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HomeMy WebLinkAbout2901 8. Inapectioa. Leader may make os canes to be made reaaonabk entrra npOn and inspections of tM property. provided that Leader shall give Borrower notice prior to aqy andt inspection apecilyins reasonable cease therdoe related tq Lsade~s re1R iq fly l~nogerty. 9. Coademaation. Ths pcooeeds of any award or claim for damages. direct or oonsegaential, in oaa~ with q~'a~mnation oe older taking of the property, err part thereof. ar for oonwyaaa in Lisa of ooademnation. are hereby asdgned and shall be paid b Lender. Ia the event of a total taking of tbs Property. the proceeds shall be applied to tbs sums seeued by this Mortsase, with tM esoess, if aqy, paid to Borrower. Ia the event of a partial talons of the Property. unless Borrower and Leader otherwise acres in writing, there shall be applied to the sums se~yred by thin Mortgage swdt proportion of the proceeds as b equal to that propatioa which the amount of tM same ee~vred by this Moetgase immediately prior to the data o[ talons bears to the fair marled valve of the PeopsrRy iaimediatel,? prior to the date of talons, with the balance of the proceeds paid to Borrower. Tithe Properpr is abandoned by Borrower. err ~ after notice by Leader to Borrower that the oondesnnot offers to make an award or settle a claim for damages, Borrower fait to respond to Lender within 30 days after the date ouch notion is roarled, Leadee ie authorised to collect and apply the proceeds, at I.ender'e option, sithee to rsdoration err repair of tbs property or to the earns secar+sd by this Maetgasa. Unless Iwader and Borrower otherwise acres in writing.any such application of proceeds to prindpal shall not eztead ac postpone the dw date of the moathiy iruWlnbs?ts referred b is paragraphs 1 and Z hereof ar chance the amount of such inatalladeats. 10. Borrower Not Released. Bztendoa of the time foe payment ar modificatan of amortisation of the sums secured by this Motisage granted by Leader to any successor in interest of Borrower shall not operate to release, is any manner. the liaDitify of the orisinal Borrower and Borrower's suooeaors in interest. Lender shall not be required to commence proceedings against such suooeaor or refuse to 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 sncceswrs is interest. 11. Forbearanos by Lender Not a Waiver. Aay forbea:anoe by Leader is ea~ertasing any right or remedy beroaader, err oti~ecwise worded by applicabis law; shall not bs a waiver of or preclude the ezercise of any anch sight ar remeclj?. The procurement of insuraaos oe the payment of fazes a other liens ar durges by Lender aball not be a waiver of I.snder's sight to acceerate the maturity os the indebtedness secured by this Mortsase. 1 Z Remedies Csimalatlve. AU remedies provided in this Mortgage are distract sad cnmulatiw to any other right ar remedy ender this Mortgage ar affaeded by law or equity. and may be ezerased ooncarreatly, indeprndrotly or anooessively. 13 Suooeasors and Assigns Hound; Joint and Severwl Liability; Captions. The oovrnants and agreements herein oontainedshall' bind. and the rights hereunder shall inure m. the respective auooessors and assigns of Leader and Borrows:, sabjed to the provisions oaf. paragraph 1? hereoL All covenants sad Bgreemrnta of Borrower shall be joint and several. The a~ptioas and headings of the paragraphs of this Mortgage are for oovenienoe only and are rat to be need to interpcd or define the provisions hereoL 14. Notice. Except far any notice required Hader applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing arch notice by certified mail addressed to Borrower at the Property Address or at such other address as Harrower may designate by notice to Lender ore provided herein, and (b) any notice to Leaden shall be given by certified mail. return receipt requested. to I.eadar's address stated herein ar to each other address as Lender may designate by notice to Borrower ore provided herein. Aay notice provided for in this Mortgage shall be deemed to haw been given to Borrower ar Lende7t ~hqd hiiFsa is the manner designated hernia. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage a~ab~es form oovenanta far national use sad non- uniform covenants with limited variations by jarisdiotion to eonatitnte a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jnrisdictioa in which the Property is located. In the Event that any provision or dense of this Martsase ar the Note coallicta with applicable law, each conflict shall not affect other provisions of this Mortgage ar the Note which can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to 6e severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecvtion ar after recordation hereof. 1?. Transfer of the Property; Assumption. If all ar any part of We Property ar an intered therein is sold ar transferred by Barovrar without Lender's prior written consent, ezdnding (a) the aceation of a lien ar encumbrance anbordiaate to this Mortgage, (b) the creation of a purchase mosey aecarity interest for household appliaaoes, (c) a transfer by devise, descent or by operation of law neon the death of a joint tenant or (d) the grant of any? leasehold intered of three years ar less not containing an option to purchase, Leader may, at Lenders option, declare all the anms secured by this Mortgage to be immediately due and payable. Lender shall haw waived such option to accelerate if, priar to the sale ar transfer. Lender and the person b whom the Property is to be sold ar transferred reach agreement in writing that the credit of such person ie satisfactory to Lender and that the interest payable on the same secured by this Mortgage shall be at such rate ore I.rnder shall request. If Leaden has waived the option to accelerate provided in this paragraph 17, and if Borrower s sueoessor in intered has ezecated a written assumption agreement accepted is writing by Lender, Lender shall release Borrower from all obligations Hader this Mortgage and the Note. - - ~ If Lender exercises each option to accelerate, Lender shall mail Borrower notice of aeoderation in accordance with paragraph 14 hereoL ~ inch notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the anme declared due_ If Borrower fails to pay each same priar to the expiration of such period, Lender may, without further notice or demand on Borrowes, invoke any remedies permitted by paragraph 18 hereoL 18. Aeeelera~tion; Remedies. S=Dept ore provided in paragraph 17 hereof, upon Borrower's breach of aq' covenant or ` agreement of Borrower in this Mortgage, including the eovenante to pay when due any sums severed by this Mortgage, Lender prior to acceleration ahaU mail notice to Borrower ore provided in paragraph 14 hereof spedfying: (1) the breach; (2) the adios required to cure such breadr; (S) a date, not lees than 30 days from the date the notice is mailed to Borrower, by which ewch breach moat be cared; and (4) that failure to care each breach on or before the date specified in the notice may result in acceleration of the same secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate alter acceleration and the right to assert in the torecloeare proceeding the non-existence of a default or any other defense of Borrower to aa~eleration and fi~eclosure. If the breach ie 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 forecla~ee this Mortgage by judicial proceeding. Lender shall be entitled to Dolled in each proceeding all e:pensea of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the some secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discwatinued at any time priar to antsy of a jadgmeat enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due ender this Mortgage,.the Note and notes securing F1~tnre Advances, if any, had ao aeoeleration occurred; (b) Borrower cures all breaches of any other covenants ar agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Fender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 herao~ inclndiag, but not limited to, reasonable ~ attorneys fees; and (d) Borrower takes sack action ore Lender may reasonably require to assure that the lien of this Mortgage, Leader's interest is the Property and Borrowers obligation to pay the snore secured by this Mortgage shall continue aaimpaired. Upon each payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in frill force and effect as if no eoceleration had oecnrred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby ensigns to Fender the rents of the may, provided that Borrower shall, prior to acceleration under paragraph 18 hereof ar abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon aooeleration under paragraph 18 hereof ar abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.apon, take possession of and manage the Property sad to collect the rents of the Property, indading those past due. All rents collected by the receiver shag be applied first to payment of the poste of management of the Property and collection of rents, indodiog, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, sad then to the sums secured by this Mortgage. The recover shall be liable to account only for those rents ad»sily reooved. t f ~~nn QQnp 800K JtJ~ PAGE~O~ = s~