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HomeMy WebLinkAbout2684 , . . . 8. Inspection. Lender mqy make or cause to be mede reawnsbk entrie~ upoa end 'uupections of the property, provided that Lender shall give Borrower notioe prior ~o any such inspectio~ sperifying reasonable cause therefor related to Lender's interest ia the Pmperty. 9. Condemnation.'I~e proceeds of any award or claim for damages, direct or cortsequential, i~ coanection with any oondemnation or ~ther tating of the property, or part thereof, or for conveysnce in lieu of oondemnation, an hereby s~iga~i nad shaU be paid to Lender. ln the eveat oi a total takin~ of the PropeKy. the procecda sball be applied to the sume secured by thi~ Mortgage. with the e~ccees. if any. paid W Borrower. ln the event oi a partial tating of the Property. unless Borrowrr and Lender otherwise agree in writing, there ~haU be - epplied to the sums secured by this Mortgage euch proportioa of the prooeeds as ia equal to that proportion which the amount of the sums szcured by this Mortgage immediately prior to the date of taking bears b the fair markK value of the Pooperty ianmediately prior to the date of taking, with the balanoa of the procceds paid b Borrower. If the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrower that the oondemnor otfen b make an award or setde a claim for damages, Borrower fails to reepond to Leader within 30 days aRer the date euch notioe is mailed. Lender is authoriud to coUect and apply the prooeeds, at Lender's option. either to restoration or repair of the propeKy or to the sums secured by this Mortgage. Unlees I.eader and Borrower otherwiee agne in w~+tin_q, anv such applicetio~ olprooeeds to principal shall not e:tend or poatpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the apwunt of euch inetallmenta. 10. Borrower Not Released. E:tension of the dme for paymant or inodification of amortization of the eume eecured by this Mortgage granted by Lender to any aucce8eor in interest of Borrower shaU aot operate to release. in any manner, the liability of the original Borrower and Borrower a succeseore in interes~ Lender ahall not be required to commence procer.dings againat euch suocessor or refuse to extend time for payment or otherwise modify amortization of the auma eecvred by this Mortgage by reaeon of any demand made by the original Borrower and Borrawer a auccesaora in inter~t. 11. Forbearaaoe by l.ender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder. or othetwiee . afforded by applicable law. ahall not be a waiver of or preclude the ezercise of any auch right or remedy. The procurement of inaurance or fhe payment of t~ea or other liens or charges by Lender shall not be a waiver of Le~er s right to acoelerate the maturity of the ipdebtedneee eecured by this Mortgage. 12 Remedies Cumulative. All remediea pmvided in thia Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezerciee~i oone~vrently, independendy or euoceseively. 13. 3ucceseors and Assigne Bound; Joint and Several Liability; Captions. The covenants and agreemente herein aontained ahall bind, and the righte hereunder ehall inure to, the reapective aucceaeors and assigna of Lender and Botrower, eubject to the provieiona of paragraph 17 hereof. All covenante and agreemente of Borrower shall be joint aad eeveral. The captions and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in thia Mortgage shall be given by mailir.g sur.h ~~Lice by certified mail addreeeed to Borrower at the Property Addreee or at such other addreaa ae F3orrower anay deeignate by notice to Lender as provided herein. and (b) any notice to Lender ahaU be given by ce~tified mail. return receipt requeated, to Lender's addreaa etated herein or to euch other addresa as Lender may designate by notice to Borrower as pmvided herein. My notice pmvided for in this Mortgage shall be deemed to have bcen given to Borrower or Lender when given in the manner deaignated herein. 15. Uaifoctn Mortgage; Goveruing I.aw; 3everability. Thie form of morigage combines uniform oovenante for national uae and non- uniform covenanta with limited variations by jurisdiction to oonetitute a uniform security inetrument oovering real property_ This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clauee of this Mortgage or ~ the Note conflicts with applicable law, auch conilict ahall not af~'ect other provisiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borwwer'e Copy. Borrower ahall be fumiahed a rnnformed oopy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. ~ 17_ Tranafer of the Property; Aseumption. If all or any part of the Property or an intereat therein is sold or traneferred by Borrower without Lendei a prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to ihia Mortgage, (b) the creation of a purchase money security interest for houaehold appliances, (c) a tranafer by deviee, deecent or by operation of law npon the death of a joint tenant or (d> the grant of any leasehold intereat of three years or lese not oontaining an option to purchase, Lender may, at Lendei e option, _ declare all ~'~e eums secared by thia 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 peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of such person is satiefactory to Lender and that the interest payable on the suma secured by thie Mortgage shall be at auch rate as I.ender ahall request. If Lender has waived the option to aocelerate provided in this paragraph 17, and if Borrowei b s~;ct-:baor in interest has eaecuted a written aseumption agreement accepted in writing by Lender, Lenderahall release Boaower from all obligationa under this MorCgage and the Note. " - f If Lender e~cerciaes such option to accelerate, Lender shall mail F3orrower notice of accel~ation in accordance with paragraph 14 hereof. f Such notice shall provide a period of not less than 30 days from the date the notice is ~r~ailed within which Borrower may pay the auma declared ~ due. If Borrower tails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Iiorrower, f ~nvoke any remedies permitted by paragra~h 18 hereof. 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 6ereof. upon Borrov?er's breach ot any oovenant or ~ agteement of Borrower in this Mortgage, including the oovenante to pay when due any sume eecured by this Mortgage.I.ender ~ prior to acceleration ehall mail notice to Borrower sa provided in paragraph 14 hereof specifying. (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not leea than 30 deya from the dete the aotice is maiied 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 the sums secured by this Mortgage. forecloeure by judicial proceeding aad eale of the Property. The notice ehall further inform Borrower of the right to reinetate after acceleration and the right to aasert in the foreclosare prceeeding the ~ non-e:ietence of a default or any other defense of Borrower to acceleration and foreclosure. 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 su~ne aecured by this Mortgage to be ~ immediately due and payable without turther demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch proceeding all e:penses of toreclosure. including, but not limited to, ressonable attorney's fees. and co9ta of documentary evidence, abstracts and title reporte. ~ 19. Borrower's Right to Reinatate. Notwithatanding Lender s acceleration of the suma eecured by thie Mortgage, Borrower ehall have a the right to have any proceedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ; thia Mortgage if: (a) Borrower pays Lender all aums which would be then due under thie Mortgage, the Note and notes securing Future t Advancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenante or agreemente of Borrower contained in ~ this Mortgage•, (c) Borrower paya all reaeonable expenses incurred by Lender in enforcing the rnvenante end agreementa of Borrower s contained in thia Mortgage and in enforcing Lender's remediea as provided in paragraph 18 hereof, including, but not timited to, reaaonable ~ atLorney e feea; and (d) Borrower takea auch action se I.ender may reseonably require to asaure that the lien of thie Mortgage, Lender'e interest ; in the Property and Borrower's obligation to pay the eums secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgaqe and the obligationa secured hereby shall rnmain in full force and effect as if no acceleration had occurred. ~ 20. Aseignment of Rents; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby asaigna to [,ender the rents ~ of the Property, provided that Borrower ahall, prior to acceleratiun under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain euch renta as they become due and payable. F Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiv~ appointed by a ~ oourt to enterLpon, ts~ke possesaion of and manage the Property and to collect the rents of the Pmperty, including thoee past due. All rente ~ rnllected by the receiver ehall be applied firet to payment of the ooets olmanagement of the Pmperty and rnilection of rente, including, but not ~ limited to, receiver'a fees, premiuma on receiver's bonds and reaeonable attorney a fees, and then to the auma secnred by this Mortgage. The ~ receiver ahall be liable to aooount only for those reote actually received. ~ ~ 3i1::,~.~ ~682