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HomeMy WebLinkAbout1732 • t 8. Inspection. lender mgy make or cause to be made reasonable entries upon and iwpections of the properky, provided that Lsadec shall give Borrower notice prior to any such iwpection specifying reasonable cause therefor related to Lender's (p0er~st in thl Plope:b?. 9. Condemnatloa. The prooeeda of any award or claim for damages, direct or consequential, in connection with any ooademaation or other taking of We property. or part thereof. or for conveyance in lieu of condemnation. are hereby assigned sad shall be paid to Lends. In the event of a total taking of the Peopsrty. the proceeds shall bs applied to the sums secured by this Mortgage, wiW the eutosss„ if any, paid to Borrower. Ia the event of a partial taking of the Properdr, adea Borrower and Leader otherwise agree is 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 We Property immediately prior to the date of taking, wiW the bahwea of the proceeds paid to Borrower. U the Property is abandoned by Borrower, or ~ after notice by Lender to Borrower that the condemnor offers to make an award or settle a clean for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is aatborized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the property or b the sums secured by this MortQaga Unless Lender and Borrower otherwiie ague in writing. any such application of proceeds to principal shall not extend a postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of each installments. 10. Borrower Not Released. Eictenaion of the time for paym~t 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 Borrower's suoteesore in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztsnd time 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 suoceason in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder. or otherwise - afforded by applicable law, ahaU not be a waiver of or precincts the ezercise of any each right or remedy. The procurement of insraance err the payment of to:es ce othm liens or charges by Lender shall not be a waiver of Lender s right to aocelmate the maturity of the indebtedness secured by this Mortgage. 1 Z Remedies Cumulative. AU 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:ercise~i concurrently, independently or suooessively. 13. Successors and Assigns Board; Joint and Several Liability; Captions. The covenants end agreements herein contained shall bind, and the rights hereunder shall inure to, the respective snacesson and assigns of Lender and Borrower. subject to the provisions of paragraph 1? hereof. Ali covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are not to be used to interpret or define the provisions hereoL 14. Notice. Except for any notice required under applicable law to be given in anothe~mfgner, any notice to Borrower provided for in this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower attha 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. returr? receipt requested, to Iender'a address stated herein or to each 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 I.aw; 3everability. This form of mortge~e combines uniform oovensnta for national use and non- uniform rnvenanta with limited variations by jurisdiction b constitute a uniform security inatnunent covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In We event that any provision or clause of this Mortgage or the Note conllicta with applicable law, such conflict shall 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 fnrniahed a rnnformed Dopy 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 pad of the Property or an interest therein is sold or transferred by Borrower without Lender a 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 yeah or lees not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived wch option to socelerate if, prior w the sale of transfer. Lender and the person to whom the Property is to be sold or transfen~ed reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage ahaU be at ouch 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 written assamption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender a:erciaea such option to accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereoL . - ~ Such notice shall provide a period of not less than 30 days from the date the notice is n.siled 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 on Borrower,- ~ invoke any remedies permitted by paragraah 18 hereof. ~ - 1& Acceleration; Remedies. Facept 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 sums secured by this Mortgage, Lender 6 prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action a required to cure such 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 cafe 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. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the soma severed 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 costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun 6y 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 Pbture 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 the 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 ~ attoroey'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 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 full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the retie 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 retain such rents as they becoone 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 enter.npon, take possession of and manage the Property_and to collect the rents of the Property, inclading those peat due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receivers fees, premiums on receiver's bonds and reasonable attoroe~s foes, and then to the soma secured by this Mortgage. The - - receiver shall be liable to account only for those rents actually received. - gooK 302 FACE1732 - - -