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HomeMy WebLinkAbout0649 8. lnapection. l.ender may make or cause to be made reeaonable entrieu upon and inspectiona af the property, provided that [.ender shall give fiorrowe~ notice prior to a~y euch inspection epecifjring reaeonable cause therefor related to [.ender'a intereat in the Property. 9. Condemnation. The procecds of sny award or claim for damagea, direct or consequential, in connection vrith any oondemnation os other taking of the property, or part thereof. or for canveyance in lieu of aondemnation, are hrreby asaigned and shall be paid to l.ender. In the event of a tota! taking of the Property, the proceeds ehaU be applied to the sunis eecured by this Morigage, with the exceea, if any. paid to Borrower. I~ the event of a partial taking of the Ptoperty, unlees Borrower and l~ender otherwise agtee in writing, there shall be . applied b the eums secured by this Mortgege auch pmportio~ of the proceeds as is equal to that proportion which the amount of the sums ~ eecured by this Mortgage immedietely prior to the date of taking bears b the fair market value of the Properiy immediately prior to the date of talung. with the balanca of the proceeda paid to Borenwer. If the Property is abandoned by Borrower. or if. aRer notice by Lender W Borrower that the condemaor ottere to make an award or setde a claim [or damagea, Borrower tails to reepond to Lender within 30 days afte~ the date such notice is maited, [.ender is authorized to collect and apply the pmceeds, at Lender's option, either to restoration or repair of the property or to the eums aecured by this Mortgage. Unlees Lender and Borrower otherwise agree in writing, any such applicuiion of pmceede to principal ehall not e:tend or poetpone Lhe due date of the monthly inatalimenta referred to in paregraphs 1 and 2 hereof or change the amount of euch installmente. 10. Borrower Not Released. Exteneion of ihe time for paym~nt or modificatiun of amortization of the auma eecured by thia Mortgage granted by I.ender to any eucceseor in interest of Borrower ahaU not operate to releaee, in any manner, the liability of the original Borrower and Borrower'e sueceseora in internet. Lender ahall not be required to commence pmceedings ugninat such auccessor or refuee to e:tend time for paymeot or otherwise modify amortization of the sums secuted by this Mortgage by reason of any demand made by theoriginal Borrowe~ and I3or~owe~ a succeasors in interest. 11. Forbearance by Lender Not a Waiver. My forbearance by l.ender in e:erciaing any right or remedy hereunder. or otherwise afforded by applicable law. ahall not be a waiver of or preclude the eaerciee of any auch right or remedy. The procurement of ineurance or the payment of taxee or other liena or chergea by Lender ehall not be a waiver of I.ender e right to accelerate the maturity of the indebtednees secured by this Mortgage. ~ 12. Remedies Cumulative. All remedies provided in thia Mortgage are diatinM and cumulative to any other rightor reanedy under this Mortgage or aPforded by law or equity, and may be e:ercise~l ooncurrently, independendy or auccessively. l3. Succeasors and Aseigne Bound: Joint and Several I.Iability; Captione. The covenants and agreementa herein oontained ehall bind, and the rights hereunder ehall inure to, the respective suci.~eeeors and aaeigne of I.ender and Borrower, aubject to the proviaiona of paragraph 17 hereof All covenante and agreemente of Borrower ahall be joint and aeveral. The captions and headings of the pa~agraphe of this Mortgage are for covenience only and are not to be ueed to interpret or define tha proviaions heTeof. 14. Notiee. F.xcept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing auch notice by certified mail addreased W Borrower at the Property Addreas or at auch other addreea aa Bonower may deaignate by notice to Lender as provided hernin, and (b) any notice to l.ender sha11 bc given by certified mail, return receipt requested, to Lender s addrees atated herein or to such other uddreae as Lender may deaignate by notice to Borrower ae provided herein. My • notice provided for in thie Mortgage $haD be deemed to have been given to Eiorrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing L.aw; Severability. Thia form of mortgage combinee uniform oovenante fornational uee and non- uniform covenanta with limited variationa by juriadiction to conatitute a uniform security instrument covering real property. Thie Mortgage shall be govemed by the law of the jurisdiction in which the Nroperty is located. In the event that any proviuion or clauae of thia Mortgage or ~he Note ru~~fiicix wiii~ appiicaoie iaw, such contlict ahall not affect other proviaiona of this Murtgage or the Note which can be given effect without the conflicting provision, and to this end the provisiona of the Mortgaqe and the Note are declared to be aeverable. l6. Borrower's Copy. Borrower ahall be furniahed a conformed rnpy of the Note and of thia Mortqage at the time of eaecution or after recordation hereof. 17.1~anafer of the Property; Aaeumption. If all or any part ot the Property or an intereat therein ia sold or trane[erred by Borrower ~+~thout I.ender's prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security intereat for household appliances, lc) a tranafer by devise, d~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not oontaining an option to purchase, Lender may, at [.ender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived auch option toacceterate if, prior to the sale or transfer, Lender actd the person to whom the Property is to be aold or transferred reach agreement in writing that the credit of auch ~ peraon is satisfactory to Lender and that the interest payable on the suma aecured by this MortgaRe shall be at such rate as Lender shall ' request. It Lender has waived the option to accelerate provided in thia pazagraph 17, and if Borrower's successor in interest has executed a ' written asaumption agreement accepted in w-riting by l.ender, Lenderahall release Borrower from all obligations under this Mortgage and the ~ Note. { If I.ender exercises auch option to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 19 hereof. j Such notice shall pmvide a period of not less than 30 days from thedate the notice is rr.ailed within which Borrower may pay thesums declared ~ due. If Borrower fails to pay such sums Prior to the expiration of such periud, l.ender may. without further notice or demand on f3orrower, f invoke any remediea permitted by paraRraoh 1R hereof. ~ 18. Acceleration; Remediea. E:cept ae provided in pareqraph 17 hereof. upon Borrower'e breach of any oovenant or ; agreement of Borrower in this Mortgage, including the covenante to pay when due any suma eecured by thie Mortgage. I,ender prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure euch breach; (3) a date, not lese than 30 days from the date the notice is mailed to Borrower, by which suc6 ~ breach muat be cured; and ~4) that tailure to cure auch breach on or before the date epecified in the notice may result in ~ accelerationofthesumsaecuredbythieMortgage.forecloaurebyjudicialproceedinqandsaleoftheProperty.T6enotiteahall further inform Korrower of the right to reinetate after acceleration and the right io aeaert in the toreclosure prceeeding the ~ non-e:iatence of a default or any other defense of Borrower to acceleration and forecloaure. It the breach ia not cured on or ~ betore the date epecified in the notece, I.ender at Lender's option may declare all of t6e auma secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all ezpenaes ot foreclosure. including, but not limited to. reasonable attorney's teea. and ~ costa otdocumentary evidence. abstracts and title reporta. € 19. Borrower's Right to Reinstate. Notw~tF~atandinK Lender'a acceleration of the auma secured by this Mortgage, Borrowershall have x the right to have any proceedings begun by Ixnder to enforce this Mort~aQe discontinued at nny time prior W entry of a judRment enforcing this Mortgage if: lal Borrower pays l.ender all suma which would be then due under this Mortgage, the Note and notes aecuring Future F Advances,ifany,hadnoaccelerationoccurred;(b)f3orrowercuresaUbreachesofanyothercovenanteoragreementaofBorrowercontt?inedin this Mortgage; (c) Borrower pays all reasonable e:penses incurred by I.ender in enforcing the covenante and agreemente of Borruwer ~ contained in this Mortgaqe and in enforcing I.ender'a remedies as provided in paraRraph IA hereof, including, but not limited to, reasonable ' attomey's feea; and (d1 Borrovver takes such action as Lender may reasonably require to asaure that the lien of this Mortgage. Lender's intereat in the Property and Borrower'a obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cvre j by Borrov?er, this Mortgage and the obligations secured hereby ahall remain in full force and ef[ect as if no acceleration had occurred. 'L0. Assignment ot Renta; Appointment of Receiver. As additinnai security hereunder, E3orrower hereby asaigna to Lender the rents ; o(the Property, provided that Borrower shall, prior to acceleration under paragaph 18 hereof or abandonment of the Property, have the right to collect and retain auch rents as thry become due and payable. j Upon acceleration under paragraph 18 hereof or abandonment of the Yroperty, I.ender ahall be entitled to have a receiver appointed by a oourt to enter upon, take posaesaion of and manage Q~e Property and to collecl the rents of the Vroperty, including those past due. All rente ~ oollected by the receiver Shall be applied firat to payment of the ooate of management of the Property and cY,llection of rente, including, but not ~ limited to, receiver's feee, premiums on receiver's bonds and reasonable attomey's fees, and then to the auma eecured by thie Mortgage. The receiver ahall be liable to acoount only for thoae renta actually received. ~ ~ ~ ~~~,~~311 ~A~~ fi~8