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HomeMy WebLinkAbout0514 ~ 8. InepectioA. I.ender may make or cauee to be made reawnable entries upon and inspectione of the property, prnvided that Lender ahall ' give Borrower notice prior to any such inapection specifying reasonable cauee therefor related to l.ender'e interest in the Property. 9. Coademnatloa.'l~e proceeds oi any awerd or claim for damagea. direct or consequential, in connection with a~y condemnation or other taking of the pmperty, or part thereot, or for rnnveyaaoe in lieu of c~ondemnation. are hereby asaigned and ahall be paid to Lender. In the event of a total taking of the Property. the proceede shall be applied to the aume eecured by this Mortgege. aith the excees. if any, paid to Borrower. In the event of a partial taking of the Property. unlees Borrower and Lender otherwise agree i~ writing, Were shall be applied to the sums secured by this Mortgage such proportion of the proceeds as ie equal to that proportion which the amount of the sums eecured by thia Mortgage iminediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the pmoeede paid to Borrower. If the Property is abandoned by Borrower. or if, after aotice by I.ender to Borrower that the oondemnor ot~'ere to make an award or setde e claim for damagee, Borrower faila to reepond to I.ender within 30 daye aRer the date euch notice ia mailed. Lender is authorised b coUect and apply the proceeds. at Lender s option, either to irestoration or repair of the property or to the eums eecured by this Mortgage. Unleee Le~der and Bosrower otherwise agree in writing, any auch epplication of proceeds to principal ahsll not e:tend or postpone the due date of the monthly installmente referred to in paragraphe 1 and 2 hereof or change the emount of euch instaUmenls. I0. Borrower Not Releaeed. Exteneion of the time for pajrm~nt or modification of amortization of the sums secured by this Mortgage granted by Lender to any aucc~eeeor in intereat o! Borrower shall not operete to releaee, in any manner. the liability of the original Borrower and Borrowei s successora in interea~ I.ender ehall not be required to oommence proceedinge againat auch succeaeor or refuse to extend time for payment or otherwiae modify amortization of the suma secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower e auccessore in interest. 11. Forbearanoe by I.ender Not a Waiver. My forbearance by I.ender in e:ercieing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a w~.iver of or preclude the exercise of miy3susR:ightor remedy.'Il~e procvrement of inaurance or the payment of ta:es or other liens or charges by I.ender shall not be a weiver of I.ender'e right to accelerate the maturity of the indebtedn~a aecured by this Mortgage. 12 Remedies Cumulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciee~i concurrently, independeady or euoceeeively. 13. Succesaors and Asaigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein rnntained ahall bind, and the righta hernunder shall inure to, the respective euccesaors and aseigns of Lender and Borrower, eubject to the provieione of paragraph 17 hereof. All covenants and agrcementa of Borrower ahall be joint and eeveral. The captions and headinga of the paregraphs of thia Mortgage are for rnvenience only and are not to be ueed to interpret or define the provieiona hereoL ~ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Bonower provided for in t his Mortgage ahaU be given by mailing such notice by certified mail addreaeed to Borrower at the Property Addrees or at such other addreee as ~ Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt requeated, to I.ender a addreas stated herein or to auch other address as Lender may designate by notiFe to Borrower as provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform covenant$ for national uee and non- uniform covenanta with limited variations by juriadiction to oonatitute a uniform security instrument aovering real property.'14~ia Mortgage shall be governed by the law of the jurisdiction in which the Property is lceated. In the event that any proviaion or clause of this Mortgage or the Note contlicts with applicable law, auch conflict ahall not affect other proviaions of this Mortgage or the Note which can be given effect without the rnnilicting provision, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable. 16_ Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'Itiranefer of the Property; Aseumption. If all or any pad of the Property or an intereet therein is eold or tranaferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money aecnrity intereat for houeehold apptiances, (c> a tranafer by deviae, dc~cent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of three yeara or less not containing an option to purchaae, I,ender may, at I.endei s option, declare all the aums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or transfer, L.ender and the person to whom the Property ia to be eold or transferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the aums secured by this Mortgage ahall be at such rate as Lender shall requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has eaecuted a written assumption agreement accepted in writing by I.ender, I.ender shall release Borrower from all obligatione under this Mortgage and the Note. . ~ I f Lender exercises auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 19 hereof. ~ Such notice shall provide a period of not lesa than 30 days from the date the notice is ~r,ailed within which Botrower may pay the suma declared E due. If Borrower fails to pay auch suma prior to the eapiration of auch period, L.ender may, without further notice or demand on E3orrower, ~ ~nvoke any rnmedies permitted by paragranh 18 hereof. s 18. Aoceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any wvenant or ~ agreement of Borrower in thie Mortgage. including t6e oovenants to pay when due any eume secured by this Mortgage, Lender ~ prior to aceeleration ehall mail notice to Borrower se pmvided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure euch breach; (3) a date, not teae than 30 daya from the date the notice is mailed to Borrower. by which euc6 ~ breach must be cured; and (4) that failure ~to cure such breach on or before the date epecified in the notice may result irr ~ acceleration of the aums secured by this Mortgege. forecloaure by judicial proceeding and sale of t6e Property. The notice shall further inform Bonower of the right to reinstate after acceleration and t6e right to asaert in the foreclosure prceeeding the non•e:istence of a default or any other defenee of Borrower to soceleration and forecloeure. If the breach is not cured on or ~ before the date epecified in the notice. Lender at Lender's option may declare all of the eume aecured by thia Mortgage to be ~ immediately due and payable without furt6er demand and may foreclosethis Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all ezpenses of toreclosure, including, but not limited to. reasonable attorney's feea. and ~ costs of documentary evidence, abatracta and title reports. ~ 19. Borrower'8 Right to Reinstate. Notwithatanding I.ender's acceieration of the suma secured by this Mortgage, Borrower ahall have ~ the right to have any proceedings begun by Lender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enforcing ; thia Mortgage if: (a) ~3orrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securing Future ~ Advances, i! any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenants or agreemente of Borrower rnntained in - thia Mortgage; (c) Borrower paye aU reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney'e fees; and (d) Borrower takee such action as Lender may reasonably require to assure that the lien of thie Mortgage, Lendei e intet~st ~ in the Property and Borrower's obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ' by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rente; Appointment of Receiver. As additional aecurity herennder, Borrower hereby asaigna to Lender the renta ~ of the Property, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right H to collect and retain auch 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 = rnurt to enter ypon, take poasesaion ot and manage the Property and to collect the rents of the Property, including thoae past due. All rente ~ collected by the receiver ehall be applied first to payment of the coets of management of the Property and rnliection of rente, including, but not ~ limited to, receivei a feee, premiume on receiver's bonda and reasonable attorney's fees, and then to the sums eecured by thie Mortgage. The ~ receiver ahall be liable to acoount only for thoae renta actuaily received. ~ ~ ~ k - e:~i~ "i~ ~~4 ~ ~ - .