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HomeMy WebLinkAbout0215 8. IaspeMion. Lender ma~y make or cause to be made reawnable entries upon and in~pections o[the pmperq?, provided that Lender ahsll give Borrower natice prior b any such inspection ~pecityrin~ reaeonable cause therefor related to Lender's intereat in the Prop~~jr. 9. Coade~aaatton. The prooeed~ of aay awsrd or claim for damages. direct or coneequential. in conaecaon wich any oondemnadon or otber taking of thc pmperty. or part thereof. or fot conveyaace in lieu of ooAdemnatioa. an hereby assigned aad ehaU be paid to I.ender. In the eveut of a totnl taking of the Property, the pe~oceeds shall be appUed to the sume secured by thia Mortgage, wiW tlne esoe~s, if any, paid to Borroarer. In the avent of a partial talring of the Property. unless Borrow~ and Lender otherwise egree in writia~. tbere ~1?all be applied to the sums eecured by this Mort~age such proportion of the pmceed~ aa is equal to that pmportion which the amount of the sums secured by this Morfgage immediately prior to the date of taldng bears to the fair market value of the Property immediately prior to the date of takin6. with the balance ot the proceeds paid to Borro~rer. If the Propezcy u abaadoaed by Borm.ver. or ii, aRer notioe by Lead~ to Borrower that the oondemnor offen to make an award or ~ettle a claun for damages, Bormwer fails to respond to I.ender within ~ daya afier the date euch notioe is mailed. Lender is authoriud t~o collect and apply the proceeds, at Lend~'s option. either to reatoration or repair of fhe propsirty or to the snms secured by this Mortga~e. Unless Lender aad Borrow~ otherwise agree ia writing. any such application of p[oceeds b principal shall not e:tend or postpona the due date of the monthly installmente referred to in paragraphs 1 and 2 hereof os change the amonnt of such inetallmeAta 10. Borrower Not Released. Estension of the time for payrtnant or modification of amortization of the eums eecured by this Mortgage granted by Lender to any eucceeeor in intereat of Borrower shall not operate to release, in any manner. the liability of the original Borroarer and Borrower's succesaore in interest~ Lender ahall not be required to couunence proceedinge againist auch suoceasor or refuse to eztend time for payment or othervvise modify amortizetion of the auins eecured by thia Mortgage by reason of any demand madeby theoriginal Borrower and Borrower's eucceesors in interea~ 11. Forbearanoe by Leader Not a Rtaiver. Any forbearance by Lender in eserciaing any right or remedy hereunder. or otherwise afforded by applicable law. ahall not be a waiver of or preciude the exerriee of any auch right or remedy.'ilie procuremeat of inenranoe or the peyment of taxea or other liens or charges by Lender ahall aot be a waiver of Lender's right to aocelerate the mehuity of the indebtednees eecared by this Mortgage. 12 Remedlee Cumulative. All remedies provided in thie Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by lew or equity, and may be ezerciee~l ooncurrently, independeady or auccessively. 13. 3uccessors and Aesigns Bound; Joiat and 3everal I.iability; Captions. The rnvenants and agreements herein oontained ehall ~ b;nd, and the righta hereunder ehall inure to. the respective eucceesors and aeeigne of I.ender and Borrower. subject to the proviaions of paragraph 1? hereof. All covenaats and agreemente of Borrower shall be joint and eevetal. The captions and headings of the paragraphs of thie Mortgage are for covenience only and are not to be used to interpret or define the provieions 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 this Mortgage shall be given by mailing such notice by certified mail addreased to BormweT at the Property Addrees or at auch other addreas ea Borrower may deaignate by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified meil, return receipt requested, to L.ender e address etated herein or to such other addreea ea I.ender may de8ignate by notice to Borrower aa provided herein. Any notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated heTr.in. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage combines uniform oovenants for national uee and non- uniform covenante with limited variations by juriadiction to oonatitute a uniform security instrunient oovering real property. Thia Mortgage a5a11 be governed by the law of the juriadiction in which the Property ia located. In the event that any pmvieion or clause of this Mortgage or the Note conilicte with applicable law, such rnntlict ahall not affect other pmviaions of this Mortgage or the Note which can be given effect without the rnnflicting provieion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrawer's Copy. Borrower ehall be furniehed a rnaformed copy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. ' 17.'Itiranefer of the Property; Assumption. U all or any part of the Property or an intereat therein is eold or tranaferred by Borrower without Lender's prior written conaent, e:cluding (a? the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchaee money eecuzity interest for houeehold appiiancea, (c) a tranafer by deviae. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or leea not oontaining an option to purchaee, I.ender may, at Lender'e option, declare all the sums aecured by thie Mortgage !o be imme~iately due and payable. I.ender ehall have waived such option to accelerate if, prior to the sale or tranefer, Lender and the pereon to whom the Property ia to be eold or tranafernd reach agreement in writing that the credit of such petson ie satisfactory to Lender and that the interest payable on the sume secured by this Mortgage ahall be at auch rate se I.ender shall i reqne3t. If Lendt,t' has waived the option to accelerate provided in this paragraph 17, and if Borrower a aucteasor in intereat hae ezecuted a ~ written aaaumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations under thia Mortgage and the ! I~ote. ~ If Lendet ezercisea such option to accelerate, Lender ahall mail Borrower notice of ecceleration in aocordarice with paragraph 14 hereof. E Such notice shall pmvide a period of not lesa than 30 days from the date the notice is ~r,ailed within which Borrower may pay the sums declared due. If Borrower fails to pay such suma prior to the eapiration of such period, Lender may, without further notice or demand on Horrower, E invoke any remediea permitted by paragraoh 18 hereof. I ` ~ 18. Acceleration; ftemediea. Ezcept as provided in paragraph 17 6ereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenaate to pay when due any sume secured by Wie Mortgage, Lender ~ prior to aoceteration ehall mail notice to Borrower se provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cnre such breach; (3) a date, not lese than 30 daye from the date the notice ie mailed to Borrower, by which euch ~ breach muat be cured; and (4) t6at failure to cure such breach on or before the date specified in the notice may result in acceleration of the eums eecured by thie Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ehall ~ further inform Borrower of the right to reinstate atter acceleration and the rig6t to aseert in the forecloeure proceeding the non-ezieteace of a default or any other defenee of Borrower to aoceleration and foreclos.ure. If the breach ie not cured oa or ~ before the date apecified in the notice, Lender at I.ender's option may declare all of the aums secured by this Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Leader ehall be ~ entitled to oollect in suc6 proceeding all ezpenses ot forecloeure. including. but not limited to. reasonable attorney's feea, and coata of docvmentary evidence, abatracte and title reports. ; 19. Borrower'e Rig6t to Reinetate. Notwithstanding Lender's acceleration of the aums secured by thie Mortgage, Borrower ehall have ~ ~ the right to have any proceedinge began by I.ender to enforce this Mortgage diecontinued at any time prior to entry of a jndgment enforcing ~ thie Mortgage if: (a) Borrower paye I.ender all sums which would be then due under this Mortgage, the Note and notea eecuring Futare Advancea, if any, had no acceleration occurred; (b) Borrower curea all bmachee of any other covenanta or agreementa of Bonower contained in thie Mortgage; (c) Borrower pays all reasonable expenaea incurred by Lender in enforcing the oovenanta and agreemente of Borrower K oontained in this Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including. but not limited to, reaeonable attorney e feea; and (d) Borrower takee anch action as Lender may reasonably require to seaure that the lien of this Mortgage, Lendei s intereet ~ in the Property and Borrower s obligation to pay the suma secured by thie Mortgage ahall continue unimpaired. Upon auch payment and cnre by Borrower. this Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration hud occurred. Z0. Aseignment of Rente; Appointment of Receiver. Ae additional eecurity hernunder, Borrower hereby assigne to Lender the rente a of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to rnllect and retain euch rents aa they become due and payable. i Upon acceleration under paragraph 18 hereof or abandonment of the PropeTty. Lender shall be entitled to have a reoeiver appointed by a oourt to enteraipon, take poaseeaion of end manage the Property and to rnilect the rente of the Property, including thoee paet due. All renta ~ oollected by the receiver shall be applied first to payment of the ooets of managementof the Property and collection of renta, including, but not b limited to, receiver e feee, premiuma on receiver'e bonds and reasonehle attorney e fees, and then to the sums eecured by this Mortgage. The receiver ahall be liable to aocount only for those rents actually received. ~ ~ ~ ~ ~'P310 ~ VM~: 215 , ~ ~ ~ ~ ~