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HomeMy WebLinkAbout2048~ ;i ~ :;~~j : 8. Id~pection. Lender may make or cauee to be made reasonable entries upoa snd inspections of the property, provided that I.er-der ~hall Kive Borrower notioa prior to a~y such inepection epecifying reasonablr cauee therefor related to [.ender'~ interest in the Prope~ty. 9. Condemnstion.'t1~e proceeds of any award or claim for damagea. di~rect or rnnsequeotial, in connection with eny ooademnatioa or ~~the~ taking o[ the property. or part thereof. or [o~ convayanoe in lieu of condemaation. are hereby assigned and shall be paid b leader. In the event of a total taking of the Property. the proceede shall be applied to the eume secured by this Mortgage. with the esc~. if any. paid to Bor~ower. I~ the event ot a partial taking of the Pooperty, unlees Borrower and l.ender otherwise agree in writing, there ~hall be upplied to the sums secured by this Mortgage such proportion of the proceeda aa is oqual to that proportion which the amount of the sums ~ecured by this Mortgage i~rmediately prior to the date of taking beara to the tair market value of the Property immediately p~ior to the date of t,~king, with the balanca of the proceede paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by l.e~der to Aorrower that the rnndemnor o~fers to make an award or setUe a claim for damages, Borrower fails to reepond to [.ender within :i0 days atter the date auch notice is mailed, l,ender is aulhorised w collect and .-pply the proceeds, at l.ender'e option. either to reatoratio~ or repair of the property or to the sums secured by this Mortgage. Unleae l.ender and Borrower otherwiee agree in writing, any auch application of pmceeds to principal shall not extend or postpone thedue ~iate of the mo~thly inetallmenta referred to in paragiraphs 1 and 2 hereof or change the amount of such installments. 10. Borrnwer Not Releaaed. Exteneion of the time for paym~nt or modification of amortiiation of the sums aecured by this Mortgage ~ranted by l.e~der to any succeseor in intereat of Iiorrower ahall not operate to release, in any manner, the liability of the uriginal E3orrower .~ nd E3orrower e auccessore in interest. [.ender shnll not be required to rnmmence proceedinge againet aurh aucceaeor or refuee to e:tend time f~~r payment or othenvise modify amoriizution of the sums secured by thie Mortgage by rnason of any demand made by the original Borrower :md F3orrower's succes.gors in interest. 11. Forbearance by I.ender Not a Rleiver. Any forbearance by l.ender in e:ercising any right or remedy hereunder. o~ otherwiae :i fforded by applicable Iaw, ahali not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement otinaurance or the payment of taxes or other liena or chargea by I.ender ahall not be a waiver of Lender s right to accelerate the maturity ot the indebtedneas ~rcured by thie Mortgage. . 12 Remedies Cumulative. All remediea provided in this Mortgage nre diatinct and cumulative to any other right or remedy under this ~tortrage or atforded by law or equity, and may be exerciee~i concurrently. independently or aucceasively. 13_ Succeasora and Aseigna Bound; Joint and 3everal Liability; Captiona. The covenants and agreements herein aontained shall bind, and the rights hereunder shall inure to, the mapective successora and assigne of Lender and Borrower, aubject to the proviaions o! pziragraph 17 hereof. All rnvenanta and agreemenla of Borrower ahall be joint and eeveral. The captions and headinge of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. 14. Notice. Except Cor any notice required under applicnble law to be given in another manner, la1 any notice to Borrower provided for in t his Mortgage shaU be given by mailing such notice by certified mail addresaed to Borrower at the Properly Addrees or at euch other addreas ea fiorrower may dexignate by notice to l.ender as pmvided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt reyuested, to [.ender s addreas atated herein or to auch other addreas as t.ender may designate by notice to Borrower an provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law: Severability. Thia form of mortgagecombines uniform oovenants for nationa! ueeand non- uniform co~•enants with limited variationa by jurisdiction to constitute a unitorm security instrument oovering real pmperty_ Thia Mortgage .hall be governed by the law otlhe jurisdiMion in which the Property is localed. [n the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aftect other provisions of lhis Murtgage or the Note which can be given efCect w~ithout the conflictinq provision, and to this end the proviaiuns of the Alorlgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower shall be furnished a conformed copy of the Nofe and of this Mortgage at the time of execution or after recordation hereof. IT. Tranefer of the Property; Aaeumption. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower w•ithout [.ender'F prior written conaent, eacluding (a) the creation of a lien or enrumbrance subordinate to this Mortgage, (b) the creation of s purchase money security interest for houaehold appliancea, (c) a transfer by deviae. d~crnt or by operation of law upon the death of a joint ~' tenant or (d) the grant of any leasehold interest of three yeara or leae nut oontaining an option to purchase, Lender may, at Lendei e option, declare all the sums securea by lhis Mortgage to be immediately due and payable_ Lender ahall have waived such option to accelerate if, prior t~~ the sale or tranafer, i.ender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch ~ ~~er~con is satisfactory to Lender and that the interrst payable on the sums aecured by this Murtgage shall be at such rate as Lender ahall ~. re•yuest. If [.ender has w ai~ ed the option to accelerate provided in this paraqraph 17, and if Borrower a succeasor in interest has e:ecuted a , ~-ritten assumption agreement accepted in writing by I.ender, l.ende~ shall release Borrower from all obiigations underthis Mortgaqeand the \ i rte_ If Lender ezercises such option W accelerate, I.ender shall mai) E3orrower notice of acceleration in acrordance with paragraph 14 hereof ~uch notice shall provide a periud of not less than 30 days fn-m the date the notice is mailed within which Borrower may pay the sums declared <iue. If Borrower fails to pay such sums prior to the expiration of such periad, I.ender may, without further notice or demand on fiorrower, in~•oke any remedies permitted by paragraoh 1R hereof. 18. Acceleration; Remediee. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or agreement ot Bonower in thie Mortgage. including the covenante to pay when due any eums secured by this Mortgage. Lender prior to ecceleration shell mail notice to Borrower as provided in peragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not lesa than 30 days from the date the notice is mailed to I3orrower. by whic6 euch breach muet be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in arceleration of the sums secured by thie Mortgage. foreclosure by judicial proceeding and ealeof the Property.T6e noticeahall further inform Borrower of the right to reinstate after acceleretion and the rig6t to assert in the foreclosure proceeding the ~on-e:istence ot a detault or any other defense ot E3orrower to aceeleration and foreclosure. It the breach is not cured on or f-efore the date apecified in the notice. Lender at Lender's option may declare all of the euma secured by t6ia Mortgege to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be t~ntitled to collect in such proceeding all expenses of toreclosure, including. but not limited to, reasonable attorney'e fees. and coata of documentary evidence, abstracts and titie reports. 19. Borrower'B Right to Reinetate. Notwithatanding Lender s acceleration of theauma secured by this Mortgage, Borrower ahall have the right to have any praceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judECment enforring thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under thie Mortgage, t6e Note and notea securing Futurn Advancea, if any, had no aeceleration occurred; (b) Borrower curea all breachea of any other covenants or agreements of Borrower oontained in this Mortgaqe; (c) Borrower pays all reasonable expenses incurred by Lender in enfotring the rnvenante and agreements of Bormwer contbined in thia Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney e fees; and (d) Borrower takea auch action as Lender may reasonably requirn to aeaure that the lien of this Mortgage, Lender's interest i n the Property and Borrower s obligation to pay the eums aecured by this Mortgage ahall continue unimpaired_ Upon such payment and cure by Borrower, thie Mortgage and the obligationa secured hereby ahall remain in full [orce and etfect ae if no acceleration had occurred. Z0. Assignment otRenta; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns to Lendertherents 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 such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter-upon, take possession of and manage the Property and to collect the rent8 of the Property, including thoee past due. All rente collected by the receiver shall be applied firat to payment of the eoats of management of the Property and mllection olrente, including, but not limited to, receiver's teea, premiums on receiver's bonds and reasonable attorney'a fees, and then to the aums eecured by thia Mortgage. The receiver ahall be liable Lo acaount only for those rente actually received. ~~`~x3~~ P~~E2(l~7 ~ ~.~ _ ..~ __:.=:r~