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HomeMy WebLinkAbout1984 _ 8. Inspsctloa. Leader may make or cause b bs made reasonable eatrias upon and inspections of the properq?, provided that Lsadw shall give Borrower notice prior b nay such inspection specifying reasonable cause therefor related b Fender's interest is the Property. 9. Condemaadoa. The proceeds of any award or claim for damages, direct or consequential. in connection with nay ooademaation ere other taking of the property, or part thereof. or for oonveyanoe in lieu of oondsmnation. are hereby assigned and shall be pasd b Leader. ' In the event of a btal taking of We Property, the proceeds shall be applied b We sums secured by this Mortgage, with the esosss, it aqy, - paid b Borrower. In the event of a partial taking of the Property, udep Borrower and Lender otherwise ogres in writing, there shall be applied b the sums secured by this Mortgage such proportion of We proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b We date of taking bears b the fair market value of the Property immedutely prior b the date of taking, wild the balance of the proceeds paid b Borrower. If the Property is abandoned by Borrower. or ~ alter notice by Lender b Borrower that the condemnor offers b make as award or setae a claim for damages, Borrower fail b respond b Leader within 30 days after the date such notice is mailed. Lender is authorized b collect sad apply the proceeds, at Lender's option, either b restoration or,repair of the property or to the sums secured by this Mortgage: Udees Leader and Borrower oWerwise agree in writing.any such application of proceeds b principal shall not a:tend ce postpone the due date of We monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender b any suoc~essor in interest of Borrower shall not operate b please, in any manner. the liability 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 amortisation of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in a:excising any right or remedy hereunder. or othenrise afforded by applicable law, shall not be a waiver of or preclude We exercise of any such right or remedy.The procunmeat of insurance err the payment of tares or other liens or charges by Leader shall not be a waiver of Lender's right b accelerate the maturity ~ the indebtedness secured by this Mortgage. 12 Remedies Camnlative. All remedies provided is this Mortgage are distinct and cum~tative tb a~jr older right or remedy Hader this Mortgage or afforded by law or equity, and may be exercised ooncurreatly, indepead¢ntly or suooeesively. 13. Successors and Assigns Hound; Joint and Several Liability; Captions. The oovenaats and agreements herein contained shall bind, and the rights hereunder shall iaare to. the respective sncoeseore and assigns of Lender and Borrower, subject b the provisionu of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions sad headings of the paragraphs o[ this Mortgage are for covenience only and are not b be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided far in this Mortgage shall be given by mailing each notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) spy notice b Lender shall be given by certified mail, retara receipt requested, b Lroder's address stated herein or to such older address as Lender may designate by notice to Borrower sa provided herein. Any notice provided for is this Mortgage~ahall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage oombiaes uniform oovenaats for national nee sad aon- uaiform covenants with Waited variations by jurisdiction b oonatitnte a uniform security inairument covering real property. Thin Mortgage shall be governed by the law of the jurisdidion in which the Property is located. Ia the event that any provision or clause of Chia Mortgage or the Note rnnflicts 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 b this end the provisions of the Mortgage sad the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecatioa 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 consent, excluding (a) the creation of a lien or encumbrance subordinate b 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) We grant of any leasehold interest of three years or lees not containing an option b purchase, Lender may, at Lenders option, declare all the soma secured by this Mortgage b be immediately due and payable. Lender shall have waived each option to aooeleratc if, prior to the sale or transfer, bender and the person b whom the Property is b be sold or transferred reach agreement in writing that the creditof each, person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage ahail be at such rate as Leader shall request. If Lender has waived the option b accelerate provided in this paragraph 1T, 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 E Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance 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 due. If Borrower fails b pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, i f mucks any remedies i permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or , agreement of Borrower in this kiortgage. including the covenants to pay when due any some secured by this Mortgage, Lender prior to aooeleratioa shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (!)the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed t0 Borrower. by which such breach must be cured: and (4) that failure to cure such breach on or before the date specifed in the notice may result in acceleration otthe 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 otthe sums secured by this Mortgage to be 4 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 coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender a aooeleratioa ofthe enmasecured bythis Mortgage, Borrower shall have a the right to have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note and notes securing I~tnr+e Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in i this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the oovenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided is paragraph 18 hereof, including, but not limited b, reasonable ~ attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this M - ortgage, Lenders intered ~ in the Property and Borrowers obligation b pay the sums secured by this Mortgage shall oontinae unimpaired. Upon such payment and cure by Borrows, this Mortgage and the obligations secured hereby shall remain is fall force and effect as if no aecele:etion had oocarred. 20. Assignment otlZenta; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns b Leader the recta of the Property, provided that Borrower shall, prior b acceleration ender 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 b have a receiver appointed by a court b enternpon, take poaeesaion of and manage the Property and b collect the rents of the Property, including those peat 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. bat not limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees,~and then b the soma secured by this Mortgages The receiver shall be liable b account only for those rents actually received. 0A - eiac e~V~ fa~F1 Y~ ~f _