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HomeMy WebLinkAbout0182 8. Iaepectioa. I.ende~ may make or cauae to be made reaeo~able e~tries upoi~ and inepectione oithe property, pn~vided that Lender ehall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to l.ender's intacest in the Property. 9. Condemnation. The proceede of any award or claim for damagea, dinct or conaeque~tial, in connection with any oo~demnation os other taking of the propetty, or part thenof, or for rn~veyance in lieu of oondemnation. are hereby asaigned and ehall be paid to Lender. I~ the event of a total taking of the Property, the proceeda ehaU be applied to the sums secured by thia Mortgage. with the excess. if aay. paid to Borrower. In the event of a partial taking of the Property. unlees Borrower and I.ender otherwise agree ia writing. there shaU be applied Lo the eums secured by thie Mortgage auch proportion of the proceeda es is equal to that proportion which the amount of the aums eecvred by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the dete of taking, with the balanea of the proceeds paid to Bormwer. lf the Property is abandoned by Borrower. or if, aRer notioe by Lender to Borrower that the oondemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lendes within 30 days after the date euch nutioe is mailed. Lender ia authorized to collect and apply the proc~eede, at Lendei s option, eiLher to restoration or repair of the property or to the sums eecured by this Mortgage. Unlese Lender end Borrower otherwise agree in writing, any such application of proceeds to principal shall not e:tend or postpone the due date of the a?onthly inetallments nferred to in paragrapha 1 and 2 hereof or change the amount of euch inatalLnents. 10. Borrower Not Released. E:tenaion o! lhe time for paymant or modification of amortization of the sums aecured by this Mortgage gr. .nted by Lender to any aucceaeor in intereat of Borrower ehell not operate to release, in any manner, the liability of the original Borrower and Bormwer'e succesaors in intereak Lender ahall not be reqe~ired to oommence proceedings againet such eucceaeor or refuee to e:tend time for payment or otherwise modify amortization of the sums aecured by this Mortgage by reason of any demand made by the original Borrower an1: ~~wer's succeesora in intereat. 11. Forbearanoe by Leader Not a R?siver. My forbearance by I.ender in e:ercieing any right or remedy hereunder. or otherwiee afforded by applicable law. ehall not be a waiver of or preclude the eaerciee of any auch right or remedy. The procurement of ineurance or the payment of t~ee or other liens or charges by Lender ahall not be a waivec of Lender a right to accelerate the maturity of the indebtedneae secured by this Mortgage. 12 Remediea Cumulative. All remedies pmvided in this Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or aftorded by Iaw or equity, and may be exerrise~l ooncurrendy, indepeadendy or succeeaively. 13. 3uccesaors and Aseigne Bound; Joiat aad 3everal Liability; Captions. The covenante and agreementa herein contained ehall bind. and the rights hereunder ahall inure to, the respective euccesaors and aesigns of Lender and Borrower. eubject to the proviaione of paragraph 17 hereof. All covenante and agreements of Borrower ahall be joint and eeveral. The captiona and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviaione hereof. 14. Notice. Except for any notice required under applicable law to be given in another mannet, (a) any notice to Borrower provided for in thia Mortgage ehall be given by mailing such notice by certi6ed mail addreseed to Borrower aL the Property Addresa or at euch other addrees as E3orrower may designate by notice to Lender as provided hernin. and (b) any notice to Lender shall be givsn by certified mail, retarn receipt requeated, to I.ender a addreas atated herein or to auch other addreea as Lender may deaignate by notice to Borrower aa pmvided herein. Any notice provided for in thia Mortgage ahal! be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uni[orm Mortgage; Governing I.aw; Severability. Thia form of mortgage combines uniform oovenanta for national uee and non- uniform covenante with limited variations by juriadiction to oonatitute a uniform aecurity 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 provieion or clauee of this Mortgage or ihe Note conflicta with applicabte law, such conflict shall not affect other provisione ot this Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the provisione of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furniehed a conformed oopy of the Note and of this Mortgage at the titne of execution or after recordation hereof. 17. 'I~anefer of the Property; Asaumption. If all or any part of the Property or an intereat therein ie sold or traneferred by Borrower without Lender e prior written conaent, excluding (a) the creation of a lien or encvmbrance aubordinate to this Mortgage, (b) the creation of a purchase money eecurity intereat for household appliances, (c) a transfer by devise. dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeare or leas not containing an option to purchaee. Lender may, at I.ender's option, declare all the suma secured by this Mortgsge to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, L.enda~ and the person to whom th~PM~a to be eold or transferred reach agreement in writing that the credit of such peraon is satisfactory to l.ender snd that the intered pay'aale efi the suma secured by thie Mortgage shall be at such rate as I.ender ahall request. If Lender has ~wived the option to aooela~ate•pNo~ide~1l~'~his paragraph 17, and if Borrower s successor in interest has e:ecuted a written asaumption agreement accepted in writing by Lender, Lendershall releaae Borrower from all obligationa under this Mortgage and the Note_ If Lender e:erriaes such option to accelerate, L.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. 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 sums declared due. If Boaower faiis to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Iiorrower, ~nvoke any remedies permitted by pazagraoh 18 hereof 18. Acceleration; Remediea. Ezcept es provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or I agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sums secured by thia Mortgage, Lender ~ prior to ac~celeration ehaU mail notice to Borrower ae provided in paragraph 14 hereof epecitying: (1) the breach; (2) the action ~ required to cure euch breach; (3) a date, not leae than 30 daye from the date the notice ie mailed to Borrower, by which suc6 ~ breach muet be cured; and (4) that failure to cure euc6 breach on or before the date specified in the notice may result in ~ acceleration of the aume secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. T6e notice ahall E further inform Borrower of the right to reinstate aiter acceleration and the right to aeeert in the foreclosure proceeding the ~ non-e:ietence of a defeult or any other defenae of Borrower to soceleration and forecloeure. If the breach ie not cured on or ~ before the date epecified in Lhe notice, Lender at Lender'e option may declare aU of the suma secured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attc?rney's feee, and ~ cuats of documentary evidence, ebetracta and title reporta. ~ 19. Borrower's Right to Reinatate. Notarithatanding Lendei s acceleration of the sums eecured by thia Mortgage, Borrower ahall have ~ the right to have any proce~dings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing g thia Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage, the I`'ote and notes secuting ~ture ~ Advances, if any, had no acceleration occurred; (b) Borrowercurea all breachea of any othercovenante or agreementa of Borrower oontained in this Mortgage; (c) Borrower pays all reasonable ezpensea incurred by I.ender in enforcing the covenante and agreemente of Botrower ( contained in this Mortgage and in enforcing Lender's rnmedies as provided in paragraph 18 hereof, induding, but not limited to, reasonable ~ attorney e feea; and (d) Borrower takea such action aa Lender may reasonably require to assure that the lien of thia Mortgage, Lender'e interest in the Property and Borrower's obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligationa secared hereby shal) remain in full force and effect as if no acceleration had occurred. 20. Aaeignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby aseigna to I.ender the renta of the Property, proveded that Borrower ahaU, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain auch rents as they become due and payable_ ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ~ oourt to enter.upon, take poseesaion of and manage the Property and to collect the rents of the Property, including those past due. All rents ~ collected by the receiver shall be applied firat to payment of the coats of management of the Property and collection of rnnte, including, but not 4 limited to, receiver's fees, prnmiums on receiver's bonda and reasonable attorney's fees, and then to the aums secared by thie Mortgage. The ; receiver ahall be liable to acoount only for those rente actually received. ~ ~ : s 3U9 ~~N~~ 182 F ~ r l ~ ~ -a~'Z ~ w ~3~ -'sE - ' =~''..3', ~ ~ ~FC-z.=`~,n~,r -f ~ ~ " ~