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HomeMy WebLinkAbout1152 ' , ' ' 8. In~pection. l.ender mqy make or cause to be made reaionable entrie~ upon and iaspectione of the property, pmvided that Lender ~hall give Borrower ~otioe prior to any such inspecbion specifying reaaonable cause there[or relsted to Lender'a intereat in the Property. 9. Condemnatioa.'Ilie proceeda of any award or claim for damagea, dinct or rnnsequential. in connection with any oondemnation or other taking of the property, or part thenof, or for rnnveyanoe in tieu oi oondemnatioa, an hereby assigned and shall be paid to Lender. Ia the event of a total taking of the Property. the proceeds shall be applied to the sume secured by this Mortgage, with the ~cess. if any. paid to Borrower. In the event of a partial taking of the Propetty~ unless Boerower and Lender otherwise agree ia writiag. then shall be appGed to the aums secured by this Mortgage such pmportion of the proceede as ia equal to that proportion which the amount ~rf the swns secured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanoa of the p~oceeds paid to Borrower. If the Property ia abandoned by Borrower. or if. alter notice by Lender to Borrower that the condemnor o8'ers to make an award or settle a claim foc damages. Borrowe~ fails b reepond to Lender within 30 day~ aft~er the date auch notice ia mailed. Leader is authorised to rnUect an~ apply the pmceeds, at Lender'e option, either to restoratioa or repair of the property or to the sume eecured by this Mortgage. Unleas Lendcr and Bonower otherwise egree in writing, any euch appUcation of pmc~eda to principal ahall not e:tend or poetpone the due - date of the monthly installments referred to in paragraphe 1 ar~d 2 hereof or change the amount of such installmenta. 10. Borrower Not Released. Extenaion of the time for pay~nant or modification of amortization of the auane secured by this Mottgage granted by Lender to any succesaor in intereet of Borrower shall not operate to releaae, in any manner, the liability of the original Botrower and Borrower's euocesaora in interest. Lender ahall not be required to oommence proceedinga againet auch aueceseor or refuse to e:tend time for payment or otherwiae modify amortizalion of the auma secured by this Mortgage by reaeon o[ any demand made by the original Borrower and Borrow~ s aucceesors in interest. 11. Forbearanoe by I.ender Not a Waiver. My forbearancE by I.ender in ezenaaing any right or remedy hereunder, or otherwise af~orded by applicable law, shaU not be a weiver of or preclude the exerciee of any such r~ht or f~emedy. The procurement of insuranee or the payment of taies or other liens or chargee by L.ender shall noi be a waiver of I,ender's right to accelerate the meturity of the indebtedness eecund by thie Mortgage. 12 Remediea Cumulative. All remedies pmvided in thie Mortgage are dietinct and cumalative to any other right or remedy under thia Mortgage or af~orded by law or equity, and may be e:erciee~i concurrently, independently or euocesaively. 13. SucceBeore and Aeeigne Bound; Joint aad Severat Liability; Captions. The covenanta and agreement8 herein oontained shell bind, and the righta hereunder ahall inure to, the reapective auccesaors and eaaigna of I.ender and Borrower, subject to the provisione of paragraph 17 hereof. All covenants and agreements of Borrower shail be joinL and eeveral. The captione and headinga of the paregraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the pmvisione hereof. 14. Notice. 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 such notice by certified mail addreeecrf to Borrower at the Property Addrees or at such other addrees as Borrower mey deaignate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requeeted. to Lender's addrese atated herein or to auch other address as Lender may deaignate by notice to Borrower aa provided herein. Any notice'provided for in this Mortgage aha11 be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15_ lJni[orm Mortgage; Governing l.aw; 3everability. Thia form of mortgage combinea uniform aovenants for national uee and non- unifonn rnvenanta with limited vatiatione by juriadiction to oonstitute a uniform security instrwuent oovering real property. This Mortgage shall be governed by the Iaw of the jurisdiction in which the Property is located_ In the event that any provu+ion or clauee of thie Mortgage or the Note contlicts with applicable law, such conflict ahall not aRect other proviaiona of this Mortgage or the Note which can be given effect without ttte oonflicting provision, and to thie end the provisione of the Mortgage and the Note are derlared to be eeverable. 16- Borrower's Copy. Borrower ahalt be [urniehed a contormed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17.11ranefer of the PropE!rty; Aseumption. If all or any part of the Property or an interest therein is aold or traneferred by Borrower without I.ender s prior written consen~ e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase cwney security intereat for household appliancea, (c) a tranafer by deviee, deecent or by operation of law upon the death of a joi~t tenant or (d j the grant of any_ leasehold intereat of three yeare or less not oontaining an option to purchaee, Lender may, at I.ender s option, declare all the aume sec.~ur~tl by thia Mortgage to be immediately due and payable_ Lender ahall have waived such option to accelerate if. prior to the sale or tran~fer, L.ender and the pereon to whom the Property is to be sold or tranaferred resch agreement in writing that the creditof euch peraon ia satiafactory to Lender and that the interest payable on the aums aecured by this Mortgage ahall be at such rate_as Lender ahall request_ If Lender has waived the option to accelerate provided in this paragraph 1 T, and if Borrower a auccessor in internst has executed a written aseumption agreement accepted in writing by I.ender, I.ender shall release Borrower from all obligations under this Mortgage and the Note. ~ If [.ender exercises auch oplion to accelerate, l.ender aiial) mail Borrower notice of acceleration in accordance with paragraph l4 hereof. Such notice shall provide a period of not lesa than 30days from the date the notice ia mailed within which Borrowermay pay thesuma declared ~ due. If t3orrower faila to pay such sums prior to the eapiration of such period, Lender may, without further notice or demand on Iiorrower, ~ mvoke any remediea permitted by paragraoh 1R hereof. ~ ~ 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of eny covenant or ~ agreement of Borrower in this Mortgage, including the oovenants to pay when due any eums secured by this Mortgage, Lender ; prior to acceleration shall mail aotice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ( required to cure such breach; (3) a date, not lese than 30 daye from the dete the notice ie mailed to Borrower, by which auch breach muat be cured; and (4) that lailure to cure such breach on or before t6e date epecified in the notice may result in ~ acceleration o! the aume eecured by thie Mortgage. forecloeure by judicial proceeding and eale of the Property. The notice ehall ~ further intorm Borrower of the right to reinatate eRer acceleration and the right to aseert in the foreclosure proceeding t6e ~ non-e:iatence of a default or any other defenee of Borrower to aceeleration and torecloaure. If the breach is not cured on or ~ before the date apecified in the notice, Lender at I.ender'e option may declare aU of the suma aecured by thie Mortgage to be y immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch proceeding all e:penses of ioreclosure, including, but not limited to. reasonable attorney's feee. and ~ coste of documentary evidence, abstrecte and title reporte. ~ 19. Borrower'e Right to Reinetate. Notv~~thatanding Lender's acceleration of the sumasecured by this Mortgage, Borrowerahall have ~ the right to have any proceedinga began by l.ender to enforce thie Mortgaqe discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notee securing Future ~ Advancee, if any, had no acceleration occurred; (b) Borrower cures all breachee of any other covenante or agreementa of Borrower contained in ~ this Mdrtgage; (c) Borrower pays all reaeonable expensea incurred by Lender in enforcing the covenants and agreementa of Borrower ~ oontained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonabl'e ~ attorney'a feea; and {d) Borrower takes euch aMion as Lender may reaeonably require to aseure that the lien of this Mortgage, Lender's intereet g in the Property,and Borrower a obligation to pay the auma secured by thia Murtgage sha11 continue unimpaired. Upon auch payment and cvre t by E3orrower, thia Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. x 20. Asaignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigna to Lender the renta s of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or ebandonment of the Property, have the right to collect and retain euch renta ae they become due and payable. ' Upon acceleration under , paragraph 18 hereof or abandonment of the Property, Lender shall be entitied to have a receiver appointed by a ; court to enter.npon, take poseesaion of and manage the Property and to rnllect the rente of the Property, including those peat due. All rente ~ aollected by the receiver ehall be applied firet to payment of the ooeta of mana~ement otthe Property and collection otrents, including, but not limited to, receiver e feee, premiume on receiver e bonda and reasonable attorney a fees, and then to the aume eecured by thie Mortgege. The ~ receiver ehall be liable to acoount only for those rents actually received. ~ ~ Uk soox 311 ~A~~ 11 ~1 ' t