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HomeMy WebLinkAbout10158. laepection. Lender may make or cauee tc+be made reasonable entries upon and inepections of the pmperty. pmvided that Leade~ ahall Kive Hor~ower notioe prior to any auch inspection specifying reasonable cauee therefor related to Lender'e interest in the Property. 9. CondemnaUon.'I~e proceeds of any award or claim for damages, direct or conaequential, i~ connection with any oondemnation or other taking of the propetty, or part thereof, or for conveyance i~ lieu of condemnatio~. arE hereby aeaigned and ehall be paid b l.ender. In the event of a total taking of thR Propedy. the proceeds ehall be applied to the euma eecured by this Mortgage, with the exceea, if any, paid to Borrower. In the event of a paKial taking of the Property, unleas Borrower and l.ender otherwiee agree in writing. there shall be ~pplied to the sums eecured by this Mortgage euch proportion of the proceede se ie equal to that pmportion which the amount of the sums secured by thie Mottgt-ge immediately prior to the date of taking bears to the fair market value of the Property immediately prior b the date of taking, with the balanc~ of the proceede puid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor ofY'ere to make an award or eettle a claim for damages. Borrower faile to reapond to I.ender within 30 daye after the date euch notice is mailed, [.ender is authorized to collect and epply the proceeda, at I.ender's option. either to cestoration or repair of the property or to the eums eecured by this Mortguge. Unleae Lender and Borrower otherwiee agree in writing, uny euch application of praceede to principal ahall not extend or poetpone the due date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of euch inetaUmente. 10. Bormwer Not Releaeed. Extension of the time tor paymant or modification ot amoriization of the euma secured by thie tifortgage Kranted by I.ender to any aucceaeor in intereat of I3orrower ahall not operate to releaee, in any manne~. the liability of the origina! BoROwer :-nd Borrower's auccessora in intereat. Lender ahall not be required to oommence proceedings against such auccessor or refuee to extend time f~~r payment or otherwise modify amorti2ation ot the sums aecured by this Mortgage by reuaon of any demand made by the original Borrower and E;orrower s suttrasors in interest. 11. Forbearance by I.ender Not a Weiver. Any forbearance by I.ender in e:ercising any right or remedy hereunder. or otherwiee afforded by applicable Iaw, ahall not be a waiver of or preclude the exerciae of any euch right or remedy. The procurement of ineurance or the payment of tauea or other liena or chargea by L.ender ahall not be a waiver of I.ender's right to accelerate the maturity of the indebtednees secured by thia Mortgage. 12 Remediee Cumulstive. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thia hlortcage or afforded by law or equity, and may be e:erciserl ooncurrendy, independently or auc~easively. 13. Succeasore and Aeaigne Bound; Joint and Several Liability; Captione. The covenante and a~eementa herein oontained ahall bind, and the righta hereunder ahall inure to, the reapective succeaeora and asaigna of Lender and Borrower. subject to the provisions of pa rngraph 17 hereof. Ail covenanta and agn~ements of Borrower shall be joint and aeveral. The captione and headinga of the paragrapha of thia Mottgage are for covenience only and are not b be ueed to interpret or define the provisiona hereof. 14. Notice. Except for any notice required under applicable law to be given in pnother manner, (a) any notice to Borrower provided tor in this Mortgage ahall be given by mailing such notice by certified mail addressed W Borrower at the Property Addresa or at auch other address as t3orrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender shal) be given by cedified mail, return receipt requested, to I.ender's addresa stated herein or to auch other addreas as I.ender may deaignate by notice to Borrower as provided herein. Any notice provided for in this Mortgaqe ahall be deemed to have been given to Horrower or l.ender when given in the manner deaignated herein 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenants for national uae and non- uniform covenants with limited varialions by jurisdiction to constitute a uniform security instrun~ent covering real property. This Mortgage. .hall be govemed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause ot this Mortgage or the: Note conflictx with applicable law, such conflict shall not affect other pmviaions of this Murtgage or the Note which can be given effect ..~ithout the rnnflicting pmvision, and Lo this end the pro~~sions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be furnished a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. I7. 'l~ansfer of the Property; Aeaumption. If all or any part of the Property or an interest therein is sold or tranaferred by Eiorrower w-ithout I.er.der's prior written conaent, exctuding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliancea, (c1 a transfer by devise, d.~scent or by operation of law upon the death of a juint tenant or (d) the qrant of any leasehold interest of three years or less not oontaining an option to purchaee, [.ender may, at Lender'e option, declare a11 the sums secareu by this Mortgaqe to be immediately due and payable. I.ender ahall have waived auch option to accelerate if, prior to the sale or transfer, [.ender and the peraon to whom the Property is to be sold or transferred reach aqreement in writing that the credit of auch person is satisfactory to I.ender and that the interest payable on the aums secured by this Mortgage shall be at such rate as I.ender shail request. If i.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower s auccesaor in intereat has executed a w•ritten assumption aRreement accepted in writing by l.ender, Lenderahall release f3orrower from all obligations under this Mortgaqe and the \ ote. If I.ender exercisex auch option to accelerate, I.ender shall mail E3orrower notice of acceleration in accordance with paragraph 14 hereof. ~uch notice shall pmvide a period of not less than :i0 days from the date the notice ia mailed within which Borruwer may pay the sums declared due. [f Rorrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on f3orrower, ~nvoke any mmeciies permitted by paragraoh 18 hereot. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereot. upon Borrower's breach of any covenant or agreement of Borrower in thie Mortgage. including the covenanta to psy when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofepecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not leas than 30 daye from the date the notice ie mailed to Rorrower, by which eacb breach must be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in acceleratiun of the suma secured by thie Mortgage. forecloaure by judicial proceeding and saleof the Property.The notiee ehall further inform Borrower ot the right to reinstate aRer acceleretion and the rig6t to aseert in the forecloaure proceeding the non-e:istence of a default or any other defense of Borrower to acxeleration and forecloaure. If the breach is not cured on or brfore the dete epecified in the notice, Lender at Lender's option may declare all of the sume aecured by this Mortgage to be immediately due and payable without further demand and may toreclose this Mortgage by judicial proceeding. Lender ehall be t~ntitled to collect in such proceeding all expenses 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 Reinatate. Notwithatanding Lender s acceleration of the sume eecured by thia Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all suma which would be then due under this Mortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower cvrea all breachea of any other rnvenanta or egreemente of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenants and agreementa of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney a feea; and (d) Borrower takea such action as I.ender may reasonably require to aeaure that the lien of thia Mortgage, Lender's interest in the Property and Borr~wer'a obligation to pay the aums secured by this Mortqage ahall continue unimpaired_ Upon such payment and curn by I3orrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Aaeignment of Renta; Appointment of Receiver. As additional eecurity hereunder. Borrower hereby assigns to Lender the rente of the Property, pmvided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, L.ender ahall be entitled to have a receiver eppointed by a court to enter-upon, take poeaession of and manage the Property and to rnllect the renta oi the Property, including thoee paat due. All rents collected by the receiver ahall be applied first to payment of the ooete of management of the Property and collection of renta, including, but not limited to, receiver's fees, premiuma on receiver's bonds and reasonable attorney'a teea, and then to the euma eecured by this Mortgage. The receiver shall be liable to aooount only [or thoae renta actually received. 80l~1K J~5 PlGE~~3 ~ .:r~