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HomeMy WebLinkAbout04178. ln~pection. Lender may make or cauee to be made reawneble entries upon and inspectione of the property, pmvided that Leader ehall give Borrower ~otice prior to any auch inepection epecitying reaeonable cauee therefor related to Lender'e interest in the Property. 9. Condenanation.'R~e procccde of sny award or claim for damsges, direct or consequential, in connection with any oondemnation or uther taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby seeigned and shall be paid to Lender. In the event of a totxl taking of the Property, the pra~eede sha~l be applied to the euma eecured by this Mortgage, with the esceas, if any. paid to Bcrrower. In the event of a partial taliing of the Property, unleas Borrower and l.ender otherwiee agree ia writing~ there ahali be applied to the eume eecured by this Morlgage euch proportion ot the proceeds as ie equal to that pmportion which the amount of Lhe eums eecured by thie Mortgage i~mediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of tnking. with the balanca of the pra.~eede paid to ~iorrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claun for damages, Borrower faile to reapond to I.ender within 30 days after the date such notice is mailed, I.ender is suthorized to collect and apply the proceeds, at Lender'a option, either to reatoration or repair of the property or to the sume aecured by thie Mortgage. Unlees I.ender and Borrower otherwiee agree in wriang, any auch ~ppiicration of p.~x~s to principa2 shs11 not c:tend or postpona the dua date of the monthly installmenta referred to in para~traphs 1 and 2 hereof or change the amuunt of euch inatallm~nte. 10. Borrower Not Releaaed. Extension of the time for paym~nt or modification of amortization of the suma secured by thia Mortga~e ~anted by I.ender to any aucceaeor in intereat of Borrower ahall not operate to release, in any manner. the liability of the original Borrower and Borrower's succee3sors in interest. I.ender shall not be required to commence proceedinga against such aucceseor or refuee to e:tend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a VNaiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwiee afiorded by applicable law, ahall not be a waiver of or preclude the exerciae of any such right o* remedy. The procurement of insurance or the payment of tuxes or other liena or charges by Lender ahall not be a waiver of Lender e right Lo accelerate the maturity of the indebtedneae secu~ed by this Mortgage. 12. Remedies Cumulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under ihia Mort~age or afforded by law or equity, aad may be exerciee+! ooncurrently, independently or euccesaively. 13. Successors and Aeaigns Bound; Joint and Several Liability; Captione. The covenanta and agreemente herein rnntained ahall bind, and the rights hereunder ahali inure to, the reapective aucceasors and aasigns of l.ender and F3orrower, aubject to the proviaione of paragraph 17 hereof. All rnvenanta and agreements of Borrower ahall be joint and several. The ceptiona and headings of the paragraphe of thia Mortgage am for covenience oniy and are not to be used to interpret or define the provieione hereof. 14. Notice. Except for any notice required under applicable law to be Qiven in anothzr manner, (a) any notice to Borrower provided for in this Mortgage shall be qiven by mailing such noticE by certified mail addressed to Sorrower at the Property Addrees or at auch other addrese aa Borrower ma3 designate by notice to Lender as provided herein, and (b1 any notice to Lender shall be given by certified mail, return receipt requested, to Lender'e addreas stated herein or to such other addreaa as Lender may deaignate by notice to Borrower ax provided herein. Any notice pruvidrd ior in thi~ Moztgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. la. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national uaeand non- uniform covenants w~th limited variations by jurisdidion to constitute a uniform security instrument wvering real property. This Mortgage shall be governed by tt~e taw of the jurisdiction in which the Property ia lceated. In the event that any proviRion or clauae of t~his Mortgage or the Note cuntlicts with applirable law, such conflict ahaU not affect other provisions ot this Mortgage or the Note which can be given effect w~ithout the conflicting p!ovision, and to this end the provisiona of the Mortgage and the Note are declared to be severable. _ 16. Borrower'e Copy. F3orrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof 17. Tranefer of the Property; Ae~aumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written certaent; ~kcluding ta)the creation of a tien or encumbrance subordinate to thie Mortgage, (b) the creation ot a purchase money security interest for household appliances, (c) a. tranafer by devise, descent or by operation of law upun the death of a joint ', tenant or (dl the Rrant of any leusehold intemst of three vears or less not containing an option to purchase, Lender ma~, at Lender a option, ~' ~ declare all the aums aecurea by this Mortgage to be immediately due and payable. I.ender shall have waived auch option to accelerate if, prior ~ J~ to the sale or transfer, I.ender and the person to whom the Property is to be sold or transferred rnach agreement in writing that the credit of auch ,~person is satisfactory to l.ender and that the interest payable on the sums secured by this Mortgage ahall be at such rate as I.ender ahall . request_ If Lender has waived the option to accelerate provided in this paragraph ] 7, and if ~3orrower s succeasor in interest has exeruted a w•ritten assumption aQraement accepted in writing by I.rnder, I.ender shall release Bonower from all obligations under this Mortgage and the ti ute_ If I.ender exercises auch option tn accelerate, I.ender shalt mail Bormwer notice of acceleration in accordance with paragraph 14 hereot Such notice shall provide a per.ud of not less than 3(- days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on F3orrower, mvoke any remedies permitted b~~ para~raoh IF hereof. 18. Acceleration; Remedies. Fxcept as provided in paragraph 17 hereot, upon Borrower's breach of any covenant or agreement of iionower in thia Mortgage. including the covenante lo pay when due any aume secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specityinq: (1) the breach; (2) the action required to cure auch breach; (3) a date. not leas than 30 daya from the date the notice ia mailed to Borrower, by which euca breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the aums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.The notice shall further inform Borrower of the right to reinetate after acceleration and the right to asaert in the forecloaure proceeding the ~~on-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date speciRed in the notice, Lender at Lender's option may declare all of the auma secured by this Mortgage to be immediately due and payable w•ithout further demand and may forecloae this Mortgage by judicial prceeeding. Lender shall be e~ntitled to collect in such proceeding all expenses otforeclosure, including. but not limited to, reasonable attorney's feea. and costs uf documentary evidence. abstracls and title reports. 19. Borrower'e Right to Neinstate. Notwithstanding l.ender's acceleration of the auma secured by this Mortgage, Borrower shali have the right to have any proceedinga be~un by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) $orrower pays l.ender all sums which would be then due under this Mortgage, the Note and notee securing Futnrn Advances, if any, had no acceleration occurred; lb) Borrower cures all breaches of any othercovenanta or agreementa of Borrower contained in this Mortgage; !c) Bonower pays all reax~nable expenses incurred by Lender in enforcing the covenante and agreemente of Borrower oontained in this Mortgaqe and in enforcing Lender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonable attomey's feea; and Id) Borrower takes such action as Lender may reasonably require to assurethat the lien of thia Mortgage, Lendei einterest in the Property and I3orrower'a obligation to pay the sums secured by this htortgaqe shall continue unimpaired. Upon auch payment and cure by F3orrower, this Mortgage and the vbliqations secured hereby shall remain in full force and eftect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the rents of the Property, provided that I3orrower shall, prior to acceleration under paragraph 1R hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. tipon acceleration under paragraph 18 her:~f 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 Piruperty and to collect the rents of the ProE,erty, including those past due. All renta collected by the receiver shall be applied first to payment of the costs of manage:nent of the Property and rnllection of renta, including, but not limited Lo, receiver's fees, premiums on receiver's bonds and reasonable attomey's fees, and then to the sums eecured by thie Mortgage. The receiver shall be liabie to account only tor those rents aclually received. aa~x 35i encE 4~.~