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HomeMy WebLinkAbout0015 ..t 8. Iaapectiua. Leader may make os cause b be made reasonabM eatria upon and iaapectiow of t1M peoperfy, prorided that Leader shall giw Borrower aotiee prior b any such inspection specifying reasonabM cause therefor nlsted b Leader's interest is the Property. 8. Condemnatloa. The proasds of say award or claim for damsgee, direct or oonsequrantial, is oonaection with say oDademaatioa or other taking of tM property. or part thereat. or for oonwyaaa is lieu of oondsmnatioa. are hereby essigaed sad shall bs paid b Lsadsr. In the event of a total taking of the Property, the proceeds shall bs applied b the soma secured by this Mortgage. with the ezosss, ff any. paid b Borrower. In the event of s partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied b the sums secured by this Mortgage such proportion of the proceeds a. is equal b that proportion which tha amount of We sums se~vred by this Mortgage immediately prior b the date of taking bean b the fair market value of the Property immediately prior tQ the date of taking. with the balance of the proceeds Paid b Borrower. s' If the Propstty is abandoned by Borrower. or if, slier notice by Lender b Borrower that the ooademnor offer b make an award os settle a claim for damages, Borrower fails b respond b Lender within 30 days slier the date such notice is mailed, Leader is suthorired b collect sad aPPIY the • at Lender's option. either b restoration or repair of the property or b the scans secured by this Mortgage. ; Unless Lender and Borrower otherwise agree in writing. any such application of proceeds b principal shall not a:lead err postpone the due date of the montWy irutallments referred b in paragraplu 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the soma secured by this Mortgage ~ i granted by Leader b any suooeesor in interest of Borrower shall not operate b release. in any manner. We liability of the original Borrower and Borrower's suocesson in interest. Lender shall not be required b commence proceedings agausst such successor or refuse b eztend tune for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any'demand made by the original Borrower and Borrower's auocessors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lander in ezer+cising any right or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude We exercise of any such right or remedy. The procurement of insurance or the payment of fazes or other liens ce charges by Lender shall not be a waiver of Lenders right b accelerate the maturity of the indeblednesa i secured by this Mortgage. i 12 Remedies Cmm~latlve. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy Hader this Mortgage or afforded by law or equity. and may be ezerciseil ooncnrrently, independently or successively. 13. Srtocessors and Assigns Board; Joint and Several Liability; Captions. The oovenaats and agreements herein contained shall bind. and the rights hereunder shall ir?ure b, the respective auecessore and assigns of Lender and Borrower. subject b the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for eovenience only and are not b be used b interpret or define the provisions hereof. 14. Notice. E:Dept for any notice required under applicable law b be given in another meaner, (a) any notice b Borrows provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein. and (b) any notice b Lender shall be given by certified mail. return receipt requested, b Lender's address stated herein or b such older address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have hero given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform covenants with limited variations by jurisdidion b 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 sot affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Ttiransfer 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 subordinate b this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the deaW of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing sn option b purchase. Lender may, at Lendez's option, declare all the soma secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Leader and the person b whom the Property is b be sold or transferred reach agreement in writing thatthe credit of 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 b accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tiom all obligations under this Mortgage and the I. Note. if Lender exercises such option b accelerate, Lender shall mail Borrower notice of acceleration 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 soma prior to the expiration of such period. Lender may, without further notice or demand oa $orrower, invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 1? 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, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 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 arch breaeh must be cured; and (4) that failure to care snc6 breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by jadiciel proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after aooeleration and the right to assert in the foreclosare proceeding the non-ezistence of a default or any other deferue of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the same secured by this Mortgage to be 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 Lendei'e acceleration ofthe snmssecured by thieMortgage, Borrower shall have the right b have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mo~Rgage, the Note and notes securing flrture 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 ezpenees incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided is paragraph 18 hereof, iucinding, but not limited b. reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and core by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents: Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns b Lender the rests of the Property, provided that Borrower shall, prior b acceleration Hader paragraph 18 hereof or abandonment of the Property. have the right to Dolled. 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 b have a receiver appointed by a scurf b enterapon, take possession of and manage the Property and b collect the rents of the Property, including those past due_ All rents collected by the receiver shall be applied first b payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. Boos 300 P~ 15