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HomeMy WebLinkAbout0838 . . . , . . • ti~ 8. In~pectioa. l.ender mqy make or cawe to be made reawneble entries upon and inspectiona o[the property, provided that I.ender ehaA give Borrower ~otice p~or to any such inspsction ~pecityin~ reasonable cause tharefo~ ~elated b i.ender's interest in the Property. 9. Condemaadoa.'11~e prooeeds otany ewerd or cisim for damage+. direct or consequeatisl, in connection with any aond~nnation or other taking of the prop~ty, or part thereof. or for conveyance in Ueu of oondemnation, ere hereby assigaed and shaA be paid to Lender. In the event of a totsl taking o! lhe Propedy. the proceeds shall be epplied to the aums seeured by thie Mortgage, with the eucas. if any. paid to Borrower. In tha event ot a partial taking of the Property. unlas Borrower and Lender otherwise agree in writing. there shall be applied to the sum~ secured by this Mortgage such pmportion oi the proceedr aa is equal to that proportion which the amouat o! the eums aecured by this Mortgage immediately prior b the dete of taking bears to the [air martet value of the Property immediately prior to the date oi taking. with the balance of the penceeds paid b Borrower. I[the Property u abandoned by ~3orrower. or it aRer notice by I.ender to Bormwet that the rnndemnor ofters b make an award os settle a claim for damages. Borrower faib to r~pond to Lender ~vithin 30 days atter the date such notice is mailed. I.ender is authorised to rnllect and apply the proceeds. at Lender's option, either Lo restoration or repair ot the ptoperty or to the sums secured by this Morigege. Unless I.ender and Borrower othe~ri~e agne in writing, any such eppUcation of pmce~ds to principal shall not e:tend or postpone the due date of the moathly installments referred to in paragrsphs 1 and 2 hen~of or change the amount of such installmeats. 10. Borrower Not Released. E:tension of the time tor paym~nt or modification of amortization of the sums secured by this Mottgege granted by Lender to any eucccssor in iatereat of Borrower shep not operate to releaee, in any manner, the liability of the original fiorrower and Borrower's aua~essors in interes~ I.ender ehall not be required to wmmence proc~ecdinge againat euch succea~~r or nfuse to eztend time for payment or otherwiae modify amortization of the aume secured by thie Mortgxge by reason of any demand made by the original Borrower and Borrowei e aucceasors in intereet. 11. Forbearanoe by Lender Not e Waiver. My forbearance by Lender in e~cercising any right or nmedy hereunder. or otherwise agorded by applicable law. shall not be a waiver of or preclude the e:errise of any auch right or remedy. The procorement of ineurance or the paymeat of ta~tes or other liens or chargea by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedneas eecured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this ~ Mortgage or afforded by law or equity, and may be exercise~i ooncurrently, independently or eucceesively. 13 3uc~.~esaors and Assigns Bound; Joint and 3everal Liability; Captions. The covenanta and agreeosente herein oontained shall bind, and the righte hereunder ahall inure to, the respective aucceesore and aeeigna of Lender and Borrower, eubject to the provieione of paragraph I? hereof. AlI covenenta and agreements of Borrower shall be joint and eeveral. The captione and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be ueed 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 begiven by mailing auch notice by certified mail addrea~ed to Borrower at the Property Addreae or at auch other addrees as Borrower may deeignate by notice to I.ender ae provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requeated. to Lender'e addresa atated herein or to auch other addrese ae Lender may deaignate by notice to Borrowe~r aR provided herein. Any nodce pmvided for in thia Mortgage shuU be deemed to have been given to Borrower or Lender when given in the manner deeig~eated herein. _ 15. Uniform Mortga~e; Governing Law; 3everability. Thie fcvm of mortgage combines aniform oavenanta for national uee and non- uniform rnvenante with limited variatione by juriadiction to rnnetitute a uniform eecurity inatrun~ent rnvering real property. Thia Mortgage shall be governed by the law of the juriediction in which the Property ie located. In the event that any proviaion or clauee of this Mottgage or the Note conflicts with applicable law, such conflict shall not affect other proviaiona of thia Mortgage or the Note which can be given.effect ' without the conflicting proviaion, and to thie end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ehall be fumiehed a conformed oopy of the Note and of this Mortgage at the time of execntion or after recordation hereof. 17_ 'l~anefer ot the Property; Aseumption. If all or any part of the Property or an intereet therein ia eold or tranaferred by Borrower without Lender a prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchase money aecurity interest [or ho~eehold appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or lesa not oontaining an option to purchaee, Lender may, at I.ender's option, declare aU the aume secured by this Mortgage to be immediately due and pa3 eble. Lender ahall have waived auch option to accelerate if, prior to the sale or tranafer, t.ender and the peraon to whom the Property is to be eold or tranaferred reach agreement in writing tha! the creditof euch ~ perac,n is aatisfactory to Lender an~ that the interest payable on the sume aecured'by this Mortgage shall be at euch rate as Lender shall requeat. tf I~nder hae waived the option to accelerate provided in this paragraph 17, and if Bonowei a succes8or in interest hae executed a written aaeumption agteement accepted in writing by [.ender, Lender ahall releaee E3orrower from alf obligationa underthia Mortgage and the Note. f If Lender exercisea such o hon to accelerate. [.ender ehal) mail Borrower notice of acceteration in accordance with ara ~ p~ p graph 14 hereof ; Such notice shall provide a peric?d of not less than :i0 daya from the date the notice ia rr,ailed within which Borrower may pay the sums declared ! due. If Borrower fails to pay euch suma prior to the expiration of such period. I.ender may, wzthout further notice or demand on Iiorrower, invoke any remediea permitted by pazaqraoh 18 hereof. 'E 18. Acceleration; Remedies. E=cept se provided in paragraph l7 hereof, apon Borrower'e breach ot any oovenant or ~ agreement of Borrower in thie Mortgage. including the oovenanta to pay w6en due any sume eecured by thie Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paregraph 14 hereof specifying: (1) the breach; (2) the action € required to cure auch breach; (3) a date. not lesa than 30 daye trom the date the notice ie mailed to Borrower, by which euch ~ breach muet be cured; and (4) that failure to cure auch breech on or betore the date epecified in the notice may result in ~ acceleration of the sums secured by thie Mortgage, torecloeure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinstate after acceleration and the right to aseert in the forecloaure proceeding the r non-e:istence of a default or any other defense of Borrower to aceeleration and forecloaure. If the breach is not cured on or ~ before the date specified in the notice, Lender et Gender's option may declare all of the aums eecured by this Mortgage to be g immediately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Lender ahail be ~ entitled to collect in auch proceeding all expenses of toreclosure. including. but not limited to, reasonable attorney's fees. and ~ costs of documentary evidence. abstracts and title reports. - 19_ Borrower'e Right to Reinetate. Notwithstanding I.endei s acceleration of theanme eecured by thia Mortgaqe, Borrower shall have ~ the right to have any proceedinga l~egun by Lender to enforce thia MortRage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notea securing Futare - Advances, if any, had no acceleration occutred; lb) Borrower curea all breaches of any other covenanta or agreemente of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenaea incurred Ey Iender in enfonting the rnvenanta and agreemente of ~3orrower ` wntained in this Mortgage and in enforcing Lendei s remedies ae provided in paraqraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes auch action as Lender may reaaonably require to asaure that the lien of thia MortgaQe, Lender's intereet in the Property and Borrower's obligution to pay the suma secured by this Mortgage shall continue unimpaired. Upon such payment and cnte _ by Borrower, thia Mortgage and the obligations secuted hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Assignment ot Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aeeigna to Lender the rente R of the Property. pmvided that Botrower shall, prior to acceleration onder paraplraph 18 hereof or abandonment of the Ptoperty, have the right to collect and retain such renta as 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 ~ oourt to enter~pon, take poseeseion of and manage the Property and to collect the rents of the Property, including thoee paat due_ Al1 rente ~ oollected by the receiver ahall be applied first to payment of the rnsta of management of the Property and collection of renta, including, but not iimited to, receiver'a feea, remiuma on receiver e bonds and reasonable attarne s feee, and then to the aums aec~red b thie Mo ~ p y' y rtgage.'I'he ~ receiver ahall be liable to acoount only for thoee°rents actualty received. ~ y : ~ n(~Q _ '~C! JUO ~aGf S~ ~ ~ ~ ~ , u_~.