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HomeMy WebLinkAbout2640 8. Inapeetion. Lender may make or cause b be made reasonable entries upon aad[ospectiotraottits ProPwtY. Provided flat Lender shall give Borrower erotica prior b aqy such inspection specifying rsssonabls cause therefor related b Leader's interest is the Prpperf~y. 8. Condemaatioa. The proceeds of any award or claim for damages, direct or wnsequantial, is connection with any condemnation or other taking of the property, or part thereof. or for coaveyanos in lien of ooadsmaatioa. are hereby assigned and shall be paid b Leader. In the event of a btal taking of the Property. the proceeds shall be applied b the sums secured by this Mortgage. with the ezoess, if any, paid b Borrower. In the event of a partial taking of We Property, unless Borrows: and Leader otherwise agree in writing. there shall be applied b the sums secured by this Mortgage such proportion o[ the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bean b the fair market value of We Property immediately prior b the date of taking, wild We balanoa of We proceeds paid b Borrower. Iithe Property is abandoned by Borrower, or if, aRer aotioe by Leader b Borrower that the wademnor offers b make an award or settle a claim for damages, Borrower fails b respond b Lender within 30 days after the date such notice is mailed, Leader is authorised b collect and apply the proceeds, at Lender's option. either b restoration or repair of We property or b the sums secured by this Mortgage Unless Lender and Borrower otherwise agree is writing. any such application of prpcaeds b principal shall not eztend or postpone the due date of We monthly installments referred b is paragraphs 1 and 2 hereof or change the amount of such installments. - 10. Borrower Not Released. Eztenaion of the time for payment or modification of amortisation of the soma secured by this Mortgage granted by Lender b any suoceaeor in' interest of Borrower shall not operate b release, 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 b eztend time for payment or otherwise modify amortisation of the sums 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 Leader in a:excising any right or remedy hereunder. ce oWerwise afforded by applicable law, shall not be a waiver of or preclude We exercise of any such right or remedy. The procurement of insurance or the payment of fazes ~ other liens or charges by Lender shall not be a waiver of Lenders right b accelerate the maturity of the indebtedness secured by this Mortgage 12 Remedies Cumulative. All remedies provided is this Mortgage are distinct and cumulative b any older right or remedy Hader this Mortgage or afforded by law or equity, and may be eserciseii concurrently, independently or suoeessively. 13. Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure b, the respective suooissors and assigns of Lender and Borrower, subject b the provisions of paragraph 17 hereof: All covenants and agreements of Borrower shall be joint and eeveral.The captions and headings of the paragraphs of this Mortgage an for wvenience only and an not b be used b 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 for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower et1le~pertyAddress or at such other address~as Harrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, b Lender's address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. . 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage wmbinee uniform wveaants for national use and non- uniform covenants with limited variations by jurisdiction b constitute a uniform security instrument covering real 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 wnflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the wnfiicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a wnformed copy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. U all or any part of the Property 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 b this Mortgage, (b) We creation of a pnrchaee 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 less not containing an option b purchase, Lender may, at Lenders option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale err transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory b Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrowers aua~eseor 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 auch.option b accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL 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 soma declared ~i due. If Borrower fails b pay such sums prior b the expiration 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 sums seearred by this Mortgage, Lender I prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lees than 30 days from the date the notice is mailed to Borrower. by which each breach must be cared; and (4) that failure to care such breach on or before the date specified in the notice may result in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. Tire 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 ezpenaes of foreclosure, including, but not limited to, reasonable attorney's tees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the soma secured by this Mortgage, Borrower shall have the right b 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 some which would be then due under this Mortgage, the Note and notes securing Fbtnre ~ Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agteementa of Borrower contained in ~ . this Mortgage; (c) Borrower pays all reasonable 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 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 Mortgage, Lender's interest in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall wntinue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect ae if no acceleration had occurred. ' 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right ` b collect and retain such rrnta 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 wort b enter.npon, take possession of and manage the Property and b collect the rents of the Property, including those past due. All rents wllected by the receiver shall be applied first b payment of the wata of management of the Property and wllection of yenta, including, bat not limited b, receiver s foes, preminme on receiver's bonds and reasonable attorney a fees, and then b the soma secured by this Mortgage. The receiver shall be liable b acwnnt only for those rents actually received. O Q - B001(~~~ PACE~37 - t ~