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HomeMy WebLinkAbout1010 8. Inepection. l.ender may m~ kr or cauae lo be made reasonable entriee upon and inepectiuns of the property, provided thet l.ender ehall Kive E3oROwer notice prior to any such inepection epecifying ree~eunable cauae therefor related to l.endei s interest in ihe Properiy. 9. Condemnation. The pra eeda of any award or claim for damagee, direct or coneequential, in connection with any eondemnetion or other taking of 1he pmperty, or part thereof, or [or conveya~ce in lieu of rnndemaation, are he~eby asaigned and ehaU be paid to l.ende~. In the event of a total tak~ ng of the Property, the pra,~eede shaU be applied to the suma eecured by thia Mortgage, with the excese, if any, paid to Borrower. In the ev~ nt of a partial taking of the Property, unleae Botrower and l.ender otherwiee agree in writin$, there shall be applied to the auma eecurcd by this Mortgage auch proporiion of the proceede ae ie equal to that proportion which the amount of the eume aecured by thie Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of taking, with the balancY of the ptoceede paid to Borrower. Itthe Property ie abandoned by Borrower. or i[, after notice by Lender to Borrower that the condemnor of[ers to make an award or eettle a claim for damagea, Borrower faile to mapond to L~der within 30 daye after the date auch notice is mailed, Lender is autl~orized to collect and apply the prooecds, at I.ender e option, either to reetoration or repair of the property or to the eums secured by this Mortgage. t~nlees Lender and Borrower otherwise agme in writing, any euch application of proceeds to principal ahall not extend or poatpone the due date of the monthly installmente referred tn in paragiraphe 1 and 2 hereof or change the amount of euch installmente. 10. Borrower Not Released. E:tenaion of the time for paym~nt or modification of amortization of the auma secured by this Mortgage granted by l~ender to any euccesaor in intereat ot Bornnwer ahaU not operate to release, in any manner, the liability of the original Borrower and Borrower's succesaore in intereat. I.ender shall not be reyuired to rnmmence proceedinge againat such aucceasor or refuee to e:tend time fur payment or otherwise modify amortization of the sums secured by this Murtguge by reason of any demand made by theoriginal Borrower und E3orrower's successora in interest_ 11_ Forbearance by Lender Not a R?aiver. My forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of inenrance or the payment of taxea or other liene or chargea by I.ender shall not be a waiver of I.ender e right to accelerate the maturity of the indebtedneas secured by thie Mortgage. 12 Remediee Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or aftorded by law or equity, and may be e:ercised concurrently. independently or aucceasively. 1'3_ Succesaore and Aseigne Bound; Joint and Several Liability; Captione.'l~e covenante and agreementa herein contained ahall bind, and the righta hereunder shall inure to, the reapective succeseors and aseigna of Lender and Borrower, subject to the proviaions of paragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and eeveral. The captions and headinga of the paragraphe of this Mortgage are for 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 forin this Mortgage shall be given by mailing such notice by certified mail addreased to Borrower at the Property Addresa or at auch other addreas ae Bor[ower may deaignate by notice to Lender as provided hetein, and (b) any notice to I.ender ahaU be given by certified mail, return receipt requested, to l.ender's addreas atated hernin or to such other address as Lender may designate by notice to Borrower r~s provided herein. My notice provided for in thie Mortgage shall be deemed to have been given to Borrower or [.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform covenanta for national use and non- uniform covenants with limited variations by jurisdidion to conatitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any pmvieion or clause of this Mortgage or the Note contlicts with applicable law, such conflict shall not affect other provisions uf this Mortgage or the Note which can be given effect w~thout the rnnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 18. Borro~a•er's Copy. Borrower shall be furniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recorda:ion hereof. 17. Tranafer of the Property; ABeumption. If all or any part of the Property or an interest therein is sold or traneferred by Borrower without I.ender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage,lb) the creation of a purchase money Fecut'sty interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the qrant of any leasehold intereat of three years or leas not containing an option to purchase, Lender may, at Lender s option, declare all the Sums secured by this Mortgage to be immediately due and payable. L.ender ahall have waived auch option to accelerate if, prior to the sate or transfer, Lender and the person to whom the Property is to be sold or tranafernd reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage ahall i~e at such rate as Lender shall request. I[ I.ender has waived the option to accelerate pro~ided in this paragraph 17, and if l3orrower s successor in interest has executed a W~ritten assumption agreement accepted in writing by [.ender, I.ender sha11 release Borrower from aIl obiigationa under this Mortgage and the Note_ If l.ender eaercises such option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance v?ith paragraph 14 hereof. ; Such notice shall provide a period of not iess than 30days from the date the notice is mailed within which Borrower may pay thesums declared i due. If Borrower fails to pay such sums prior to the expiration of such period, lxnder may, without further notice or demand on t3orrower, i ~nvoke any remedies permitted by paragraoh lti hereof. I IS. Acceleration; Remediea. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower in thia Mortgage, including the oovenants to pay when due any sume aecured by this Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action f required to cure such breach; (3) a date, not less than 30 daya from the date the notice ie mailed to Borrower, by which such I breach muat be cared; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the euma secured by thie Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinatate after acceleration and the rig6t to aesert in the foreclosure prceeeding the non-e:istence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ia not cured on or g before the date apecified in the notice. Lender at Lender's option may declare all of the sums secured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclosethis Mortgageby judicial proceeding. [.ender shall be entitled to collect in such proceeding all e:penses of foreclosure, including. but not limited to. reasonable attorney's fees. and ~ costs of docomentary evidence. abstracts and title reports. 19. Borrower's Right to Reinetate. Notwithstanding l.endei a acceleration of the auma secured by this Mortgage, Borrower shall have n the right to have any proceedings begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) I3orrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Euture g Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of anyother covenanta or agreementa of Borrower contained in ~ this Mortqage; (c) Borrower pays a11 reasonable expenses incurred by Lender in enforcin the covenanta and a g greements of E3orrower ~ contained in this Mortgage and in enforcing l.ender's remedies as provided in paragraph IS hereof, including, but not limited tu, reasonable ~ attorney's fees; and (d) Borrower takes auch action as Lender may rnasonably require to assure that thelien of thia Mortgage, Lender'a interest ; in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure - by Borrower, thiP Mortgage and the obligations secured hereby shal{ remain in full force and effect as if no acceleration had occurred. ; . 20. Aseignment of Renta: Appointment of Receiver. As additional security hereunder. Rorrower hereby assigna to Lender the mnts s of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright ' to collect and retain such renta as they become due and payable. ; Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed by a ; court to enter~upon, take posaesaion of and manage the Property and to collect the renta of the f'roperty, including those past due. All rents ' collected by the receiver sh all be applied firat to payment of the costs of management of the Yroperty and collection of rente, includinq, but not ~ limited to, receiver's fees, premiuma on receiver's bonds and reasonable attorney's fees, and then to the aums secured by this Mortgage. The receiver shall be liable to acrnunt only for tho.ge mnts actually received. ~ ~ ~ ~ ~UU .,_,1~p9 r x i : ~ , ~ :,~~a•i,.'s` ' ~f.v~:. ~~`a's" °'.Y~''~ ~-'v' .~T"`r - '+~'s: . . ~ ~'~r,~:~:r`_: