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HomeMy WebLinkAbout0991 . C~ ~ 8. laspectlon. Lender ana~y make or esues !o be made reawnable entria~ upon and inspections of the property. provided that Leader shall givs Barrawer notioe prior to any such inapection ~pecifyinQ n~awnable cau~e therefor related to Leader'~ intenst in the Property. 9. CondemnaUon.'I!?e prooeedi of any award or claim for damage~. direct or coneequential, in conna-tioa w~ith any wndemnation or other taking o! the pmperty. os part thereol. or for conveyeu?oe in lieu of oondemnatioa, are hereby assigned and shall be paid to L.ender. In the event of a total taking of the Property, the proceede ~hall be appUed to the sums secured by this Mortgage. with the ~cess, if any. ~ paid to Borrower. In the event of a partial tsliin~ of the Property. unlee~ Borrowes and Lender otherwise_agree in writing~ fhere shaq be ~ applied to the eums secured by thie Mortgage such proportion of the proceeds as ie equal to that proportion which the amount of the sums eecured by thie Mortgage i~nmediately prior to the date of taking bears to the fair raarket value of the Property iramedietely prior to the dete of ~ taking. with the balanc~ oi the prooeeds puid to Borrower. ` 1[the Property ia abandoaed by Borrower, or if, aRer notioe by Lender to Eiorrower that the condemnor offere to make an award or settie a daim for damages. Borrower fails to respond to Lender within 30 days aRar the date such notioe is mailed, Lender ia authorised to collect and ~ apply the proceeds, at Lendet's option. eiWer to reatoration or repair of the pmperty or to tha sums eecured by this Mortgage. Unlesa Lender and Borrower otherwise agree in writing, any auch application of pt~oceeds to principal shall not extend or postpone the due ~ date of the monthly installmeata referred to in paragrephs 1 aad 2 hereof ar change the amount of auch inetallments. 10. Borrower Not Releaeed. E:teneion of the time for paymant or modification of amortization of the eume aecured by thia Martgage granted by Lender to any succeseor iu intereat of Bortower ehaU not operate to release, in any qnanner, the liability of the original Borrower and Borrower's aucceeeore in interesi I.ender ehall not be required to eoramence proceedings againat such aucceasor or refuee to extend time - for payment or otherwiae modify amortization of the aums aecured by this Mortgage by reaeon of any demand made by the original Borrower nnd Borrower'a successora in intereat. 11. Rorbearance by Lender Not a Waiver. My forbearance by I.ender in e:erciaing any right or remedy hereunder, or otherwise ! afforded by applicable law, ehall not be a waivu of or preclude the e:erciae of any euch right or remedy.'ILe procnrement of inaurance or the ~1 paymeat of t~es or other liene or chargea by Lender ehall not be a waiver of Lender'e right to aocelerate the maturity of the indebtednese } aecured by thin Mortgage. 12 Remediee Cumuletive. All remedies pmvided in thie Mortgage are dietinct and cumclative to any other right or remedy undPr this Mortrage or aflorded by law or equity, and may be racercieed ooncurrently, independently or aucceaeively. 13. Succeasore and Aseigne Bound; Joint and 3everal Llability; Captioas. The covenante and agreemente herein rnntained shall bind, and the rights hereunder ahall inure to, the reepective succeseore and aseigns of Lender and Borrower, eubject to the provieions of p~ragraph 17 hereof. All covenanta and agreemente of Borrower ahal) be joint and eeveral. The captione and headinge of the paragrephs of this Mortgage are for covenience only and-are not to be used to interpcet or define the provieiona hereof. 14. Notice. F.xcept for any notice required under applicable Iaw to be given in anoth~r manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mai! addreased to Borrower at the Property Addresa or at such other addreea ae Rorrower may deeignate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, ret~un receipt requeated, to Lender's addres.s stated herein or to auch other address as L.ender may deeignate by notice to Boriower ax provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severebility. Thia form of mortgagecombinea uniforcn oovenants for national use and non- uniform covenanta with limited variations by jurisdiction to rnnatitute a uniform aecurity inetrument rnvering real property. Thia Mortgage shall be governed by the !aw of the juriadiction in which the Property ia lceated_ In the event that any proviRion or clauae of thia Mortgage or ~ the Note conflicts with applicable law, euch conflict ahall not affect other proviaione ot this Mortgage or the Note which can be given effect ~ N~thout the rnntliMing provision, snd to this end the provieions of the Mortgage and the Note are declared to be aeverable. 16. Borrower'e Copy. Borrower shall be furniahed a conforaed copy ot the Note attd of this Mortgage at the time of e:ecution or after rrcordation hereof. - , 1?. Trenefer of.the Property; Aeaumption. If all or any part of the Property or an interest therein ia eold or traneferred by E3onower ~ , ~without Lender'E prior written conaent, excluding (a) tiie creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a ; purGhase money security intereet for houeehold appliancee, (c) a tranefer by devise. dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or leae not oontsining an option to purchaee, Lender may, at I.ender's aption, declare all the sums aecurea by thie Mortgage to be immediately due and paysble. Lender ahall have waived euch option to acceierate if, prior , to the sale or tranafer, Lender and the peraon to whom the Property ie to be aold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the intereat payabte on the auma secured by thie Mortgage ahall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided-in thia paragraph 17, and if Borrower's succeasor in intereat has ezecuted a ~ µ~ritten assumption agreement accepted in writing by Lender, Lender shall releaae Borrower from atl obligationa under this Mortgage and the j :v'ote. I If Lender exercises such option to nccelerate, Lender ehall mail Borrower notice of acceleration in accordance with paragtaph 14 hereof. ~ ~ Such notice sha11 provide a period of not less than 30 days from thedate the notice ia mailed within which Borrower may paY the sums declared ~ due. If Borrower faila to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, 3 envoke any remediea permitted by paragraoh 18 hereof. s i ` ; 18. Acceleration; Remedies. Ezcept ae provided in paragraph l7 hereof. upon Borrower's breach of any covenant or f j agreement of Borrower in thie Mortgage, including the oovenante to pay when due any sume eecured by thie Mortgage. Lender i ~ prior to acceteration shall mail notice to Borrower as provided in paragraph 14 hereotspecifying: (1) the breac6; (2) the action ~ ~ required to cure such breach; (3) a date, not leae than 30 daya from the date the notice ie mailed to Borrower. by which such g i breach muat be cured; and (4) that failure to cure euch breach on or before the date specifed in the notice may result in ~ acceleration of the sume secnred by thie Mortgage, foreclosure by judiciel proceeding and eale of the Property. The notice shall ~ further inform Borrower of the right to reinatate after acceleration and the right to assert in the foreclosure prceeeding the non-e:ietence of a default or any other defense ot Borrower to aceeleretion and foreclosure. If the breach is not cured on or before the date epecifed in the aotice. Lender at I.ender'e option mey declare all of the suma aecured by thie Mortgage to be immediately due and peyable without further demand and may forectose thie Mortgage by judicial proceeding. Lender ahall be ~ ' entitled to coUect in such proceeding all ezpenaes of foreclosure, including, but not limited to. reasonable attorney's fees, and ~ costs of documentary evidence. abatracts and title reporte. y 19. Borrower'e Right to Reinetate. Notwithetanding Lender's acceleration of the auma eecured by thia Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paya Lender all suma which would be then due under thie Mortgage, the Note and notea securing Future Advanoea, if any, hed no acceleration occurred; (b) Borrower curee ell breachee of any other covenante or agreementa of Borrower contained in thia Mortgage; (c) Borrower pays all reasonable. e:penees incurred by Lender in enforcing the oovenants and agreementa of Borrower contained in thie Mortgage and in enforcing Lender e remediee as provided in paragraph 18 hereof, including, but not limited to, reasonablr attorney's feee; and (d) Borrower takee such action ae Lender may reasonably require to aseure that the lien of thia Mortgage, Lendei s interest in the Property and Borrower's obligation to pay the euma 8ecured by thie Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligatione eecured hereby ahall remain in full force and effect se if no acceleration had occurred. 20. Aeaignment of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aeaigna to Lender the rente of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or sbandonment of the Property, have the right to collect and retain euch rente as they become due and payable. Upon aooeleration under paragraph 18 hereof or abandonmeat of the Property, Lender ahall be entitled to have a receiver appointed by a court to enter-upon, take poeseeeion of and manage the Property and to collect the rente of the Property, including thoae pest due. All rente - rollected by the receiver ehall be applied firat to payment of the ooata of management of the Property and oollection of renta, including, but not limited to, receiver's fees, premiuma on receiver's bonde and reasonable attomey'e feee, and then to the eums eecured by this Mortgage. 7'he i receiver shall be liable to acoount only for thoee rente actually received. ~ ~ aunK 39~. P~cE ~~1 ~ ,i