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HomeMy WebLinkAbout1996 i t . ~ 8. laspectiaa. Lender rosy make or cause to be made reasonable entries upon and iaspedions of the property. provided that Lender shall give Borrower notice prior to any such inepedion specifying reasonable cause therefor related to Lender's interest in the Property. 8. Condemnatioa.'lUe proceeds of any award or claim for damages. direct or consequential. in connection with aqy condemnation or other taking of the properly. a part thereof. or for oonveyanoe in lieu of condemnation, are hereby ssaigned and shall bs paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, ii any. paid to Borrower. Ia the event of a partial taking'of the Property. nnlea Borrower and Lender otherwise agree is writing. Were shall be applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to Wat proportion which the amount of the soma secured by this Mortgage immediately prior to We data of taking bears to the fair market value of We Property immediately prior to the date of taking. wild We balance of We proceeds paid to Borrower. If the Property i. abandoned by Borrows:, or ~ after notice by Lender to Borrower Wat We condemnor offers to make ea award or eeWe a claim for damages, Borrower fails to respond to lender within 30 days aRsr We date such notice is mailed, Leader is auWotized to collect arai apply We proceeds. at Lender's option. eiWer to restoration or repair of We property or to We sums secured by this Mortgage. Unless Lender and Borrower oWerwisa agree in writing. any such application of proceeds to principal shall not extend or postpone We dne date of the monthly inutallments referred to in paragraplu 1 sad 2 hereof or change We amount of such installments. 10. Borrower Not Released. E:tension of the time for payment or modification of amortisation of We sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner. We liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to oommeace proceedings against such successor or refuse to eztend time for payment or oWerwise modify amortization of the sums secured by thin Mortgage by reason of any demand made by the original Borrower and Borrowela successors in interest. 11. Rorbearanoe by Lerrder Not a R/aiver. Any forbearance by Lender in exercising any right or remedy hereunder. or oWerwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procur8ment of iasunanee or the payment of tares or older liana ~ charges by Lender shall not be a waiver of Lender's right to~aooelerate We maturity of the indebtedness secured by Win Mortgage. 12 Remedies Camulative. All remedies provided in this Mortgage are diatind and cumulative to any older right or remedy under this Mortgage or afforded by law or equity. and may be ezercise~t ooncurr+ently, indepeadeatly or successively. 13.3uceessors and Assigns Boand; Joint and Several Liability; Captions. The ooveaants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to We 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 covenienoe only and are not to be used to interpret or define We provisions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in anoWer means:, (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 older address as Borrower may designate by notice to Lender as provided herein. and (b) any aotioe tdLender shall be given by certified mail. return receipt _ requested, to L,ender's address-stated herein or to such older 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 We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants wild limited variations by jnrisdidion to constitute a uniform security instrument covering real property. This Mortgage shall be governed by We law of the jurisdiction in which We Property is located. Ia the event that any provision or clause of this Mortgage or the Note conflicts wild applicable law, such conflict shall not affect older provisions of this Mortgage or We Note which can be given effect without We oonflictiag provision, and to this end the provisions of the Mortgage. and We Note are declared to be severable. 1& Borrower's Copy: Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at We time of execution or after recordation hereof. 17..'I~ansfer of the Property; Assumption. ff all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) We creation of a lien or encumbrance subordinate to this Mortgage, (b) We 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 Wree yearn or less not containing an option b purchase, Lender may, at Lender's option, declare all the same 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, Fender and the person to whom We Property is to be sold or transferred reach agreement in writing Watthe credit of each person is satisfactory to Lender and Wat We interest payable on We sums secured by this Mortgage shall be at such rate as bender shall request. If Leader has waived We option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecvted a written assumption agreement accepted in writing by Lender; Lender shall release Borrower from all obligations under this Mortgage and the j Note.. If Lender exercises such option to accelerate, bender shall mail Borrower notice of acceleration 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 ~siled within which Borrower may pay the aums_ declared ~ ~ due. If Borrower fails to pay. such soma prior to Wee:piration of such period, Lender may, without further notice or demand on $orrawer, ; I ~ invoke any remedies permitted by paragranh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when dne any same secured by this Mortgage, Lender 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 less than 30 days from the date the notice ie maf led to Borrower, by which each breach must be aired; and (4) that failure to cure such breach on or before the date specified 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-eziatence 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 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 ezpensea of foreclosure, including, bat not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ ' this Mortgage if: (a) Borrower pays Lender all sums which would be Wen due ender this Mortgage, We Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in Wie Mortgage; (c) Borrower pays all reasonable ezpensea incurred by Lander in enforcing We oovenante and agreements of Borrower contained in Win Mortgage and in enforcing I,ender'a remedies as provided in paragraph 18 hereof, 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 Win Mortgage, Lender's interest . in the Property and Borrower's obligation to pay the soma 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 ao acceleration had axvrred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender We rents of the Property, provided Wat Borrower shall, prior to aaleration ender paragraph 18 hereof or abandonment of the Property. have the right to tolled and retain such rents as Wey become due sad payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Fender shall be entitled to have a receiver appointed by a court to enter.npon, take possession of and manage the Property and to collect the rents of the Property, including Woes past due. All rents collected by the receiver shall be applied first to payment of the poste of management of the Property and eolledion of rents, including, but not limited to, receiver's fees, premiums on receivers bonds and reasonable attorney's fees, and Wen to We soma secured by this Mortgage. The receiver shall be liable to account only for Wore rents actually received. eo K3UZ a~E19 96