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HomeMy WebLinkAbout0641 8. laspection. I.e~der may make or cause to be made reasonable entries upo~ and inspections of the property, provided that I.ender ehell give Bor~ower notice prior to any auch ins~ectioa specifying reasonable cause therefor related to I.ender's interest in the Property. 9. CoAdemaation. 7T~e proceeds of any award or claim for damages. direct or coneequentiel, in rnnnection with any ooademnation or other taking of the property. or part thereof, or for rnnveyance in lieu of condeaination, are hereby aeaigned and shall be paid to Lender. I~ the event of a total taking of the Property. the pmceeds ehaq be appGed to the sums secured by this Mottgage, with We esoess. if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and I.ender otherwise agree in writing. there ehall be applied to the sums se~red by this Mortgage such pmportion of the proceed~ as ia equal to that proportion which the amount of the sums aecured by this Mortgage immediately prior to the date of takiag bears to the fair market value of the Property immediately prior to the date of taking, with the batanca of the proceeds paid to Borrower. I[the Property is abandoned by Bormwer, os i[, aRer notice by Lender to Borrower that the condemnoroffere to make an award or setde a e~aim for daraag~, Burrower fails to respaad Lo Lender within 3Q days after ihe daLe such nat~ce is mail~, t.Ender is anthorized ta cotlect snd apply the prnceeds, at Le~der s option, eithu to nstoration or repair of the pmperty or to the sums secured by thia Mortgage. Unlees Lender and Borrower otherwiee agree in writing, any such application of proceeds to principaf ahall not extend or postpone the due date of the monthly inetallments nferred to in paragrephs 1 and 2 hereof or change the amount of auch installments. 10. Borrowec Not Released. Extenaion of the time for paym=nt or modification of amortization of the suma eecuted by thia Mortgage • granted by I.ender to any aucceseor ia intereat of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower'a euecesaora in interee~ l.ender shall not be required to oommence proceedinge against such aucceseor or refuse to e:tend time for payment or otherwiae molify amortization of the auma secured by this Mortgage by ceaeon of any demand made by the original Borrower gnd Borrower s sutt~essors in interea~ 11. Forbearance by Leader Not a R?aiver. My forbearance by Lender in e:ercising any right or e~emedy hereunder. or otherwise afforded by applicable law, ahall not be a waiver of or preclude the e:erciee of aay such rig6t ur remedy. The procurement of inaurance or the payment of ta~cee or other liena or charges by Lender ahall not be a waiver of Lender'e iight to accelerate the maturity of the indebtedness secund by this Mortgage. 12 Remedies Cumulative. All remediee provided in this Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:erciee~l rnncan~ently. independently or euoceaeively. 13. 3ucceeeors and Aasigns Bound; Joiat and 3everal I.iability; Ceptioas. The oovenants and agreements herein contained shall bind, and the righte hereunder ehall inure to, the respective aucceesora and aseigne of Lender and Borrower, subject to the provieions of paragraph 17 hereof. All covenanta and agreemente of Borrower shall be joint and eeveral.'[7~e captions and hesdings of the paragraphs of thie Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. 1~. Notice. Bxcept for any notice required under upplicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing auch ~otice by certified mail addressed to Borrower at the Property Addreea or at auch other addrees as Borrower may deaignate by notice to I.ender as provided herein, and (b) any notice to Lender ehali be given by certified mail, rehun receipt requeated, to [.ender's addreas etated herein or to auch other addreas as I.ender may deaignate by notice to Borrower as pmvided herein. My notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combinea uniform oovenante for national uee and non- uniform covenants with limited variatione by jurisdiction to eonatitute a uniform aecurity instrunient oovering real pmperty. This Mortgage shall be governed by the law of the juriadidion in which the Property is located. In the event that sny provic+ion or clause of this Mortgage or the Note conflicts with applicable Iaw~ auch conflict shall not affirt ather provieiona of this MortgSage or the Note which can be given effect without the conflicting proviaion, and to thia end the provisione of the Mortgage and the Note are declared to be severable_ 16. Borrower'e Copy. Borrower ahall be fumiehed a rnnformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17. Transfer of the Property; Aseumptioa. If ail or any part of the Property or an intetest therein ia sold or trane[erred by Borrower w~thout Lender's prior written conaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchaee money eecurity intereat for houeehold appliancea, (c) a transfer by deviee, de.scent or by operation of law upon the death of a joint tenant or td) ti~e grar.t of any leasehald intereat of three yeara or lees not oontaining an option to purchase, Lender may, at I.ender's option. de+-late all the auma secured by thie Mortgage to be immediately due and payable_ Lender ehall have waived such option to accelerate if, prior to the sale or tranafer, I.ende• and the person to whom the Property ie to be eold or tranaferred reach agreement in writing that the credit of such peraon is eatiqfectory to Lender and that the interest payable on the sums secured by this Mortgage shall be at auch rate ae I.ender ahall reques!. lf Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower'a auccessor in intereat has e:ecuted a w~ritten assumption agreement accepted in writing by Lender, [.ender shall release E3orrower from all obligations under this Mortgageand the ti ote_ _ f If I.ender exercises sach option to accelerate, [.end~ ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. R Such notice ahall pmvide a period of not less than 30 daya from the date the notice is ~r.ailed within which Borrower may pay the auma declared ~ due. If Sorrower fails to pay auch suma prior to the expiration of such period, Lender may, without further notice or demand oq Borrower, ~ invoke any remedies permitted by paragranh 18 hereof. ~ 18. Acceleration; Remedies. E:cept ae provided in peragraph 17 hereof, upon Borrower'e breach of any oovenant or a~eement of Borrower in thie Mortgage, including the oovenants to pay whea due any eums sec~red by thie Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower ae provided in paragreph 14 hereof specifying: (1) the breach; (2) the actioa required to cure such breach; (3) a date, not lees than 30 daye from the date the notice iB mailed to Borrower, by which euch ~ breach muat be cured; and (4) that failure to cure such breach on or before the date apecified in the notiee may reault in ~ acceleration of t6e suma secured by thie Mortgage, forecloaure by judicial prceeeding and sale of the Property. T6e notice shall further inform Borrower of the right to reinatate aRxr acceleration and the right to as8ert in the foreclosure proceeding the ~ non-ezietence of a default or any other detenae ot Borrower to acceleration and foreclueure. If the breach ie not cured on or before the date specifed in the notice. Lender at Lender's option may declare all of t6e aums aecured by this Mortgage to be ~ immediately due end payable without further demand and may Coreclose thie Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all e:penaes of foreclosure. including, but not limited to. reaeonable attorney'e feea. and ~ costs of docurnentary evidence. abetracts and title reporta. ~ 19. Borrower'e Right to Reinetate. Notwithstanding [.ender'a acceleration of the sume eecured by this Mortgage, Borrower ahall have ~ the ri ht to have an roceedin s ~ g y p q begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing ' thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notes aecuring Fature ~ Advancee,ifany,hadnoaccelerationoccutred;(b)BorrowercuresallbreacheaofanyothercovenanteoragreementeofBorrowercontainedin ~ this Mortgage; (c) Borrower paye all reasonable e:pensea incurred by I.ender in enforcing the oovenante and agreementa of Borrower ~ oontained in thia Mortgage and in enforcing Lender's remediea as provided in paragraph 18 hereof, including, but not limited to, reasonable g attorney a feee; and (d) Borrower takee auch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest s in the Property and Borrower'a obligatior~ to pay !he suma eecured by this Mortgege ahall continueunimpaired. Upon auch payment and care ~ by Bormwer, this Mortgage and the obligationa eecuced hereby shall remain in full torce and effect as if no acceleration had occarred. ~ 20. Assignment of Rente; Appointment ot Receiver. As additional aecurity hereunder, Borrower hereby asaigna to I.ender the rente ~ of the Property, provided diat Borrower ahall, prior to aeceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ ~ to collect and retain euch rents 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.upon, take posaeaeion of and manage the Property and to collect the rents of the Property, including thoee past dus_ All rente ~ collected by the receiver ahall be applied firat to payment of the coste of management of the Property and collection of rente, including, but not I ~ limited to, receiver'a fees, premiuma on receiver's bonds and reseonable attorney'e feea, and then to the aums aecured by thia Mortgage. The + ~ receiver ahall be lisble to account only for thoee renta actually received. 3 I ~ ~ ~1 ~ i :;.~t 640 ~ ~ il s " . ~