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HomeMy WebLinkAbout1744 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections oitlis property.provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's intered is the Property. 9. CoademaaUoa. The proceeds of any award or claim for damages, direct or consequential, in eoanectioa with say condemnation or other taking of the property. or part thereof. or for eoaveyaace in lieu of eaademnation, are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property, the proceeds shall be appUed to the soma secured by this Mortgage, wd W the ~cess. it say, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in waiting, there shall bs appUed to the sums secured. by this Mortgage such proportion of the proceeds as is equal to that proportion which We 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, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrower that the condemnor offers to make as award or settle a claim for damages, Borrower fails to respond to Leader writhin 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds. at Lender's option, tither to restoration or repair of the property or to the sums scented by this Mortgage. Unless Leader and Borrower othe:.rise agree is writing. any such application of proceeds to principal shall not eztend or< postpone the due date of the monthly instalhnenta referred to in paragraphs 1 and 2 hereof or change We amount of such irutallments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the name secured by this Mortgage granted by Lender to any successor in intereai of Borrower shall not operate to release. in any meaner, the liabiUty of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reawn of any demand made by theosiginal Borrower and Borrower's euccesaon in interest. 11. Forbearaaee by Leader Not a Waiver. Any forbearance by Lender in ezerctieing any right or remedy hereander, or oWerwiae afforded by appUcable 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 fazes or other 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 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy andbr this Mortgage or afforded by law or equity. and may be e:ercise~l eoncnrnntly, independently or snoceasively. 13. $ucoeason and Assigns Bound; Joint and Several Liability; Captions. The covenants and e~reementa herein contained shall bind, and the rights hereunder shall inure to, the re~apective suocesson 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 hereoL 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 cerfified mail addressed to BQsrower at the Property Address or at each other address as Boaower may designate by notice to Lender as provided herein. and (b) any notice tap Lelulet shall be given by certified mail, return receipt requested, b Lender's address stated herein or to such other address as Lender may designate by notice to Borrower ae provided herein. Any notice provided for in this 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 covenants for national use and non- uniform covenants with Umited variations by jurisdiction to constitute a uniform security instrument covering real properrty. 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 oontlicting provision, and to this end the proviaioae of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be funziahed a conformed Dopy of the Note and of this Mortgage at We time of execution or after recordation hereof. 1T. Tlranafer of the Property; Assumption. If all or any part of the Property or an interest therein is cold or transferred by Borrower without Lender's prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household applianeea, (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 less not containing as 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 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 each person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate se Leader shall request. If Lender has waived the option to accelerate provided in thin paragraph 17, and if Borrower's suooesaor 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 Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereot f 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 sums declared ~ due_ If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrowrer, invoke any remedies permitted by paragraph IS hereof. 18. Acceleration; Remedies. Szcept as provided in paragraph 17 hereof, npon_ Borrower's breach of any covenant or agreement of Borrower in this Mortgage, inclading the covenants to pay when tine any soma secured by this )Mortgage, Leader prior to aeceleratioa shall mail notice to Borrower ae provided in paragraph 14 hereof spedfyiag: (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 such breach must be cured; and (4) that fellers to care each breach on or before the date epecif ed in the notice may result in acceleration of the sums secared 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 foreclosare proceeding the non-eziatence 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 enure secared by this Mortgage to be immediately due and payable without further demand and may forectoae this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including, bat not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the some secared by this Mortgage, BorrowerahaU have the right to have any procxedings begun by Lender to enforce this Mortgage discontinued at anytime 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 l~ture Advances, if any, had no acceleration occurred; (b) Borrower cures al l breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reseonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18hereof, including, but 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 Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired Upoa such payment and care F: 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 Beata; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents a of the Properly, 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 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 eater~upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents t ooUected by the receiver shall be applied first to payment of the costa of management of the Property and ooUection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the arms scented by this Mortgage. The receiver shall be liable to account only for those rents actually received. I goa~3U2 .AL~1744 u"t a.