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HomeMy WebLinkAbout1361 . ` 8. Inspectioa. l.ender may make or cauee to be made reaeonable entriea upon and inapections of Ihe property, provided that Lender ehaU give Eiorirower notice prior to any such inepeMion epecifying reasonable cauee therefo~ related to l.ender'e interest in the Property. 9. Condemnation.'ll~e proc~eede of any award or claim for damagea, direct or coneequential, in connection with eny condemnation ur other taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby assigned and shall be paid to l.ender. In the event of a total taking of the I'roperty, the proceeda shall be applied to the euma secured by thie Mortgage, with the escess, i! any, paid to Borrower. In the eve~~of a partial taki~g o[ the Property, unlees Borrower and I.ender otherwiee agree in writing, there ehall be applied to the sums secured by thie Mortgage euch pmportio~ of the proceeds as ie equal to that proportion which the amount of the e~une eecured by thie Mortgage immediately prior to the date of taking beate b the fai~ market value of the Property immediately prior to the date of taking. with the balanas of lhe proceeds paid to Borrower. If the Property ia abandoned by Borrower, or i[, afte~ notice by I.ender to Bormwer that the oondemnor oi'lera to make an awerd or eettle a claim for damages, Borrower faile to reepond to Lender within 30 daye after the date auch notice ia mailed, Lender is authoriud to collect and apply the proce~.ds, at I~ender a option, either to reatoration or repair ot the property or to the sums aecured by this Mortgage. Unless [.ender sAd Borrower otherwise agree in writing, any euch application of proceede to principal shall not e:tend or poetpone t~e due date of the monthly inatallmente re[erred to in paraqraphs 1 end 2 hereof or change the amount of euch installments. l0. Borrower Not Releaaed. Extension of the time for paymant or modification of amortization of the aume aecured by thie Mortgage granted by Lender to any eucceseor in intereet of Borrower ahall not operate to release, in any manner, the liability of the original Borrower ~nd E3orrower a succeasors in intereat. l.ender ahell not be required to rnmmence proceedinga againat such aucceaeor or refuae to eatend time for payment or otherwise modify amortization of the sums aecured by lhis Mortgage by reason of any demand made by theoriginal Borrow~ and Borrower s succeasors in intera~t. 11. Forbearance by Lender Not a Waiver. Any forbearance by l.ender in exercieing any right or remedy hereunder. or otherwise afforded by applicable law, ahall not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of ineurance or the payment of tauea or other liena or charges by Le~der ehall not be a waiver of l.ender s right to acceleratE the maturity of the indebtedneae secured by this Mortgage. 12 Remediea Cumulative. Al) remediea provided in thie Mortgage are dietinct and cumulative to any uther right or remedy under thie ltortgage or afforded by law or equity, and may be exercieevi rnncurrently, independently or auccesaively. 13. Succesaore and A~signs Bound; Joint and Several Liability; Ceptions. The covenants and agreements herein contained shaU hind, and the righte hereunder ahall inure to, the reepective suc~.~eaeora and asaigna of l.ender and Borrower, aubject to the provisions of paragraph 1 T hereof. All covenants and agreementa of Borrower ehall be joint and several. The captions and headinga of the paragrapha of thia Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereot. 14. Notice. F.zcept for any nottce requireci under applicable law W be given in another manner, (a) any notice to E3orrower pmvided for in this l4lortgage ehall be given by mailing such notice by certified mail addreased to Borrower at the Property Ad~ireas or at such other addreae as Borrower may deeignate by notice to [.ender xs provided herein, and (b) any notice tq [~ender shalf be given by certified mail, return receipt requeated, W l.ender s addreas atated herein or to auch other addreas as [.ender may designate by notice to Borrower as provided herein. Any notice provided for in thia Mortgnge ahail be deemed to have been given to Borrower or I.ender when given in the manner desiqnated herein.- 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform mvenante for national ueeand non- uniform covenants with limited variationa by juriadiction to c~onstitute a uniform aecurity instrument rnvering real property. This Mortgage shall be guvemed by the law of the jurisdiction in which the Property is located. In the event that any provision or clauae of this Mortgage or the No:e conflicts with applicable law, auch contlict shall not affect other provisions of this Murtgage or the Note which can be given effect without the conilic6ng provision, and to this end the provisions of the Mortgage and the Ivote are declared to be severable. i6. Borrower'e Copy. Borrower shall be furnished a con[ormed copy of the Note and of thia Mortqage at the time of execution or after recordation hereof_ l7. 'l~anefer of t6e Property; Aeaumption. It all or any part o[ the Property or an interest therein ia sold or transferred by E3orrower wlthout Lender'a prior written conaent, excluding (s) the creation of a lien or encumbrance suburdinate to this Mortgage, fb) the creation of a purchaee money security interest for househoid appliancea, (c? a tranefer by deviae, d~scent or by operation of Iaw upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or le~s not oontaining an option to purchaae, Lender ma5, at Lender's option, declare all the suma secured by this Mortgage to be immediately due and payable. I.ender ahall have waived auch option to accelerate if, prior !o the sale or tranafer, Lender and the person to whom the Property is to be sold or tranaferred rnach agreement in writinR that the credit of auch peraon is satisfactory to Lender and that the interest payable on the suma secured by this NortgaRe shall be at auch rate as [xader shall i request. If l.ender has w aived the option to accelerate providecl in this paragraph l7, und if E3orrower's successor in interest has executeci a written asgumption agreement accepted in writinQ by 1 xnder, I.enderahall release Borrower from all obligations under thia hlort~age and the . j ti ote. ~ If Lender exercisea such option to accelerate. I.ender shall mail Borruwer riotice otacceleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period otnot less thun :ib days from thedate the ootice is mailed within which Bormwer may pay the sumt~ declared t due. If Eiorrower fails to pay such sums prior to the expiration of such peri~,d, I.ender may, without further notice or demand on Ei~rrower, ~ ~nvoke any remedies permitted by paraRraoh 1R hereof. ( ~ I8. Acceleration; Remedies. Ezcept ne provided in paraqraph 17 hereof, upon Borrower'e breach of any covenant or ~ agreement of Borrower in thia Mortgage. including the covenante to pay when due any eumsaecured by this Mortgege. Lender prior to acceleration ehall mail notice to Borrower as provided in paragreph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lese than 30 daye from the date the notice is mailed to Borrower, by which auch ~ breach must be cured; and (4) that failure to cure euch breach on or betore the date specitied in the notice mey result in ~ acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property.The notice ahall ~ furiher inform Borrower otthe right to reinstate after acceleration and the right to assert in the foreclosure prceeeding the non-e:ietence of a default or any other defense ot Bnrrower to acceleration and foreclosure. If the breach ie not cured un or ~ before the date epecified in the notice. Lender at Lender's option may declare all of the aums secured by thie Mortgage to be immediately due and payable without furtherdemand and may foreclosethis Mortgege by judicial proceeding. I.ender shall be ~ rntitled to col lect in such proceeding all e:pensea otforeclosure. including, but not limited to, reaxonahle attorney's feea. and ~ coAta of doeumentary evidence~ abstracte and title reports. ~ 19. Borrower's Right to Reinstate. Notw~thatandinQ I,ender's acceleration of the sums eecured bythis MortgaRe, E3orrower shall have ~ the riqht to have any proceedingB F?egun by l.ender to enforce thia MortgaQe discontinued at any time prior to entry of a judgment enforcinQ this Mortgage if: (a) Borrower pa~s [.ender all sums which would be then due under thia Morigage, the Note and notes aecurinR Future Advancea, if any, had no acceleration occurred; (b) Bormwer cures all breachexof any cthercovenanta or agreementa of E3orrower contained in ~ thia Mortgage; (c) Borrower pays a11 reasonable expenses incurred by [.ender in enforcing the covenanta and agreements of Rurrower rnntained in thie Aiortgage and in enforcing I.ender's remerlies aa provided in paragraph 1 A hereof, including, but n~t limited to, reasonablP ~ attomey'e [ees; and Id) Borrower takes such action aa Lender may reasonably require toassure that the lien of thiw Mortqage, Lender'a intereet ; in the Property and Bormwer a obligation to pay the sums secured by thia Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, this MortqaKe and the obliRationa eecured hernby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Asaignment of Rente; Appointment of Receiver. Ae additional securitv hereunder, E3orrower hereby aesignd to I.ender the rente ; ~~f the Property, provided that E3orrower ahall, prior to acceleration under paragraph 18hereof or abandonment of the Property, have the right to coUect and retain auch 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 appoinled by a ~ rnurt to enter-upon, take possesaion of and manaRe the Property and to collrct the rente of the E'roperty, including thoae past due. All rents ; mllected by the receiver ahall be applied first to payment of the coate of manaQement of the Yroperty and mllection of rente, inclnding, but not ~ ~ limited to, receiver e teea, p~emiuma on receiver's bonda and reasonable attorney's fees, and then to the aums secured by this Mortgage. The receiver shall be liable to acrnunt only for those rents actually received. ~ # ~ :y f ~ k ~ _ . ~ - 311;: ~:1360 ~ ~ C