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HomeMy WebLinkAbout1413 i i 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the propergr, provided that Leader shall 1 give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Leader's interest in the Property. 9. Cooderaaatlon. The proceeds of any award or claim for damages. direct or consequential, is oonnectiwa with aqy condemnation or other taking of the propmgr, or part thereof, or for ooaveyanoe is Ilea of ooadeenaatioa, are hereby assigned and shall bs paid to Leader. In the event of a total taking of the Property. the proceeds shall be applied to We sums secured by this Mortgage, with the a:oess, if say, paid to Borrower. la the event of a partial taking. of the Property, udess Borrower and Lender otherwise ague is writing. there shall bs applied to the sums secured by thin Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the luau secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, wiW We balaaoe of We proceeds paid to Borrower. s If the 1'roparty is abandoned by Borrower. ~ i>f, after aotioe by Lender to Borrower that the ooadematyr offere to make sa award or settle a { claim for damage, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Leader is authorised to collect and apply the proceeds, at Lender's option. either to restoration or repair of the propergr or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztend or postpone the due date of the monthly installments refereed to in paragraphs 1 and 2 hereof or change the amount of wch iaatallments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the soma secured by this Mortgage granted by Lender to any suoeeswr in interest of Borrower shall not operate to release, is any manner, the liability of the original Borrower and Borrower's successors is interest. Lender shall not be required to oommeace proceedings against such eueoessor or refuse to extract time . ~ for payment or othecwise~nodify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrows ~ and Borrowei s successors in interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in ezertasing say right ~ remedy hereunder, or otherwise 1 afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insaranoe or the 1 payment of tares or other liens or charges by Leader shall not be a waiver of Leader's right to accelerate the maturity of the indebtedness secured by this Mortgage. - # 12 Remedies Cumulative. AU remedies provided in this Mortgage an distinct aid cnnnalative to any other right or remedy under thin Mortgage or afforded liy law or equity. and may be exercised concurrently. independently or suooessively. 13 Saceessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, sad the rights hereunder shall inure to, the respective enooessore and assigns of Lender and Borrower, subject to the provisions of ' paragraph 17 hereof All oovenaats and agreements of Borrower shall be joint and several. The captions and headings of the paragraplu of ; this Mortgage are for covenience only and are not to be used to interpret or define the provisioru hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for is ~ this Mortgage shall be given by mailing wch notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender a address stated herein or to such other address as I.euder may designate by notice to Borrower as provided herein. Any t notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~ 15. Uniform Mortgage; Governing Lew; Severability. This form of mortgage wmbines uniform covenants for national use and non- uniform rnvenants with limited variations by jurisdiction to 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 chose of this Mortgage or the Note rnaflicte with sppGcable law, such conflict shall not affect other proviaioas of this Mortgage or the Note which can be given effect t without We conflicting provision. and to this end the provisions 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 execution or after recordation hereof. $ 17. Transfer of the Property; AsswnpNon. If all or any part of the Property or an interest therein is Bold or transferred by Borrower # without Lender's prior written consent, excluding (a) We creation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We 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 wch option to accelerate if, prior } to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of wch person is satisfactory to Lender and that the interest payable on the auras secured by this Mortgage shall be at such rats es Lender shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's sueceeaor 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 such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof 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 sums declared due. If Borrower fails to pay such sums prior to the expiration of wch period, Lender may, without further notice or demand on Borrower, ?nvoke any remedies permitted by paragaauh 18 hereof. 18. Acceleration; Remedies Except ae provided In paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Leader 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 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 cure such breach on or before the date specified in the notice may result in _ ` acceleration 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 rdinstate 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 oa or before the date specified in the notice, Lender at Lender's option may declare all of the soma secured by this Mortgage to be immediately due and payabte without further demand and may foreclose this Mortgage by judicial proceeding. Lender shalt be entitled to collect in such proceeding all expenses of foreclosure, including, lwt not limited to. reasonable attorney's fees, and coats of documentary evidence, abstracts cad title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have say proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage i£ (a) Borrower pays Lender all sums which would be then due Hader this Mortgage, the Note and notes securing Pbtnre ~ - t Advances, if any, had ao 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 to, reasonable ` ' attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien olthis Mortgage, Leader's interest in the Property and liarrower's obligation to pay the soma secured by this Mortgage shall oontinne unimpaired. Upon wch payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the seats a of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right 3 to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a receiver appointed by a court to enter.upon, take possession of and manage We Property and to collect the rents of the Property, including those past due. AU rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, reoeivei s fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for_thoee rents actually received. BOC!( _ _ _ _ ~ .