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HomeMy WebLinkAbout1157 8. Inspection. Lender may make or cawe to~be made naaonable entries upon and 'uupoctions of the pmperty, provided that Lender shall g~ve Borrowe~ noiice prior to any such inspection specifying reasonable cauee thenfor related b l.ender's intereat ia the Property. 9. Condemaatioa.'l~e procceds of any eward or claim for damages, direct or coasequential, in connection with any ooademnation or other taking of the property. or past thereof. or for conveyanoe in Ueu of oondemnation. an hereby assigned and ahall be psid to Lender. In the event of a total taking of the Property, the pmceede shall be applied b the auma secured by thia Mortgt~ge, with the e~ccees, if any, paid to Borrower. In the event of e partial talcing of the Property, ual~a Borrower and Lende: otherwise agree in wrriting. there ahal! be applied to the aums secured by this Mortgage such proportion oi the prooeeds as is equal to that pmportion whicb the amount of ehe eums secured by this Mortgage immediately prior to the date of taking bears Lo the fair martet value of the Property immediately prior to the date of talcing. with the balanoe oi tha pmceeda paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the oondemnor otrers to make an award or aettle a claim for damages, Borrower fails to respond to Lendes within 30 daye after the date auch notioe is mailed, Lender is authoriud to coUect and apply the proceeds. at Ixnder s option. eith~ to restoration or repair of the pmperty or to the suma eecured by this Mortgege. ~ Unlesa Lender and Borrower otherwiee agree in writing, any snch application of pruoeeds to principal ehaU not estend or poatpone the due date of the monthiy inatallmenfs referred to ia paragraphs 1 and 2 hereof or change the amount of euch ir?atallmeate. 10. Borrower Not Released. Exteasion of the time for paymant or modification of amortization of the euma secured by thie Mortgage granted by Lender to any aucceseor in inteceat of Bornower ahall not operate to releaae, in any manner, the liability of the original Borrower and Borrower's aucoessors in interes~ I,ender ehall not be required to oommence proceedinge againat euch aueceeeor or refuee to extcnd time for payment or otherwiee modify amortization of the auma eecured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succeseora in interest. . 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in eurcti~ins any iight or nmedy hereunder~ or otherwise afforded by applicable law. ahall not be a waiver of or preclude the e:ercise of any auch right or remedy. The procunmeat of ina~uanoe or the payment of tazea or other tiena or chargea by Lender ahall not be a waiver of Lender's right to accelerate the maturity of the indebt~ednese secured by this Mortgage. 12 Remediee Cumulative. All remedies pmvided in thie Mortgege are diatinct and cumnlative to eny other right or remedy under this Mortgage or afforded by law or equity. and may be exercise~i ooncurrenUy. independeatly or suoceseively. 13. 3ucceseors and Aseigne Bouad; Joint and Several Liability; Captioas. The covenante and agreemente herein wntained ehall bind, and the righte hereunder ehall inure to, the respective eucceesors and aeaigns of Lender and Borrower, aubject to the pmvieione of paragraph 1? hereof. All eovenante and agreements of Borrower ehall be joint and several. The captions and headings of the paragraphs of thie Mortgage are for rnvenience only and are not b be used 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 forin thia Mortgage ahall be given by mailing such notice by certified mail addreaeed to Borrower at the Property Address or at auch other addreea ae Bormwer may designate by notice to Lender as provided hereia. and (b) any notice to Lender shall be given by certified mail, retura receipt requested, to Lender'a address stated herein or to auch other addrees as Lender may deeignate by notice to Borrower as provided herein. Any notice provided [or in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinee uniform oovenants for national uee and non- uniform covenante with limited variatione by juriediction to oonatitute a unifornn security instrument oovering real pmperty.'I~is Mortgage ahall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of thie Morfgage or the Note contlicte with applicable law. such conilict ahall not aftect other provisiona of this Mortgage or the Note which can be given effect without the eonflicting proviaion, and to thia end the proviaione of the Mortgage and the Note are declared to be severable. 16_ Bormwer's Copy. Borrower shall be furniehed a coaformed oopy of the Note and of thie Mortgage at the time of ~ecution or after recor~ation hereof. 17. 'l~anefer of the Property; Aaeumptioa. If all or any part of the Property or an interest therein is eold or traneferred by Borrower without Lender'e prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchaee money eecurity intereaR for household appliancee, (c) a transfer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or lese not oontaining an option to purchase, Lender may, at Lender'e option. declare all the auma eecured by this Mortgage to be immediately due and payable. I.ender ehall have waived auch option to accelerate if. prior to the aale 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 pereon ia satiefactory to Lender and that the interest payable on the aums aecured by this Mortgage ahall be at such rate as Lender ahall request. If I.ender has waived the option to accelerate provided in this pazagraph 17, and if Boaower's aucceasor in interest hae e:ecuted a written asaumption agreement accepted in writing by Lender, I.ender shall release Borrower from all obligationa under this Mortgage and the Note. If Lender exerciees such option to accelerate, Lender ahall mail ~3orrower notice of acceleration in accordance with paragraph 14 hereoL i Such notice shall provide a period of not lesa than 30 daya from the date the notice ia cnailed within which Borrower may pay the suma declared f due. If Borrower faila to pay such aums prior to the expiration of euch period, Lender may, without further notice or demand on Borrower, ; ~nvoke any remedies permitted by paragraoh IS hereof. ! 18. Aceeleration; Remediea. Ezcept as provided in paragraph 1? hereof, upon Borrower'8 breach of any ooveaant or ' agreement of Borrower in this Mortgage, including the oovenants to pay when due any sums eecvred by this Mortgage, Lender 6 prior to aoceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not lesa than 30 daye from the date the notice ie mailed to Borrower. by which euch breach must be cured; and (4) that failure to cure such breach on or before the date epecitied in the notice may result in acceleration of the sums eecured by this Mortgage, foreclosure by judicial proceediag and sale of the Property. T6e notice e6a11 further inform Borrnwer of the right to reinatate after acceleration and the right to aeaert in the forecloeure proceeding the non-ezistence of a default or any other defenae of Borrower to aceeleration and forecloaure. If the breach is not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare all of the suma aecured by thia Mortgage to be ~ immediatety due and payable without further demand and may foreclose t6ie Mortgage by judicial proceeding. Lender shall be entitled to collect in auch proceeding all ezpenses of forecloaure, including, but not limited to, reasonable attorney's feea, and coats of documentary evidence, abatracts and title reports. 19. Botrower'e Right to Reiaetate. Notwithstanding Lender's acceleration of the auma eecured by thie Mortgage, Borrower ahall have the right to have any proceedinga begun by Lender to enforce thi$ Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notea securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenants or agreement8 of Borrower rnntained in ~ thie Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable y attorney's feea; and (d) Borrower talces auch action as L.ender may reasonably require to aasure that the lien of thia Mortgage, Lender'e interest ~ in the Property and Borrower a obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurced. ~ 20. Aaeignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the rents ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rnnta aa they become due and payable. ; Upon acceleretion under paragraph 18 hereof or abandonment of the Property, Lender shall be entided to have a receiver appointed by a ~ court to enter-upon, take posaeaeion of and manage the Property and to collect the rents of the Property, including those paet due. All renta collected by the n~ceiver ahall be applied first to payment of the ooste of management of the Property and collection of rente, including, but not ~ limited to, rec.eiver's feea, premiuma on receiver'e bonds and reasonable attorney e fees, and then to the auma eecured by thie Mortgage. Tlie ~ receiver ahall be liable to acoount only for those rents actually received. ~ ; `~°312 ~^,~;~1155 ~ ~ ~ - - - - - - ~ . . - ~ _ ~ _ - _