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HomeMy WebLinkAbout2352 f!. Inspection. Lender may make or causs~to be made reasonable entries upon and inapacdons of the ~ppert<y, psovld~d lost Lauder sha.U giw Borrower aotia prior b aqy such iaspeciion epeci>yring aasonable cause thentor related to Leader's interest in till Propartyy. 9. C.oodemnation. The proceeds of any award or claim for damasss, direct a consequential, in connection with aRl? ooademaation a other talaag of the property. a part Weaof. as far oonwyaaw in liw of oondemaation, are heaby asagned and shall be paid do Gader. In the evert of a total taking of the Property. the proceeds shall be applied to the sums secured by Chia Matsase4 with the excess, if aqy, paid to Borrower. In the event of a partial taidrtg of the Property, anises Borrower and Lender oWerwise agree in writias, there shall be applied <D Ws sums secured by this Mortsap such propatioa of the proceeds as is equal to that proportion which the amoant of the sums secured by thin Mortgage immediately prior to the date o[ talons bean to the fair marled vahte of the Property imarediate~y priorto the date of talons. with the balance of the proceeds paid to Bocrowe:. If the Properbr i. abandoned by Borrower, or i~ after notice by lender to Borrower that the condemnor often to male an award or settle a claim for damages, Borrower tails to respond to Ie~er within 30 days after the date such notice i.mailed. Lendes is authorised to collect and apP~Y the proceeds, at Lender's option, tither to adoration a repair of tM properly err to the sums scared by this Mortgages Udew Lender and Borrower oWerwirs tins in writias, any each application of proceeds to principed shall not extend or postpone the tine date of the monthly installments referred to in paragraphs 1 and 2 hereof os thanes the amoant of such installments. . 10. Borrower Not Released. Extension of the time. for payment or modification of amortisation of th¢ suau secured by Wit Mortgage granted by Lender to any snooessor in interest of Borrower shall rat operate to release. in any manner. the liability of the orisinal Borrower and Borrower's suoeessors is interest. Lender shall not be required to commence proceedings against such successor or refuse to estend time for payment or oWe:wise modify amortisation of the sums sectired by this Mortgage by reason of any demand made by the original Borrower and Borrowae s ana~eseon in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezenadng any right err remedy hereunder. err oWerwiss afforded by applicable law, shall not be a waiver of or preclude the exercise of say such right or remedy. The procvameat of iasnranos or We payment of fazes or other liens or charges by Lender shall not be a waiwr of Lender's right to aeoelaate the maturity of the indebtednep secured by this Mortgage. 1Z Remedies Cnmalative. All amedies provided in this Mortgage as distinct and camulatiw to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezenassd ooacvrrantly, iudepead~tly or saooessiwly. 13. Suooessors and Assigns Bomid; Joint sad Several Liability; Captions. The covenants and agreements herein contained shall bind, end the rights hereunder shall inure to, the respective snooesaon sad assigns of Lender and Borrower. sabjed to the pr+ovosions of paYagraph 17 hereof: All ooveaants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for ooveueaoe only and as rat to be used to interpret or define We provisions hereof: 14. Notice. Except for any notice required ender applicable law to be given in another manner, (a) any notice to Borrower provided for on this Mortgage shall be given by mailing arch notice by certified mail addressed to Borrower at the Property Addass or at sack older addrea as Borrower may designate by notice b Leader as provided herein, and (b) any notice to Leadas.s~llall bt ~ryen by oertofied mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by Halide b Borrower as provided herein. Any , notice provided for in this Mortgage shall be deemed to haw been gives to Borrower or Lender when given in the meaner designated basin. 15,. Uniform Mortgage; Governing Law; Severability. This form of mortgage oombiaes uniform aovenanta for national use and non• uniform covarants with limited variations by jnrisdidion to constitute a uniform security ineRrumeat covering real property. This Mortgage shall be governed by the law ofthe jnrisdidion in yvhich We Property is located. In the event that any provision or clause of this Mortgage ce the Note conflicts wild applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without We conflicting provision, and to this end the provisions of the Mortgage and We Note are declared to be severable. 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. a 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or tsandernd by Borrower without Lender's prior written consent, excluding (a) the creation of a lies or encambranee subordinate to 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 containing as option to purchase, Lender may, at Lender's option. declare all the sums secured by thin Mortgage to be immediately due and payable. Leader shall have waived each 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 We creditof such person is satisfactory to Lender and that the interest payable oa the sums secured by this Mortgage shall be at each rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor is interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release $orrower 5rom all obligations under this Mortgage and the Note. ! If Leader ezeruses such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereoL ~ . Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Leader may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. i 18. Acceleration; Remedies. Sxoept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or i agreement of Borrower in this Mortgage, including the covenants to pay when~due any soma secured by this Mortgage, Lender ~ prior to aeoeleration shall mail notice to Borrower as provided in paragraph 14 hereof spedlying: (1) the breach; (2) the action ~ required to cure sue6 breach; (3) a date, not leu than 30 days f4+um the date the Mice is mailed to Borrower, by which wdr f breach must be cured; and (4) that feilare to care wch breach on or before the date specified in the notice may result in acceleration of the sum$ secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate aRer aeoeleration and the right to assert in the foreclosure proceeding the ' nos-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date spedfled 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 e:peasee otforeclosure, including, but not limited to. reaoaonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender'8 acceleration of We snmssecured bythis Mortgage, Borrower shall have { the right to have any proceedings began by Leader to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage ih (a) Borrower pays Lender all auras which would be then due sudsy this Mortgage, the Note and notes aecaring Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or egr+eeanents of Borrower contained in t 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 Leader's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's fees; and (d) Borrower takes each action ss Lender may reasonably require to assess that the lien of this Mortgage, Lender's 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 Borrows, this Mortgage and We_ obligations secured hereby shall remain in full force and effect as if no aocrleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader We rents of the Property, provided that Borrower shall. prior to aootleration under paragraph 18 hereof or abandonment of the Property, have the right to tolled and stain each rents as they become tine and payable. Upon acceleration ands paragraph IS hereof or abandonment of the Property, Lender shall be entitled to have a receives appointed by a court to enter~rpon, tale posseaaion of and manage the Property and to collect the yenta of the Property, including those past tine. All rents collected by the receiver shall be applied first to payment of the costs of management olthe Property and collection of rents, including, bat nd z limited to. receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receives shall be liable to account only for those yenta actually received. i ~ooK X03 N~cE 2348 f~~ - - _ . _ _ - - - - F.: