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HomeMy WebLinkAbout0946 8. Itupection. Lender ma~y make or cause to be made reawnable entrie~ upon aad 'uupection~ of the property. provided that Leadar shell give Borrowe~r notice prior to any such inapection specifying reasonable cause therefor related to Lender's intere~t in the Proparty. 9. Conderanedon. The prooeeds of any award or claim for damages. direct or consequentisl. in oonnection with aay oondanaatioa oe other taking of the property, or part thereof. or for rnnveyanoe in lieu of oondemnation. are hereby assigned aad ~hall be paid b l.~dar. In the event oi a total tai~ing o! the Propeity, the proceeds ahall be applied to the eume secured by t~his Mortge~e, wiW the esoea, if aqp. paid to Borrower. In the event of a partial taking of the Prop~ty. untess Borrower and Lender otherwise agree in writing, tbere shall be applied Lo the sume secured by this Mortgage such proportion of the proceo~de as is equal to that pmpa~stioa which the amount o~ tl~e ~umi secured by this Mortgage immediately prior to the date of taking bears b the fair market value of the Pmpedy immedia4ly prior W Wedate of taking. with the balanea ~uf the pmcceds paid to Borrower. If the Prope~y is abandoned by Borrower, or if, aE~er notioe by Lender to Borrower that the condemaor offers to malce an award or ~ettis a claim for dama,ge~, Bonower faile to respond to Lender arithin 30 days after the date such notice is mailed. Lender is autharired tooollect asd apply the proceeds. at l.ender's option, either to restoradon or repair o! the pmperty or to the ewns socnred by this Mortgage. Unlese I.ender and Bormwer otherwise agtee iu writing, any such application of prooeeds to principai shall not extend or postpone the dne date of the monthly installmente referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Releaeed. Exteneion of the time for paymant or modification of amortization of the sums aecut+ed by thi~ Mort~a~e ~ranted by I.ender to any aucceseor in intereet of Borrower shall not operate to releaee. in any manner, the liability of the original Borrower and Borrower's succesaore in interes~ I.ender ahall not be required to commence proceedings againet auch suoceaeor or refuse to e:tend time for payment or otherwise modifyamortization of the auma eecured by thia Mortgage by reason of any demand made by the origina3 Borrowe~ and Borrowei s succe.•ssors in interest. + 7 i ' 11. Forbearance by I.eader Not a Waiver. Any forbearance by I.ender in eYerciaing any right drree~e~r 6ereunder. oroWanvise afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any euch right os remedy.'11~e procurement of insurance ~ the payment of taxea or other liena or charges by Lender ahall not be a waiver of Lender'e right to aocelerate the maturity of the indebLednesa secured by thie Mortgage. 12 Remedies Cumulative, All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy uader this Mortrage or aNorded by law or equity, and may be e:ercised concurrently, independently or eucceeaively. 13. Successors and Asaigne Bound; Joint and Several Y.iability; Captione. The covenants and agreementa herein oontained shall bind, and the rights hereunder sha31 inure 1o,1he reepective eucceaeors and aseigns of I.ender and Borrower, eubjeet to the pmviaions of paragraph 17 hercof. All covenants and agreements of Borrower ehall be joint and several. The captiona and headings of the paragraphs of this Mortgage are for rnvenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in t his Mortgage ahaQ be given by mailing such notice by certified mail addresaed to Borrower at the Property Addresa or at such other address as f3orrower may deaignate by notice to I.ender as ptovided herein, and (b) any notice to Lender ahall be given by certified mail. return recript requested, to Lender'a addresa stated herein or to auch other address as Lender may deaignate by notice to Borroaer sa provided herein. Any notice prorryded for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated 6erein_ 15. Uniform Mortgage; Governing Law; 3everability. This formof mortgage combinea uniform oovenanta for national use and non- u niform rnvenants with limited variationa by jurisdiction to aonatitute a uniform eecurity instniment oovering real property. This Mortgage _ shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provinion or clause of this Mortgage or the Note conflicts wilh applicable law, such conflict ahall nqt affect other provisiona of this Mortgage or the Note which can be given e~ect w~thout the eonflicting provision, and to thia end the provisions of the Mortgage and the Note ace declared to be aeverable. 16. Borrower's Copy. Borrower shall be furnished a conformed oopy of the Note and of thie Mortgage at the time of ezerutioa or after recotdation hereof. ' 17. 75ranefer of the Property; Aaeumption. If all oc any part of the Property or an inLereat therein ia sold or traneferred by Borrovver without Lender s prior written conaent, eacluding (a) the creation of a iien or encumbrance aubordinate to thia Mortgage, (b) the creatioa of a -,~urchase money security intereat for household appliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a joint / tenant or (d) the grant of any leasehold intereat of three years or lese not oontaining an option to purchaee, Lender may, at Lender's option, declare all the sums secnreu by this Mortgage to be immediately due and payable. Lender ahall have waived such option to aocelerate if, prior to the eale ar transfer, Lender and the peraon to whom the Property is to t,e soid or traneferred reach agreement in writing that thecreditof euch person is satisfactory to Lender and that the interest payable on the aums secured by this Mortgage shall be at such rate as Lendetr ehall request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Sorrower s aucceaeor in interest hae e=ecuted a HTitten aseumption agreement accepted in writing by Lender, Lenderahall releaseBorrowerfrom allobligationsunderth'ssMortgageandtht \ ote_ - If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in acoordance with paragraph 14 hereoi ~ Such notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay the aums declared I due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further noqce or demand on E3orrowet, i invoke any remedies permitted by paragraoh !R hereof. ~ 18. Acceleration; Remediea. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ' agreement of Borrower in thie Mortgage, including the oovenanta to pay when due any aume aecared by tbis Mortgege, Lender ; prior to acceleration ahall mail notice to Borrower es provided in paragraph 14 hereof apecifying: ( l) the breach; (2) the action 's required to cure auch breach: (3) a date, not lese than 30 days from the date the notice ie mailed to Borrower. by whic6 such ~ breach muet be cured; and (4) that failure to cure such breach on or before the date apecified in the aotice may re8ult in ~ acceleration of the sums sec~red by thie Mortgege, foreclosure by judicial proceeding and eale of the Property. The notice shall f further inform Borrower of the right to reinstate aRer acceleration and t6e rig6t to assert in the foYeclosure proceeding the ~ non-e:ietence of a deteult or any other defenae ot Borrower to aoceleration and forecioaure. If the breach is not cured on or ~ before the date epeciPied in the notice, Lender at Lender's option may declare all of t6e auma aecured by this biortgage to be ? ; immediately due and payable without further demand and may foreclose this Mortgage by judiciai proceeding. Lenderahall be ~ entitled to collect in such prceeedinq all expensea of foreclosure, including, but not limited to. reasonabie attorney'sfeea, and ~ coeta of documentary evidence. r~batracts and tiNe reporte. ~ s 19. Borrower's Right to Reinatate. Notwithstanding Lender's acceleration of the auma secured by thia Mortgage, Borrower shal! have ~ the right to have any piroceedings begun by I.ender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment en[orcing ~ thie Mortgage if: (a) Borrower paya LenBer all aums which would be then due under this Mortgage, the Note and notea securing ~ture Advancea, if any, had no acceleration ocrutred; (b) Borrowercurex al) breachea of anyothercovenanta or agreements of Borrowercontained in ~ thia Mortgage; (c) Borrower pays a11 reasonable expenaes incurred by Lender in enforcing the covenanta and agreemente of Borrowe~r ~ contained in this Mortgage and in enforcing C.end~r'a remedies aa provided in paragraph 18 hereof, including, but not lunited to, reasonable ~ attorney'e feea; and (d) Borrower takea auch action as Lender may reasunably require to assure that the lien of thia Mortgage. Lender's interad i n the Property and Borrower's obligation to pay the suma secured by this Mortgage shall continue unimpaired_ Upon auch paymtnt and can ; by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no aoceleration had occurred_ ~ 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigne tu Ixnderthere~ts of the Ptoperty, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ tu collect and retain auch rents as they become due and pa;able. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahal{ be entitted to have a reoeiver appoiated by a ~ court to enter-upon, take poasession of and manage the Property and to collect the rente of the Property, including thoee past dne. A!1 r~ts collected by the receiver shall be applied first to payment of the rnats of management of the Property and collection of rents, including, but not ; iimited to, receiver's fees, premiuma on receiver's bonda and reasonable attorney a[ees, and then to the euma eecured by this Mortgage. T6e ~ receiver shall be liable to acoount only for those rente actually received. ~ ~ : ~ l r 80~~!( ~5c~ PAGE ~~S 1 . _ ~ ~ ~ ~ ~~~_~-~:x~ ..a