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HomeMy WebLinkAbout1740 i. i c 8. IaspeMion. Lender may make or cause to be made reasonable entries upon sad iaepections of the property. provided tb~t Lender shall give Borrower notice prior to any such inspection specatying reasonable cause therefor related to Lendsr'~ interest is tbs Property. 9. t^,oademnation. The proceeds of say award os claim for damages. director consequential, is wnnectioa wild orgy oo~ndemnatioa or older taking of the property, or part thereof. or far oonveyaaoe is lieu o! condemnation, are hereby sesigaed aqd shall be paid to Lender. Ia the event of a total taking of the Property, the proceeds shall bs applied to the sums secured by this Mortgage, with the excess, if orgy. paid to Born.wer. In the event of a partial taking of the Property, nnlep Borrower and Lender otherwise agree is writing, there shall bs applied to We sums secured by this Mortgage such proportion of the proceeds eu is equal to that proportion which the amount of the soma secured by this]Nortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking. with We balance of the proceeds paid b Borrower. , If We Properfr is abandoned by Borrower. or ~ aftw notice by Lender to Borrower that the condemnor ogee to make an award or settle a claim for damages, Borrower fails to respond to Leader within 30 days aRer the date such notice is mailed, Lender is anthorisad to collect and aPPLY the poceeds. at Lender's option, either to restoration or repair of the property o: to the luau secured by this Mortgage. Unless Lender and Borrower oWerwiss agree in writing. any anch application of proceeds to principal shall sot eztend ce postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments. ' 10. Borrower Not Released. Extension of the time for payment or modiRcation of amortisation of the some secured by this Mortgage granted by Lender to any succcesor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Leader shall not be required to commence proceedings agairut such successor or refwe to extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by We original Borrower . and Borrower's aacceason 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 precloda the ezercise of any each right or remedy. The procurement of insurance or the payment of tares a< older liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedier Cumulative. All 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 exeressal wncnrrently, independently or successively. 13. Suocesson and Assigns Hound; Joint sad Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inane to, the respective snoceeson 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 wvenience 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 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 as 3 Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shah given by certified mail; return receipt ~ requested, to Lender's address stated herein or to such other address as Lender may dear jriste by no~ 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 heron. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to wnetitute s uniform security inatrusnent 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 shall not affect other provisions of this Mortgage or the Note which can be given effect without the wnflicting provision, and to this end We 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 eiecution 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 wnaent, 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 Lenders option. declare all the soma secured by this Mortgage to be immediately tine 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 thatthe creditof arch person ie satisfactory to Lender and that the interest payable on the snore secured by this Mortgage shall be at each 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 executed a written assumption agreement accepted in writing by Lender, Lenderahali release Borrower from all obligations nnderthis Mortgage andthe I 4 Note. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereoL I Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma declared s due. If Borrower fails to t ~ pay such some prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.. ~ Ifi. Acceleration; Remedies. Except as provided in paragraph 17 hereof, spore Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eovenanta to pay when due any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action regained to cure such breach; (3) a date, sot leas than 30 days from the date. the notice is mailed to Borrower, by which such ' _ breach must be cared; and (4) that failure to cure such breach on or before the date specified in the notice rosy 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-existence 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 ezperues of foreclosure, including, bat not limited to, reasonable attorney's fees, end costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage diswntinned at any time prior to entry of a judgment enforcing _ this Mortgage if: (a) Borrower pays Lender all soma which would be then due ender this Mortgage, the Note and notes securing Future Advances, if any, had no seceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenees incurred by Lender in enforcing the covenants and agreements of Borrower s contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; including, bat not limited to, reasonable ~ attorney's fees; and (d) Borrower takes arch action as Lender may reasonably require to assure Wort the lien of this Mortgage, Lender's interest in We Property and Borrowers 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 acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional eecnrity hereunder, Borrower hereby assigns to Lender We rents of W e Property, provided that Borrower shall, prior to acceleration antler paragraph 18 hereof or abandonment of the Property. have the right to tolled. 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 ' wort to enterapon, take possession of and manage We Property and to collect We rents of the Property, indnding those past due. All rents • wllected by the receiver shall be applied first to payment of the costs of management of the Property and wlledaon of rents, including, bat not - limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen to We sums secured by this Mortgage. The receiver shall be liable to account only for Wore rents actually received. f s _ BOCK 302 :~i;E1740 3 - - - =_q ~ F ~L~ ~