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HomeMy WebLinkAbout1220. ~,~ 8. In~pectioa. I.ender may make or cawe b be made ceasor-able entrie~ upo~ and inspertions of the property, pmvided that Le~der ~hall give Borsower ~otice prior to a~y auch inspection ~pecifying reasonabk cause therefor related to I.e~der's intered in the Property. 9. Condemnatlon. '11-e proceods ot any award or claim for demages, direct or consequential. in connection with any condemnation or othes talcing of the property, or part thereot or for conveyance in lieu of wndem~ation, ere hereby a~signod and ~hall be paid b I.ender. In the eve~t ot a total taking o! the PropeKy. the procbeds shap be applied b the suma secured by this Mo~tgage, with tha exce~s. i[ any. paid b Borrower. In the event ot a partial taking of the Property, unleas Borrower and I.cnder otherwise egree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds ae ie equal to that proportion which the amount of the aums eecured by this Mortgage immediately prio~ to the date of taking bears to the fair market value of the Property immediately prior b the date of taking, with the balanca ot tha proceed~ paid to Borrower. If the Pmpetty ia abandoned by Horrower, or it after notioe by [.ender to Borrower that the oondemnor oP[ers to make an award or settle a claim for damages, Borrower taila to respond to l.ender within 30 days afier the date euch notice is mailed, I.eader is authorized to coltect and apply the proceeds. at Lertder's option. eilher b restoration or repair of the pmperty or to the eume secured by thie Mortgage. Unleae Lender and Borrower otherwise agree in writing, any auch applicatio~ of proceeda to principal ahall not extend or postpone thedue date of the monthly inatallmente referred to in paregraphs 1 and 2 hereof or change the amount of euch installments. 10. Borrower Not Releaeed. F.xtenaion of the time for payma~t o~ modification of amortization of the eumd aecured by thie Mortgage Kranted by Ixnder to any aucceaeor in intereat of Borrower shal) not operate to rnlease. i~ aoy manner, the liability of the originai F3orrower and E3orrowei s aucoesaore in i~tereat. I.ende~ shall not be required to eommeoce pn-ceedings against auch succeaeor or refuae to exlend time i for payment or otherwiae modi[y amortization of the sume aecured by this Mortguge by reat+~n of any demand made by Iheoriginal Borrower anci E3orrower e successore in inter~t. 11. Forbearence by Lender Not e Waiver. Any forbearance by [.ender in exerciaing any right o: remedy hercunder, or otherwiae afForded by applicable law, ahall not be a waive~ of or preclude the exerciee of any auch right or remedy. The pracurement of i~surance or the payment of taxea or other liena or chargee by I~ender ahall not be a waiver of I.ender a right to accelerate the maturity of the indebtednese xecured by this Mortgage. 12 fieraedles Cumuletive. All remedies pmvided in thie Mortgage are dietinM aad cumulative to any other right or remedy under thie Mortcage or aftorded by law or equity. and may be exerciee~l ooncurrently, independently or eucc~eseively. 13. Sueceaeore and Aseigne Bound; Joint and Several Liability; Captione. The covenante and agreemente herein contsined ehall bind, and the rights hereunder ahall inure to, the reapective eucceaeore and asaigne of l.ender and 8orrower, eubject to the provieione of paragmph 17 hereof. All covenants and agreementa of Borrower shall be joint and eeveral. The captions and headinge of the paragrephe of this Mortgage are for rnvenience only and are not to be uaed to interpret or define lhe provieione hereof. 14. Notice. Except f~r any notice required under applicable law to be given in ~+nother manner, (a) any notice to Borrower provided tor in thia Mortgage shall be given by mailing euch notice by certi6ed mail addreaeE.d to E3orrower at the Property Ad.lreas or at such olher addresa ae l3orrower may designate by notice to I.ender an provided herein, and (b) any notice to [.ender aha11 be Riven by certified maii, return reoeipt requested, to I.ender e address atated herein or to euch other addrees as I.ender may designate by notice to E3orrower aa pmvided herein. My notice provided for in thie Mortgage shal) be deemed to have been given to E3orrower or Irender when given in the menner deeignated herein. 15_ Uniform Mortgage; Governing Law; Severability. Thia torm otmortgage combinea uniform oovenanls for natio~al use and non- uniform covenants with limited variationa by juriediction to constitute a uniform security inatrument «,vering real property. Thie Mortgage shali be governed by the law of the jurisdiction in which the Property is (ocated. In the event that any proviRion or clause of thie Mortqage or the Note conflicts with applicable law, auch conflict ahall not afrect other provisione of thie Mortgage or the Note which can be given effect without the conflictinq proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. I3orrower shall be furnished a conformed oopy of the Note and of thia Mortgage at the time of execution or atter tion hereof. k- ~ I7. aneter of the Property; Asuumption. It all or eny parl ot the Property or an intereet therein is sold or traneferred by E3orrower ./~wit t Lender s prior written coneent, excluding (a) the creation ota lien or encumbrance aubordinate b thie Mortqage, (b) the creation of a purchaee money security intereat for houeehold applianceB, (c) a tranefer by deviae, d.~ecenl or by operation of law upon the death of a joint ,^~ tenant or (d) the grant of any leaaehold intereat of thtee yeara or leas not rnntaininq an option to purchase, l.ender may, at l~ender s option, ~f ~1 ~ declare all the aums aecured by this Mortgage to be immediately due and payable. [.ender ahall have waived auch option to accelerate if, prior to the sale or tranefer. Lender and the person to whom the Property ia to be eold or t~ansferred reach agreement in writing that the credit of euch perxon is satiafactory to I.ender ~nd that the intereat payable on the aums aecured by this Mortgage ahall be at such rate aa Lender ahall reyuest. If I,ender has waived the option to accelerate pmvided in thia paragraph 17, and if E3orrower's auccessor in interest has executed a w~ritten asaumption agreement nccepted in writing by I.erider, I.endershall release I3orrower from all obligalione under thia Mortgaqe and the ti c~te. [f l.ender exercisea auch oplion to accelr~ate, l.e~der ahall mail Fiorrower natice of acceleration in acco-dance with parugraph 14 hereof. 5uch notice ehall provide a period of not lesa thnn 30 days from the dnte the notice ia rr.ailed within which E3orrower may pay thesums deciared due. If Borrower fails to pay such sums prior to the expiration otauch periud, I.ender may, without further notice or demand on f3orrower, ~nvoke any ~emedi~~ permilted by paragraoh 1R hercc~f. 18. Acceleration; Remediea. F:cept ea provided in paragraph l7 hereot. upon Borrower's breach ot any eovenant or egreement of E3orrower in thia Mortgage, including the c~ovenante to pay when due any eume aecured by thie Mortgage. Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breacb; ('l) the action required to cur~ such breach: (3) e date, not lese than 30 daye from the date lhe notice ie mailed to Borrower, by which euch breach muet be cured; and (4) that failure to cure auch breach on or betore .the date apecified in the notice may result in acceleration of the aume secured by thie Mortgage, forecloeure by judicial proceeding and saleotthe Property.The noticeahaU further inform Borrower of the right to reinetate after acceleration and the right to aesert in the forecloeure prceeeding the non-e:istence of a default or any other detenee of 13orrower to acceleration and torecloaure. If the breach is not cured on or betore the date apecified in the notice, Lender at I.ender'e option may declsre al! of t6e sume eecured by this Mortgage to be i mmediately due and payable without furtherdemend and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~•ntitled to collect in auch proceeding all e:peneee of foreclor~ure. including. but not limfted to. reasonsble attorney's fees. and c•osta of documentary evidence. abetracta and title reporte. 19. ~3orrower'e Right to Reinatale. Notwithetunding l.ender B acreleration of theaume eecured by this Mortgage, BorruwerahaU have the right to have any proceedinge begun by I.ender to enforce this Mortgage diecontinued at any time prior to entry of a judgtnent enforcing thie Mortgege if:. (a) E3orrower pays Lender al) auma which would be then due under this Mortgage, the Note and notee aecuring Future Advancee, if a ny, hnd no acceleration o~curred; Ib) Borrower curea all breachee of any other covenanta or agreementa of Borrower oontained in thia Mortgage; Ic) F3orrower pays all reasonable e:peneea incurred by Lender in enforcinq the covenante and aqreements of Aorrower rnntained in thie Mnrtgage and in enforcing l.ender e remediea ea provided in paragraph 18 hereof, includinq, but not limited to, reasonable altorney e fees; and (d1 Borrower takea auch action ae I.ender may reasonably require to aesure that the lien of this Mortgage, Lender's interest in the Property and Bormwer'a obligation to pay the sums eecured by thia Mortgage ahall continue unimpaired_ Upon such payment and cure by Borrower, this Mortgage and the obliqatione secured hereby ehall remain in full torce and eftect as if no acceleration had occurred. 20_ As.ignment pt Rente; Appointment o! Receiver. As additional security hereunder. Borrower hereby assigns to Lender the renta of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain euch rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ehall be entitled to heve a receiver appointed by a rnurt fn enter upon, lake poseesaion of and manaqe the Property and to collect the renta uf the Property, including thoee past due. All rente collected by the receiver shall be applied firat to payment of the rnata otmanagementotthe Property and colleMion oirents, including, but not limited to, receiver's feee, premiuma on receiver's bonda and reaaonable attorney'e fees, and then to the auma eecured by this Mortgage. The receiver shal) be liable to acoount only for thoee renta actuelly received. ~~f~K348 PA~~1220 ~ ~. . _ _- -.~ ~~~.~ &~.~ . ,~ _ ~ . _. -~ . . ~..~.~ T.