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HomeMy WebLinkAbout2286 8. Iaspeetlon. Lender may.make or awe b be made reasonable entries upon and inspections of the property, provided that Lender shall giw Borrower notice prix: to aqy such inapectioa specifying reasonable sues therefore :elated to Leader's interest in the PropsrRy. 9. Condetanatlon. The proceeds of any award or claim for damages, direct oroonsegawttial, in eonnectioa wild aqy oondemaation or other taking at the properly, a< pad thereof. o: for oonwyanoe in lien of condemnation, are hereby assigned and chap be paid to Lender. In tM weal of a told taking of the Property. the proceeds shall bs applied to the sums secured by this Mortgage, with the ezoess, itaegr, paid to Borrower. In the event at a partial taking of the Property, unless Borrower sad Lender otherwise agree in wridng, there shall be applied to the sums secured by this Mortgage such peoportion o[ the proceeds as is egad to West proportion which We amount of the soma secured by Win Mortgage immediately prior to the date of taking bean to the Lir market vah~e of the Property imraediate~y prior to the date of taking. wild the bdanoe of the peooeeds paid to Borrower. U We Propertjr is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or setW a daim for damages, Borrower fails to respond to Leader within 30 days after the date sncb notice is mailed, Leader i. authorised /o collect and aPPIY the proceeds, at Lendds option, eiWer to restoration or repair of tbs property or to the same secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such appliation of proceeds to principd shall not a:tend err postpone thedae date of We month)lp installments referred to in paragraphs 1 and 2 hereof or d~aags the amount of such inatalhnents. 10. Borrower Not Released. Eactension of the time for payment o: modiRation of amordzation of the sums assured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in nay manner. the liabiliq? oI We original Borrower and Borrower's wooessors in interest. Lender shall not be required to commence prvoeedings against sncb suooeaor or refine to eztead time for payment or otherwise modify amortisation of the sums :scared by this Mortgage by reason of any demand made by We original Borrower and Borrowg's suooesson in interest. ; 11. l?'orbsasaacs by I.endet Not a Waiver. Any forbeannos by Lender in eng any right or remedy hereunder. or oWenrise ~ afforded by applicsbk law. shall not be a waiver of or prednde the ezerciss of say each right err remedy. The procurement of inanrance or the } Payment of tares or older liens or charges by Lender shall not be a waiver 9t Leadsr'a right to accelerate the matarity at We indebtedness i aenued by this Mortgage. ~ , 12 Remedies Camalative. All remedies provided in thin Mortgage are distinct and cnmalatiw to any other right err remedy Hader this Mortgage or afforded by law or equity. and may be exercised eoncwrrently, independently or snooasiwly. 13. Snoeessors and Awigns Hound; Joint and Several LiabiUgr; Capdoas. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective saooesson and assigns of Lender and Borrower. snbjed to the provisioner of Paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and ssverd. The aptions and headings of the paragraphs of this Mortgage are for oovenience only and are not to be need to interpret or define the provisions hereof 14. Nodoe. Except for any notice required undw appUable law to be given in anoWer manner, (a) any notice to Borrower provided for in thin Mortgage shall be given by mailing each notice by certi5ed mail addressed to Borrower at We Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Leader shall be give by oerti5ed mail. setnm receipt requested, to Lender's address stated herein or to each other address a. Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage chap be deemed to haw been given to Borrower or Lender when given in the moaner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thies form of mortgage combines uniform oovenanta for national are and non- uniformcovenants wild limited variations by jnrisdidion to constitute a uniform security instrument covering seal property. Thies Mortgage shall be governed by We law of We jnrisdidion in which We Properly is loafed. In the event that any provision or dense of this Mortgage or the Note conflicts wild appliable law. such conflict shall not affect other provisions of Wis Mortgage or the Note which an be given effect without the conflicting provision, and to this rod the providons of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be famished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof: 17. Transfer of the Property; Assampdon. If all or any part of We Property or an interest Wetrin is cold or transferred by Borrower without Lender's prior written consent, exdading (a) the creation of a lien or encambrance subordinate b this Mortgage, (b) the creation of a purchase money eecnrity interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We death ofa joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at I.ende~s option, declare all the anms secured by this Mortgage to be immediately due and payable. Lendw shall haw waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be Bold or transferred reach agreement in writing that the creditof such person is satisfactory to Lender and that the interest payable on the sums secured by thin Mortgage shall be at such rate as Leader shall request. If [.ceder has waived We option to accelerate provided in this paragraph 17, and if Borrower's suooessor in interest has eaecnted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and We Notes - If Lender ezerrises ouch option to accelerate, bender shall mail Borrower notice of acceleration is aooordance wild paragraph 14 hereof: Such notice shall provide a period of not leas than 30 days fiom the date the notice is mailed within which Borrower may pay the name declared due. If Borrower fails to pay ouch sums prior to the expiration of each period, Lender may, without furWer notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof: i 18. Aeceleratlon; Remedies. Lzeept 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 aqy sums secured by this Mortgage, Lender s prior to acceleration shall mall notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach moat be cured; and (4) that failure to case such breach on or before the date spedfied in the notice may result in. acceleration of the eums.ecnred by this Mortgage, foreclosure by judicial proceeding and sale of We Pro Perty.Thenotic~eshall ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding tLe , non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is n~ cared on or ~ before the date specified in the notice, Lender at Lender's option may declare all otthe soma secured by thti Mortgage t6 be ~ ; mmediately due and payable without further demand and may foreclose this Most;age by judicial proceedln~. Lender shall be ~ entitled to collect in such proceeding all expenses of toreclosare, including, but not limited to, reasonable attorney's fees, and costa of docamentary evidence, abstracts and title reporter. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the same secured by this Mortgage, Borrower shall have ~ the right to have any prpoeedings begun by Lender to enforce thin Mortgage discontinued at any timeprior toentry ota jndgme9ntenforcing - _ thin Mortgage if: (a) Borrower payer Lender all sums which would be then due ender thin Mortgage, the Note and notes securing Futnr+e 1 Advances, if any, had no acceleration oecnrred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e: peaces 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, indnding, bat not limited to, reasonable a ttomey's fees; and (d) Borrower takes each action as Lender may reasonably require to aasnre that the lien of this Mortgage, Leada'a interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment and care by Borrower. this Mortgage and the obligations secured hereby shall remain in fall-force and effect as if no aecekration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of We Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to eaterapon, take possession of and manage We Property and to collect the rents of the Property, indading Worse past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, bat not limited to. receiver's fees, premiums on receiver's bonds and reasonabk atfomey's fees, and Wen to the soma eecnred by this Mortgage. The receiver shall be liable to account only for those rents actually received. i - ~ nnrr,, 3 • BOOK t~ll~ ~AGEZZ~ y - ~ - ~ ~Ee-hl ~ -