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HomeMy WebLinkAbout1777 8. lnspection. Lender may make or causa Lo be made reawnable entrie~ upon and inspectiona of the propxty, pmvided that Lender ehall ~ive Borrnwar aotice prio~ to any euch inspection specifying reasonable cause therefor related to Lender's iaterest in tAe Property. 9. Coademnatioa. The proceeda of aAy award or claim for dama~e~, direct or rnnsequentiel, in connection with any oondemnation or other taking of the pmperty, or part thenpf. or for conveyance in Ueu of oondem~ation, are hereby assigned and sha1) be paid fo Lender. In the event of a total taking of !he Property. tha proceeds shall be applied to the sume secured by thie Mortgage, with the ~ce~s, if any. paid to Bormwer. In the event of a pattial taking of the Property, unle~s Borrower and Lendez otherwise agree ia wr~tin~, there shaU be appUed to the sume secund by this MortgaQe such pmportio~ of the pwcEeda as ia equal to that proportion which the amount of the s~ secured by this Mortgage immediately prios b the dete of taking bears to the fair merket value of the Propedy uamedintely prior to the date of taking. with the balaace of the pmceqds paid to Borrowes. If the Property is abandoned by Borrower. or if, aRer notioe by LeAder to Borrower that the ooademnor ot'ters to make an award or settle a claicn for dameges. Borrower fails to reepond to I.ender within 30 days aE'tes the date such notioe is mailed. Leader is authorised to coUect and apply the pmceeds, at Leader's option. eitAer to restoratioA or repair of We pmperty or to the sums aecured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any euch appUcation of proceeds to principal ahall not e~[tend or postpona tha due d~te of the monthly installments referred b ia paragraphs 1 and 2 heieof or change the aaaunt of auch inetaUments. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the sums secured by this Mortgage g~?anted by Lender to aay aucceasor in inteieat of Borcower shall not operate to releaee, in any manner, the liability of the original Borrower afld Borrower's succeseora in interest. Lender shall not be required to oommence proc~eedings againat euch encceeeor or refuee b e:tend time for payment or othawise modify amortization of the aums aecured by thia Mortgage by reaeon of any demand made by the original Borrower and Borrower's succeseora in interest. 11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lender in exercieing any right or remedy hereunder. or othe:wisc afforded by applicable law, shall not be a waiver of or preclude the euercise of any such right or remedy. The procurement of insarance or the payment of tasee or other liens or chargea by I.ender shaU not be e rvaiv~ of Iender s right to aocelerate the matuhty of the indebtedneas secured by this Mortgage. 12 Remedies Gtimulative. All remedi~ provided in this Mortgage are dietinct and cumulative to any other right or remedy nnder this Mortgage or afforded by law or equity. and may be r~ercised ooncurrendy, independently or auoceaeively. 13. 3ucceseors and Asaigne Bound; Joint and 3everal Liability; Captione. The covenants and agreementa herein rnntained shali bind. and the righta hereunder shall inure to. the reepective auoceeaore and aesigae of Lender and Borrower, eubject to the provieions of paragraph 17 hereof. All covenante and agreemente of Borrower ahall be joint and eeveral. The captiona and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be used to intespret or de5ne the provieione hereof. 14. Notioe. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage shall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addresa or at auch other addreee as $orrower may deeignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail. return reoeipt requeated, to I.ender'e addresa atated herein or to auch other address ae Lender may deaignate by notice to Borrower as provided herein. My notice pmvided for in thie Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the mann~ deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability.'17?is form of mortgage combines uniform oovenanta for national uee and non- uniform rnvenanta with limited variationa by juriediction to oonetitute a uniform aecurity instnuuent oovering real property. 77~is Mortgege shall be govemed by the law of the jurisdiction in which the Property is located. In the event that any pmviaion or clat~ee of this Mortgage or the Note conflicts with applicable law. such rnnflict ehall not afiect other provisions of this Mortgage or the Note which can be given effeci without the oonflicting provieion, and to thia end the provisiona of the Mortgage and the Note are declared to be aeverable_ 16. Borrower'R Copy. Borrower shall be furniehed a conformed copy of the Note and of thie Mortgage at the time of e:ecution or after rerordation hereof. 17. 'I~aaefer of Ute !'roperty: Aeaumption. If all or any part of the Property or an intereat therein is aold or traneferred by Borrower without Lender a prior written consent, ezclnding (a) the crestion of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchaee money aecurity interest for houeehold appliancea. (c) a tranafer by deviae, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leseehold intereat of three yeara or less not oontaining an option to purchase, Lender may, at Lender a option, declare all the auma eecured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if. prior to the sale or tranafer, l.ender and the pereon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of euch person is satisfactory to Lender and that the intereet payable on the aums aecured by this Mortgage shall be at such rate as I.ender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s aucceasor in intereat hae ezecuted a written asaumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligations underthis Mortgageand the I'' Note. If L.ender eaercises such option to accelerate, Lender ehall mail Borrower notice of acceleration in acrnrdance with paragraph 14 hereof. I Such notice ahall provide a period of not tess than 30 days from the date the notice ia rr.ailed within which Borrower may pay the suma declared ~ due. If Borrower faila to pay such aume prior to the expiration of auch period, Lender may, without further notice or demand on ~3orrower, invoke any remediea permitted by paragrenh 18 hereof ~ 18. Acceleration; Remediee. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ! agreement of Borrower in thie Mortgage. including the covenante to pay when due any eums eecured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 6ereof specifyiag: (1) the breach; (2) the action required to cure euch breach; (3) a date, not leee t6an 30 daye from t6e date t6e notice ie mailed to Borrower. by which suc6 breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may reault in acceleration of the eums secured by thia Mortgage, foreclosure by judiciel proceeding and eale of the Ptoperty. The notice ehall • further inform Borrower of the right to reinatate after ecxeleration and the right to asaert in the forcclosure proceeding the non-exiatence of a default or any other defense of Borrower to acceleration and toreclosure. If the areach ie noi cured on or before the date apecified in t6e notice, Lender at Lender'e option may declare all otthe aums secured by thie Mortgage to be immediately due and payable without furtherdemand and may forecloee this Mortgage by judicial proceeding. Lender ahall be entitled to collect in euch proceeding all ezpenses of forecloaure. including. but not limited to, reasonable attorney'a fees. and coets of documentary evidence, abstracts and title reporte. -19. Borrower's Rig6t to Reinstate. Notwithetanding I.ender'a acceleration of the auma secured by thie Mortgage, t3orrower ahall have the right to have any proceE.~eiinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of n judgment enforcing thia Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notee securing Future Advanoes, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenants or egreementa of Bortower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenante and agreementa of Borrower ~ contained in this Mortgage and in enforcing Lender a remedies as pmvided in paragraph 18 hereof, including, but not limiteti to, reasonable ~ attomey a fees; and (d) Boirower takee auch action as Lender may reaaonably require to essure that the lien of thie Mortgage, Lender'a inLerest in the Property and Borrower s obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon euch payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby sha1) remain in full force and effect se if no acceleration had occurred. ' ~ 20. Asei ment of Rente; A ~ gn ppointment ot Receiver. Ae additional security hereunder, Borrower hereby assigne to L,ender the renta ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Ptoperty, have the right - to collect and retain euch rents aa they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahaU be entitled to have a receiver appointe~ by a ~ oonrt to enter.apon, take poaeeesion of and manage the Property and to collect the rents of the Property, including thoee paet due. All rents ~ collected by the receiver eha11 be applied first to payment of the coeta of management of the Property and collection of renta, including~ but not ~ limited to, receiver e feee, premiums on receiver's bonds and reaeonable attorney'e fees, and lhen to ti~e aume aecured by thie Mortgage. The reoeiver ehall be liable to acoount only for those rente act~-slly received. i'K ' I ;K 312 ~~~;~177'S ~ ~ ~