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HomeMy WebLinkAbout0058 8. Inspectioa. I.ender may make or cause to be made reasonable entries upon and inspectione of the property, provided that I.ender ahall give Borrower notice prior to any such inspection specifying reasonable cauea therefor related ta Lender's intereet in the Property. 9. Coademnatloa. The pmceeds of any award or claim for damage~. direct or consequential, ia connection with any oondemnation or other taking of the pmperty. or part thereof. or for oonveyaaoe in lieu oi oondemnetion, an henby assigned and shall be paid to I.ender. In the event o[ a total taking of the Property. the proceede shell be applied to the sums secured by this Mortgage. with the eucess, if any. paid to Borrower. In the event of a partial taking of the Properfy. unleas Borrower and Lender otherwise agree in writing. there shall be applied to the sume secused by this Mortgage euch pmportion of the pmceed~ as is equal to that proportion which the amount of the sums aecured by this Mortgage immediately prior to the date uf taking beara to the fair market value of the P~operty immediately prior Lo the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if~ aRer notice by Lender to Borrower that the oondemnor ot'fers to make an award or settle a claim for damages, Borrower faile tu reapond to Lender within 30 daye aiter the date such notice ie m ailed, Lender is authori~d to coAect and • apply the proceeds, at LendL~e option, eitha to reatoration or repair of the property or to the sums eecured by this Mortgage. Unleee Lender and Borrower otherwiee agree in writing, any euch application of proceede to principat ahall not e:tend or postpone the due date of the monthly inetallmente referred to in paragraphs 1 and 2 hereof or change the amount of euch installments. 10. Borrower Not Released. Extenaion of the time for paym~nt or modification of amortizadon of the sums eecured by thia Mortgage granted by Lender to any aucceseor in interest of Borrower ahall not operate to relesee, in any manner, the liability of the original Borrower and Borrower's auccessora in interea~. l.ender ahaU not be required to oommence pmceedings againat auch succeesor or refuee to e:tend time for payment or otherwise modify amortization of the sums secured by thie Mortgage by reason of any demand made by theoriginal Borrower and Borrower a succeaeors in intereet. 11. Forbearanoe by I.ender Not a Waiver. My forbearance Dy I.ender in e:erciaing any right or remedy hereunder, os otherwise aPforded by applicable law, ahall not be a waiver of or preclude the ea~erciee of any auch right or remedy. The procurement of inaurance or We payment of taxes or other liens or chargee by Lender ehaU not be a waiver of Lender s right to accelerate the maturity of the indebtedneae aecured by this Mortgage. 12 Remediea Cumulative. All remediea pmvided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerciee~i ooncurrendy, independently or suoceseively. 13. Succeseore and Aseigne Bound; Joint and 3everel Liability; Captions. The covenent8 and agreements herein wntained ehall bind, and the righta hereunder shall inure to, the respective succeseors and aseigns of Lender i?nd Borrower, aubject to the proviaions of paragraph 17 hereof. All covenants and agreementa of Borrower ahall be join! and eeveral. The raptions and headinge of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the proviaiona 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 thia Mortgage shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addiesa or at such other addreee as Borrower may deaignate by notice to Lender as provided herein. and (b) any notice to I.ender ehall be given by certified mail, return receipt requested, to Lender a addrese stated herein or to snch other addreas se L.ender may deaigaate by notice to Borrower ea provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated henein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combines uniform oovenante for national uee and non- uniform covenants with limited variations by juriadiction to conatitute a uniform security inetrutuent oovering real pmperty.'l~is Mortgage shall be governed by the Iaw of the juriadiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict Bhall not ai~'ect other proviaiona of thie Mortgage or the Note which can be given effect without the conflicting proviaion, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furnished a rnnformed oopy of the Note and of this Mortgage at the time of eaecution or after - recordation hereof. 17.1~aaefer of the Property; AssumptiQn. If all or any part ot the Property or an intereet therein is aold or tranaferred by Borrower without Lender'a prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchaae money security intereat for household appliancea, (c) a transfer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lesa not containing an option to purchase, Le~der may, at Lender's option, de~lare all the suma pecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if. prior ~ to the nale or ttanafer, i.ender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of euch peraon is satiefactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower'e succesaor in interzst has e:ecuted a w~ritten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligationa under thia Mortgage and the Note. ' If Lender eaercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL i Such notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay the suma declared ~ due_ If Borrower fails to pay auch sums prior to the expiration of auch period, Lender may, without further notice or demand on E3orrower, ; invoke any remedies permitted by paragreoh 18 hereof f 18. Acceleration; Remedies. Eicept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agteement of Borrower in this Mortgage, including the covenante to pay when due any sums aecured by thia Mortgage, Lender ~ prior to acceleration ehell mail notice to Borrower se provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action _ s required to cure auch breach; (3) a date, not lesa than 30 days from t6e date the notice ia mailed to Bonower, by which euch ~ breach muet be cured; and (4) that failure to cure euch breach on or before the date epecified. in the notice may result in : acceleration of the suma secured by thia Mortgage, foreclosure by judicial proceeding and aale of the Property. The notice shall ~ fu rther inform Borrower of the right to reinetate after acceleration and the right to essert in the foreclosure proceeding the ~ non-ezietence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ before the date specified in the notice. Lender at Lender'e option may declare all of tbe suma secured by this Mortgage to be ~ immediately due and payable without further demand and mey foreclose this Mortgage by judicial prceeeding. Lender ahall be ~ entitled to oollect in such proceeding aU e:penses of foreclosure, including, but not limited to. reasoaable attorney's feea. and § costa of documentary evidence. abatracts and title reports. ~ 19. Borrower's Rig6t to Reinatate. Notwithetanding Lender's acceleration of the euma eecured 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 ~ this Mortgage if: (a) Borrower paye Lender all sume which would be then due under this Mortgage, the Note and notes aecuring Future ~ ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachee of any other rnvenants or agreemente of Borrower rnntained in ~ thie Mortgage; (c) Borrower pays a11 reasonable eapenaea incurred by Lender in enforcing the covenants and agreementa of Borrower oontained in this Mortgage and in enforring Lender's remedies as provided in pamgraph 18 hereof, including, but not limited to, reasonable = attorney e fcea; and (d) Borrower takes auch action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's interest _ in the Property and Borrower's obligation to pay the auma eecured by this Mortgage shall continue unimpaired. Upon euch payment and cnre by Borrower. this Mortgage and the obligationa secured hernby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aaeignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigne to Lender the rente ' of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abar?donment of the Property, have the right ~ to collect and rntain auch renta as 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 ooart to enter~upon, take posseaeion of and manage the Property and to coAect the renta of the Property, including thoee paet due. All renta collected by the receiver ahall be applied first to payment of the ooete of management of the Property and coliection of rente, including, but not j ii;nited to, receiver's feee, premiuma on receiver B bonds and reasonable attorney e feea, and then to the suma secured by this Mortgage. The ~ receiver ahall be liabie to acoount only for those rnnte actually received. ~ ~ ~ ~ ~ c ~ g00lf JOD PqGE _ . . ~ ~ ~ _ - . , u . - ~ .