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HomeMy WebLinkAbout17808. Inspectlon. Leader may make or cauae to be made reaaanable entriea upon and inspections of the property, pwvided that l.ender ahall give Borrower notice prior to any euch inepectio~ apecifying teaaonable cauee therefor related to I.ender's inlerest in the Property. 9. Coademnation.ll~e proceeds of any award or cfaim for damaBes, dinrt or coneequential, in connecGon with any oondemnation or other taking of the ptoperty, or pari thereof, or tor conveyance in lieu of rnndemnatioa, a~c hereby asaigned and shall be paid to l.ender. In the event of a wtal taking of the Property. the proceede shall be applied to the suma secuced by thie Mortgage. with the e:ceee, if any. paid W Borrower. In the event oi a partial taking of the Property, unlese Borrower and I.ender otherwiee agree in writing, there ehall be applied to 1he sume aecuced by this Mortgage such pwpottion of the proceeda as is equal to that proportion wfiich 1he amount of the aume aecured by this Mortgage immediately prior to the date of taking bears to the fair markel value of the Property immediately prior b thedate of taking, wilh the balaru~ of the proceeds paid to Borrower. If 1he Property ia abandoned by I3orrower. oT if, aftrr notice by Lender to Borrower that ihe condemnor ofters to make an award or settle a claim for damagee. Borrower fails W reepond to Lender within 30 dayA aRer the date auch notice ie mailed, l.ender ia authoriaed tocollect and npply the proceeda, at Lender's option, either to reato~ation or repair of the pmperty or to the auma secured by thie Mortgag~ Unlees i.ender and Borrower otherwise agree in writing, any auch application of proceede to principal shall not extend or poetpone the due date of the monthly inetallmenfs referred to in pacagraphs 1 and 2 hereof or change ihe amount of such instalimente. 10. Borrower Not Released. Extension ot the time for paymant or modification of amortization of the euma secured by this Mortgage Kranted by I.e~der to any successor in intereat of F3orrower ahall not operate to release, in any manner, the liability of the original Borrower .~nd I3orrower a surcessors in interest. I.ende~ shali not be reyuired to commence proceedinga againat auch aucceasor or refuse to extend time fur ppyment or otherwise mudi[y amorlizatian o[the sums secured by this Mortgage by mnson of any demand made by the original Borrower :-nd E3orrower s succesaors in interest. 11. Forbearapce by Lender Not a Waiver. Any forbearance by I.ender in exercising any right or remedy hereunder. or otherwiee :-fforded by applica6le law, ahall not be a waiver of or preclude the exercise of any such right or rnmedy. The ptocurement of insurance or the payment of taxea or other liena or chargea by l.ender ahall not be a waiver of l.ender a right to accrlerate the maturity ot the indebtedneea ~ecured by thia Mortgage. 1'l. ltemediea Cumulative. All remedies provided in this Mortgage are diatinct and cumolative to any other right or remedy under thia ~iortrage or afforded by law or equity. and may be exercised concurrently, independently or auccesaively. 13. Successors and Aaeigna Bound; Joint and Several Liability: Captione. The covenanta and agreements herein contained ahall bind, and the righta hereunder shall inure to, the respective succeseora and aeaigna of [.ender and Borrower, aubject to the provieione of ~~aragraph 17 hereof. Atl covenants and agreementa of Borrower sfiall be joint and aeveral. The captiona and beadings of the paragtaphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. Ezcept for any notice required under applicuble law to be Eciven in anoth~r manner, (a) any nolice ta E3orrower provided [orin t his Morig~ge shall be ~civen by mailing such notice by certified mail addressed W E3orrower at the Property Address or at auch other address as Rorrowrr may designate by notice to Lender aa provided herein, and (bl any notice to l.ender ahall be given by certified mail, return receipt requested, to [.ender's address stated hernin or to auch other address as [.ender may designate by notice to t3orrower aa provided herein. My nutice provided for in this Mortgage shall be deemed to have been given to Borrower or l.ender when given in the manner designated herein. 15_ Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combinee uniform rnvenants for national use and non- unifornn covenants with limited variationa by jurisdiction to rnnatitute a uniform security instrun-ent rnvering real property. This Mortgage ;hall be governed by the Iaw of the juriadiction in which the Property is located. In the event thaC any proviRion or clause of this Mprtgage or the 1\ote conflicta with appficable law, such contlict shall not affect other proviaions of this Murtgage or the Note which can be given effect w•ithout the conflicting provision, and to this end the provisions of the Mortgage and the Note am declared to be severable. 16. Borrower's Gopy. I3orrower shall be furnished a confonned rnpy of the Note and of thia Mortgage at the time of execution or after rrcordation hereof. I7.'l~ansEer of the Property; Aaeumption. If all or any part of the Property or an interest therein is sold or traneferred by Borrower .,-ithout Lender'e prior written rnnsent, exciuding (a) the creation of a lien or encumbrance subordinate Lo this Mortgage, (b) the creation of a purchase money security intereat tor household appliances, (c) a tranafer by deviae, descent or by operation of law upon the death of a joint trnant or (d) the grant of any leasehold intereat oi three yeara or lesa not containing an option to purchase, Lender may; at Lender s option, ~leclare aU the sums secureu by this Mortgage to be immediately due and payable_ [~ender ahall have waived such option to acceferate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such pNrson is satisfactory to Lender and that the interest payable on the sums secured by this Mortgaqe shall be at auch rate as I.ender shall r<Y~uest. If [xnder has waived the uption to accelerate pruvided in this paragraph 17, and if Rorrower s successor in interest has executed a w•ritten assumption agreement accepted in writinK by I.ender, Lendershall release Rorrowe~ fmm all obiigationa under this Mortgage and the 1 ute_ ~ If Lender exereises such option to accelerate, I.ender shpll mail tiorn-wer notice otacceleration in accordance with paragraph 14 hereof. ~uch notice shalt provide a period of not less than .i0 days frum the date the notice is ~r.ailed within which Borrower may pay the sums declared ~1ur. If Borrower Cails lo pay such sums prior to the expiration of such period. I.ender may, without further notice ur demand on Korrower, ~m-oke any remedies permitted by paragraoh IA hereof. 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or t~areement of Borrower in this Mortgage. including the covenants to pay when due any eumsaecured by this Mortgage, Lender prior to acceleration s6a11 mail notice to Borrower as provided in paragraph 14 hereof specifying:ll) ihe breach; (2) the action required to cure auch breach; (3) a date, not leae than 30 daye from the date the notice ie mailed to Borrower~ by which auch hreach muat be cured: an~ (4) that failure to cure such breach on or before the date specitied in the notice roay reault in xcceleration of tfie suma secured by this Mortgage, foreclosureby Judicial proceeding and sale ofthe Property. The notice shalt further inform Borrower of the right to reinatate stter acceler8tion and the right to assert in the foreclosure proceeding the non-exiatence of a default or any other defenae of Borrower to acreleration and lorecloaure. If the breech ie not curedon or 1~ ~ore the date epecified in the notice. Lender at Lender's option may declare all of t6e euma secured by this.b'fortgage to be immediately due and payable withoul further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in auch proceeding all e:penses of foreclosure. including. but not liiuited to, reasonab-e attorney's fees. and c•usts of documentary evidence. abatracta and title reports. - 19. Bomower'e Right to Reinatate. Notwithstandinq I.ender's accelefationof the sums aecured by this Mortgage, Borrower shall have che right to have any proceedings begun by Lender to enforce this Moriqage diernntinueti at any time prior to entry of a judqment entorcing this Mortgage if: (a) Borrower pays l.endeT all sums which would be then due under this Mortgage~ the Note and notes aecuring Future Ad vances, it any, had no acceteration cecurred; (b) Borrower curea al) breachea of any other covenants or agreements of Borrower con tained in this Mortgaqe; (c) Borrower pays all reasonable eapenses incurred by l.ender in enforcing the rnvenants and agreemente of Borrower contained in thie Mortgage and in enforcing Lendei s mmedies as provided in paragraph 18 hereof, inclnding, but not limiied to, reasonabie a ttorney a feee; and f d- f3orrower takes auch action as [.ender may reasonably require to asaurn that the lien of this Mortgage, Lendei e interest in the Property and Borrower'e obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and tfie obligationa secored hereby ehall remain in full force and effect as if no acceleration had occurred. 20. Aaeignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the renta of the Property. provided that Borrower shall, prior to acceleration under paragraph 18hereoforabandonment of the Property, have theright to coltect and retain auch rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to fiave a receiver appointed by a court to enter.~pon, take poesesaion of and manage the Property and to rnllect the rents of the Property. including thoae past due. A11 renta collected by the receiver shall be applied firat to payment olthe costa of management of the Property and collection of renta, including, but not limited to, receiver'a fees, premiuma on receiver's bonds and reaaonable attorney'8 [ees, and then to the auma secured by thie Mortgage. The receiver shaU be liable to acoount only for those rents actually received. . BO~K 346 P~GE 1776