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HomeMy WebLinkAbout0718 8. Inspection. Lender may make or cause b be made ne+wmable entries upon and iaspactioru of the propse4y, provided that Lsndsr shall give Borrower notice prior b any ouch inspect~pn apecitying reasonable cause therefor related b Lender's interest in tM Propsr4j?. 9. Condemnation. The proceeds of any award or claim for damage0. direct or consoquential. in connection wiW any coademnatioa or other taking of the property. or part thereof, or toe conveyance in Uea of condaaaation, are hereby assigned and shall bs paid to Leadee. In the event of a total taking of We Property, the proceeds shall bs applied b We sums secured by this Mortgag0. with the esoes0. Itanv. paid b Borrower. In the event of a partial taking of the Property. unlea Borrower and Lender otherwise ogres in writing, there shall bs applied b the sums secured by thin Mortgage such proportioA of Ws proceeds a• is equal b that proportion which tM amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair market veins of the Property immediately prior b the data o[ taking, with the balance of the proceeds paid b Borrower. Uthe Property is abandoned by Borrower, or if, alter notice by Lender b Borrower that the ooadernnos Deers b make an award os sstW a claim for damages, Borrower fails b respond b Lender within 30 days after the date ouch notice is mailed, lender is authorised b collect and apply the proceeds. at Lender's option, either b restoration or repair of the property or b the sums secered by this Maigags. Unless Leader and Borrows: otherwise agree in writing. any such appUcation of pr~ooeeds b principal shall not extend or postpoos tMdw date of the monthly inatallrnents referred b in paragraphs 1 and 2 hereof or change the amount of such inatsllments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release. in any manner, the liability of the original Borrower and Borrower's aucceeaora in interest. Lender shall not be required b commence proceedings against such successor or refuse b esteud tame for payment or otherwise modify amortization of the sums secured by this Mortgbgo bjr f4a~oA bf any demand made by We original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Riot a Waiver. Any forbearance by Leader in exercising any right or remedy herenncter, or otherwise afforded by applicable law. ahaU not be s waiver of or preclude the ezereise of any sneh right or remedy.The procurement of insmsnee a the payment of fazes or other liens or charges by Lender shall not be a waives of Lender's right b accelerate the matnrigr of the iadebtedaess secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under thin Mori_rage or afforded by law or equity, and may be ezercise~l concurrently. independently or wooessivdy. 13 Successors and Assigns Bound: Joint and Several Liability: Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure b. the respective snecesaors and assigns of Lender and Borrower, snbjed b the proviaioas of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs d this Mortgage are for rnvenience only and are not b be used b interpret or define the provisioru hereof. 14. Notice. Except for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided far in this Mortgage shall be given by mailing such notice by oerti5ed mail addressed b Borrower at the Property Address or at arch other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certi5ed mail, return receipt requested, b Lender s address stated herein or b ouch older address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national nee and non- uniform rnvenanta with limited variations by jariadiction b constitute a uniform ae~writy instrpment covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conilicte with applicable law, such conflict ahaU not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be sSverable. 16. Borrower's Copy. Borrower shall be fnrniahed a conformed copy of the Note and of this Mortgage at the time of ezeartion or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part. of the Property or an interest therein is sold or transferred by Borrower without Lender s prior written consent. excluding (a) the creation of a lien or encumbrance subordinate b this MortgaB0. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, deaoent or by operation of law upon the death of a joint tenant or (d) the grant of any ieseehold interest of three years or less not containing an option b pnnhaae, Lender may, at Leaders option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to We sale or transfer. Lender and the person b whom the Property is b be sold or transferred reach agreement is writing that the cc+editotsnch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall best such rate as Leader shall ~ request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrowers successor in interest has ezecnted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration is aooordanee with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from thedste the notice is mailed within which Borrower may pay thesnms dedared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invo'r?e any rc~nedic~, ~rmittcYi by patagraui, li3 r-iereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of say covenant or agreement of Borrower in this Mortgage, including the, eovenante to pay when due any cams secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after aeceleratioa and the right to assert in the tareelosnre proceeding the non-existence of a default or any other defense of Borrower to acceleration and fore+closnre. If the breach is not cured on or before the date specified in the notices Lender at Lender's option may declare all of the sums secured by this Mortgage to be t immediately due and payable without further demand and may foreclose this Mortgage by jadicial proceeding. Lender shall be entitled to rnllect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLendersacceleration ofthe sums secured by this Mortgage, Borrower shall have the sight to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then dne under this Mortgage, the Note and notes securing Enters Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other oovsnants or agreements of Borrower contained in l this 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 Lender's remedies as provided in paragraph 18 hereof; including, but not limited b, rauoaabls k attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the Uen of this Mortgage. Lsndds interest in the Property and Borrowers obligation b pay the sums secured by this Mortgage ehalleontinnennimpaired. Uponsnchpaymeatandcurs by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aooele:ation had oa;arred. 20. Assignment of Rents; Appointment of Receiver. As additional aecnrity hereunder. Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior b acceleration render paragraph IS hereotor abandonment of the Property, have the right b collect and retain such yenta as they become due and payable. ~ Upon acceleration under paragraph 18 hereof ce abandonment of the Property, Lender shall be entitled b have a receives appointed by a court b enter.upon, take poesessian of and manage the Property and b collect the rents of the Property, including those past dne. AU rests collected by the receiver shall be applied fu~et b payment of the create of managementof the Property and ooUection of rents, inducting, bat not limited b, receiver's fees, premiums on receiver's bonds and reasonable attomey'a fees, and then b the sums secured by this Mortgage. Tbs receiver shall be liable b account only for those rents actually received. 80~ t~.'1`~ PIGE Tig i ~ _ _ -