Loading...
HomeMy WebLinkAbout1736 fi. Inspection. Lender may make or cause to be m~e reasonable entries upon and inspections of the Kape~ty. provided that Leader shall give Borrower notice prior to any such iaspectioa epecifyiag reasonable cause Wetefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct o: consequential. is oonnedion wiW any oondemaation or other taking of the property. or part thereof. or for conveyance is lieu of condemnation, are hereby assigned and shall be paid to Lender. tj In We event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, witb the sasses. ff any. i paid to Borrower. In the event of a partial taking of the Proparq?, unless Borrower and Leader 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 snnu secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the pr~ooeeds paid to Borrower. If the Property is abandoned by Borrower, or ~ aRer notice by Lender to Borrower that the condemnor offen+to make as award or settle a ' claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect end ~ apply the proceeds. at Lender's option. either to restoration or repair of the property or to the same secured by this Mortgage. } Unless Lender and Borrower otherwise agree in writing. any each application of proceeds to principal shall not extend or postpone the due date of the monthly irutallmenh referred to in paragraphs 1 and 2 hereof or change the amount of such iastalhneata. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation 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 suoeeesors in interest. Lender shall not be required to commence proceedings against such saecessor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by naeoa of any demand made by the original Borrower and Borrowers aueceeaors in interest. 11. ~orbearanoe by Lender Not s Waiver. Any forbearance by Leaden 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 iaaatance or the P~ ?ment of taxes or other liens or charges by Lender shall not be a waives of Lenders right to accelerate the maturity of the indebtedness seatu~ed by this Mortgage. 12. Remedies Cumulaitlve. AU remedies provided in this Mortgage are distinct and cumulative to any other right err remedy under this Mortgage or afforded by law os equity. and may be ezercised ooncurrent~y, independently or snoassively. 13. Successors and Assigns Bound; Joint and Several LlabiUty; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the r+eapeitive enoceeaors and assigns of Leader and Borrower. subject to the provisions of paragraph 17 hereoL 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 We 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 this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address m Borrower may designate by notice to Lender as provided herein, and (b) any notice to Fender dt511 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 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 Law; SeverabiUty. This form of mortgage oombinea uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonatitnte a uniform security instrument covering real property. Thin Mortgage shall be governed by the law of the jnriadidion in which the Property is located. Ia the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aged other provisions of this Mortgage or the Note which can be given effect without the rnnflicting 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 copy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof. - 17. Trans[er of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower s without Lenders 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 os 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 b purchase. Lender may, at Lenders option, declare all the soma secured by this Mortgage to be immediately due and payable. bender 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 bender and that the interest payable on the sums 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 Borrower's successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. j If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared z due. If Borrower fails to pay such sums prior to the eapiration of such period, Lender may, without Earths notice or demand on $orrowe:. mocks any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of aql+ covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower se provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which each breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice may result in acceleration of the some 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 soceleration 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 same secured by Phis 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 each proceeding all expenses of foreclosure, including, bn;not limited to, reasonable attorney'a fees, and costs of documentary evidence. abstracts and title reports. ' a 19. Borrower's Right to Reinstate. Notwjthetanding Lenders acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun~by Lender to enforce this Mortgage disoontinned 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 Future _ Advances, if any, had no aa:eleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies 88 provided in paragraph 18 hereof, including, bat 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, Lender's interest in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall eontinne unimpaired. Upon each payment and care by~orrower, this Mortgage and the obligations secured hereby shall ranain in full force and effect as if no acceleration had oocarred. - Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby ensigns to Lender the recta of the Property, provided that Borrower shall, prim to 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 to have a receives appointed by a - court to enter-upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. AU rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, bat not limited to, receiver's foes, premiums on receivers bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The z 4 receiver shall be liable to account only for those rents actually received. i o R ~ 173 ~o0x ? _