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HomeMy WebLinkAbout1357 8. Inepectioa. I.ender may make or cauee to be made reasonable entries upon and inspections of the pwpesty, pmvided lhat Leader shal l give Borrower aotice prior to a~y auch inspection specifying reasonable cause therefor related to l.ender's interest in the Property. 9. Condemaation. The proceede ot any award or claim for datnages, direct or coneequential, in connection with any oondeannation or other taking of the property. or part thereof, or for conveyance in lieu of rnndemnadon, are hereby asaigned and shall be paid to Lender. In the event of a total taking of the Property, the proceede ahall be applied to the auma secured by this Mortgage, with the excees, if any. paid to Borrower. In the event of e par/ial taking of the PropMy, unleea Borrower and Lender otherwiee agree in writing. there shaU be applied to the suma eecured by this Morfgage auch pmportion of the proceeds aa is equal to that proportio~ which the amount of the su~oe aecured by this 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 balance of the proceeds paid to Botrower. If the Property ie abandoried by Borrower, or if. after notice by Leader to Borrowe~ thet the candemnor offers to make an award or aetde a claim for damages, Bort~ower faile to reapond to Lender within 30 days after the date such notice ie mailed, Lender is authorized to coUect and apply the pmceeds, at Lendei a option, either to reatoration or repair of the property or to the aums secured by this Mortgage. Unlesa Lender and Borrower otherwise agree in writing, any auch application of proceede to principal ahall not e:tend or postpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such iaetallmente. 10. Borrower Not Released. Extpt?aion of ~he time for paymant or modification of amortization of the auma secured by thie Mortgage granted by I.ender to any eucceseor in intereat of Borrower ahall not operate to release, in any manner, the liebility of the original Bonower ~~nd Borrower's aucceasora in intereat I.ender ahall not be required to oommence proceedinga againat euch auccessor or refuee to extend time for payment or otherwise modify amortization of the sums seeured by this Mortgage h_y re~r+nn ~f ~ny demand mw.1e hy the ~riginal Bc?rrc~wer and Borrower a auccessors in interest. ~ ' 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in ezercising any right or remedy hereunder, or otherwiee pfforded by applicable lew. ehall not be a waiver of or preclude the exerciee of any auch right or temedy. The procnrement of inaurance or the payment ot taxee or-other liena or chargee by I.ender shall ~ot be a waiver of Lendei'e right to accelerete the maturity of the indebtedneae secured by thie Mortgage. 12 Remediea Cumulative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage o: ^f'forded by law or equity, and may be eaereise~i rnncurrenQy, independently or eucceasively. 13. Succeesore and Assigne Bound; Joint and Several Liability; Captiona. The covenants and agreements herein contained ehall bind, and the rights hereunder ahall inure to, the reapective aucceaeora and aesigns of Lender and Borrower, aubject to the provieiona of paragraph 1? hereof. All covenante and agreementa of BorroM er shall be joint and eeveral. The captions and headinga of the paragraphs of this Mortgage are tor covenience only and are not to be used to interpret or define the provieiona hereof. 1 a. Notice. Except for any notice required under applicable law to be given in another munner, (a) any notice to Borrower provided forin ~ this Mortgage shall be given by mailing auch notice by certi6ed mail addreeeed to Borcower at the Property Addresa or at auch other addteee as E3orrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender's addresa atated herein or to such other addrees as Lender may deaignate by notice to Borrower se pmvided herein. My notice provided for in this Mortgage ahali be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; Severebility.'17iia form of mortgage combinea uniform covenante for national use and non- uniform covenants with limited variationa by juriadiction to conetitute a uniform security inatrument oovering real property.'[1?is Mortgage shall be governed by the law of the jurisdiction in which the Prr,perty ia located_ In the event that any provision or clauee of this Mortgage or - the Note conflicta with applicable law, such rnnflict shall not af[ect other provisiona of this Mortgage or the Note which c~?n be given effect without the rnnflicting proviaion, and to thia end theprovisions of lhe Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. I3orrower shall be furniahed a conformed copy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 17. 75ranefer of We Property; Aeaumption. If all or any part of the Property or an intereat therein is aold or transferred by Borrower without I.ender a prior written coneent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchaee money security inteteat for houaehold appliances, (c) a trana[er by devise, deacent or by operation of law upon the death of a joint tenant or ld) the grant of any leasehotd interest of three yeare or lese not containing an option to purchaee, Lender may, at l.ender'e option, declarn all the sums secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior ' to the sale or tranefer, Lender and the person to whom the Property ie to be aoid or tranaferred reach agreement in writing that the rredit of auch ~ peraon ia satisfactory to Lender.and that the interest pay~able on the sums secured by this Mortgage shal) be at such rate as Lender ahall ; request. If t.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a successor in interest has executed a writlen asaumption agreement accepted in writing by l.ender, l.ender ahall release E3orrower from all obligationa underthia Mortgage and ihe j \ oce_ . ~ ~ If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. € Such notice shall provide a period of not less than 30days from thedate the notice is ~r.ailed within which Borrower may pay thesuma declared { due. If Borrower fails to pay such sums prior to the expiration of such period. I.endrr may, without further notice or demand on E3orrower, ~ ~nvoke any rrmedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. E:cept ae provided in paragraph 17 hereof, upon Borrower's breac6 of any covenant or agreement of Borrower in thie Mortgage, including the oovenante to pay when due any eume eecured by this Mortgage. Lender prior to acceleration ehall meil notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a dete. not leae than 30 days from the date the notice ia mailed to Borrower, by which such breach muat be cured; and (~4) that tailure to cure euch breach on or before the date speciCed in the aotice may result in acceleration otthe sume aecured by thie Mortgage, foreclosure by judicial procecding and sale otthe Property.The notice ehall . further inform Borrower of the right to reinstate after acceleration and the right to assert in the fnrecloeure proceeding the non-eziajence of a default or any other defenae of Borrower to acceleration and forecloeure. It the breach ia not cured on or before the date specified in the notice, Lender at Lender'e option may declare all of the aums secured by thia Mortgage to be immediately due and payeble without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahel l be entitled to collect in auch proceeding ail e:penaes of forecl~:eure. including. but not limited to, reasonable attorney's fees. and costa oi documentary evidence. abstracts and title reports. l9. Borrower'e Right to Reinstate. Notwithetanding I.ender's acceleration of the sums secured by this Mortgage. Borrower shall have ~ the right to have any proceedinga begun by I.ender to enforce thie Mortgage discontinued at any time priot to entry of a judgment enforcing this Mortgaqe if: !a) Borrower pays I.ender all sume which would be then due under this Mortgage, the Note and notea securing Future ~ Advancee, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreemente of Borrower contained in this Mortgage; Ic) Borrower paya all reasonable expenaes incurred by I.ender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ; attorney e fees; and (d1 Borrower takea such action as Lendet may reasonably require to aseurn that the lien of thia Mortgage, Lender'a interest ~ in the Property and Borrower'e obligation to pay the aums aecured by this Mortgage ahall continue unimpaired_ LJpon auch payment and cure ~ by 9orrower, this MortgagP and the obligatiuna secured hereby ahap mmain in ful) force and effect as if no ecceleration had occurred. 20. Aasignment of Rente; Appointment ot Receiver. As addiliona) security hereunder, Borrower hereby asaigna to Lender the rente ~ of the Property, provided that Rorrower ahall, prior to acceleration under paragraph IS hereof or abandonment of the Property, have the right to collect and retain euch rente as they become due and payable. ~ ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, [.ender shall be entided to have a receiver appointed by a ~ oourt to enter~upon, take posseesion of and manage the Pmperty and to collect the rents of the Pi-operty, including those paxt due. All rents ~ ~ collected by the receiver shall be applied firet to payment of the ooata of management of the Property and rnUection of renta, including, but not ~ limited to, receivei s feea, premiuma on receiver's bonde and reaeonable attomey's feea, and then to the suma secured by thiB Mortgage. The ~ receiver ahall be liable to acoount oniy for thoee rente actually received. ~ I , ~ R = 311 'A~,: 1•JV~ ~ ~