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HomeMy WebLinkAbout0011 . 's • ~ z 8. ~ Inspection. Lender may make or caws to be made reasoaabU entris~ upon sad inspictioar of the property. provided Wat Leader shall giw Borrows: notice prior to aqy each inspection specifying reasonable cause therefor related to Leadei • interest is the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct er ooassgsagtial, b ooaaectioa witb any condemnation or other taking of the pmpe:br, or part thereof, or for coaveyanos in Uen of coademaatioa, are hereby assigned sad shall bs paid to Leader. Ia the event of a toW taking of the Property. the proceeds shall be applied to tbs aura secured by this Mortgage. with the eaoess. it any. paid to Borrower. In the event of a partial taking of the Propergr, nnlas Borrows: sad Lender otberwiss ogres is writing, there shall bs applied to the auras secured by this Mortgage such proportion of We proceeds w is equal to that proportion which the amoaat of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of .j taking. wiW the balanoa of the proceeds paid to Borrower. ~ If the Propergr is abandoned by Borrower, or u after notice by Lender to Borrower that the condemnor offer to make an award or settle a ~ claim for damages, Borrower fails to respond to Lender within 90 days after the date such notice is mailed, Lender is authorised to collect and apply We proceeds, at Larder's option. either to restoration or repair of the property or to the soma secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds b principal shall not eztead or postpone We due date of the monthly installment referred to is paragraphs 1 and 2 hereof or change the amount of each installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any suooeasor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's successor in iatereat. Lender shall not be required to commence proceedings against such sueceesor or refuse to eztend time fm payment or oWerwiae modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower 9 and Bormwefa successor in interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The pmcureonent of insnranoe or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may be e:ercisesl concurrently. independently or sucoeasively. 13. Sncoessors and Assigns Boned; Joint and Several Liability; Captions. The covenant and agreement herein contained shall bind, and the rights hereunder shall inure to. the respective snooessore and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof AU covenants and agreement of Borrower shall be joint and several. The captions and headings of the paragraphs of this Martga¢e are for oovenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. E:Dept 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 addressed to Borrower at the Property Address or at such other address as Borrows: 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 Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; $everability. This form of mortgage combines uniform covenant for national use and non- uniform covenant with limited variations by jurisdiction to constitute a uniform secarity instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this 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 oonilicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecutioa 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 by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance anbordinate to this Mortgage, (b) the creation of a purchase money eecarity interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeare or leas not containing an option to purchase, bender may, at Lender's option, € declare all the soma 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 the creditof such person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a s written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender e:erstises such option to accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept 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 soma secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each E breach must. be cured; and (4) that failure to care 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 Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ~ ran-ezisipnce of a deisuit or any os'aer defense of lsarrower to acct''ss:zsiissu sod fs3reciuaifs~. if the brescis is not s~e<': ass sir before the date specified in the notice, Lender at Lender's option may declare all of the soma secured by this Mortgage to be ~ a immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the snma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future 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 espenses incurred by Lender in enforcing the covenant and agreements of Borrower x contained in this Mortgage and in enforcing Lender's remedies 88 provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) 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 We soma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect w if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property. provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to coiled and retain ench rents as they become due and payable. ' Upon aeoeleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a oonrt to enter.upon, take poeeesaion of and manage the Property and to tolled the rents of the Property, including those past due. All rents f collected by the receiver shall be applied first to payment of the poets of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on reeeiver'a bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to aeoount only for those rents actually received. i 6001( q~ - - -