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HomeMy WebLinkAbout1000 8. Iaspectlon. Lender may make or cauae to be made reawnable entries upon and inspectione of the property, provided that Leader shall give Borrower notice prior to any such inepection specifying reasonable cauee therefor related to I.endei e intereet in the Property. 9. Condemaetion. The proceeds of any award or claim for damagea, direct or rnneequential, in connection with any oondemnetioa or other taking of the pmperty. or part thereof, or for conveyance in liea of oondemnation. ate hereby asaigned and shall be paid to Iender. In the event of a total taking of the Property, the proceeds ahell be applied to the eums aecured by this Mortgage. with the escess, if any. paid to Dorrower. In the event of a partial taldng of the Property, unleas Borrower and Leader otherwiee agree ia ~vriting, there shall be applied to the eums secured by fhis Mortgage euch pmportion of the proceeds es ie equal to that pmportion which the amount of fhe sums secured by thia Mortgage iramediately prior to the date of taking bears b the fair markN value of the Property immediately prior to the date of taking, with the balanoa of the prooeeds paid to Borrower. lf the Property is abandoned by Bormwer, or if, aRer notice by Lender to Borrower that tha oondemnor offers b malce an award or setde a claim for datnages. Borrower faile to reapond to Lender within 30 days aRer the date euch notice ia mailed, Lender ia authoriied b coUect and apply the proceeds. at I.ender s option, either b reatoration or repair of the property or to the sams secured by this Mortgage. Unleea Lender and Borrower otherwise agrce in writing. any auch application of proceeds to priacipal ahall not estend or postpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of auch inatallments. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortization of the auma secured by this Mortgage granted by Leader to nny aucceaeor in interest of Borrower ahall not operate to releaee, in any manner. the liability of the original Borrower and Borrower's aucceesora in interest. Lender ahall not be required to commence proceedinge againet auch succeaeor or refuee to eztend time for payment or otherwiae modify amoriization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a successora in intereat. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercieing any right or remedy hereunder. or otherwiee afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any euch right or remedy.'17~e procurement of insurance or the payment of tauea or other liena or chargea by Lender ahall not be a waiver of Lender'e right to aocclerate the maturity of the indebtedaeee secured by this Mortgage. 12 Remediee Cumulative. All remediea pmvided in thie Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exercieed ooncurrently, iadependendy or aucceaeively. 13. 3uccessors and Aseigns Bound; Joint and Several Liability; Captione. The rnvenante and agreements herein oontained shall hind, and the righte hereunder shall inure to, the reapective suoceseors and aseigne of Lender and Borrower, eubject to the proviaione of paragraph 17 hereof. All covenants and agreemente uf Borrower ehall be joint and several. The ceptions and headings of the paragrephs of chis Mortgage are for covenience only and are not to be used to interpret or de5ne the provisions hereof. T 1 A. Notice. Except [or any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in this Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Addreae or at auch other addrees ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt mquested, to Lender'a addteas atated herein or to auch other addrees as I.ender may deeignate by notice to Borrower ae provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignsted herein. I5. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform rnvenant8 for national uae and non- uniform covenanta with limited variationa by juriediction to oonetitute a uniform aecurity inatrua~ent oovering resl property.'lliie Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any pmviaion or clauee of this Mortgege or the I~iote confticte with applicable law, auch conflict shall not af'fect other provisione of this Mortgage or the Note which can be given ef#'ect w~thout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be eeverable. - 16. Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortqage at the time of e:ecation or after recordation hereof. 17.'l~ranefer of the Property; Aesumption. If all or any part of the Property or an interest therein is sold or tranaferred by Borrower without Lender's prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchaee money security intereat for houeehold appliances, (c) a tranafer by deviae, descent or by operation of law upon lhe death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lesa not oontaining an option to purchase. Lender may, at I.ender a option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, priot ! to the sale or tFansfer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch ; Feraon is satisfactory to Lender and that the interest payable on the aums secured by this Mortgage ahall be nt such rate as Lender ahall ~ request. If [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's auccesaor in interest has eaecuted a I w-ritten assumption agreement accepted in writinq by Lender, Lender shall releaae Borrower from all obligations under thia Mortgage and the ~ ti'ote. 9 If Lender exercises such option to accelerate, Lender ahali mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shali provide a period otnot less than 3d days from the date the notice ia rr.siled within which Borrower may pay the aums declared ~ due. If Borrower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on Eiorrower, ~nvoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sume secured by this Mortgage, Lender Grior to acxeleration ahatl mail notice to Borrower as prnvided in paragraph 14 hereof epecifying: (1) the breac6; (2) the action required to cure such breach; (3) a date, not lees then 30 daye from the dete the notice ia mailed to Borrower, by w6ich euch breach must be cured; and (4) that taiture to cure such breach on or before the date epecified in tfie notice may reeult in ~ acceleration of the suma aecured by thie Mortgage. forecloaure by judieial procecding snd sale of the Property. The notice s6all • ~ further inform Borrower of the right to reinatate aRer acceleretion and t6e right to aesert in the forecloaure proceeding the ~ non-e:ietence of a default or any other defense of Borrower to aoceleration and foreclosure. If the breach ie not cured on or before the date epeciGed 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 forecloae this Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceeding all e:penaea of fureclosure, including, but not limited to. reasonable attorney's fees. and ~ costa of documentary evidence. abatracta and title reports. 19. Borrower'e Right to Reinetate. Notwithatanding Lender'a acceleration of the aqmH eecured by thie Mortgage, Borrowerahall have ~ the right to have any pra~eedinga began by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notea eecuring Future ;s Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenente or egreementa of Borrower contained in I this Mortgage: (c) Borrower pays all reaeonable expenses incurred by Lender in enforcing the oovenante and agreementa of Borrower - contained in thia Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonablr ' ~ attorney's teee• and (d) Borrower takes such action as Lender may reasonably require to aseure that the lien of thia Mortgage, Lender's interest i n the Property and E3orrower e obligation to pay the aums secured by this Mortgage ehaU continue unimpaired. Upon euch paycnent and cure ~ by Borrower, thia Mortgage and the obligations aecured hereby ahall remain in ful! force and effect se if no acceleration had occurred. ~ 20. Aaeignment of Rente; Appointment ot Receiver. As additional eecurity hereur.der, Borrower hereby aseigna to [,ender the rente ~ af the Property, provided that Borrower sha11, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rnnts se they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a court to enterapon, take poasegaion of and manage the Property ~nd to collect the rente of the Property, including thoHe paat due. All rents collected by the receiver ehall be applied first to payment of the oosts of management of the Property and collection of rents, including, but not ~ limited to, receiver e feea, premiume on receiver's bonds and reasonnble attomey a fees, and then to the sums aecured by this Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received. ~ `f' 'Y~ c!!~kr 31U ~l1,~ ~VOO ~ ~ ~N..