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HomeMy WebLinkAbout2293 8. l~nspectloq. I.ender may make or cause to be made reawnable entries upon end inspections of the property, provided that Lender shall give Borrower aotioe prior to any such inspection specifying reasonable cause therefor related to l.ender'a intereat in the Property. 9. Condemaatioa.'I~e procceds of any award or claim for damages, direct or consequential, in rn~nection with any oondemnation or other taking of the pmperty. or part thenof, or for conveyaace in lieu of oondemnation, are hereby asaigned and shall be paid ~o Lender. Ia the event of a total taking of the Property. the proceeds shall be applied b the euma secured by this Mortgage. with the e=ceea~ itany~ paid to Borrower. ln the eveat of a partial taking of the Propeity. unlaes Borrower and Lender otherwise agree in writing. there shall be applied b thr. sums secund by thie Mortgage euch pmportion of the prooeeda as is equal to that proportioA which the amount of the sum~ eecured by this M~tgage irnmediaLely prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balanoe of We proceeda paid to Borrower. ~ If the Property is abandoned by Borrower. or if, aRer notioe by I.ender to Borrower that the ooademnor offers to make an award or settle a claim for dameges. Borrower fails to reepond to Leader within 30 days afte~ the date such notioe is mailed. Lender ie authorized to coUect and apply the proceeds. at Lenda's optioa. eiWer to restoration or repair of the pmperty or to the eums secured by this Mortgage. Unlesa Lender and Borrower otherwise agree in writing, any such application of pi»ceeds to principal shall aot e:tend or postpone the due date of the monthly insLallments referred to in paragraphs 1 and 2 hereof or change the amount of euch instaUmeuts: 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortization of the auma secured by thia Mortgage granted by Lender to any euccesaor in interest of Borrower ahall aot operate to release, in any manner, theliability of the original Borrower . and Borrower'e succeseora in intereat. Lender ahall not~be required to oommence procecdings againat euch eucceaeor or refuse to eztend time for payment or otherwiae modify amortizetion of the sums eecured by thie Mortgage by reaeon of any demand made by the original Boaower and Borrower a succeasors in intere8t_ 11. Forbearanoe by i.ender Not a Waiver. My forbearance by I,ender in e:ercieing 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 ineuraace or the payment of ta~ces or other liens or chargee by Lender aha11 not be a waiver of Lender's right to aocelerate the maturity of the indebtedness aecured by thie Mortgage. 12 Remedies Cumulative. All remediee provided in this Mortgage are diatinct and cumalative to any other right or remedy under this Mortgage or afforded by law or equity. snd may be exercieed aancurrently. independently or euoceseively. 13_ 3uccessore and Aeeigns Bound; Joiat and 3everal Liability; Captions. The covenants and agreementa herein oontained ehall bind, and the righta hereunder nhall inure to. the reepective euoceseors and asaigna of Lender and Borrower. aubject to the provieiona of paragraph 17 hereof. All covenante and agreementa of Borrower shall be joint and several. The captions and headinge of the paragraphs of thie Morlgage are for covenience only and ere not to be used to interpret or define the provisione hereof. 14. Notiee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pro~~ded for in thia Mortgage ahall be given by mailing such notice by certi6ed mail addreascd to Borrower at the Property Addrese or at euch other addrees ae Borrower may designate by notice to Lender ae pmvided herein. and (b) any notice to Lender shall be given by certi5ed mail, return receipt requeated. to Lender'~ addresa atated herein or to euch other addr~ee as Lender may deaignate by notice to Borrower as provided herein. My nodce provided f~r in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. l:~niform Mortga~e; Governing Law; Severability. Thia form of mortgage combines uniform oovenants for national use and non- u niform eovenanta with limited variatione by juriediction to rnnatitute a uniform security instru~uent oovering real property.'11~is Mortgage shall be govemed by the law of the jariadiction in which the Property is located. In the event that any pmvision or clauee of this Mortgage or the. Note~oaintlicts with applicable law. auch coniliM shall not af~ecf. other proviaiona of thie Mortgage or the Note v~thich can be given effect withnut the confticting provision, and to thia end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Aorrower's Copy. Borrower shall be furniahed a conformed oopy of the Note and of thie Mortgage at the time of ea~ecution or after recordation nen~of. 17.1'ranafer of the Property; Aseumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower without Lendefe prior written conaent. ezcluding (a) the creation of a lien or encumbrance aubordinat.e to thia Mortgage. (b) the creation of a purchaee money security interest for houeehold eppliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the gtant of any leasehold intereat of three years or leae not containing an option to purchaee, Lender may, at Lender a option, declare all the sums eecured by thia Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior ~ to the sale or tranafer, Lender and the pereon to whom the Property ie to be eold or traneferred resch agreement in writing that the credit of auch peraon is satiafactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate aa Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's aucceasor in intereat haa executed a written aseumption agreement accepted in writing by Lender, Lender shall releaae Borrower from ali obligationa under thie Mortgage and the Note. If Lender exercisea such option to accelerate, Lender ahall mail Borrower notice of acceleration in sccordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not lesa than 30 days from the date the notice ia tr.ailed within which Borrower may pay the aums declared due. If Borrower faila to pay such sums prior to the e:piration of such period, Lender may, without further notice or demand on 13orrower, ~ ~nvoke any remedies pennitted by paragrauh 18 hereof. ! 18. Acceleration; Aemediee. E:cept as provided in paragraph 17 6ereof, upon Borrower'e breach of any covenant or ~ agreement olBorrower in thie Mortgage. including the covenante topay when due any sume aecured by thie Martgage, Lender prior to aooeleration aha11 mail notice to Borrower ae provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not leas than 30 daye from the date the notice ia mailed to Borrower. by which such ~ breach must be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may result in acceleration of tbe sums aecured by thia Mortgage. forecloaure by judicial proceeding and eale otthe Property. The notice ahall ~ further inform Borrower of the right to reinetate efter acceleration end t6e right to aesert in the toreclosure proceeding the ~ non•ezietence of a default or any ot6er defense of Borrower to eoceleration and foreclosure. If the breach ia not cured on or ~ before the date specified in the notice. Lender at Lender's option mey declare all ott6e suma secured by thia Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be entitled to callect in auch proceeding all e:penaes vf toreclosure, including, but not limited to, reasonable attorney's feee. and costs of documentary evidence,. abstracte and title reports. ~ 19. Borrower'e Right to ReinBtete. Notwithatanding Lendei a acceleration of the euma secured by thia Mortgage, Barrower shall have the right to have any pra~eedinge begun by I,ender to enforce thie Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paya Lender all aums which would be then due under thie Mortgage, the Note and notes aecuring F~ture ~ Advanoes, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other rnvenante or agteemente of Borrower contained in ~ thia Mortgage; (c) Borrower paye all reasonable ~pensee incurred by Lender in enforcing the rnvenante and agreements of Borrower F contained in this Mortgage and in enforcing Lender e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e feea; and (d> Borrower takea such action ae Lender may reasonably require to aeeure that the lien of thia Mortgage, Lender's intereet ~ in the Property and Borrower s obligation to pay the aums eecured by thie Mortgage ahall continue unimpaired. Upon euch payment and cure P by Borrower, this Mortgage and the obligatione secured hereby shall rnmein in full force and effect aH if no acceleration had occurred. ~ 20. Aseignment of Rents; Appointment olReceiver. Aa additional eecurity hereunder, Borrower hereby aseigna to l.enderthe rente of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right . ~ to collect end retain anch rente as they become due and payeble. 3 ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have e receiver appointed by a ~ court to enter.upon, take posseaeion of and manage the Property and to rnllect the renta of the Property, including thoee past due. All renta ~ collected by the receiver aheli be applied first to payment of the ooate of management of the Property and collection of rents, including, but not ~ limited to, receiver'e feee, premiume on receiver'e bonds and reasonable attorney e feee, and then to the suma secured by thie Mortgage. The receiver shall be liable to aco~unt only for those rente eMually received. ~ ` ~ 311 s • ~ 2~92 ;