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HomeMy WebLinkAbout1945 . t 8. IaspeMion. Leader may make or cause to be made resaonable entries upon sad inspections of the property, provided that Lsndar shall give Borrower notice prior to any arch inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or older taking of the property. or part Wereof, or for conveyance is lieu of condemnation. are hereby assigned and ahaU be paid to I.ender. In the event of a total taking of the Property, We proceeds shall bs applied to the sums secured by this Mortgage, with tha a:osa, if nay, paid to Borrower. Ia the event of s partial taking of the property, unlea Borrower sad Lender othenviss agree in writing, there shall be applied to We 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 bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. os ~ alter notice by Leader to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to r+eapond to Lender within 30 days after the date such notice is mailed, Lender is authorised b collect and sPP1Y the proceeds. at Lender's option, either to restoration or repair of the p:opeety or to the sums secured by this Mostgaga Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztend or postpone the dce date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztenaioa of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor is interest of Borrower shall not operate to release, in any manner, the liability of tha original Borrower and Borrower's successors is interest. Lender shall not be required to commence proceedings against such auoceaor or refuse to eztead 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 successors in interest. 11. Rorbearanee by Lender Not a Waiver. Any forbearance by Leader in e:er+cising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The psocur~ent of insurance or the payment of fazes or older liens or charges by Lender shall not be a wraiver of Lender's right to accelerate the maturity of the iadebtedaees secured by this Mortgage. 1Z Remedies Camalative. AU remedies provided in this Mortgage ate distinct and cumulative to any other right or remedy under thin Mortgage or afforded by law or equity. and may be e:erci.eil concurrently. independently or suooessively. 13 3rrcoeasors and Assigns Bound; Joint and Several Liability; Caption's. The covenants and agreements herein ooatained shall bind, and the rights hereunder shall inure to, the respective snoaeesors sad assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All oovenanta and agreements of Borrower shall be joir?t and several. The captions and headings of the paragraphs of thin Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof 14. Notice. E:cept 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 each notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender e~afl be given by certified mail, return receipt requested, to Lender`s address stated herein or to such other address as Lender may designate by notice to Borrower as provided hereip. Any notice provided for in thin Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; SeverabUity. This form of mortgage combines uniform covenants for national use and non- uniform rnvenanta with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jariadictioa 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 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 Dopy of the Note and of this Mortgage at the time of e:ecntion or after recordation hereof. IT. Transfer of the Property; Assumption. If all or any part of the Propertyr or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to thin Mortgage, (b) the creation of a purchase money security interest far household appliances, (c) a transfer by devise, descent or by operation of law upon We death of a joint tenant or (d) the grant of any leasehold interest of three years or less 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 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 We credit of such person is satisfactory to Lender 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 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 is accordance with paragraph 14 hereof ~ Such notice shall provide a period of not less than 30 days fi om the date the notice is wailed within which Borrower may pay the soma declared due. If Borrower fails to pay such sums prior to the eapiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any soma secured bythis Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in psragrap614 hereof spedfyings (1) the breach; (2) the action required to cure such breach; (3) a date, not lean 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 speciRed in the notice may result in acceleration of the sums 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 cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums 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 a:penaes of foreclosure, including, but not limited to, reasonable attorney's fee_ s, and - coats of documentary evidence, abstracts and title reports. 19. Borrower's Bight to Reinstate. Notwithstanding Lendetra acceleration ofthe sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Leader to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all awns which would be then due under this Mortgage. the Note and notes securing l~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of say other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreement$ of Borrower contained in this Mortgage and in enforcing Leader's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d). Borrower takes such actiaa as Lender may reasonably require to assure that the lien of thin Mortgage, Lender's interest in the Property and Borrower's obligation to pay the roans secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrows, thin Mortgage end the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents 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 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 eater upon, take posaesaion of and manage the Property and to collect the rents of the Property, including those pant due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. ii sccx 3~Z r~cE 1945 4 } .~-~'-ate