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HomeMy WebLinkAbout0062 S. Inspectlon. I.ender may make or cause to be made reasonable entriee upon and inepectiona of the property, provided that l.ender shatl give Borrower notice prior to any auch inspection specifying reaaonable cause therefor related to l.ender'e intereat in the Property. 9. Coadea~nntioa. The pmceeds of any award or claim for damages, direct or coneequential; in connection with any oondemnation or other taking of the pmperty. or part thereof. or far rnnveyance in lieu of oondetnnation. ere hereby aesigned and shall be paid to I.ender. In the event of a total taking of the Property, the proceeds shall be epplied to the suma secured by thie Mortgage, w~ith the escess. if any, paid to Borrower. In the event of a partial taking of the Property, unleas Borrower and I.ender otherwiee agree in writing, there shall be applied to the aums aecured by this Mortgage auch pmportion ot the procceds as is equal to that pmpcttion which the amount of the sums eecured by thie Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to thedate of taking, with the balanca of the pe~oceede paid to Borrower. If the Property ia aban,doned by Borrower. or if. aRer notice by Lender to Borrower that the condemnor offere to make an award or eettle a claim for damages, Borrower faile to respond to Lender within 30 daye alter the date auch notice ia mailed, I.ender ie authorised to collect and apply the proceeds, at Lender'e option. either to restoration or repair of the pmperty or Lo the euma secured by thie Mortgaga Unleea Le~der and Borrower otherwiee agree in writing, any such eppGcation of prooeeds to principal eha11 not extend or postpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such inetallments. 10. Borrower Not Releaeed. Extension of the time for paymant or modification of amortization of the sume eecured by thie Mortgage granted by Lender to any aucceaeor in intereet of Borrower shall not operate to release, in any manner, the Iiability of the original Borrower and Borrower's aucceesora in interesf~ Lender ahell not be required to oommence proceedings againat auch aucceasor or refuee t~? extend time for payment or otherwiae modify amortization of the sums eecured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succeseors in iotere~t. 11. Forbearence by Lender Not a R?aiver. My forbearance by Lender in e:ercisic~g_any right or remedy hereunder, or otherwiee afforded by epplicable law. ahall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of inaurance or the payment of taxee or other liena or charges by Lender ehall not be a waiver of i.ender's right to accelerate the maturity of the indebtedneas secured by thie Mortgage. 12 Remediea Cumulative. All remediee provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or aff'orded by law or equity. and may be ezercieed ooncurrendy, independently or aueceasively. 13. Succeseors end Aaeigna Bound; Joint and Several L~ability; Captione. The covenanta and agreementa herein contained ahall bind, and the rights hereunder ahall inure to, the reapective succ~esaore and easigna of Lender and Borrower, eubject to the provisione of paragraph 17 hereof. All covenanta and agreementa of Borrower ahell be joint and eeveral. The captions and headinge of the paragraphe of thie Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof. 14. Notice. Except [or any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing euch notice by certified mail addressed to Borrower at the Property Addresa or at such other addrese as Borrower may deaignate by notice :o Lender ae provided herein, and (b) any notice to Lender ahall be given by certified mail. return receipt requeated, to Lender's address atated herein or to auch other address as Lender may designate by notice to Botrower aa provided herein. Any notice provided for in thia Mortgege aF~all be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uaiform Mortgage; Governing Law; Severability. Thie form of mortgage combinea uniform covenante for ~tional nee and non- uniform covenanta with limited variations by jurisdiction to constitute a uniform security inatrument oovering real property. Thie Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clause of this Mortgage or the Note coc~licts with applicable law, such confiict shall not affect other provisions of this Mortgage or the Note which can be given et'f'ect without the conflicting proviaion, and to this end the ptoviaions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Co~y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of eaecution or after recotdation hereof. 17. Transfer of the Property; Aseumption. If all or any part of the Property or an interest therein is eold or tranaferred by Borrower without Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purehase money security interest for household appliancea, (c) a transfer by devise. descent 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 oontaining an option to purchese, Lender may, at Lendei s option, declare all the aums aecurea by this Mortgage to be immediately due and payable. Lender ahall have waived such option to socelerate if, prior to the sale or tranafer. Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such person ia satisfactory to Lender and that the interest payablP on the auma aecured by this Mortgage shall be at such rate as Lender shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligationa underthis Mortgage and the• Note. If I.ender exercises such option to accelerate, Lender shall mail Borrower notice of acoeleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is rr.siled 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 Eiorrower, ~ invoke any remedies permitted by paragraoh 18 hereof ' 18. Acceleration;'Remediea. E:cept ae provided in paragraph 17 hereof. upon Bor~ower's breach of any covenant or E agreement of Borrower in this Mortgage, including the oovenante to pay when due any sume secured by this Mortgage. Lender s prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ requir~d to cnre such breach; (3) a date. not lesa then 30 daya from the date the notice ie mailed to Borrower, by which such ; breach muat be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in i acceleration of the auma aecured by this Mortgage. forecloaure by judicial procecding and sale of the Property.'!'he notice ahall ~ ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecloeure prceeeding the ~ non-e:ietence of a default or any other defenae ot Borrower to acceleration and foreclosure. If the breach is not cured on or before the date apecified in the notice, Lender at Lender's option may declare all of the euma secured by t6is Mortgage to be ' ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitied to collect in such proceeding all eapenaes of foreclosure, including, but not limited to, reasonable attorney's fees, and , costa of documentary evidence, abstracte and title reporta. ~ 19. Borrower's ftight to Reinstate. Notwithatanding I.ender's acceleration of the sume aecured by this Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage disrnntinued at any time priot to entry of a judgment entorcing ? thie Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage. the Note and notes securing Future ~ Advances, if any, had no scceieration occurred; (b) Borrower cures all breaches of ar.y other covenante or agreemente of Bonower contained in _ thie Mortgage; (c) Borrower pays all reasonable expenaea incurred by Lender in enforcing the covenants and agreements of Borrower ' oontained in this Mortgage and in enforcing Lender'a rnmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ' attomey's fees; and (d) Borrower takea evch action as Lender may reasonably requ"ue to assure that the lien of this Mortgage, Lender's interest 4 in the Property and Borrower's obligation to pay the suma aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure i by Borrowet, this Mortgage and the obligations aerured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Aeaignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rente of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 heteof or abandonment of the Property, have the right to collect and retain auch renis 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 oourt to enter~upon, take posseaeion of and manage the Property and to collect the renta of the Property, including those paet due. All mnte ~ collected by the receiver eha11 Le applied first to payment of the ooste otmanagement of the Property and collection of rentB, inciuding, but not ~ limited to, receiver's feea, premiums on receiver's bonds and reasonable attorney's feea, and then to the aums secured by this Mortgage. The receiver shall be liable to acoount only for those rents actually received. ~ a ~ c~ 3~~! JUp i'AGf ~ ~ i r ~ ~ ~ . _ ; , ; r ~ ..n. : . _ . _