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HomeMy WebLinkAbout1507. ; f ~ 6. lespection. Lender may make or cause W be made reasoneble entriee uport and inapectiona of the property. provided that I.ende~ shall give Borrower notice prior to any euch inepertion specifying reaeonable cauee therefor related ta I.ender's intereet in the Ptoperty. 9. Condemnation. The proceeda of aay award or claim [or damagea. direct or rnnsequential. in connection with any ooademnatioa or othe~ taking of the property, or part theceof, or tor conveyance in lieu of oondemnation, are hereby nssigned and shall be paid to I.ender. In the event o[ a falal taking of tke Property, the proceeda ahall f~e applied to the eums eecund by this Mortgage, with the exceee. if any. paid to Bornower. In the eve~t of a pa~tial taking of the Property, unleas Barrower aad Lendet otherwiee agree in writing, there sha11 be applied to the aume eecured by this Mortgege euch proportion of the pra.~eede as ie_equal to that proportion which the amount of the eume secwred by thia Mortgage immediately prior to the date of taking bears to the fair market value otthe Pn~perty immediately ptior to the date of taking, with the balan~ of the proceede paid to Bonower. If the Property ie abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor otYers to make an award or aettle a cfaim for damagee, E3orrower tails to reapond to l.ender within 30 days after the date euch notice ie mailed..l.ender is authorized to collect and xpply the praceeda, at I.ender s option, either to reatoration or repair of the property or to the aume eecured by thia Mortgage. Unleas i.ender and Borrower otherwiae agree in writing, any such application of ptnceede to principal shall not extend or poetpone the due date of the monthly inetallmente referred to in paragraphs 1 and 2 hereof or change the amount of auch inatallmenta. 10. Borrower Not Releaeed. Exteneion of the time tor paym~nt or modification of amortization of the auma eecured by this Mortgage Kranted by l.ender to any auccessor in intereat of E~orrower ahall not operate to release. in any manner, the fiabitity of the original Borrower und l3orrower's successora in interest. l.ender shall not be required to commence proceedinga againat auch succeasor or refuse to e:tend time f~~r payment o~ othemise modify amortization of the sums secured by this Mortg~e by resison of any demand inade by theorigina) Borrower and 13orrower a suc~~exsors in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by [.ender in exerciaing any right or remedy hereunder, or otherwise :~ fforded by applicable law, shall not be a waiver of or preclude the exemise of any auch right or remedy. The procurement of inaurance or the payment of taxes or other liena or charges by I.ender ahall not be a waiver of I.ender a right to accelerate the maturity of the indebtednese secured by thia Mortgage. 12 Remediee Cumulative. All remediea provided in this Mortgage are dietinct and cumulative to any other right or remedy under thia hfortcage or afforded by law or equity, and may be exemise~l cancurrently, independendy or sueceaeively. l3_ Succesaors and Aasigna Bound; Joint and $everal Liability; Captione. The rnvenants and agreementa herein oontained ehall bind, and the righfs hereunder ahull inure to, the reepective succeasora and aseigna of Lender and Borrower, subject to the pmvisiona of paragraph 17 hereof. All covenants and agreementa of Borrower shall be joint and several. The captione and headinge of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notiee. Except for any notice cequired under applicab{e law to be ~tiven in anofh~r manner, ~a) any notice to Borrower provided for in t h is Mortgage shall be given by mailing such notice by certified mail addressed bi ~3orrower at the Property Addreas or at auch other address as l~orrower may deaignate by notice to Lender as provided herein, and (b) any notice to l.ender shalt be given by certified mail. return receipt requeated, to Lender's addresa stated hernin or to such other addres.g as I.ender may designate by notice to Borrower ax pmvided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to E3orrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia torm of mortgage combines uniform eovenante for national useand non- uniform covenants with limited variationa by jurisdiction to constitute a uniform aecurity instrument cuverin~ real property_ Thia Mortgage ~hall be govemed by the law of the jurisdiction in which the Property is located_ In the event tfiat any proviaion or clause of this Mortgege or t he 1~'ute conflicta with applicable law, such conflict shall not aftect other proviaiona of this Murtgage or the 1V-ote which can be given effect .vithout the conflictinR pmviaion, and to thia end the provisions oi the Mortgage and the Note are declared to be severable. l6. Borrower's Copy. f3orrower ahal{ be furnished a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordatiun hereof ~ 17. Tranefer of the Property; Aseumption. !f all or any part of the Property o~ an intereat therein is sold or transferred by Bomower .. ithout I.ender s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this btortgage, (b) the crnation of a 4~urchase moetey security interest for hou+-ehold appliancea, (c> a transfer by devise, descent or by operation of law upon the death of a joint tF~nant or (d) the grant of any leasehold intereat of three years or less not contnining an option to putchase, Lender may, at I.endei a option, d c~clare all /he auma secutea by this Mortgaqe to be immediately due and payable. I.ender shall have waived such option to accelerat~e if, prior tu the sale or tranafer, I~ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such ~~erson is satisfactory to l.ender and that the interest pa~vable on the sums secured by this Mortgaqe ahall be pt such rate as Lender shall rc~yuest. If i.ender hAS waived the option to accelerate provided in this ParaRraph l7, and if E3orn,wer s successor in interest has executed a «-ritten assumption agreement accepted in writing by I.ender, I.endershall release Borrower from all obligationa underthis Mortgage and the ti ute. • If Lender exerrises such option fn accelerate, I.ender shall mail t3orrowet potice of acceleration in aecordance vvith paragraph 14 hereof ~uch notice shall provide a period of not less than 30 days from thedate the notice is mailed within which Borrower may pay thesums declared riue. If Aorrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice o.r demand on Konower, ~m•oke any remedies prrmitted by paraKraoh 18 hereoL I8. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower'e breach of any covenant or tiRreement of Borrower in this Mortgage. including the covenanta to pay when due any aumeaecured by thie Mortgage. Gender prior to acceleration ahall mail notice to Borrower as provided in paregraph 14 hereof epecifying: (1) the breach; (2) the action reqnired to cure auch breach; (3) a date, not leas than 30 days from the date the notice ie mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in a ccelerat ion of the aums secured by th ie !Viortgage. foreclosure by judicial proceeding and eale of the Property.The notice shall fu rther inform Borrower of the right to reinatate atter acceleration and the right to assert in the foreclosure proceeding the non-eziatence of a default or any other defense of Borrower to acceleration and toreclosure. If the breach ie not cured on or t~efore the dete specified in the notice. Lender at Lender's option mey declare all of the auma secured by thie Morigage to be i m mediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~•ntitled to collect in auch proceeding all e:penaea of foreclosure. including, but not limited to, reasonable attorney's feea. and costs ot documentary evidence. abstracts and titfe reports. 19. Borrawer's Right to Reinstate. Notwithatandinq l.ender's acceteration oithe sumsaecured by this Mortgaqe, Borrowershail have the right to f ave any proceeding8 begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgmentenforcing thia Mortqage if: ta? Sorrower pays Lender all sums which would be then due under thin Mortgage, the Note and notea securing Future Ad vances; if any, had no acceleration occurred; !b) Borrower curea all breaches of any other covenante or agreementa otBorrower contained in this Mortgag,e; (c) E3orrower pays a11 reasonable expenses incurred by I.ender in enfoming the c:ovenants and agreements of Borrower S ontained in this Mortgage and in enforcing [.ender'a remediea as provided in paragraph 18 hereof, including, but not limited to, reasonablR a ttorney's fees; and (d) Borrower takea auch action as Lender may reasonably require to aeaure that the lien of thia Mortgage, Lender e interest i n the Property and Borrower'e obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, thie Mortgage and the obligationa secured hereby ahall remain in full force and effect ax i! no acceleration had occurred. 20_ Aeeignment of Rente; Appointment ot Receiver. As additional aecurity hereunder, Borrower hereby assigna to Lender the rents of the Property, provided that Borrower shall, ptior W acceleration under paragraph 18 hereof or abandonment of the Property, havelhe right to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.endershall be entitled W have ~ receiver appointed by a rnurt to enter npon, take poasession of and manaqe the Property and to collect the rente of the Property, includinq thoee past dne. All renta c•ollected by the receiver shall be applied firat to payment otthe costs of management of the Property and rnllection of renta, including, but not limited to. receiver'e fees, premiuma on receiver's bonda and reasonable attomey e fees, and then to the suma eecured by this Mortgage. The receiver sha1) be liable to aeoount only for thoee rents actually rereived. 6~]K ''~~~7 PAGE1504 :~ _ - - ..~. , ~..~ ~ ~ ,~ .._.w y_ ~