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HomeMy WebLinkAbout1856 i ~ 4 8. Inspeedon. Lender may make or cause b be made tessoaable entries upon and irupactioas of We proysety, providd that jreader shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related b Leader's interest in the Property. 9. Coademnatioa. The proceeds of any award or claim for damages. direct or consequential. in connection with aqy condemnation or other taking of the property, or part Wereot, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In We.event o! a btal taking of the Property. the proceeds shall be applied to the sums secured by thin Mortgage, wild the esoess, if any, paid b Borrower. In the event of a partial taking of Ws Property, udsss Borrower and Lender oWerwise agree in writing, Were shall be i applied b We sums secured by this Mortgage arch proportion of We proceeds as is equal b Wat proportion which We amount of the sums i secured by this Mortgage immediately prior to We date of taking bean b the fair markd value of the Property immediately prior b the date of taking, wild We balance of the proceeds paid b Borrowas. Ii We Property is abandoned by Borrower, or ~ attar notice by Lender b Borrower that the mndemnce offer to make an award or settle a claim for damages. Borrower fails b respond to Lender wiWin 30 days aRer the date such notice is mailed, Lender is authorised b collect and aPP~y We proceeds, at Lender's option, eiWer to restoration or repair of the luope:ty or b the sums secured by Wis Mortgage. Unless Lender and Borrower oWeswise agree in writing,any such application of proceeds b principal shell not a:tend or postpone the due date of We monthly irutallmeata referred b is paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the rasa secured by thin Mortgage granted by Lender b any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower's successor in interest. Lender shall not be required to commence proceedings against such successor or refuse b extend time for payment or old erwise modify amortization of the sums secured by W is Mortgage by reason of any demand made by the original Borrower and Borrower a aucc~essors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder, o: oWerwise afforded by applicable iaw, shall not be a waiver of or preclude the exercise of any such right or remedy. The pt+ocurennertt of insuranoa or We payment of tares or older liens or charges by Lender shall not be a waiver of Lenders right b accelerate We maturity of the indebtednea secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any older right o: remedy under this Mortgage or afforded by Iaw or equity, and may be e:etciaai ooncurrent>,y, indepcedently or auboessively. 13. $uocesaors and Assigns Bound; Joint end Several Liability; Captions. The oovenanb and agreements herein contained shall bind, and We tights heregnder shall inure to: We respective snoceason and assigns of Lender and Borrower, subject to We provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of We paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define We proviaioru hereof. 14. Notice. Except for any notice required under applicable law b be given in aaoWer manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certi5ed mail addressed b Borrower at the Property Address or at such older address as Borrower may designate by notice to Lender ae provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such older address as bender may designate by notice to Borrower sa provided herein. Any notice provided for in this Mortgage shall be deemed b have been given to Borrower or Leader when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form ofmortgagecombines unifor-m covenants for national use and non- uniform covenants wild limited variations by jurisdiction to constitute a uniform security instnuueat covering real property. This Mortgage shall be governed by the law of the jurisdiction in which We Property is located. In We event that any provision or clause of this Mortgage or the Note conflicts wild applicable law, such conflict shall not affect older provisions of this Mortgage or We Note which can be given effect without the rnnfiictirig provision, and b this sad the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of Wis Mortgage at the time of ezecution or after i recordation hereof. 17. Transfer of rite Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) We 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 We death of a joint tenant or (d) the grant of any leasehold interest of three yeah or less not containing an option to purchase, Lender may, at Leader's option, declare all We sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior 1 to the sale or transfer. Lender and the person b whom the Property is b be sold or transferred reach agreement in writing Wat the creditof such person is satisfactory b Lender and Wat We interest payable on We sums secured by Wie Mortgage shall be at each rate sa Lender shall request. If Lender has waived We option to accelerate provided in this paragraph 17, and if Borrowers successor 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 wild paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days fi om the date the notice is n-,siled within which Borrowermay pay the sums declared j due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ; i invoke any remedies permitted by paragrauh 18 hereof. i i 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, n i agreement of Borrower in this Mo Pon Borrower's breach of any covenant or j rtgage, including the oovenante to pay when due any sums secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specit5ring: (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 reinstate after aooeleration and the right to assert in the foreclosure proceeding the non-ezietence of a default or any-other defense of Botzower 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 sad 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 fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithataading Lenders acceleration of the sums secured by this Mortgage, Borrower shall have -i the right to have any proceedings begun by Lender to enforce this Mortgage disooatinued at any time prior to entry of a judgment enforcing . this Mortgage if: (a) Borrower pays Lender all sums which would be Wen due under this Mortgage, We Note and notes securing I~ture 4 I Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We 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 to assure that the lien of this Mortgage, Lender's interest s in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure 4 by Borrower, this Mortgage and the obligations secured hereby shall remain in full force sad effect as 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 to acceleration under paragraph 18 hereof or abandonment of the Property, have the tight ~ to collect and retain such rents se Wey become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ' court b enternpon, take poeaeasion of and manage We Property and to collect We note of the Property, including Woae past due. All rents collected by the receiver shall be applied first to payment of the coats of management of the Property and collection of rents, including, but rat limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney a fees, and then b We soma secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. r d gO~K JU3 PACE,8 54 _