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HomeMy WebLinkAbout1141 • i 8. Iaspectioa. I.eader mey make or cause to be mada reaeonable entries upoa aad inepections of the property~ provf ded that Leades ehall give Borrower notice prior to any such inspection specitying reasoaable canse therefor related to I.ender's intereat in the Property. 9. CODdFdWa~IOp.'I~e proceeds of aay award or claim for damages. direct or consequential, in rnnnection with any oondemnation or other eating of the pmperty, or part thereof. or for conveyance in lieu o! oondemnation, an hereby assigned and ahall ba peid to Lender. In the eveht of s total taking of the Property, the proceeds shall be applied to the sume eecured by this Mortgaga. with the escees, if any~ paid to Borrower. ln the event of a partial taking of the ProperRy~ unleee Borrower and I.ender otherwiee agree in writing, there shall be applied to the sums secured by this Mortgage such pmportion of the pmc~eecla as is equal to that proportion which the amouat of tha aums secured by thie Mortgaga immediately prior to the date of talring bears to the fair market value of the Property immediate~jr prior to the date of ~~8. the balanoa of the ptoceeds paid to Borrower. If the Pmperty is abandoned by Borrower, or if, aRer notioe by Lender to Borrower that the condemnor ol~ers to malce an award or eetde a claim for daa~eges, Borrowertaib b reopond to i.ender within 30 de~yra aRer the date such notice is mailed. Lender is authorized to collect and ePP~Y ~e P~aede. at Le~de~+i option, either to restoration or repair of the pmperty or to the suma eecured by this Mortgage. Unlees I.ender and Bonower otherwise age~ee in writiug~ any such application of proceede b principal ehall not e~ctend or postpone the due date of the monthly inetallments referred ~o in paragraphe 1 and 2 hereof or change the amount of such inetalLnenfe. 10. Borrower Not Released. Extenaion of the time for paym~nt or modificadon of amortization of the sums aecured by thie Mortgage granted by I.ender to any aucceaeor in intereat of Borrower ahaU not operate to release. in any manner, the liability of the original Borrower and Borrower e suceeseors in intereek Lender ahall not be required to oommence pra.~eedings against auch succeeeor or tefuee to e:tend time for payment or otherwiee modify amortization of the suma secured by thie Mortgage by mason of any demand made by the original Borrower and Borrowrr's auccesaore in interes~ 11. Forbearanoe by Leader Not s Waiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwiae afforded by appUcable law, ahall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of ineurance or the payment of taaee or other liena or charges by Lender shall not be a waiver of Lender's right to aooelerate the maturity of the indebtednees secured by this Mortgage. 12 Remediee Cumulative. All remediee pmvided in this Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezercise~i ooncwrendy. independently or auooeeeively. 13. 3ttcceasors aad Aseigna Bound; Joiat and 3everal Liebility; Captions. The oovenenta and agreementa herein contained ehall bind, and the rights hereundet shall inure to, the respective aucceeeore and assigns of I.ender and Bo:rower. aubject to the provieiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ahali be joint and eeveral. The captions and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be aeed to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing snch notice by certified mail addreesed to Borrower at the Property Addrese or at auch other addreee ae Borrower may deeignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail. return receipt requeated, to Lendei a address atated herein or to auch other addreae as Lender may designate by notice to Borruwer as pmvided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender whea given in the menner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform rovenante for national use and non- uniform covenanta with limited variations by jurisdiction to oonatitute a uniform security instrun~ent covering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of thie Mortgage or the Note conflicts with applicable law, auch conflict shall not affect other pmvisiona of this Mortgage or the Note which can be given effect without the contliMing proviaion, and to this end the pmviaiona of the Mortqage and the Note are declared to be severable. 16_ Borrower's Copy. Borrower ahall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 7~-ansfer of the Property; Aseumption. If all or any part of the Property or an internet therein is sold or transferred by Borrower without Lender e prior written consent, e:cluding la) the creation of a lien or encumbrance aubotdinate to this Mortgage. (b) the creation of a purchase money security interest for houeehold appliances, (c) a transfer by devise, dxecent or by operation of law upon the death of a joint tenant or (d) the grant of any. leaeehold interest of three yeara or lese not containing an option to purchaee, Lender may, at Lender's option, declare aU the suma securea by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be aold or transfernd reach agreement in writing that the credit of anch - ' person is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate as Lender shall ! request. If Lender has waived the option to accelerate pmvided in this paragraph 17, and if Boaower's succeasor in interest haa e:ecuted a ~ w~ritten assumption agreemenl accepted in writing by Lender, I.ender ahall release Borrower from all obligations under thia Mortgage and the ~ Note. ~ If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice shall provide a period of not less than 3~ days from the date the notice is mailed within which Borrowermay pay thesums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ~ ~nvoke any remedies permitted by paragraoh 1R hereof. _ ; 18. Aoceleration; Remedies. E:cept as provided in parhgraph 17 hereof, upon Borrower'e breac6 of any oovenant or ~ agteement of Borrower in thia Mortgage. including t6e oovenants to pay when due any euma secured by thie Mortgage, Lender prior to ecceleration ehall mail notice to Borrower es provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the actioa ~ required to cure suc6 breach; (3) a dete. not leas than 30 deya from the date the notice ie maiLei! to Borrower, by which such breach must be cured; and (4) that failure to cw-e such breach on or before t6e date epecited in the notice may result in acceleration of the suma secnred by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ehall furt6er intorm Borrower of the right to reinstate after ecceleration and t6e right to aseert in the foreclosure proceeding the non-ezietence of a default or any ot6er detense of Borruwer to acceleration and forecloaure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender'e option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may toreclose this Mortgage by judicial proceeding. Lender shall be entitled to coilect in such proceeding ell ezpenaes of foreclosure. including, but not limited to, reasonable attorney's feee, and costs ot documentary evidence. abstracta and title reporta. ~ ~ 19. Botrower's Right to Reinetate. Notwithatanding Lender s acceleration of thesuras eecured by this_Mortgage, Borrowerahall have the right to have any proceedinge begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration ocxurred; (b) Borrower cures all breachea of any other covenants or agreement8 of Bonower contained in ~ thie Mortgage; (c) Borrower paye all reaeonable e:penses incurred by Lender in enforcing the covenants and agreements of Borrower 4 oontained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonablP attorney's tees; and (d) Borrower takes euch action aa I.ender may reaaonably require to assure that the lien of this Mortgage, Lender'a intereet ~ in the Property and Borrower's obligation to pay the sums eecured by this Mortgage shall continue unimpaired. Upon euch payment and cure ; by Borrower, this Mortgage and the oblig~tions aecured hereby ahaH remain in full force and effect as if no acceleration had occurred. x 20. Aaeignment otRents; Appointment of Receiver. As additional xecurity hereunder, Bonower hereby assigna to Lender the rente ; of the Property, provided that Borrower ahatl, prior to acceleration under paragraph 1 S hereof or abandonment of the Propetty, have the right ; to rnllect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointe~ by a court to enter.upon, take poaseaeion of and manage the Property and to rnllect the rents of the Property, including thoee past due. All renta ¢ oollected by the receiver ahall be applied first to payment of the coeter of management of the Property and coqection of rente, including, but not ~ limited to, receiver's feea, premiums on receiver'e bonds and reasonabie attorney e feee, and then to the suma eecored by thie Mortgage. The ~ receiver ehall be liable to acoount only for those rente actually received. ~ ~ ~ : : 312 s~~,F i139 ~ _