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HomeMy WebLinkAbout2678 ' ~ 8. Iaspectioa. Lender may make or cause to be made reawneble entries upon and inspectiona of the property, provided that Lendu shalt ' give Borrower notioe prior to any such inepection apecifying reasonable causa therefas related to Lender's iaterest in the Property. . 9. COpt~elRlfa~Op. The proceede of any award or claim for damagee, direct or conseq~ential, in connection with any ooadeannation or other taking of the property, or part thereof, or for rn~veyance in lieu oi oondemnation, are hereby aseigned and shaH be paid to i.ender. ~ In the event of a total taking of the Property, the proceeds ~hall be applied to the suans secured ~y this Mortgage. wi~h the eucees, if any, paid to Borrower. Ia the event of a partial tsldng of the Property, unless Borrower and Lender otharwise agree in writing, there shall be applied b the eums eecured by this Mortgage such pmportion of the proceeds as ie equal to that proportion which the amount of the sums eecured by this Mortgage immediately prior to the date of taking bears to the fair markM value of the Property immediately prior to the date of , taking, with the balanea of the proceeda paid to Borrower. I[ the Property ia abandoned by Borrower. or if, atter aotice by Lender to Borrower that the oondemnor offers to make aa awrerd or setde a ' , claim for damages, Borrower fails to respond to I.ender within 30 days after the date euch notice is mailed, Lender is authorized to collect and apply the prooeeds. at I.ender's option. eithet to restoration or repair of thc property or to the eums secured by thia Mortgage. Unleas I.ender and Borrower otherwise agree in writing, any such application of prooeede to principal ahall not e:tead or poetpone the due date of the monthly inataUmenfa nferred to in paragraphs 1 and 2 hereof or change the aanount of auch inataUmenfa. 10. Borrower Not Beleaaed. Exteneion of the time for paymant ur modification of amortization of the eums aecured by thie Mortgage granted by Lender to any euccessor in intereat of Borrower ahall not operate to release, in any manner. the liability of the original Borrower and Borrower'e succeasora in interea~ Lender shall not be required to oommence procecdinge againat auch auccessor or refnee to extend time for payment or otherwiee modify amortization of the sums eecured by this Mortgege by reason of any demand made by the original Borrower and Borrower's succeaeora in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by I.ender in e:ercieing any right or remedy herennder, or otherwise afforded by appGcable law. shall not be a waiver of or preclude the ezerciee of any such right or temedy. The procurement of ineurance or the payment of taxes or other liene or charges by Lender shaU not be a waiver of Lender's right to accelerate the maturity of the indebtedneas aecured by this Mortgage. - ~ 12. Bemediee Cumulative. Ali remediea provided in thie Mortgage are dietinct and cumulative to any other right or remedy nnder thie Mortgage or afforded by Iaw or equity, and may be euercieed ooncurrenUy, independently or succeaaively. 13. 3uci,~eeeors and Aeaigae Bound; Joiat and Several Liability; Captione. The covenante and agreementa herein contained ehall bind, and the righte herennder shall inure to, the reapective aucceeeors and assigna of Lender and Borrower, eubject to the proviaions of paragrapfi 1T hereof. All covenanta and egreements of Borrower ahall be joint and eeveral. The captions and headinge of the paragraphe o: this Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. 14. Notice. Except for any nQtice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall begiven by mailing auch notice by certified mail addreaecd to Borrower at the Property Addresa or at euch other addresa as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested. to Lender'a addreae stated herein or to auch other address as I.ender may designate by notice to Borrower aa pmvided hereia. Any notice provided for in thie Mortgage ehall be deemed to have been given to Borrower or Lender whea given in the manner deaignated herein. 15. Udiform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform oovenante for national uae and non- uniform covenanta with limited variations by juriudiction to oonatitute a uniform security instrunient oovering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any provieion or clauee of this Mortgage or the Note conflicts with applicable law. such rnnflict ahall not aKect other provieions of this Mortgage or the Note which can be given effect without the oonflicting proviaion, and to thia end the provieiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'ISranafer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia sold or tranaferred by Botrower without L.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money eecurity interest for household appliancee, (c) a tranafer by deviee, dcc~cent or by operation of law npon the death of a joint tenant or (d) the grant of any leasehold internet of three yeara or lese not oontaining an option to purchaee, Lender may, at Lende~s option. declare all the suma eecnred by this Mortgage to be immediately due and payable. Lender ahall ha ~e waived such option to accelerate if, prior to the sale or tranafet, Lender and the person to whom the Property is to be aold or transferred reach agreement in wriring that the creditof ench person is astisfactory to Lender and that the interest payabte on the suma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the opiion to accelerate provided in this pazagraph 17, and if Borrower's succeasor in interest hae executed a written assumption agreement accepted in writinq by Lender. Lender ahall release Borrower from all obligationa under this Mortgage and the Note. - ' If Lender exercisea auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paiagraph 14 hereof. ~ Such notice shall provide a period of not leas than 30 days from the date the notice is rr,siled within which Borrower may pay the sume declared ~ due. If Borrower fails to pay auch sums prior to the expiration of auch period, Lender may, without further notice or demand on Borrower, j invoke any remediea permitted by paragraoh lA hereof. j 18. Acceleration; Remediea. E:cept ae provided in paragreph 17 6ereof, upon Borrower's breach of any oovenant or s agreement of Borrower in this Mortgage, inclnding the oovenanta to pay w6en due any euma eec~red by thie Morigage, Lender ; prior to acceleration e6a11 mail notice to Borrower ae provided in paragraph 14 hereof epecifying. (1) the breac6; (2) the adion ~ required to cure auch breach; (3) a date, not leea than 30 daye from the date the notice ie mailed to Borrower, by which euch ~ breach muet be cured; and (4) tbat failure to cure auch breach on or before the date specified in the notice may result in acceleration of the suma secured by thie Mortgage, forecloaure by judicia! procecding and sale of the Properiy. The notice ahall ~ further inform Borrower of the right to reinstete after acceteration and the rig6t to assert in the foreclosure prceeeding the ~ non-e:ietence of a default or any other defense of Borrower to acceleration and forecloeure. If the breach ie not cured on or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by thie Mortgage to be immedietely due and payable without further demand and may foreclose this Mortgage.by judicial proceeding. Lender ahall be ~ entitled to collect in such prceeediag all e:penses of forecloeure. including. but not limited to, reasonable attorney's feea. and ~ coste of documentary evidence. abstracts and title reporte. 19_ Borrower'e Right to Reinetate. Notwithstanding Lender's acceleration of the auma secured by this Mortgage, Borrower ahali have ~ the right to have an roceedin a ~ y p g begun by L.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ; ihie Mortgage if: (a) Borrower paya Lender all auma which would be then due under this Mortgage, the Note and notes securing Futum _ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreements of Borrower contained in ~ thia Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the oovenante and agreementa of Borrower _ contained in thie Mortgage and in enforcing Lender e remediea ae provided in paragraph lShereof, including, but not limited to, rnasonable ~ attorney e feee; and (d) Borrower takea auch action es Lendor may reasonably require to assure that the lien of thia Mortgage, Lender'e interest ~ in the Pro rt and Borrower's obli ation to a the auma secured b this Mo ; pe y g p y y rtgage shaU continue unimpaired. Upon auch paymentand cure # by Borrower, this Mortgage and the obligations secured hereby ahall remain in full fome and effect aa it no acceleration had occurred. ~ 20. Aseignment of Rente; Appointment ot Receiver. Ae additional security hereunder, Borrower hereby asaigne to Lender the renta f of the Property, provided that Borrower shall, prior to scceleration under paragraph 18 hereof or abandonroent of the Property, have the right to collect and retain auch rnnts ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a t oourt to enter~upon, take poseeseion of and manage the Property and to collect the renta of the Property, including those paet due. All rents ~ oollected by the receiver ahall be applied first to payment of the ooeta of management of the Property and collection of renta, including, but not ~ limited to, receiver'e feea, premiums on receiver e bonds and reasonabte attorney e fees, and then to the sums aecured by thie Mortgage. The ~ receiver ahall be liabie to acoount only for thoae renta actually received. ~ ~ ~ a 1 , ~11 ~a;.~ z~~6 ~ ~ ~