, not lese than 30 daye from the date the notice ie mailed to Borrower, by which euc6 ~ breach muet be cured; and (4) that failure to cure euch breach on or before the date specified in t6e notice may result in ~ acceleration of the aume secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate eRer acceleration and the right to asaert in the forecloeure proceeding the ~ non-e:iatence o[ a default or any other defenae of Borrower to acceleration and forecloaure. If the breach ia not cured on or ~ before the date apecified in the notice, Lender at Lender'e option mey declare all of the sume aecured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all e:penaes of foreclosure, including, but not limited to. reasonable attorney's feea, and costa ot documentsry evidence, abstraete and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender'a acceleration of the euma secured by thia Mortgage, Borrower shall have 3 the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sums which woutd be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreements of Borrower contained in ; this Mortgage; (c) Borrower paye all reasonable expenaea incurred by Lender in enforcing the covenanta and agreemente of Borrower ' rnntained in this Mortgage and in enforcing Lendei a remeaies as provided in paragraph 18 hereof, including, but not limited to, reaaonable 5 attomey's feea; and (d) Borrower takes euch action ae Lender may reasonably require to aeaure that the lien of thie Mortgage, Lender'e interest _ in the Property and Borrower's obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon such payment and cure i by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ Z0. Aesignment of Rents; Appointment of Reoeiver. Ae additional security hernunder, Borrower hereby seaigna 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 auch rente ae they become due and payable. ; Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oourt to enter.upon, take posaeseion of and manage the Property, and to collect the tente of the Property, inciuding thoee paet due. All rents oollected by the receiver ahall be applied first to payment of the oosta of management of the Property and collection of rente, including, bnt not ~ limited to, reoeiver e feee, premiuma on receiver's bonds and reasonable attorney's fees, and then to the euma secured by thie Mortgage. The = receiver shall be liable to aceount only for those rents actually received. > '7 ' _ ' ~ ~ § L 1! ~]r~ ~L[~K vt.l$ ~aLf 4~ . , _ - ~ ~ . _ _v _ .