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HomeMy WebLinkAbout1237 8. IaipeMlOA. Lender may make os cause b be made reasonable entries upon and inspections olthe property, provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related to Lender's iutenest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. director consequential. in conaectiop wi~ any condemnation or other taking of the property. or part thereof, or for conveyance in lieu of ooademnation, an hereby assigned and shaA be paid b I.ender. In the event of a btal taking of the Property, the proceeds shall be applied b the sums secured by this Mortgage, with the e:eas, If any, paid b Borrower. In the event of a partial taking of the Property, unless Borrower sad Lender otherwise agree is writing, there shall be applied b the sums secured by thin Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured by thin Mortgage immediately prior b the date of taking bean b the fair market value of the Property immediately prior b the date of taking. with We balance of the proceeds paid b Borrower. If the Property is abandoned by Bcurower, or if. after notice by Lender b Borrower that the oondemaor 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. Lender is authorised b collect and apply the proceeds. at Lender's option, either b restoration or repair of the property or b the sums secured by this Mortga~gs. Unless Lender and Borrower otherwise agree is writing. any such application of proceeds b principal shall not a:tend or postpone the due date of the monthly instelbnenta referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the soma secured by thin Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrowei s euooesson in interest. Lender shall not be required to commence proceedings against such successor or refuse b extend time for payment or otherwise modify amortization of the auras 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 Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or We _ payment of terse or other liens or charges by Lender shall not be a waiver of Lender's right b aeoelerab the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity. and may be exercised ooncurrent~y, independently or anocessively. 13. Successors sad Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure b, the respective successors and assigns of Lender and Borrower. subject b 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 oovenience only and are not b be used to interpret or define We 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 is this Mortgage shall be given by mailing such-notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and (b) any notice b Leader shall be given by certified mail. return receipt requested, b Lender's address stated herein or b each other address as Lender may designate by notice to 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; 3everability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b oonatitute a uniform security instrument ooveriag 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 conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provsaion, 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 rnnfonned copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written rnnsent, ezcluding (a) the creation of a lien or encumbrance subordinate b 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 less not wntaining an option to purchase, Lender may, at Lender's 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 b the sale or trariafer, 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 Borrower's successor iri 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 ezercisea such option b accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of not less than 9fl days from the date the notice is mailed within which Borrower may pay the sums declared 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. IJ:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eovenante to pay when dne any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ee provided in paragrap614 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure 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. The notice shall further inform Borrower ofthe 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 expenses 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. NotwithatandingLsnder's acceleration of the sums 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 sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements 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's 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 soma secured by this Mortgage shall continue unimpaired. Upon such payment and care ~ by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration ltad occurred. 20. Assignment of Rents; Appointment of Receiver. As additions} 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 rents 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 court b enterapon, take possession of and manage the Property and b collect the rents. of the Property, inclnding.those past due. All rents collected by the receiver shall be applied first b payment of the costa of management of the Property and collection of rents, including, but not limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The receiver shall be liable b aeoount only for those rents actually received. - BOOK 3O3 PAGE12~ ~