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HomeMy WebLinkAbout1149 8. Inspectlon. Lender may make or cause to be made reasonable eatries upon and inspections of the property, pmvided that Leader shall give Borrower notioe prior to any auch inspection apecifying reasonable cauae thenfor related to Lender's intereat in the Property. 9. Condemnattoa. The prooeede of any award or claim for damages, direct or coneequential, in rnnnection with any oondemnation or other taking of the property. or part thereof, or for rnnveyanoe ia Ueu of oondemnation. are hereby asaigned and ehall be paid to Lender. In the event of a btsl taking of the Property, the prooeeds ehaU be applied to the euwe aecured by thie Mortgage, with the exoees. if any, paid to Bore+ower. In the event of a partial taking of the Property, unlees Borrower and Lender otherwise agree in writing. there ahall be applied to the eums eecured by this Mortgage such proportion of the proceeds as is equal b that proportioa which the aanount of !he sume secured by this Mortgage immediately prior to the date of takiag bease to the fair market value of the Property immediately prior to the date of taking, with the balanoa of the proceeds paid to Borrower. ; If the Property is abandoaed by Borrower, or if. aRer notice by Lender to Borrower that the oondemno~ oE~era to make an aaard or setde a claim for damages, Borrower taila to respond to Le~der within 30 days aR,er the date such notice ia mailed, Lender ie authorir~ed b coUect and apply the proceeds. at I.ender'e optioa. either to restoration or repair of the property or to the euma secured by thia Mortgage. Unleea Lender and Borrower otherwiee agree in writing. any such application of procee~s to principal shall not e:tend or postpone the due date of the monthly iastallmenta referred to in paragraphe 1 and 2 hereof or change the amount of such inatalliaenie. 10. Borrower Not Releaeed. E:tension of the time for paymant or modification of amoitization of the sume eecured by this Mortgage granted by Lender to any aucceaeor in interest of Borrower ahall not operate to release, in any manner, the liabi~ity of the original Borrower and Borrower'B aucceasors in interee~ Lender ahall not be required to oommence proceedings againat such suc~cessor or refuee to e:tend time for payment or otherwise modify amortization of the sums aecured by thia Mortgage by reaeon of any demand made by the original Borrower and Borrower a succes.sors in intereat. 11. Forbearanoe by Leader Not a R?aiver. My forbearance by Lender ia e~ercising any right or remedy hereunder. or otherwise afforded by applicable law, ehall not be a waiver of or preclude the e:erciee of any euch right or remedy.'!~e procurement of inaurance or the payment of tax~ or other liene or chargee by Lender ahall not be a waiver of I.ender's right to aocelerate the maturity of the indebf~edneea secured by this Mortgage. 12 Remedies Gtimulative. All remediee pmvided in thie Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity. and may be racerciae~i ooncurrendy, independently or suoceeeively. 13. 3uccessore and Aseigne Bound; Joint and 3everal Liability; Captione. The rnvenanta and agreements herein oontained ehall bind, and the righte hereunder shall inure to, the reapective eucceseors and aeaigns of Lender and Borrower. aubject to the proviaione of paragraph 1? hereof. All covenants and agreementa of Borrower ehall be joint and several. The captions and headings of the paragrapha of this Mortgage are for covenience only and are not to be nsed to interpret or de5ne the provieions 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 this Mortgage shall be given by mailing euch notice by certified mail addresaed to Borrower at the Property Addresa or at auch other addrees ae Borrower may deaignate by notice to Lender aa pmvided herein. and (b) any notice to Lender shall be given by certified mail. ret~un receipt requeated, to Lender's addreas atated herein or to auch other addrees se Lender may designate by notice to Borrower aa pmvided herein. Any notice provided for in this Mortgage ahaU be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Utiiform Mortgage; Governing Law; 3everability. Thia form of mortgage combinee uniform oovenanta for national uee and non- unifotm covenanta with limited variationa by juriadiction to oonstitute a uniform eecurity inetnuuent oovering real property.'l~is Morlgage ahall be governed by the law of the jurisdiction in which the Property ie located. In the event that any provieion or clauee of this Mortgage or the Note rnnflicts with applicable law, such conflict ahall not affect other pmvisiona of thie Mortgage or the Note which csn be given effect without the oonflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be fumiahed a conformed rnpy of the Note and of this Mortgage at the time of ezecution or after recordation hereoL 17. 'l~anafer of tue Property; Aseumption. If all or any part of the Property or an intereat therein is aold or transferred by Borrower without Lender e prior written rnneent, excluding (a) the creation of a lien or encnmbrance eubordinate to thie Mortgage, (b) the creation of a pumhaee money security interest for houeehold appliancea, (c) a tranafer by devise. deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lesa not oontaining an option to purchase, Lender may, at Lende~s option, declare all the suma serured by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if. prior to the sale or tranafer, Lender and the peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch peraon is satisCacLory to Lender and that the interest payable on the aums secured by this Mortgage shall be at auch rate as L.ender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Bonower s succeasor in interest has executed a written asaumption agreement accepted in writing by L.ender, Lender ahall release Borrower from all obligationa under this Mortgage and the ~ Note. ~ If Lender eaercises such option to accelerate. Lender ahall mail Borrower notice of acceleration in accordance with peragraph 14 hereof. ! Such notice shall provide a period of not less than 30 days from the date the notice ia ir.ailed within which Borrower may pay the auma declared ~ due. If Borrower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on Fiorrower, invoke any temediea permitted by paragraoh 18 hereof. 1 ~ p p p graph 1? hereof. upon Borrower's breac6 of any covenant or ~ 18. Acceleration; Remedies. Ezce t ae rovided in ara ~ agreement o[Borrower in this Mortgage. including t6e oovenanta to pay when due any aume eecured by this 1[ ortgage, Lender ~ prior to aoceleration ehall mail notice to Borrower ea provided in paragraph 14 hereof epecifying: (1) the brtach; (2) We action required to cure s~ch breach; (3) a date, not leae than 30_daye from the dete the notice ie mailed to Bonower. by which such breach muet be cured; and (4) that failure to cure snch breach on or before the date specified in the noti~ may reeult in acceleration of the sums secured by thie Mortgage, forecloeure by judicial proceeding and eale of the Property. The notice ehall further inform Borrower of the right to reiostate after acceleration and t6e right to aseert in the forecloaure proceeding the non-e:istence of a default or any other defense of Borrower to acceleration and foreclosure. if the breach ie not cured on or ~ before the date specited in the notice, Lender at Lender'a option may dectare all of t6e euma secured by this Mortgage to be i mmediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all expenses of toreclosure, including, but not limited to. reasonable attorney's feee, and coats of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinetate. Notwithstanding L.ender'a acceleration of the suma eecured by thie Mortgage, Borrower ehall have the right to have any proceedinge begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under thie Mortgage. the Note and notee eecuring Future ~ Advances, if any, had no acoeleration occurred; (b) Borrower cures all breaches of any other rnvenants or agreemente of Borrower contained in ~ thie Mortgage; (c) Borrower paya all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enfonting Lender's rnmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey e feea; and (d) Borrower takes euch action as Lender may reasonably require to aasure that the lien of this Mortgage, Lender'e interest in the Property and Borrower a obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cttre ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred, p Z0. Aseignment otRente; Appointment of Receiver. As additional security heceunder, Borrower hereby assigna to Lender the rente r ? of the Property, provided that Borrower sha11, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rents aa they become due and payable. ; Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a court to enter~pon, take poasesaion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta coilected by the receiver shall be applied firat lo payment of the coats of management of the Property and oollection of rente, including, but not limited to, receiver'e feea, premiums on receiver's bonds and reasonable attorney'a feee, and then to the auma secured by this Mortgage. The receiver eha11 be liable to acoount only [or those rents actually received. r ~ : 312 ; ~~:~1~.47 ~ ~ - _ . : , - - - a: : :