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HomeMy WebLinkAbout1336 8. Inepectioa. l.ende~ may malce or cauee to be mede reasoneble entries upon and inspectione of the property, provided that Lender ahall give Borrower notice prior to any euch inapecrtion epecifying reasonable cause iherefor related to l.ende~'s intereat in the Property. 9. Condeauiation.'ll~e proceeds ot any award or claim foT damages, ditect or consequential, in connection with any oondemnation or other taking of the pmperty, or part thereof, or [or conveyance in lieu of condemnation, are hereby aseigned end ahall be paid to Lender. In the event of a total taking of the Property, the pmceede shall be applied to lhe euma eecured by this Mortgage, with the e:cess, if any. paid to Borrower. In the event of a partial teking of the Property, unleea Borrower and Lender otherwiee egree in writing, there shaU be applied to the aums eecured by thie Mortgage such proportion o[ the proceeds as ie equal to that proportion which the amount of the sums secured by thie Mortgage immediately prior W the date of taking bears to the fair market value of the Property immediately prior to the date of . taking, with the balance of lhe proceeda paid to Borrower. If lhe Property is abandoned by Borrower. or if, after notice by Lender to Borrower thet the condemnor offere to make an award or eetde a claim for damages. Borrower faile to reepond to Lender within 30 days after the date euch notice ie mailed, I.ender is authorized to collect and apply the proc~eede, at I.ender s option. either to reatoration or repair of the property or W the sums eecured by thia Mortgage. Unlese Lendec and Borrower otherwiee agree in writing, any auch application of prnceede to principal shall not extend or postpone the due date of the monthly inetaliments referred to in paragraphs 1 and 2 hereof or change the amount of euch inatallments. 10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the suma secured by thie biortgage Kranted by I.ender to any auc~.~eaeor in intereat of E3orrower shall not operate W releaae, in any manner, the liability of the or.ginal Borrower r and f3orrower'a succeasors in interes~ Lender shall not be required to commence paw.~eedinge againat euch eucceasor or refuae to extend time h,r payment or otherwise modify amortization of the sums secured by thia Mortgage by reaeon o[ any demand made by theoriginal Borrowe~ , and E3orrower s successora in interest. 11. Forbearance by Lender Not a Rlaiver. My forbearance by Lender in e:erriaing any right or remedy hereunder, or otherwiae ~ afforded by appliceble iaw, ahail not be a waiver of or preclude ihe exerciee of any such right or remedy. The procurement of ineurance or the payment of ta:es or other liena or charges by Lender ehall not be a waiver of I.ender's right to aecelerate the maturity of the indebtedneae aecured by thie Mortgage. - 12 Remedies Cumulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under this ~tort{;age or afforded by law or equity, and may be e:emieed concurrently, independendy or aucceaeively. , 13. Succesaors and Asaigne Bound; Joint and Several Liability; Captione. The covenanta and agreements herein contained ehall bind, and the rights hereunder ehall inure to, the rexpective aucceaeore and aesigna of I.ender and Borrower, eubjecE to the proviaione of paragraph I7 hereoL All covenants and agreements of Bc~rrower ehall be joint and several. The captione and headinga of 1he paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, fa) any notice to E3orrower provided for in th is Mortgage shall be given by mailing such notice by certified mail addreased to E3orrower at the Property Address or at euch other addrees as Fiorrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender ahali be given by certified mail, return receipt rc~uested, to Lender e addreas atated herein or to such other address as Lender may desiqnate by notice to Borrower as provided herein. My notice provided for in thia Mortgage ahall be deemed w have been given to I;orrower or I.ender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uni[orm oovenanfa for national uee and non- uniform covenanta with limited variations by juriadiclion to rnnstitute a uniform security inatrument rnvering real property.7T?is Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. ln the event that any provu+ion or clauee of this Mortgage or the Note conflicts with applicable law, such rnnflict shall not affect other proviaions of this Mortgaqe or the Note which can be given effect w~ithout the conflicting provision, and to this end theprovisions of the Mortgage and the Note are declared fo be aeverable. 16. Borrower's Copy. Borrower ahall be fumiahed a conformed rnpy of the Nole and of thia Mortgage at the time otexe.cution or after recordation hereof. 17. Ttanafer of the Property; Aeaumption. If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower w-ithout I.ender a ~rior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crnation of a purchase money serurity interest for household appliances, (c) a transfer by deviee, d~acent or by operation of law upon the death of a joint tenant or (d) the grant of :~ny leasehold intereat of t}iree years or lese not containing an opiion to purchase, Lender may, at [.ender e option, clec:are all the sums aecured by thie Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior t~~ the sale or transfer, Lender and the peraon to whom the Property is to be aold or tranaferred rnach agreement in writing ihat the credit of such person is satisfactorv to [.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as l.ender ahall rc~quest. If Lender has waived the option to accelerate pmvided in this paragraph 1i, and if Iionower's successor in interest hae executed a w~ritten asaumptiun agreement accepted in writing by I.ender, l.enderahall release $orrower from all obligations under this Mortgage and the j ti ote. ~ If Ixnder exercises such option to accelerale, l.ender shall mail Bomower notice of acceleration in accordance with paragraph 14 hereof. ~ 5uch notice ahall provide a period of not less than :3S)days from the date the notice is tr.ailed within which Borrower may paY the sums declared ! due_ If Borrower fails to pay such sums prior to the expiration of such period, lxnder may, without further notice or demand on Korrower, s ~ ~nvoke any remediea permitted by paraRraoh IR herev?L ; . 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower'g breach of any oovenant or agreement of Borrower in thia Mortgage. including the cavenante to pay when due any anme secured by thie Mortgege. Lender s priortoaccelerationahallmailnoticetoBorrowerusprovidedinparagraphl4hereofspecifying:(1)thebreac6;(2?theaction ~ required to cure such breach; (3) a date, not less than 30 daya from the date the notice ie mailed to Borrower. by which such ~ f~reach muet be cured; and (4) that failure to cure auch breach on or before the date epecifed in the notice may result in acceleration of the sume xecured by thie Mortgage, forecloaure by judicial prceeeding and eal~ of the Property. The notice ehall ~ further inform E3orrower of the right to reinatate after acceleration and the right to easert in the toreclosure proceeding the ~ non-e:istence of a default or any other detenae of Borrower to acceleration and forecloeure. If the breaCh ia not cured on or t?efore the date speciCed in the notice. Lender at [.ender's option may declare all of the aums aecured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ f•ntitied to collect in such proceeding all e:penses of torecloaure. including. but not limited to. reasonable attorney's feee. and ~ costs of documentary evidence, abstracts and title reporta. ~ 19. Borrower'e Right to Reinetate. Notwithstanding I.ender's acceleration of theauma secured by this Mortgage, Borrower shall have ~ - the right to have any proceedinqe begun by I.ender to enforce this MortgaQe diacontinued at any time prior to entry of a judqment enforcinQ l thia Mortgage if_ la) Borrower paya [.ender all aums which would be then due under this Mortgage, the Note and notes aecuring Fuwre ? Advancee, if any, had nu acceleration occurred; fb) Borrower cures all breaches of anyothercovenante or agreements of f3orrowercontained in r thia Mortgage; (c) i3orrower pays all reasonable eapensea incurred by I.ender in enforcing the covenante and agreements of Borroveer contained in thie Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, includinq; but not limited to, reasonable = attomey e fees; and (d) Borrower takea auch action aa I.ender may reasonably require to asaure that the lien of this Mortgage, I.ender'a interest ~ pe g p y y rtgaqe ehall continue unim aired. U n such a ent and cure ~ in the Pro rly and l3orrower'a obli ation to a the sums aecured b thie Mo p po p ym ; by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full [orce and eftect aa if no acceleration had occurred. ~ 20. Aeaiqnment of Rente; Appointment ot Receiver. As additiunal security hernunder, Borrower hereby asaigns to I.ender the rnnte r ~~f the Property, provided that E3orrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, ha~e the right to collect and retain auch rents as they become due and payable. ~ Upon acceleration under paraqraph I8 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a x court to enter upon, tske poseesaion of and manage the Property and to collect the rentn of the Property, including thoae paet due. Ali rnnta ; collected by the receiver ahall be applied firet to payment of the costa of mauage~nent of the Pmperty and collection of rnnte, including, but not ~ limited to, receiver e fees, premiums on receiver'e bonda and reasonable attorney e feea, and then to the aums aecured by this Mortgage. The ~ receiver ahaU be liable to acoount only for those rente actually received. ~ ~ '-r' Y ~ : 1335 , ~11 . Y 3