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HomeMy WebLinkAbout2383 8. 1 nspeMion. Lender may make or cause to be made reasonable entries upon and irupections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to lwadar a interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. in the event of a total taking of the Property, the proceeds shall be applied to the Bums 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, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount 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 data of taking, with the bala.~c~ of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower [ails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds, at Lender's option, either to restoration or repair o! the property or to the sums secured by this Mortgage. tlnless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue date of the monthly installments referred to in paragraplu 1 and 2 hereof or change the amount of such installments. l0. Borrower Not Released. lixtension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Bonrower'a successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time fur payment or otherwise modify amortization ottee soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a successors in interest. 11. Forbearance by Lender 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 each right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver o! Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. Ail remedies provided in this Mortgage are diatinM and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or encceseively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The rnvenants and agreements herein rnntained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to 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 covenience only and are not to be used to interpret 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 forin 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 Borrower may designate by notice to Lender ae provided herein, and (b) any notice to Leader shall be given by certified mail, return receipt requested, to Lender's address stated herein or to each other address as Lender may designate by notice to Borrower u provided herein. Any notice provided forin this Mortgage 8liall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage: Governing Law; Severability. This form btmortgage combines uniform oovenanta for national use and non- uniform covenants with limited variations 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 this Mortgage or the Note conflicts with applicable law, such conflict shalt not affect other provisions of this Mortgage or the Note which can be given effect 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 rnpy of the Note and of this Mortgage at the time of execution 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 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 purchase, Lender may, at Lender's option, declare all the sums seta red 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 reyueat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, l.endershall release Borrower from all obligations under this Mortgage and the ~Jote. If Lender exercises such option to accelerate, bender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30days from the date thenotice is Trailed within which Borrower may pay thesums declared due. If Borrower fails to pay such soma 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. F:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this.Mortgage, including the eovenanta to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower 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 r acceleration of the sums secured b this Mort a e, foreclosure b Y g t; yjudicialproceedingandsaleoftheProperty.Thenoticeshall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense 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 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 otforeclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tirrie prior to entry of a judgment enforcing this Mortgage iL (a) Borrower pays bender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrowercurea 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 rnvenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph lA hereof, including, but not limited to, reasonable attorney's fees; and Id1 Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender a interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment rnd cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as 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 under paragraph 1 S hereof or abandonment of the Property, have the right W tolled 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 enter-upon, take possession of and manage the Property and to rnllect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the coats of management of the Property and colleMion of rents, including, but 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 received. ~~~RK301 Fr'~C~2378 - _ _ _ - ~ - ~ _