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HomeMy WebLinkAbout0966 8. [nepection. Lender may make or c~uae to be made reaaonable entriea upon and inepectiune of the property, provided that I.ender shall Kive &?rrower notice prior to any euch inepection specifying reasonable cauae therefor related to Lender'e interext in the Property. 9. Condemnetion. The proceede of any award or claim for damagee, direct or coneequential, in connection with any candemnetion or other taking of the property, or part thereof, or for conveyance in lieu of rnndempation, are hereby aavigned and ehall be paid to Lender. In the event of a total taking of the Property, the proceecis ehall be applied to the aume ~ecured by this Mortgage, with the excese, if any, paid to Borrower. In the event of a partial taking of the Property, unleae Borrower and Lender other.~zee agree in writing, there ehall be npplied to the suma secured by thie Mortgage euch proportion of the proceeds ae is eyual to that proportion which the amount of the eume secured by thia Mortgage immediately prior to the date of taking beare to the fair market value of the Property immedia~.ely prior to the date of taking, with the balanca of the proceede paid to E3orrower. If ttie Property ia abandoned by Borrower, or if, aRer notice by L.ender to Borruwer that the condemnor offera to make an award or eettle a claim fo* damagea, Borrower fails to reapond to Lender within 30 deys after the date euch notice is mailed, Lender ie authorized to collect and apply the proceede, at I.ender'e option, either to restoration or repair of the property or to the euma secured by thie Mortgage. Uniesa Lender and Borrower otherwiae agree in writing, any such application of proceeds to principal ahal! not extend or poatpone thedue date of the monthly instalimenta referred to in paragrapha 1 and 2 hereof or change ihe amount of auch inetallmenta. 10. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the suma secured by this Mortgage granted by L.ender to any aucceasor in intereat of Borrower ehall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in intereat. I.ender shall not be required to commence proceedinga againat such aucceasor or refuae to extend time fur payment or otherwise modify amortization of the sums secured by this MortRage by reuson of any demand made by the original Borrower anri Borrow•er's successors in intereat. 11. Forbearence by Lender Not a Waiver. Any forhearance by Lender in exercieing any right or remedy hernunder, or otherwiae lfforded by applicable law, shall not be a waiver of or preclude the exerciae of any auch right or remedy. The procurement of inaurance or the payment of taxea or other liens or charges by I.ender ahall not be a waiver of Lendei a right to accelerate the maturity of the indebtednesa secured by thia hlortgage. . 12. Remediea Cumulativ~e. All remediea provided in this Mortgage are dis:inct and cumulative to any other right or remedy under Ehia ~iortrage or afforded by law or equity, and may be exercise~ concurrently, independer.tly or succesaiveiy. 13. Succeseore and Assigna Bound; Joint and Several Liability; Captione. The cavenants and agreements herein contained ehall bind, and the rights hereunder ahall inure to, the reapective successore and assigns of Lender and Borrower, subject to the proviaiona of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the pazagrapha of this Mortgage am for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notiee. F.xcept for any notice required under applicable law to be ~iven in another manner, la> any notice to Borruwer provided for in this Mortgage shall be given by mailing such notice by certified mai! addressed to Borrower at the Property Addreas or at auch other addreas as Borrower may designate by notice to Lender as provided hemin, and (b)-any notice to Ixnder shall be given by certified mail, return receipt requested, to Lender's addreas stated herein or to such other address as Lender mny designate by notice to Bonower as provided herein. Any notice pro~zded for in this Mortgage shall be deemed to have been given to Borrower or Lender when gi~ en in the manner designated herein. 1 i. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform covenants fos national use and non- uniforr.~ covenants with limited variations by jurisdiction to conetitute a nniform security instrument cuvering real property. This Mortgage ~hall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note confticts with applicable law, such conflict shall not affect other provisiens of this Mortgage or the Note which can be given effect without the conflicting pruviaian, and to this end the provisions of the Mortgage and the Note are declamd to be severable. 16. Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of thi~ Mortgage at the time of execution or after recordation hereof. / 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is soid or tranaferred by Borrower ~ w~thout Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this biortgage, (b) the creation of a pumhase money security interest for houaehold appliances, (c) a transfer by devise, d~scent or by operation of law upon the death of a joint ~-1_, tenant or (d) the grant of any leasehold intemst of three years or less not containing an option to purchase, I.ender may, at Lender's option, ! ~Y~~ declare all the sum~ secureu by this Mortgage to be immediately due and payable. I.ender ahall have waived such option tn accelerate if, prior i to the sale or transfer. I.ender and the peraon to whom the Property is to be sold or transferred reach agreement in writing that the credit of such t person is satisfactory to Lender and that the intereat payable on the sums secured by this Mortgaqe shall be at such rate as Lender shall j reyuest. If I.ender has wai~~ed the option to accelerate provided in this paraQraph 17, and if F3orrower's auccessor in interest has executed a 1 f u~ritten ass~mption agreement accepted in writinK by Ixnder, Lendershall release Bonower from till obligations under this Mortqage and the j { ~ote. j ~ If I.ender exercises such option to accelerate, I.ender shall mail E3ormw•er notice of acceleration in accordance w~ith paragraph 14 hereof i ~ ~uch notice shall provide a period of not less than 30 days from thedate the notice is mailed within which Borrower roay pay thesums declared ciue. If Bonower fails to pay such s~ms prior to the expiration of such period, [xnder may, without further notice or demand on Eiorrower, ' ' invoke any remedies permitted by paragraoh 18 hereof. ; ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ ugreement of Borrower in this Mortgage, including the covenants to pay wl~en due any sums secured by thie Mortgage, Lender ~ prior to acceleration shali mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not leas than 30 days from the datr the notice is mailed to Borrower, by which euch breach must be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may reault in ; a~celeration of the aums secured by this Morfgage, foreclosure by judicial proceeding and eale of the Property. The notice ahalt ; further inform Borrower of the right to reinstate after acceleration and the right to asaert in the forecloaure proceeding the j non-existence of a deCault or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and pa~ able without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's feea, and costa of documentary evidence, abstracts and title reports. 19. Borrawer's Right to Reinstate. Notwithstanding I.ender's acceleration of tne sums aecured by thie Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce thia Martqage discontinued at any time prior ta entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender a!1 sums which would be then due under this Mortgage, the Note and notes securing Future ~ Advancea, if any, had no acceleration occurred;lb) Bormw•er cures all breaches of any other covenants or agreementa of Borrower contAined in ~ thia Mortgage; (c) Borrower paya all reasonable expensea incuned by Lender in enforcing the covenanta and agreementa of Borrower ~ r_ontained in this Martgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, induding, but not limited to; reasonablR ~ attorney's fees; and (d? Borrower takes such action as I.ender may reasanably require to asaure that the lien of this Mortgage, Lender'a interest = in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligatione aecured hereby shall remain in full force and effect as if no acceleration hai occurred. ~ 20. Assignment of Renta; Appointment of Receiver. As additional security hereunder, Bonower hereby asaigna to Lender the rents ~ of the Property, provided that Borrower shall, prior to acceieration under paragraph 18 hereof or abandonment of the Property, have the right € ?o coltect and retain auch rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appbinted by a t crourt to enter.upon, take poasesaion of and manage the Property and to coltect the rente of the Property, including thoae paLt due. All renta r collected by the receiver shall be applied first to payment of the costs of management of the Property and crollection of renta, including, but not limited to, receivei s fees, premiums on receiver'a bands and reasonable attorney's fees, and then to the suma secured by this Mort{~age. The ~ receiver shall be liable W account only for those renta actually received. e i G F ' Bi30K P!GE ~ e ~ - - ~,~.~°~'~-~.se~a:: _ - -