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HomeMy WebLinkAbout0320 N t • : ' • 8. Inspection. Lender may make or cease to be made reasonable entries upon and inspections of the property. provided that Lender shall give Borrower notie prior to any such inspection specifying reasonable caws Werefor related to Leader's interest in the ProperRjr. 9. Coademnatioa. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or older taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid b Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, Were shall be applied to We sums secured by this Mortgage such proportion of We proceeds as is equal to that proportion which We amount of the sums se~vred by this Mortgage immediately prior to We date of taking bean to We fair market value of the Property immediately prior to the date of - taking, wild We balanoa of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower W at the condemnor offers to make an award or settle a claim for damages, Borrower fails b respond to Lender within 30 days at'ter We date such notice is mailed, Lender is authorized to Dolled and • apply We proceeds, at Lender's option, eiWer to sestoratioa or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower oWerwise ague in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change We amount of each instelhnents. 10. Borrower Not Released. Eztension of the time for payment or modification of amortization of the soma secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Bc*rower's succesaon in interest. Lender shall not be required to commence proceedings against ouch successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by Wis Mortgage by reason of any demand made by the .original Borrower and Borrowei a succeason in interest. 11. Rorbearance by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwise afforded 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 tares or older liens or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any older right or remedy under Win Mortgage or afforded by law or equity, and may be exercised concurrently, independently or euoceasively. 13. Suecessore and Assigns Bound; Joint sad Several Liability; Captions. The oovenante and agreements herein contained shall bind, and We rights hereunder shall inure to, We respective successors and assigns of Lender and Borrower, subject to We provisions of paragraph 17 hereof. Ali covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of thin Mortgage are for covenience only and are not to be used b interpret or define We provisions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in Wis 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 Lender's address stated herein or to such older address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in Wis Mortgage shall be deemed to have been given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform covenants wild limited variations by jurisdiction to oonstitnte a uniform security instrument covering real property. This Mortgage shall be governed by We law of the jurisdiction in which We Property is located. In We event that any provision or clause of Wis Mortgage or We Note conflicts wild applicable law, such conflict shall not affect older provisions of this Mortgage or We Note which can be given effect without the conflicting provision, and to Wia end the provisions of the Mortgage and We Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of Wis Mortgage at the time of ezecution or after rernrdation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest Werein ie sold or transferred by Borrower without Lendei s prior written rnnsent, ezcluding (a) We creation of a lien or encumbrance subordinate to Win 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 Wree years or less not containing an option to purchase, Lender may, at bender's option, _ declare all We sums secured by this Mortgage to beimmediately 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 We interest payable on We soma secured by Wis Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 1T, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the f Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance wild paragraph 14 hereof Such notice shall provide a period of not less than 30 days from thedate 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 paragrauh 18 hereof 18. Acceleration; Remedies. Ezcept ae 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, Lender prior to acceleration shall mail notice to Boirower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to ctire each breach; (3) a date, not leas 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 soma 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. It the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgageby judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpensea of foreclosure, including, but not limited to, reasonable attorney's fees, and - costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender's acxeleration ofthe sums secured by this Mortgage, Borrower shall have We 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 Wen due under Wis Mortgage, We 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 expenses incurred by Lender in enforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney e fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of Win Mortgage, Lender's interest _ in We Property and Borrower a obligation to pay We sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and We obligations secured hereby shall remain in full force and effect as if no aeoeleration had occurred. Z(l. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided Wat Borrower shall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property, have the right to Dolled and retain such rents as Wey 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 enterLpon, talcs poeaeeaion of and manage We Property and to tolled the rents of the Property, including Woes peat due. All rents collected by the receiver shall be applied first to payment of the coats 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 Wen to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 800K 3U0 PACE 320