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HomeMy WebLinkAbout0946 . A. Inepection. I.ender may make or cause to be made:easonable entriea upon and inepectione of the property, provided thet L.ender ehall give Rorrower notice prior to any euch inspection epecifying reaaonable cauee therefor related to Lender's internat in the Ptoperty. 9. Condemnatlon. The pracecde of any award or claim for damagce, direct or coneequential, in connection with any condemnation or other taking of the ptoperty, or part thereof, or for conveyance in lieu of oondemnation, are nr~by aseigned and ehall be paid to Lender. In the event of s total taking of the Property, the proceeds ehaU be applied to the eume eecured by thie Mortgage, with the exceea, if any, paid to Borrower. In the event of a partial taking of the Property, unleae F3orrower and Lender otherwiee agree in w-riting, there ahall be npplied W the aume eecured by thia Mortgage auch proportion of the ptoceede ae ie equal to that propc?rtion which the amount of the aume secured by thie Murtgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeda paid to Borrower. If the Property ia abandoned by Borrower, or if, after notice by Lender to Iiorrower that the condemnor offers to make an award or eettle a claim for damagee, Borrower faiis to reepond to Lender within 30 daya after the date euch notice ie maile~, Lender is authorized to collecL and apply the proceeds, at Lender'e option, either to reatoration or repair of the property or to the euma eecured by thie Mortgage. Unleaa Lender and Borrower otherwiee sgrze in writing, any such application of proceede to principal ahall not extend or poetpone the due date of the monthly installmenta referred to in paragrapha 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Released. Extenaion of the time for paym ~nt or modification of amortization of the auma secured by this Mortgage granted by l.ender to any succeaaor in intereat of Iiorrower ahall not operate fo release, in any manner, ihe liability of the original Borrower and Borrower's succesaora in interest. Lender ahall not be required to commence proceedings againat such auccesaor or refuae to e:tend time for payment or otherwiae modify amortization of the suma secured by this MortKage by reason of any demand made by the original Borrower and Borrowei s succeasors in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by L.ender in exercising any right or remedy hereunder, or otherwiae afforded by applicable law, ehafi not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of ineurance~or the payment of taxea or other liene or chargee by Lender shall not be a waiver of I.ender'a right to accelerate the maturity of the indebtedneas aecured by this Mortgage. 12_ Remedies Cumulative. All remed'ees provided in this Mortgage are dietinct and cumulative to any other right or remedy under thia Mortc-age or afforded by law or equity, and may be exerciseri rnncurrently, independently or successively. 13. Succeasore and Asaigna Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained ehall bind, and the righta hereunder shall inure to, the respective succesaora and asaigna of Lender and Borrower, eubject to the proviaiona of paragraph 17 hereof. All covenanta and agreemo::Es of Borrower ahall be joint and aeveral. The captions and headinge of the para¢rapha of this Mortgage are for covenience only and are not to be uaed to interpret or define the provisions hereof. 14. Notice. Except for any notice required under appticable law• to be Riven in another m~~ner, la1 any notice to I3orrower provided forin this Mort~age shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addreas aB i~orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, reLurn receipt requested, to I.ender's address stated herein or to such other address as Lender may designate by notice to Bonower aR provided herein. Any notice provided for in this biortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein_ 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combines uniform covenante for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security inatrument covering real property. Thia Mortgage shall he go~•erned by the law of the jurisdiction in which the Property is located. In the event that any pro~~eion or clauae of this 1~tort{;age or the Nute conflicta w~lh applicable law, such wnflict sha4 not affect other provisions of this M~~rtgage or the Note which can be given effect without the rnnflicting provision, and to this end the provisions of the MortKage and the Note are declared to be severable. 16. Larrowe:'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 1~. 7tiranafer .~f the Property: Assumption. If ali or any part of the Property or an intemst therein is sold or transferred by Borrower w-ithout Lender'e prior written consent, excluding la) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purc~ase money security interest for household appliances, lc) a transfer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or less not containing an option to purchase, Lender may, at Lender's option, declare ail the sums securea by this 4tortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the perr3on to whom the Property is to be aold or transferred reach agreement in writinq that the credit of such person is satisfactory to I,ender and that the interest payable on the sums secured by thits AlortRage ehall be at such rate as Lender shall request. If (.ender has K~aived the option to accelerate provided in this paraKraph 17, and if Burrow~ei s successor in interest has executed a w~ritten assumption agreement accepted in w-ritinK by L.ender, [,ender shall release Borrower from all obligations under this Mortgage and the ' tiote. If Lender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. j Such notice shall provide a period of not less than :311 da~•s from thr date the nutice is mailed within w hich Borrower may pay the sums declared ~ due. If BorroK~er fails to pay such sums prior to the expiration of such period, (,ender may, w•ithout further notice or demand on ltorrower, invoke any remedies permitted by paraKraoh IK hereuf. ~ 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower in thia Mortgage, including the co~ enants to pay when due any eume secured by thie Mortgage, Lender prior to acceleration shall mail r.otice to Borrow•er as provided in paragraph 14 hereof specifying:! 1) the breach; (2) the action reqaired to cure auch breach; (3) a date. not less than 30 daye from the date the notice ie mailed to Borrower, by which such breach muat 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 suma secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinetate after acceleration and the right to assert in the foreclosure proceeding the non-eziatence of a default or any other defenae of E3orrower to acceleration and forecloaure. If the breach is not cured on or before the date apecified in the notice, Lender at Lender'a option may deciare all of the eums secured by this Mortgage to be immediately due and payable without further demc~nd and may toreclose this Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceeding ail expenses of foreclosure, including, but not limited to. reasonable attorney's fees, and costs of documentary evidence, abstracts and title reporta. ~ 19. Borrower's Right to Reinetate. Noiv.ithstandinQ l.endei s acceleration of the sums aecured by this Mortgage, f3orrowershall have the right to have any proceedings begun by Lender to enforce thia MortgaQe discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Bormwer paya I.ender all sums which w•ould be then due under this Mortgage, the Note and notes aecuring Future Advancea, if any, had no acceleration occurred; ~b) Borrower cures all breachea of any other covenants or agreements of Borrower contained in ~ !his t~tortgage; (c1 Borrower pays a11 reasonable expenses incurred by [.ender in enforcing the covenants and agreementa of Borrower ~ contained in this MortgaQe and in enforcinR Lender's remeciies as provided in paragraph 1H hereof, includinq, but not limited to, reasonable f attorney's fees; and ldl Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the sums secured by this MortgaRe shall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obliqations secured hereby shall remain in full force and effect as if no'acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional aecurity hereunder. Borrower hereby asaigne to Lender the renta ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right s to collect and retain auch renta as they become due and payable. ~ Upon acceleration under para~aph IS hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter upon, take posaeseion of and manage the Property and to coll~ct the renta of the Property, inciuding those past due. All rents coliected by the recei~•er ahall be applied 6rst to payment of the costa of management of the Property and collection of rents, inciuding, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's feee, and then to the sums secured by this Mortgage. The a receiver ahall be liable tn account only for ihose rents actually received. ~ ~ ~ 3~~K 37~ ~A~E ~46 ~ k -.:L :s~'~'z ~~~5+~' ~ n . ~~c%s~~~~l~~ T -4y~' ~ F 1 P~1