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HomeMy WebLinkAbout0066 8. Inepectioe. Lender may make or esuee to be made reasonable entries upon and inspections of the property, provided that Lender ehall give Borrower notice prior to any euch inspection apocifying reasonable cauee therefor releted to L,ender's inte~st in the Property. 9. Condemnetion. 71~e proceeda o! any award or claim for damages, direct or consequential, in connection with any oondemnation or other teking of the property, or part thereol, or !or conveyance in lieu oi oondetnnapon, are hereby easigned and shall be paid to I.ender. 1~ the event of a total taking of the Property. the prooeede ahall be applied to the eums eecured by thia Mortgage, with the ~cees, if any, paid to Borrower. In the event of a partial tt?king of the Pooperty. unless Borrower and I.ender otherwiae agree in writing. there shall be applied to the eums eecurcd by thie Mortgage such ptopo~tion of the proceeds aa is equal to that proportion which the amount of the sums eecured by this Moctgage immediately prior to the date of taking bears b the feir market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property ia abandoned by Borrawer, or if, aRar notice by I.ender to Bor~ower that the oondemnor oPfers to make an award or eetde e claim for damages, Borrower fails to reepond to Lender within 30 daya after the date such notice is mailed, Lender ia authorised to coUect and apply the proceeds, at Lender s option, either to reetoration or repair of the properiy or to the aume eecured by this Mortgage. Unless Lender and Borrower otherwiee agree in writing, any euch application of piviceede to principal shall not e:tend or postpone the due date of the monthly inetallmente referred to in paragirapha 1 and 2 hereof or change the amount of auch inalallmente. 10. Borrower Not Releaeed. E:tenaion of the time for paym~nt or modification of amortiz~tion of the eume eecured by thie Mortgege granted by Lender to any aucceaeor in intereet of Borrower ahall not operate to release, in any manner. the liability of the original Borrower and Borrower'a eucceesora in intereet l.ender ahall not be required to commence proceedinge againet euch succeseor or refuee to e:tend time for payment or otherwise modify amortization of the sums aecured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower a auccessore in interest. ~ 11. Forbearanoe by Lender Not a Waiver. My forbearance by Lender in e:eniaing any right or remedy hereunder. or otherwiee afforded by applicable lew, shall not be a waiver of or preclude the e:erciee of any auch pight or remedy. The procurement of inaurance or the payment of taues or other liena or~charges by Lender ahall not be a waiver of Lender s right to aocelerate the maturity of the indebtedneae secured by thie Mortgage. 12 Remediee Cnmulative. All recaediea pmvided in this Mortgage are diatinct and cnmulative to any other right or remedy under thie Mortgage or afforded by lsw or equity, and may be e:ercise~i rnncurrendy. independendy or sucxesaively. 13_ 3ucceaeore and Aseigne Bound; Joint and 3everal Liability; Captiona. The oovenante and agreementa herein rnntained ahall bind, and the righta hereunder shaU inure to, the reapeMive aucceaeors and aseigns of Leader and Borrower. aubject to the provieione of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and eeveral. The captions and headinga of the paragraphe of thia Mortgage are [or covenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. F.xcept 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 addreae~.~d to Borrowerat the Property Addreae or at anch otheraddrese as Borrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender ahall be given by certified meil, return reoeipt requested, to Lender's address atated herein or to auch other address aa Lender may deHignate by notice to Borrower aa provided herein. Any notice provided for in this Morigage ehall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage rnmbinea uniform oovenanta for national use and non- uniform covenante with limited variations by jurisdiction to mnstitute a uniform aecurity instrument covering real property. This Mortgage shall be governed by the law of the juriediction in which the Property ia located. In the event that any provit+ion or clauee of thie Mortgage or the Note conflicfa with applicable law, such conflict ahall not af~ect other proviaions of this Mortgage or the Note which can be given effect without the conflicting p~+ovision, and to this end the pmvisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be furnished a conformed oopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. '15ranefer of the Property; Aesumption. If all or any part of the Property or an interest therein ia sold or tranaferred by Borrower without Lender e prior written consent, excluding (a) the cteation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase mohey aecurity intereat for household appliances, (c) a transfer by deviae, dcc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not oontaining an option to purchaee, Lender may, at Lender's option, declare all the aums secured by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior to the sale or tranafer, Ixnder and the person to whom the Ptoperty ia to be sold or transferred rnach agreeroent in writing that the credit of such ' person is eatisfactory to L.ender and that the interest payable on the aums secured by this Mortgage ahall be at auch rate as Lender ahall ; request. If Lender has waived the option to accelerate provided in this paragraph 19, and iC Borrower's successor in interest has executed a w1-ilten ass~mption agreement accepted in writing by Lender, I.ender ahall release Borrower from all obligations underthis Mortgageand the ! Note. ' If Lender exerciaes such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ' Such notice ahall provide a period of not less than 30 days fmm the date the notice ia mailed within which Borrower may pay the sums declared due. If Borrower fails to pay snch sums priot to the expiration of such period, Lender may, without further notice or demand on ~Sorrowet, $ ?nvoke any remedies permitted by paragranh 18 hereof. 18. Aceeleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in this Mortgage, including the cavenante to pay when due any aums aecured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph i4 hereofepecifying: (1) the breach; (2) the action ` required to cure such breach; (3') a date. not lese than 30 daya from the date the notice is mailed to Borrower, by which euch ~ breach must be cured; and (4) that lailure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the sums eecured b this Mort a e. forecloaure b ; y B B yjudicialproceedingandsaleoftheProperty.Thenoticeahall ~ further inform Borrower of the right to reinstate after acceleration and the right to sasert in the foreclosure prceeeding the non-eziatence of a default or any other defenae of Borrower to acceleration and forecloeure. If the breach ie not cured on or 4 before the date a pecified in the notice, Lender at Lender'e option may declare all of t6e suma secured by thie Mortgage to be : immediately due and payable without further demand and may forecloae this Mortgege by judicial proceeding. Lender shall be ' entitled to collect in such proceeding all expenaes of foreclosure, including, but not limited to, reasonable attorney's fees. and ~ costs of documentary evidence, abatracts and title reports. 4 19. Borrower'a Righ! to Reinetate. Notwithetanding Lender's acceleration of thesums secured by thia Mortgage, Borrowershall have the right to have any proceedinga begun by Lender~to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ` thia Mortgage if: (a) Bomower paya Lender all aums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had noacceleration occurred; (b) Borrower cures all breachesofan othercovenante or ~ Y agreements of Borrower contained in this Mortgage; (c) Borrower pays all reaeonable expenaee incurred by Lender in enforcing the rnvenanta and agreements of Borrower ~ contained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (d) Borrov?•er takea auch actian as L.ender may reasonably require to asaure that the lien of this Mortgage, Lender'e intereat ~ in the Property and Borrower's obligation to pay the sums aecured b this Mo ; y rtgage shall rnntinue unimpaired. Upon auch payment and cure by Bonower, this Mortgage and the obti~ationa secured hereby shell remain in full force and effect as if no acceteration hsd occurred. 20. Assignment of Rente; Appointment ot Receiver. As additionaJ security hereunder, Borrower hereby asaigne to Lender the rente of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 1 S hereof or abandonment of the Property, have the right to collect and rntain auch rente ae they become due and payable. = Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ' court to enter upon, take poeaeseion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta s oollected by the receiver ahall be applied first to payment of the rnsta of management of the Property and rnllection of rents, inclnding, but not ~ limited to, receiver e feee, premiums on receiver's bonda and reaaonable attomey's feee, and then to the suma secured by thie Mortgage. The receiver shall be liable to acoount only for thoee rents actually received. ~ ~ ~ ~ : 90GK ~U$ PqGE ~ ~ ' . _ . . : ~ : ~