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HomeMy WebLinkAbout11608. Inepection. l.ender may make or cawe to be made reasonable entric~e upon and irtepections of the property, pmvided that I.ender ehall give f3orrower notice prior to any such iaspection spe~cifying reasonable cause there[o~ relate~l to l.e~de~ a intereal in the Property. 9. Condcmnation. The proceeds of any award or clsim tor dAmngrw, di~t nr rnnaequential, in connection with any oondemnation or ~~ther taking of the property, or part thereof, or for conveyance in lieu of condemnatio~, are hereby assi~ed and shall be paid to [.ender. I~ the event of a Wtal taking of the Prope~ty, the pra~ecde ehall be epplied to the suma secured by thie Mortgage, with the e:cess, if any. paid to Borrower. In the event of a partial taking of the Property. unleae Borrower and l.ender olherwiee a~ee i~ writing. there ehall be applied W the auma eecured by thie Mortgage euch proportion ot the proceeda ae is equal to that pruportion which the amount of the eums tiecured by thia Mortgage immediately prior to the date of taking beara to the fair market value of lhe Property immediately prior to the date ot taking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Bor~ower, or if, aRer nodce by l.ender to F3orrower that the condemnor of'lers to make an award or eettle a t•laim for damages, I3orrower fails to reapond to l.ende~ within 30 days after the date such notice ie mailed, l.ender is authorized tocollect and apply the proceeda, at l.ender s option, either to restoration or mpair of the property or to the eums eiecured by thia Mortgage. Unleae Lender and Borrower otherwiae agree in writing, any such application of proceeda to principal shall not extend or postpone the due date of the monthly inatt~llments referred to in paragrapha 1 and 2 hereof or change lhe amount of such inatallmentn. 10. Borrower Not Released. ~xtension of the time [or paym ~nt or mcxlification of amoriization of the aums secured by this Mortgage Krt~nted by l.ender to any succest-or in intereat of ~3orrower shall not operate to rele~se, in nny manner, the liability of the original f3orrower :~nd Fiorrower'a sucressors in internst. l.ender shAll not be required to commence prcx~eedinga againat such auccexaor or refuse to rxtend time f~ ~r pnyment ur othervvise modii'y amortizFttion otthe xums :-ecured by this MorlKaKe by reuxon of any demt~nd mude by theoriginal Borrower and t3orrower's successora in interest. • 1 l. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiae :ifforded by applicable law, ahal! no1 be a waiver of or preclude the exercise of any such right or rnmedy_ The procurement of inaurance or the payment of tuxerz or other liens or chargea by l~ender ahaU not be a waiver ot Irender's right to accelerate the maturity of the indebtedness ' .crured by thie Mortgage. 1'l. Remediee Cumulative. All remedies provided in this Mortgage are diatinct und cumulative to any other right or remedy under thie ~tortcnge or afforded by law or equity, and may be exercise~l concurrenUy. independently or auccessively. 13. Succesaora and Asaigns l3ound; Joint and Several Liebility; Captions. The covenanta and agreements herein contained shall bind, and the rights hereunder shal! inure to, the respective succee-sc~rs and assigna of I.ender and E3orrow`er, Subject to the provieione of paragraph 17 hercof. All covenants and ngreementa of I3orrower ahall be joint and several.'I'he captions and headings of the paragraphs of this Mortgage am for covenience only and are not to be used to interprnt or define the provisiona hereof. l4. Notice. F.xcrpt for any nolirn required undrr applicable law to be Kiven in nnother manni•r, la; uny notice to F3orrower provideci for in this MortgaRe shall t-e E[iven by mailing such notice by certified m~il addresaed to E3orrower at the I'roperty Addreaxorat auch other addreas ae Kurrower may designate by notice to l.ender t+s provided hecein, and Ib1 any nofice to l.ender shall be gi~en by certified mail, return receipt reyuested, to l.ender's address etated herein or to such other address as [.ender mary desiKnate by nutice to I3orrower ae provided herein. Any nutice provided for in this MortgxKe shail be deemed to have been given tu Borror~rr or t.ender when given in the manner desiqnatrd herein. 15_ Uniform Mortgage; Governing Law; Severability. This form of mortKagecombines uniform covenants fur national uae and non- u niform covenants w~th limiteci variatiuns by jurisdiction to a~nstitute a uniform xecurity instrument cuvering real property. This Mortgage ,hull be Koverned by the law of the jurisdictiun in which the E'roperty is located. In the e~•ent that any provision or clause of this Mort~age or the Note conflicts N~th applict-ble law, auch conflict ~hall not affect other provisiona of this MortKage or the Note whinc ~an t~e Kiven effect ~.•ith~~ut the rnnilicting pmvision, and tu this end the pruvisions of the Mortgaqe and the Note arn declared to be aeveruble. 16. Barrower's Copy. l3orrower shal) h.c furnished a conformed rnpy of the Note and of thia Mortgage at the time of execution or after ri~.•ordation hereof. 17. Transfer of the Property; Aaeumption. If all or any part ot the !'roperty or an interest therein is sold or transferred by liorrower w•ithout I.ender's prior w~-itten consent, excludinK Ia1 the creation of a lien or encumbrance aubordinate tu this Mortgage, tb- the cmation of ~ punnhase money aecurity interet+t for household appliancea, lc) a tranafer by devise, d:scent or by operation of law upon the deAth of a joint trnant or (d; the Rrant ot any leasehold interest of three years ur lesa not containing an option to purchase, l.Pnder may, at I.ender'soption, dcrlare aU the sums secured by this Mortgage to be immediately due and payable. I.ender ahall have waived such option to accelerate if, prior t~~ tl~e ~atr ur trunater, i.ender and ihe peraon to wham ihe Prapcriy islo hc sold a: transferrrd reach xgreemeni in writing thatlhe credit of such prrr~un is saticfactury to I.ender and that the intercat p~~yable nn the sums secuied by this MortK.~ge shall be at such rate as Ixnder shall rryuest. If Ixnder has waived the option to accelerate pru~ idrd in this paraRraph 17, and if E3orroveer s succexsor in interrst has executed a w~ritten assumption aKreement acmpted in writinR by Ixnder, I.ender shall release liorrower from all obliQations under this Mortgaqe and the \ ute. If Ixnder exerciscs such option to acc~•ler:~te, I.ender rshall mail Rorrower notice of acceleration in accordance with paragraph 14 hereof. ~uch ~utice shall pmvide ~ periud of n~-t le~cs than 30 days from the date the nuticc is rr.~ileei withir. which Rormwer may pay the sums declared dut•. If Borruwer fails to pay Kuch sum~ prior to the expiration of xuch peri~xl, Ixnder may, w~ithnut further notim or demand on fiorrower, ~nvoke any remedies permittc~cl by paraKraoh IK hertr~f. 18. Acceleration; Remedies. F.xcept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or a~Kreement of E3orrower in thia Mortgage, including the covenants to pay when due any aumaeecured by this Mortgage. Lender prior to acceleration ahall mail not ice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action reyuired to cure such breach; (:i) a date. not less than 30 day~ from the date the notice is mailed to Borrower. by which auch breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the not~ce may result in xcceleration otthe aums secured by this Mortgage. toreclosure by judicial proeeeding and sale of the Property. The notice ehall further intorm Borrower of the right to reinstate after acceleration end the right to aasert in the fureclosure prceeeding the nun-existence of a default or any other defenae ot I3~rrower to acceleration and torecloeure. !t the breach is not cured on or t~~~fore the date epecified in the notice. I.ender at l.ender's option may declare all of the sums secured by thie Mortgage to be i mmediately due and payable without turther demand and may foreclose thie~ Mortgage by judicial proceeding. Lender ahall be ~~ntitled to cvllect in such proceeding all expenses of foreclor~ure, including, but not limited to. reasonable attorney's feea. and custs of documentary evidence. abstracls and title rcports. 19. Eiorrower's Right to Reinstete. Notwithstanding I.ender's acceleratiun of the auma secured by this Mortgage. E3orrower shall have the riqht to have any proceedings begun by Ixnder tu enforce this Mortgaqe discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) E3orrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securinR Fuwre Adcancea, if any, had no acceleration cecurred; lb) E3~rruwer cures all breachesof any othercovenantsor agreementa of Borrower contained in this MortQaRe; Icl Borrower pays all reasonable expensrs incurred by I.ender in enforcinq the covenanta and agreements of Borrower contained in this Mortgage and in enforcinq I.ender'e remedies xa provideii in paragraph 18 hereof, includinR, but not limited to, reaeonable attorney's fees; and Id1 Rorrower takea such action as I.ender may reasonably require to assure that the lien of this MortgaRe, Lender'e intereat in the Property and I3orrower'a obligation to pay the sums secured by this Mortgaqe sha11 continue unimpaired. Upon such paymentand cure by E3orrower, this Mortgage and the obligations secured hereby shall remain in full force and effe~ct as it no acceleration had occarred. 'l0_ Aesignment of Rente; Appointment of Receiver. As additional security hereunder, Bonower hereby aseigns to Lender the renta ~~f the Property, provided that E3orrower shall, prior to acceleration under paragraph 18 hereof or abandonmenlof 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 shal) be entitled to have a reeeiver appointed by a court to enter upon, take poseeasion of and manage the Property and to collect the rents of the Property, including thoee past due. All rente collected by the receiver shall be applied first to payment of the rnsta of management of the Property and collection of renta, including, but not limited to, receiver's fees, premiums on rereiver's bonda and resaonable attomey's feea, and then to the auma eeci~red by this Mortgage. The receiver ahall be liable to account only for thoee rents actually received. ~ ~ ~ ~ ~ - ~~ ; : __. F~~~~rxc ~4~ P~r,E~161 ~ ~ _ , ,~~~