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HomeMy WebLinkAbout0003 i 1. } . : . i 8. Inspection. finder may make or canes to bs made reasonable entries upon and insp~ti0a~ of thepr~qr .provided that Lender shall give Borrower notice prior to any each inspection sped ring reasonable canes t~ereEor related to Lenders interest in the Property. 9. Condemnattoa. The proceeds of any award or claim for damages, direct or coneequeatial. in connection with aqy oondemaation or other talring of We property, or part thereof. or for conveyance in lies of oondemnatlon, an hereby assigned and shall be paid to Leader. In the event of a toW taking of the Property, the proceeds shall be applied to the sums secured by thin Mortgage, wiW the exoen, if aqy, paid to Borrower. In the event of a partial fairing of the Property, inlea Borrower and Leader otherwise ages is writing, there shall be applied to the soma secured by this Mortgage such proportion at the proceeds a• is equal to that proportion which the amount of the soma secured by this Mortgage immediately prior to the date of taking bean oo the fair market value of the Property immediately prior to the date of taking. with We balance of the proceeds paid to Borrower. If the Prope~p is abandoned by Borrower, or ~ aRer notice by Leader to Borrower that the oondemaor offers to make an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect sad apply the proceeds. et Leader's option, abler to restoration or repair of the property or to We sums secured by this Mortgage. Ualew Lender and Borrower otherwise agree is writing. any such application of proceeds to principal shall not eztead ar postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such insWlmeata. 10. Borrower Not Released. Exteaaon of the time for payment or modification of amortisation of the sums second by this Mortgage granted by Lrnder to any successor in interest of Borrower shall rat operate b release, in any manner, the liability of the original Borrower sad Borrower's successors is interest. Lender shall not be required to commence proceedings agaiaat such successor or refuse to eztead time g for payment or otherwise modify amortization of the soma secured by thin Mortgage by reason of any demand made by the original Borrows and Borrower a succesaon in interest. 11. Forbearance by Lender Not a Rlaiver. Any forbearance by Lender in a:ercisaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver Dior preclude the exercise of any such right or remedy. The procvr~eat of iruuranoe or the payment of to:es or other lieru or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by thin Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage an distinct and cwnulative to say other right or remedy under this ~ Mortgage or afforded by law or equity. and may be exercised ooacurrenthy, independently or suooeaavely. 13.8uoeesaorsand Assigns Bound; Joint and Several Liability; Captions. The ooveaanta and agreements herein cnntained shall bind, and the rights hereunder shall lints to, the respective sucoesaon aid sasigns of Lender and Borrower, subject to the provisions of paragraph 17 hereoL All ceveaants and agreements of Borrower shall be joint and several. The captions and h_ endings of the paragraphs of this Mortgage are for ooveaieace only and are not to be used to interpret or define the provisions hereof. 1!. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addroescd to 13orrowee at the Property Address or at such other address as i Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt requested, to I.endei s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for is this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated heran. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonatitnte a uniform security instrument covering real property. This Mostgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of thin Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thin end the provisions of the Mortgage and the Note are declared to be severable. 1 & Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of thin Mortgage at the time of a:ecntion or after recordation hereof. 17. Transfer of the Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred bx Borrower without Lendei s prior written consent, a:chiding (a) the creation of a lien or enwmbrance subordinate to thin Mortgage, (b) the creation of a purchase money security interest for household applianoea. (c) a transfer by devise, descent or by operation of law upon the death of a joint ' tenant or (d) the grant of say leasehold interest of three years or less not containing as option to purchase. Lender may, at Lender's option, declare all the name secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that We creditof such person is satisfactory to Lender and that the interest payable on the soma secured by thin Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this pa?agraph 17, and if Borrower's auocesaor in interest has executed a 'i written assumption agreement accepted in writing by Lender, Lender shall please Borrower from all obligations under this Mortgage and the Note. If Lender ezercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared } i due. If Borrower fails to pay such soma prior to the expiration of such period, L_ ender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Escept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Leader prior to aoeeteration shall mail notice to t3orrower as provided in paragrap614 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in } acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the l?roperty. The notice shall i further inform Borrower of the right to reinstate aRer aooeleration and the right to assert in the foreclosure proceeding the noes-ezistence of a default or say other defense of Borrower to aoceteration and foreclosure. If the breach is not cured oa or before the date specified in the notice, Lender at Lender's option may declare all of the snma severed by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shalt be entitled to collect in such proceeding all e:penaea of foreclosure, inctuding, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lendet'sacceleration ofthe soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thin Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if; (a) Borrower pays Lender all cremes which would be then due under flue Mortgage. the Note and notes securing l~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the oovenanta and agreements of Borrower contained is this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, brat not limited to, reasonable attorney's fees; and (d) Borrower takes each action ere 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 aims secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, thin Mortgage and the obligations secured hereby shall remain in full force and effect ere if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enternpon, take poeeeasion of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied fuBt to payment of the coats of management of the Property and collection of rents, including, brat not limited to, receiver s fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually r+eoeived. t eooK 3~0 ~cF 3 - _ ~ -