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HomeMy WebLinkAbout2892 8. Inapectioa Leader may make or auaa to ba made eeasoaabb eatrisa upon and ieupectioos a~opry?t , ~rpr~~that Lender ahaD giw Boreowar t?otioa peioe to aeey anch inspadioa spadtying reasonable sauna thaeafar relates td 'a is elm in t6(e rroperq. 9. Condea~aatba.'lbs proceeds of any awned or eaaim for damages, direct err ooassgneatial, is oone?ectioa with aqy oondameution or other taking at tM peoperRjr, a part thareot; ~ for oonwyanoe is lino of caaderonatioo. are harsby assigned and shall be paid b Lwedsr. In the want of a total taking of the Peopaety, the proceeds shag be applied to the soma sacnred by ibis Mortgage„ witie the aseeas, it any. paid to Borrower. In the waet of a paetial taking of tba Proparb. anlssa Barrowar and Lender otherwise agtee in writing, there shall be applied to the acme secured by this Mortgap loch ptoportiae o[ the proosads v L egwl to that proportioa which the amount of the same ae~red by this Mortgage immediately prior to the dsta o[ taking bean to the fai: market vahw othee Propeeyr immediately prior to the daM of taking. with the balaaw of the proceeds paid to Barrewer. V the Property i. abandoned by Harowee, a ~ atlu aotios by Leader to Borrower that tbs oondemrecr offasio soaks an award os aettM a claim for damages. Boerowwr tailor to respond to Lender within 30 days attar the date such eeotios i. enailad, Erecter i. anthoriaed to collect aed apply the peooesds, at Lendda option, either to restoration oe repair ~ the peopeey a b the name secered by Chia Mortgage. Unlace Lsndae and Borrower otherwise agree is writing, any arch application otprooesda to principal ahaU ewtextead err postpone the dot date of the monthly installments referred b is paragraplu 1 and $ hereof or d?anga the amount of such installments. 10. Borrower Not Released. lemon of the time for payment or modiligtioa of amortisation of the sums secured by this Mortgage granted by Lender to aqy suooeawr in interest of Borrower shall e?ot operate to eelesss, is any maaaar, the liability of the original Borrower and Borrower's neooesaors in intaeast Lender shall not 6e required to oomaureoe prooesdinga against such wooeawr or refuas to eztsnd time for payment or otherwise modi~r amortisation of the wma seia~red by this Mortgage by reason of any demand made by the original Borrower and Borrowds sua~eesora in interest. 11. Forbearanos by Lauder Not a Waiver. Aeey forbearanos by Lander in aser+cising any right or remedy heranndes. ce otherwise afforded by applicable law, dull not be a waiver of or piedude the ezeecise of any such right or remedy. The peocnrea~eret of ieuuranoe a the payment of tazas ar other Rana a charges by Landes shall not bs a waiwr.of I.endetra right to sooelerats the maturity of the indebtednen secured by thin Mortgage. 12 Remedies G~emalative. All remedies provided in this Mortgage ors diatind and camalatiw to any other right err remedy andar Chia Mortgage or afforded by law err egaibf. and may bs esercise<l ooracnrreatb. W or suooes~~?dy 13 tinooessors and Assigns Hound; Joint an~ 8sverd I.iab~ility; Captions. The covenants and agreerneata herein c~tained shall bind, and the rights hereunder ahaU inure to, the respective snocassors and aasigw a[ Lsrda: aed Borrower. snbjed to the provisiaru d paragraph 17 hereoL All covenants and agreements of Borrower shall bs joint and osva:al.'Rre captious and hesdings of the paragrapher of this Mortgage are far eowaieace only aed ors not en bs need to intarpe+et or define the peovisioos henoL 14. Notice. Tszcept for any notice required under applicable law to be given in another manner. (a) any notice b Borrower provided form thin Mortgage shall begivea by mailing such notice by oartiSed mail addraaed to ~o~tbq lraperty Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to ~a1I be given by oerti5ed mail. return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Bo:rowee a. provided bereiee. Any notice provided for in this Mortgage shell be deemed to haw been swan to Borrower or Lender wha~a given in Wes manner designated harain. 15~ Uniform Mortgage; Governing Law; Severability. This farm of mortgage combines nnifmm oovensata for national nee and no»- nniform eovenanta with limited variations by jariadiction to oonstitate a uniform security instrument covering real propeety. This Mortgage shall be governed by the law of the jarisdidion in which the Property is located. In the event that any provision or clanae of this Mortgage or the Note contlicla with applicable law, arch conflict shall not affect other povisions of this Mortgage ~ the Note which can be given effect without the oonilicting provision, cad to this end the provisions of the Mortgage and the Note an deduced to be severable. 16. Borrower's Copy. Borrower shall be fnraished a conformed Dopy of the Note and of thin Mortgage at the time of e:ecntion or after recordation henoL 17.1Yansfer of the Property; Aaaemption. If all or any part of the Properly err an interest therein is sold or tranafe:nd )iy Borrower without Lendds prior written consent, ezdading (a) the oration of a lien err eacumbranoe subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) s transfer by devise, descent or by operation of L?w upon the death of a joint tenant or (d) the grant of any leasehold iatenst of three years or leas not containing an option to purchase, Leader may, at Laadds option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived arch option to accelerate it;pries to the saleor transfer. Lendm and the parson to whom the Property is to be sold or ttanafarred reach agceeaient in writing thatthe oeditof such person is satisfactory to Lender and that the interest payable on the sums severed by this Mortgage ahali bs at arch rats ere Leader shall request. If Leader has waived the option to accelerate provided jn this paragraph 17, and if Borrowda aaocessor in interest has ezecuted a written assumption agreement accepted in writing by Leader, Lender shall release Borrower from all obligations render Chia Mortgage and the Nuts. If Lender ezercises ouch option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof: ~ Such notice shall provide a period of not less than 30 days fiom the date the notice is mailed within which Borrower may pay the auma deduced due. If Borrower fails to pay such cams prior to the ezpiration of such period, Lender-may, without further notice or demand on Borrows, ~ invoke any remedies permitted by paragraph 18 hereof: 18. Acceleration; Remedies. Szoept as provided in paragraph 1.7 hereof, upon Borrower's breach of any covenant or agreement of Borrower is this Mortgage. including the ooveaants <n paiy when due any same secured by thL Mortgage, Leer E prior to acceleration shell mail notice to Borrower as provided in paragraph 14 hereof spedtying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days >Srom the date the notice i. mailed to Borrower, by which each breach mast be cared; and (4) that failure to care such breach on or before the date specified in the notice may result is eoceleration of the snnu secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate utter acceleration and the right to assert in the foreclosure proceeding the non-ezistenoe of a default or any other defense of Borrower to sooeleration and foreclosure. If the brescL is not cured on or before the date specified in the notice, Leader at Lender's option may declare aU of the saws secured by this Mortgage to be immediately due and payable without tnrther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses 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. NotwithstandingLender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to haw any proceedings begun by Lender to enforce this Mortgage diaoontinaed at any lima prior to entry of a judgment enforcing this Mortgage iL (a) Borrower pays Lender all sums which woaM be than due under this Mortgage, the Note and notes securing l?btun Advances, if any, had no sooeleration occurred; (b) Borrower c~a;ee all breaches of any other oovenanb or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable ezpenaes incurred by Lender io enforcing the covenants and agreements of Borrower ooatained in this Mortgage and in enforcing Leadds remedies as provided in paragraph 18 hereof iadnding, b~ not limited to, reasonable s attorney's ices: and (d) Borrower taken such action as Leader may reasonably nq~ to eaaun that the lien of this Mortgage, Leader's interest in the Property and Borrowds obligation to pay the anms secured by this Mortgage ahaU continue unimpaired. Upon ouch payment and can by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and effect sa if no acceleration had occurred. Zl). Asaigreneeat of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the yenta of the Property, provided that Borrower shall, prior to acceleration ender paragraph 1$ hereof or abandonment of the Property, have Weright to culled and retain such rents as they become d~u and payable. ~ Upon aooeleration under paragraph 18 hereof a abandonment of the Property, Lender shall be entitled to have a Waiver appointed by a court to enterapon, take poeseasion of and manage the Prape:ty and to Dolled the rents of the Property, inducting those pad due. All rents collected by the receiver shall be applied first to payment of the ooab of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums oo reoeivds bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage: The receiver shall be liable to account only far those rents actually received. 0 R PAGE28~ BOOK k H _ ~ ~ - _ - B _ ~ti