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HomeMy WebLinkAbout2597 ` { t. 8. Iaspeetioa. Lender may make or caws to be made reasonable entries upon sad iaapectione of the property. provided that Leader shall giw Borrower actin prig to srgr such iaapection specifying reasoaabls cause therefor related to Leader's interest in the Property. 9. Coadeseaatioa. The peoceeds of any award or claim for damages, direct or oonaequaatial. to ooanectiou with say ooademnation oe older taking of the property, a part Wereol. or far oonwyanos is lieu of ooademaatioa. an hereby aasigr?ed aced shaA be paid to Leader. La the event of a told taking of the Property, tM proceeds shall bs applied to the sums secured by this Mortgage, wild the excess, ff any, paid to Borrows. Ice the weal of a partial taking of the Property, nnleas Borrower aced Leader oWerwiat agree in wgtiag, rheas shall bs applied to the anrw secured by this Mgigap ach proportion of the proceeds as i. equal to Wert propordoa which the amount d the sums secured by thin Mortgage immediately prior to tM date of taking bears b the fair market value of Ws Property immedtately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Properq? is abandoned by Barrows:, or it, ait+er notice by Leader to Borrower that the ooademnor oHirs to main as award or settle a claim for damages, Borrower fails to respond to Leader within 30 days attar the date such notice is mailed, Lender is antborised to collect and apply the peooeeds. at Lender's option. either to rsstoratiat err repair of the propee4y err to the sums secured by thin Mortgage ~ Unless Lender and Borrower oWerwiss agree is writing, say such application of proceeds to principal shall rat eztead err pastpoae thedw ~ date of the moath~jr iastallaienti referred to is paragraphs 1 sad Z hereof or ~ the amount of arch iastallaneats. ! 10. Borrower Not Released. Sxtsnsion of the limo for payansat or modification of amortisstioa of the sums secured by this Mortgage granted by Lender to any sueassor in interest of Borrower shall rat operate to release. in any manner, the liability of.tbe original Borrower and Borrower's suooeeeore in interest. Lender shall not be required to comrnsace proosedings against such successor or refuse to eztrod time [or payment or otherwise modi$r amortisation of We sums secured by this Mortgage by reason of any demand made by the original Bo:eower and Borrower's saooeswn in interest. 11. Forbearaaos by Leader Not a Waiver. Any forbeattaoe by Leader in esercisi»g any right err remecU? hereunder. err oWerwise a8orded by applicable law, shall not be a waiver of or preclude the exercise of say such right or remedy. The procnremeat of irranranoe a the payment of taxes err older liens a charges by Leader shall not be a waiver of Lender's right to accelerate the- maturity of the iadebtednea secured by this Mortgage 12 Remedies Cumnladve. All remedies provided in this Mortgage errs distinct and cumatative to any other right w remedy Hader this Mortgage or afforded by law or equity. and may bs exercised ooacnrrently. independently or suooesaively. 13. Strooessors and Assigns Hoard; Joist and Several Liability; Captions. The covenants and agreements herein contained shell bind, and the rights hereunder shall inure to. the respective saooeewrs and assigns ~ Lender and Borrower, anbject to the provisions oZ paragraph 17 hereof All ooveaants and a~grsements of Borrower shall be joint and several. The captions sad headings of the paragraphs a! this Mortgage are for oovenieace only sad are not to be wed to interpret or define We provisions hereoL 14. Notice. l;xoept for any notice required under applicable law to be given is anoWer manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing sack notice by certified mail addressed to Harrower at the Property Ad<lrsss or at such other address as Borrower may designate by notice to Lender as provided herein, sad (b) any notice to L.endee shfq,be given by certified mail, return receipt requested, to Lender's address stated herein or to arch other address as Leader may designate by notice to Borrower as provided herein. flay notice provided for in this 1Ka~rtgage shall be deemed to have been given to Borrower err L,ender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants fm national rase and non- uniform covenants wild limited variations by jurisdiction to oonatitute a uniform security indrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which We Property is located. In the event that any provision or clause of this Mortgage o: the Note conflicts wild applicable law, such eonflid shall not affect older provisionb of this Mortgage or the Note which can be gives effect without the onnflicting provision, and to this end the provisions of the Mortgage and We Note are declared to be severable. lli. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of e:ecntion or after ! recordation hereof. 17. Tlranster of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by $orrower wildcat Lender's prior written oonseat, e:clnding (a) the creation of a lien or encumbrance enbordinate 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 deaW of a joint tenant or (d) the grant of any leasehold interest of Wree years or less not containing an option to purchase, Lender may, at Lender's option. declare all We soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender sad the person to whom the Property is to be sold or transferred Hach agreement in writing that the credit of such person is satisfactory to Larder and Wat We interest payable on We same 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 it Borrower's aueoessor in interest bas 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 Wan 30 days from the date the notice is mailed within which Borrower may pay the same declared # j due. If Borrower fails to pay such rams prior to the expiration of such period, Lender may, without furWer notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof:: ~ 18. Acceleration; Remedies. Bxospt as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower ha this Mortgage, inchrding the covenants to pay when doe any sums secured by this Mortgage, Lender prior to acceleration shall mail 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 leas than 30 days from the date the notice i. mailed to Borrower, by which each ' breach mast be cured; and (4) that tailare to cure each bresd~ on or before the date specifed 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 acceleration and the right to assert in the toreclosnre proceeding the non-ezisteace of a default err aqy other defense of Borrower to aa~eleration and t~eclosure. 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 sec~rred 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 each proceeding all expenses of loreclosnre, including, brat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's flight to Reinstate. Notwithstanding Lenders acceleration of the Bums secured by this Mortgage, Borrower shall have the right to have any prooeedinga begun by Lender b enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage i~ (a) Borrower pays Leader all wms which would be then due under this Mortgag0. the Note and notes securing 1?bture Advances. if any, had no soceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrows contained in this Mortgage; (c) Borrower pays all reasonable espenses 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 ~.a~der may reasonably require to assure that the lien of this Mortgage. Lender's interact i in the Property and Borrowefs obligation to pay the sums secured by this Mortgage shall eontinne unimpaired. Upon such payment and cure by Borrower, this Mortgage and We obligations secured hereby shall remain in full force and effect ae if no soceleration had oocurnd. ~ Z0. Assignment olRents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shalt, prior to acoderation under paragraph 18 hereof oz abandonment of the Property, have We right ~ to rolled and retain arch rents as Way become due and payable. } _ 1 Upon acceleration ender paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have s receiver appointed by a I oonrt to enternpon, take possession of and manage the Property and to collect We renter of the Property, including Wore past due. All rents _ oolleded by the receiver shall bs applied first to payment of the costs of management of the Property and wllection of rents, including, bat not limited to, receiver's leer.-p~rerniums on receiver's bonds and reasonable attorney's foes, and then b the sums secured by this Mortgage. The receiver shall be liable to acoosnt Daly for those rents actually received. - - 4 • i i ~ i r BOOK~1uV PAGE25~t7 - 5 .7i'Z