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HomeMy WebLinkAbout0923 : . 8. inepection. Lender may make or cauae to be made reaaonable entriee upon and inspectione of the property, provided that Lender ehall give E3orrower nodce prior to any such inapection apecifying reaaonable cauee therefor related to l.endei e intereet in the Property. 9. Condemnntion. The proc~ede of any award ur claim for damages, direct or consequential, in connection with any oondemnation or other taking of the property, or part thereof, ar for conveyance in lieu of mndemnation, are hereby aeeigned and ahaU be paid to Lender. In the event of a total taking of the Property, the proceede ehall be applied to the eums eecured by thie Mortgage, with the exceae, if any, paid to Borrowe~. In the event of a partial taking of the Property, unleae Borrower and I.ender otherwise agree in writing, there ehall be applied to the aume eecured by thie Mortgage euch proportion of the proceede as is equal to that proportion which the amount of the eums aecured by this Mortgage immediately prior to ihe date of taking beare to the fair market value of the Ptoperty immediately prior to the date of taking, with the balanca of the proceeda psid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by [xnder to Borrower that the oondemnor oPfere to make an award or eettle a claim for damagee, Borrower fails to reepond to Lender within 30 days after the date euch notice ia mailed, L.ender ia authorized to collect and apply the procecds, at Lendei e option, either to reetoration ur repair of the property or to the sume secured by thia Mortqage. Unlesa Lender and Borrower otherwise agree in writing, any such application of proceede to principal shall not extend or poetpone the due date of the monthly inetallmenl8 referred to in paragraphe 1 and 2 hereof or change the amount of such inetallments. 10. Borrower Not Released. Extrnaion of the time for paym>nt or modification of amortization of the sums secured by this Mortgage Kranted by l.ender tu any auccesaor in intereat of Borrower shall not operate to release, in any manner, the tiability of the onginal Borrower and Borrower's auccessora in intemat. I.ender ahall not be required to commence proceedinge againat auch succeasor or refuse to extend time For payment or otherwise modify amortization of the sums secured by this MortgaKe by reasun of any demand made by theoriginul Borrower ~ind Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exemiaing any right or remedy hereunder, or otherwise afforded by applicable iaw, ahall not be a waiver of or preclude the exercise of any such right or remedy. The pmcurement of inaurac?ce or the payment of taxes or other liena or chargee by l.ender ehall not be a waiver of Lender's right to acce2erate the maturity of the indebtednese secured by thie Mortgage_ 12. Remediee Cumulative. All rnmedies provided in thie Mortgage are diatinct and cumulative to any other right or remedy under this Mortrage oz afforded by Iaw or equity, and may be exercise~i concurrently, independently or aucceeaively. 13. Successore and Aseigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall bind, and the righta hereunder ahall inure to, the respective succeasora and asaigna of Lender and Borrower, subject to the proviaiona of paragraph 17 hereof. rtU covenants and agreements of Borrower ahall be joint and several.'Che captions and headings of the paragraphs of this Mort{;age are for covenience only and are not to i,a used to interpret or define the provisione hereof. 14_ Notice. F.xcept for any notice reyuired under applicable law to be Kiven in another manner, (a) any notice to Borrower provi~ed for in thia Mortgage ahall be given by mailing such notirn by certified mail addressed to t3orrower at the Property Addresa or at such other addrnsa as Borruwer may desiqnate by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by certined mail, return receipt requeated, to Lender's address stated hereen or to such other addreas ae l.ender may designate by notice to Borrower as provided herein. Any notice provided fur in this Mortgage shali be deemed to have been given tu E3orrower or Ler.der when given in the rtanner designated herein. 15. Llniform Mortgage; Governing Law; Severability. This form of mortgage combinea uniform coeenanta for national uae and non- unifurm covenants with limited variations by jur.sdiction to conatitute a uniform security inatrument covering real property. This Mortgage shall be guvernec.' bv the law of the jurisdiction in w•hich the Yroperty is located. In the event that any provision or claase of this Mortgage or the Note contliets with applirable law, such contlict shali not affect other provisions of this MurtRfige or the Note which can be given effect w•ithout the cor~tlicting pmvision, and to thie end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahail be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation he:eof. J~ \ ~~~17. Transfer of the ~'roperty; Aasumption. [f all or an~• part of the Property or an interest therein ia sold or transferred by Borruwer ;--~~a•~thout I.ender's prior written conaent, excluding (a> the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ' ~ pumhase money security interest for houaehold appliancea, ic) 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 leas not containing an option to purchaae, I.ender may, at L.ender's option, deciare all the aums secured by this Mortgage to be immediately due and payable. [.ender shall have waived such option to accelerate if, prior to the sale or transfer, I.ender and the person tn whom the Ptoperty is to be sold or tranaferred reach agreement in writinq that the credit of such person is satisfactory to I,ender and that the interest payabie on the aums secured b• this Mort a e e~hall be at such rate as > K K Lender ahali ' request. If Ixnder ha.s waived the option to accelerate provided in this paragraph 17, and if Bonower's successor in interest has executel a f written assumptiun aKreement accepted in writinK by I.ender, l.ender ahall release Borrower from all abligations under this Mortgage and the I \ ote. ! If I,ender exercises such option to accelerate, I.ender shall mail B~,rrower nodce of acceleratiun in accord~nce with paragraph 14 hereof. ~ tiuch notice shall provide a period of not less thun 30 days frum thedate trte notice is rr.ailed within which f3orrower may pav thesums declared , due. It Aorrower fails to pay such sums prior to the expiration of such period, Ixnder may, without further no!ice or demand on liorrower. E invoke any remediea permitted by paraKraoh 11i hereof. 18. Acceleration; Remedies. ~xcept as provided in paragraph 17 hereot. upon Borrower's breach of any covenant or :igreEment of Borrower in this Mortgage, inctuding the covenanta to pay when due any eume secured by this Mortgage, Lender prior to acceteration ahall mail notice to Borrower ae provided in paragraph 24 hereof specifying: (1) the breach; (2) the aMion required to cure auch breach; (3) a date. not lesa Lhan 3Q days from the date the notice ia mailed to Borrower, by which such breach muet be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may result in acceleration of the eums aecured by this ~fortgage. foreclosure by judicial prceeeding and sale of the Property. The notice ahall ~ further inform Borrower of the right to reinatate after acceleration and the right to asaert in the foreclosure proceeding the non-existence of a default or any other defense of Aorrower to acceleration and forecloaure. {f the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declere all otthe suma secured by thiA Mortgsge to be i mmediately due and payable without further demand ar~d may foreclose this Mortgage by judicial proceeding. Lender shall be c~ntitled to collect in such proceeding all expenaes of forectusure. including, but not limited to. reasonable attorney's fees. snd ~ c~~ste of dacumentary evidence, abstracts and title reports. 19. Borrower's Right to Reinetate. Notw~thatandinq Lender'e acceieration of the eums secured by this MortgaKe, E3orrower shall have ~ the ri~ht to have any proceedinga be~un by I,ender to enforce thie Mortqage discontinued at any time prior to entry of a judRment enforcing thia btortgage if: (a) Bormwer pays I.ender all suma which would be then due under this Mortgage, the Note and notes securing Future _ Advancea, if any, had no acceleration occurred; (b) F3orrower cures afl breachea of any other covenante+or agreementa of Borrower contained in ~ this Hiortgage; fc) F3orrower pays all reasonable expenses inrurred by Lender in enforcing the covenants and agreements of Borrower : contstined in this Mortgage and in enfo:cing Lender's remediea as provided in paragraph 1R hereof, including, but not limited to, reasos,able ° attorney'e feea; and ld) Borrower takea auch action as I.ender may reasonably require to asaure that the lien of this Mortgage, Lender's interest ~ in the Property and E3orrower's obligation to pay the aums secured hy this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by t3orrower, this MorLgage and the obligatiuns secured hereby ahall remain in ful{ force and effect as if no acceleration had cecurred. ~ 20. Aesignuient vt Rente; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby aseigns to Lender the rents ~ o: the Property, provided that [3orrowet shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right i to collect and retain auch renta as they become due and payable. ~ Ilpon accelerat~on under paragraph i8 hereof or aoandon~nent of the Property, Lender eha11 be entitled to have a receiver appointed by a ~ com-t to enter ~pon, tsike pasaesaion of and rnanage the Property and to coilect the renta o: the Proper.y, including those past due. All renta ~ collected by the receiver shall be applied firat to payment of the cos~ of mansgement of the Property and collection of rente, including, but not limited to, receiver'e fPee, Fremiums on receiver's bonds and reaeonable attorney's feea, and then to the aums secured by thia Mortgage. The ~ receiver ehaU be liable to accrount only for those renta actually raceived. ~ ~ ~O~K.,~~ f~r,E J~., ~ ~ ' ~ ~ ~ ~ "