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HomeMy WebLinkAbout2425 t s 1 8. Inspectloa. Lender rosy make or cause to be made reasonable entries upon and irupections of We property.provided that Leader shall give Borrower notice prior to any such inspection specifying reasonable cause Wepfor related to Lender's interest in the Property. 9. Coademnatloa. The proceeds of any award or claim [or damages, director consequential. in connection wiW any oondemmatioa or other taking of the property. or part thereof. or for conveyance is lieu of condemnation, are hereby assigned sad ehaU be paid b Lender. la the event of a total taking of the Property, the proceeds shall bs applied to the sums secured by this Mortgage. with the eecoas, U any, paid to Borrower. Im the event of a partial taking of the Properly. unlep Borrower and lender oWerwise agree in writing, thep shall be applied to the luau secured by this Mortgage such proportion of We proceeds as is equal to that proportion which the amount of the sums second by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. Lithe Propergr is abandoned by Borrower, or i$ after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Leader within 30 days after the date such notice is mailed, Lender m authorised to collect and apply the proceeds, at Lender s option. either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Leader and Borrower othe:.vise ague in writing. any such application of proceeds to principal shall not extend or postpone the due } date of the monthly installments referred to in paragraplu 1 and 2 hereof or change the amount of such iaetalhnenb. t 10. Borrower Nqt Released. F~tensioa of the time fot payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to 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 [or payment or otherwise modify amortization of the sums secured by this Mortgage by peon of any demand made bythe original Borrower and Borrowers successors im interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in ezercising any right or pmedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercisa of any such right or remedy. The procurement of insurance or the payment of terse er other liens ar charges by Lender ahaU not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 1 Z Remedies Cumalative. AU remedies provided in this Mortgage an distinct and cumulative to any other right or pmedy under this Mortgage or afforded by law or equity, and may be e:erciseii eoncurpntly, independently or suooeesively. - 13. Successors and Assigns Bound; Joint and Several LiabUity; Captions. The covenants end agreements hepin contained shall bind, end the rights hereunder ahaU innn to. the respective aueceasors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. AU covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for oovenience only and ap not to be used to interpret or define the provisions hereof. _ j 14. Notice. Ezcept 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 anch other address as Borrower may designate by notice to Lender as provided tiepin, and (b) any notice to Lender shall bs given by certified mail, return receipt requested, to Lender's address stated herein or to each other 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 fn the manner designated herein. 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 constitute a uniform security instrument covering pal 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 thin Mortgage or the Note which can be given effect ~ without the conflicting provision, and to this end the provieiona of the Mortgage and the Note are declared to be severable. i 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ez_ecution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest Wepin ie sold or transferred by Borrower without Lender's prior written consent, ezcludimg (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 years or lees not containing an option to purchase, Lender may, at Lender s option, declare all the soma 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 Hach agreement fn writing that the credit of such person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate ae Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor im interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall please Borrower from all obligations under this Mortgage and the Note. i ~ If Lender ezerrisea such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not lees than 30 days from the date the notice is mailed within which Borrower may pay the soma declared- due. If Borrower fails to pay such sums prior to the eapuation of such period, Lender may, without farther notice or demand onBorrower, f mucks any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Ezcept as provided In paragraph 17 hereof, upon Borrower's breach of any covenant or f agreement of Borrower f n this Mortgage, including the oovenante to pay when due any some secured by this Mortgage,Leader ! prior to acceleration shall mail notice to Borrower ae provided in paragraph ~14 hereof specifying: (1) the breach; (2) the action required to cure each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to care such breach oa or before the date specified in the notice may result in _ acceleratfon 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 cured oa or before the date specified is the notice, Lender at Lender's option may declare all of the some secured by thin Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be ' ( entitled to collect in such proceeding all e:penaea of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documen tart' evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lenderaacceleration ofthe 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 it (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Futup 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 ezpensea 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 18 hereof, including, but not limited to, pasonable ; attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to up that the lien of this Mortgage, Lender's interest . 5 in the Property and Borrowers obligation to pay the sums second by this Mortgage sh retinue unimpaired. Upon such payment and care s by Borrower, this Mortgage and the obligations secured hereby shall amain in fall force d effect ae if no acceleration had occurred. g 20. Assignment of Rents; Appointment of Receiver. As additional security hereon r, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower ahaU, prior to acceleratiom under paragraph 18 hereof r abandonment of the Property, have the right to collect and retain such nnta as they become due and payable: s Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender ah be entitled to have a receiver appointed by a court to enter~upon, take possession of and manage the Property and to rnilect the note of the party, including those past due. AU rents w wUected by the receiver shall be applied first to payment of the costs of management of the Pro y and collection of rents, including, but not limited to, receiver's fees, premiums on nceiver'e bonds and reasonable attorney's fees, and th to the sums secured by this Mortgage. The receiver shall be liable to aeoount only for those ants actually received. - r x aco!c ~2 2425 r ~ - - m g