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HomeMy WebLinkAbout0027 8. Inspection Leader may make or caws to be made nasoaable eatriee upon and inapectiotu of tM property,provided that Louder shall give Borrower notice prior to say each inspection specifying reasonable cause therefor related to Lender's intrest iu tM Properttiy. 8. Condemnatioa'11~e proceeds of say award or claim for damages, direct or eoneequential, in oonnectioa with any oondemaation or older taking of the property. a part Wereof. or for coawyanoe in lieu of condemnation. are hereby assigned sad shall bs paid to Leader. In the event of a total taking of We Property. the pr~ocesds shall be applied to the some secured by thin Mortgage, with the excess, U any. paid to Borrower. In the event of a partial taking of the Property, amen Borrower sad Leader otherwies agree is writing. there sbaB be applied to We some eecared by thin Mortgage each proportion of the proceeds as is ~+ss! !o iha! grrgertion xhiCh the r~a~n! !+f !?!t secured by this Mortgage immediately prior to We date of taking bean to We fair market valor of the Property immediately prior to We date of talring. with the balance d the prooeede paid to Borrower. If the Propeety ie a~doned by Borrower, or if, attar notice by Lender to Borrower that the condemnor ogee to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 Jaya otter the date such notice is mailed. Landes is sutborired to collect and apply the prooeede, at Lender's option. either to restoration or repair of the property or to the soma secured by this Mortgage. Unless Fender and Borrower otherwiso agree in writing. any each application of proceeds to prindped shall not extend or postpone the due date of the monthly installment referred to in paragraplu 1 and 2 hereof or change the amount of arch installments. 10. Borrower Not Released. Extnsion of the time foe payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any suoceaeor in interest of Borrower shall not operat to release. in any manner, the liability of the original Borrower and Borrower's succeseon in interest. Lender shall not be required to commence proceedings against such succxssor or refuse to ezteud time for payment or otherwise modify amortization of the sums secured by thin Mortgage by reason of any demand made by the original Borrower and Borrower s suocesaon in interest. 11. Forbearance by header Not a Waiver. Any forbearance by Lender in e:escising any right or remedy here~mder, or otherwise agorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liana or charges by Lender shall not be a waiver of Lsada'a right to aocelerat the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cttmnlative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or agorded bylaw or equity, and may be e:ercisetl concurrently. independently or euooesaively. 13. Snoceswrs and Assigns Bound; Joint sad Several LiabiUty; Captions. The covenant and agreement herein contained shall bind, and the right hereunder shall inure to, the respective svocessore and asaigne of Lender and Borrower. subject to the provisions of paragraph 17 hereof: All covenant and agreement of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to intrpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thin Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as 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 Leader's address stated herein or to arch other address as bender 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 We manner designated herein. 15. Uniform 1ilortgage; Governing Law; Severability. This form of mortgage coonbines uniform covenant for national use and non- uniform covenant with Limited vasiations by jurisdiction to wnatitute a uniform security 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 thin Mortgage or the Note conflict with applicable law, such conflict shall not aged other pro~iisioaa of ulia Mortg+~e or LhE Note which can be given egect without the conflicting 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 ezecution or after rernrdation hereof. 17. Transfer of the Property; Assumption. ff all or any pert of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ~clnding (a) the creation of a lien or encumbrance subordinate to 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 death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not containing an option to pnrchaee, Lender may, at Lenders 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 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 to accelerate provided in this paragraph 17, and if Borrowers successor in interest has ezecnted s written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration is accordance with paragraph 14 hereof { Such notice shaA provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma 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 Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in thin Mortgage, including the covenants to pay when doe any same secured by thin Mortgage, Lender prior to acceleration shall mail notice to Borrower sa provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to wre each breach; (3) a date, not leas than 30 days tirom the date the notice ie mailed to Borrower, by which such breach must be eared; and (4) that failure to cure each breach on or before the date specified in the notice may result is 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 non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the soma 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, bat not limited to, reasonable attorney's fees, sad costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender'sacceleration ofthe soma secured by thin 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 enfoFcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Fhture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenant or agreement of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enfor+eang the covenant and agreement of Borrower i contained in thin Mortgage and in enforcing Lender's remedies as 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, Lenders interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and egect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rrot 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 retie anch rent 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 ) eoart to enterapon, take poseeasion of and manage the Property and to collect the rent of the Property, including those past doe. All rent collected by the receiver shall be applied first to payment of the cost of management of the Property and collection of rent, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums eecared by this Mortgage. The l receiver shall be liable to account only for those rent actually received. ~ i 1 I 6001( ~tJ1,I PACE 2