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HomeMy WebLinkAbout0356 S. Inapection. l.ende~ may make or cause to be made reasortable entri~ upon and inspectione of the property, provided that I.ender ehall give Borrower notice prior to any such inepection specifying reasonable cauee therefor related to Lender'a intereat i~ the Property. 9. CondemnaUoa. The procEeds of any award or claim for damages, direct or ronsequential, in connection with any condemnation or other taking of the pmperty, or part thereuf, or for rnnveyance in lieu of rnndemnation, are hereby aeaigned and ehell be paid to Lender. In the event of a total taking of the Properiy, the proceede shall be applied to the euma aecured by this Mortgage. with the eacees, if any. paid to Borrower. In the event of a partial taking of the Property, unleas Borrower and l.e~der otherv?-iee agree in writi~ig, there shall be applied to the sums secured by thie Mortgage such proportion of the proceeda as ia equal to that proportion which the amouni of the eams eecured by this Mortgage immediately prior to the datc of taking bears to the fair market value of the F~toperty immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. • If the Property ie abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor otters b mal~e an award or setde a claim for damagea, Borrower faile to respond to Lender within 30 days aRer the date auch notice is mailed, Lender is authorised to coUect and apply the proceeda, at Lender's optioa, either to restoration or repair of the pmperty or to the aums secured by this Mortgage. Unleae Lender and Borrower otherwiee agree in writing, any euch application of pra.~eede to principal ehall not extend or poetpone the due date of the monthly installments referred to in paragrapha 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Released. Exteneion of the time for paymant or modification of amortization of the suma secured by this Mortgage granted by Lender to any aucceaeor in intereat of Borrower shall not operate to reteaae. in any manner. the liability of the original Borrower and Borrower a successors in interes~ Lender ahall not be required to rnmmence proceedings againat auch aucceasor or refune to extend time for•payment or otherwise modify amortization of the sume aecured by this Mortgage by rnaeon of any demanA mede by theoriginal Borrower . an.! Borrower a suoceesors in interest. 11. Forbearaace by Lender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder. or otherwiee af~orded by applicable law, ehaU not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of ineurance or the payment of ta:es or other liene or chargea by Lender ahall not be a waiver of Lender'e right to aaxlerate the maturity of the indebtedneae secured by this Mortgage.~ 12 Remediee Cumulative. All remediea provided in thie Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exeiciaeri concurrendy. independently or succeseively. 13. Succesaore and Asaigne Bound; Joint and Several Liability; Captione.'11~e covenants and agreementa herein contained shall bind, and the righta hereunder shall inure to, the respective succeasora and assigne of Lender and Borrower, eubject to the proviaions of paragraph 1? hereof. All covenants and agreementa of BoTrower ahall be joint and eeveral. The captions and headinga of the paragrapha oi this Mortgage are for covenience only and am not to be ueed to interpret or define the provisiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another q~anner, (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing auch notice by certified mail addresaed to Borrowe~ at the Property Addresa or at such other addrese as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requeeted, to i,ender e addreea atated herein or to sach other addreae as Lender may designate by notice to Borrower as pmvided herein. Any notice provided for in tliis Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15_ Uniform Mortgage; Governing I.aw; Severability. Thia [orm of mortgage combinee uniform oovenants far nstional uae and non- uniform covenants with limited variationa by jurisdiction to conatitute a uniform security instrument covering real property. Thia Mortga~e shall be governed by lhe law of the jurisdiction in which the Property is Iceated. In the event that any provision or clauae of this Mortgage or the Note conflicts with applicable law, such conflict shall not aPfect other provisions of this Mortgage or the Note which can be given effect without the contlicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of thiaMortgage at the time of e:ecution or after recordation hereof. - 17. Tranefer of the Property; Aseumption. If all or any part of the Property or an interest therein is eold or traneferred by Borrower without Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance subordinete to thia Mortgage, (b) the creation of a purchase money security interest tor household appliances, (c) a transfer by deviae, descent or by opelation of law upon the death of a joint j tenant or (d) the grant of any leasehold intereat of three years or teas not containing an option to purchase, Lender may. at Lender s option, declare all the suma secured by this Mortgage to be immediately due and payable. Lendet ahall have waived auch option to accelerate if. prior i to the sale o: transfer, Lender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the creditof auch , ~ peraon is satisfactory to [.ender and that the interest payable on the sums secured by this Mortgage shull be at such rate as Lender ahall ! request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a successor in interest hae executed a E written assumption agreement accepted in writing by Lender, Lenderahall release Borrower from all obligations underthis Mortgageand the E Note. • I I f I.ender e=ercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ; Such notice shall pm~~de a perioa of not less than 30 days fTOm the date the notice is mailed within which Borrower may pay the sums declared i due_ If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on BorFower, ~ ~nvoke any remedies permitted by paraRraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept es provided in paragraph 17 hereof, upon Bonower'8 breach of any oovenant or ~ agreement of Borrower in thia Mortgage, including the covenanta to pay when due any suma secured by thie Mortgage, Lender , prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breac6; (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 euch ~ breach must be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in ~ accelerntion otthe sums aecured by this Mortgage. foreclosure by judicial proceeding and saleof the Property. The notice ahall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecloeure prceeeding the ~ non-e:iatence of a default or any other detense of Borrower to acceleration and fore~loeure. If the breach is not cnred on or ~ before the dete speci£ed in the notice, Lender at Lender's option may declare all of the suma secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitted to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees. and ~ costs ot documentary evidence, abetracts and title reports. ~ 19. Borrower's Right to'Reinetate. Notwithatanding Lender's acceleration of thesume aecured by thia Mortgage, Borrowerahali have ~ the right to have any proceedinga begun by L.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgaqe if: (a) Borrower pays Lender al! sums which would be'then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenants or agreementa of Borrower rontained in ~ this Mortgage; (c1 Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreementa of Borrower Y ~ contained in this Mortgage and in enforcing I.ender a remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable ' attomey's fees; and (d) Borrower takea such action as Lender may reasonably require to assure that the lien of this Mortgage, I.endei a intereat , in the Property and Borrower's obligation W pay the aums secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure 3 by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had oocurred. 20. Aesignment of Rents; Appointment of Receiver. As additional security hernunder, Borrower hereby assigns to Lender the renta ~ of the Property, provided that Borrower shall, prior to acceleration under paragrapb 18 hereof or abandonment of the Property, have the right to collect and retain such rnnte as lhey become due and payable_ Upon acceleration under paragraph l8 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a 'r court to enter upon, take possesaion of and manage the Property and"to collect the rents of the Property, including those paet due. All rente ooilected by the receiver ahall be applied firat to payment of the costa of management of the Property and collection of rents, including, bat not ° limited to, receiver's feea, pmmiums on receiver's bonds and reasonable attomey's feea, and then to the sums secured by thie Mortgage_ The ~ receiver sha11 be liable to account only for those rents actually received: ';.3 Y ~ • ~ 3001( ~U8 ~qGE 3W k ~ ~ ~ ,y_-'; ~ _ ~ " t 1 ~ k'~~~~~x ~.+~~~~,F~~ ~~-vr -f~~~.g..'sl~`- u' ~ _ s" ~ _ ~ ~-~z~.