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HomeMy WebLinkAbout2121 t ~ 8. InspeMloa. Loader may make or cause to be made reasonabb entries upon sad inspections of the property,provided flat Lender shaA give Borrower notice prim to nay such irupection speci(yiag reasonabb cause therefor related to Leader's interest is the Property. 9. Condemnation. The proceeds of nay award or claim for damages, direct or eoasequantisl. in eoaaectioa witb any oaademaatioa or older taking of the property. a part thereof. or for ouaveyanos in lieu of oondemaatioa, an herby wed ~ gh b~ ~ b Lender. Ia the event of a told .taking of the Property. the proceedsshall bsapplied b the suausecured by tA>a N-oet~ags. wi~ t1~s a~M. if sglr. paid to Borrower. In the weal of a partial taking of the Properti, udea Borrower end Lender otherwise agree is writing, tbers shall be applied-to the sums secured bythis Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the suau secured by this Mortgage immediately prior to the date of taking bears to the fair marled value of the Property immediately prior to the date of taking. with We balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or ~ after notice by Leader b Borrower that the condemnor often to make as award or settle a claim for damages. Borrower fails to respond to Loader within 30 days after the date such notice is maibd, Lender i. aatlwrised to collect and apply the proceeds. at Lender's option, either to restoration ore repair of the property er to the arms secreted by this Mortgage. Unless Leades and Borrower otherwise agree in writing. any such application of proceeds b principal shall not extend err postpone the due date of the monthly irutallraeats referred to is paragraphs 1 and Z hereof or change the amoral of such iastaUmeats. 10. Borrower Not Released. E:tenaoa of the time for pepm~3nt or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor is interest of Borrower shall not operate to release, is any manna, the liability of the original Borrower and Borrower's auocesson in interest. Leader shall not be required to oommenoe proceedings against such snooessor or refuse to extend time for payment or oWerwise modi~jr arnortis8tion of the sums se~vred by this Mortgage by reason of any demand made by We original Borrower and Borrower s suocesaors is interest. - 11. Forbearanos by Lender Not a Waiver. Any forbearance by Leader in e:er~adng any right or remedy hereunder. or otherwise afforded by applicable law, ahaU not be a waiver of or preclude the e:ertiase of any such right or remedy. The piocnremaat of insuranos or the payment of taus or older liens or charges by Leader shall not be a waiver of Lender's right to accelerate the maturity of the iadebtednas secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to arty other right os remedy reader this Mortgage or afforded by law or egnit<jr, and may be exercised eoncurrent~y. independently or suooessively. 13. Soooessors and Agigw Bound; Joint and $everal Llabillty; Captions. The ooveaants and agreements herein contained shall bind. and the rights hereunder shall innn to. We respective suooessors and assigns of Leader sad Borrower. subject to the 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 covenience only and are not to be need to interpret or define-the provisions hereoL 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower atthe Property Address or at such other address as Borrower may designate by notice to Leader as provided herein. and (b) any ~ep Lem shall be given by certified mail. return receipt requested, to Lender's address stated herein or to each other address as Lender may ~lisignatsby notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when gives in the manner designated herein. l:a Uniform Mortgage; Governing Law; Severabiltty. This form of mortgage combines uniform oovenaata for national use and non- uniform covenants 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. Ia the event that nay provision or clause of this Mortgage err the Note rnnllicts with applicable taw, ouch conflict shall not affect other proviaiona of this Mortgage or the Note which can be given effect without the ooaflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be swerable. 16. Borrower's Copy. Borrower shall be furnished. a conformed copy of the Note and of this Mortgage at the time of execution or a8er reoordatioa hereof. 17. Tyransfer of the Property; Assumption. If all or any part of We Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, e:clnding (a) the creation of a lien or encumbrance subordinate to thin Mortgage, (b) the creation of a purchase money security interest for household applianoea, (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 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 such option to aooekrate if, prior to the sale or transfer, Leader and the person to whom the Property is to be sold or transferred reachagreement in writing thatthe credit of sn¢h person is satisfactory to Lender and that the interest payable on the arena secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers su'oeessor is 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 I.ende: ezercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereof ~j 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 soma declared due. If Borrower fails to pay such sums prior to 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. Ezcept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any enms severed by this Mortgage, Lender prior to acceleration shall mall notice to Borrower as provided in paragraph 14 hereof spedfying: (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 fellers 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 o[the Property. T'he notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. It the breach is not cared on or before the date epecifted in the notice, Lender at Lender's option may declare all otthe 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 e:pensea of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. i 19. Borrower's Right to Reinstate. Notwithstanding Leaders aecekration of the snma secar+ed by this Mortgage, Borrower shall have l the right to have any proceedings begun by Lender to enforce this Mortgage diaooatinaed at any time prior to entry of a judgment enforcing this Mortgage its (a) Borrower pays Lender all sums which would be then due render thin Mortgage, the Note and notes securing Palate Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other oovenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower ! oontaiaed in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, b~ not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lieu of this Mortgage, Lender's interest i in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and cure _ by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aocekration had occurred. f 20. Assignment of Rents; Appolntsaent of Receiver. Aa additional security hereunder, Borrower hereby asaigne to Leader the rents a of the Property. provided that Borrower shall. prior to aocekration ender paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon accderatioa under paragraph 18 6ereot or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ooart b snterapon, take possession of and manage the Property and to collect the rests of the Property, including those past doe. All rents oopecled by the receiver shall be applied first to paymrot of the costa of management of the Property and collection of rents, including, but not i limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. T'he receiver shall be liable to aceonnt only for those rents actually nxeived. eoaK303 PAGE2117. t. t .x - _ _ c l _