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HomeMy WebLinkAbout2601 t_, .r 8. Inspection. Fender may make or cause b be made reasonableeatries upon and iaspectiona olthe propsty. provided that Ieads shaA giw Borrower notice prior b aqy arch inspection spedlying reasonable caws thsefor related b Lerder'a iateree~t in the Pevperty. - 9. Coedemaatioa. The proceeds of any award or claim for damages. direct or oonasquaatial, in oonnectioa wild aey ooadereaation or other taking of the property, err part Wersot, or fa oonwyanos in lien of ooademeatioa, era hereby asrigeed and shag bs paid b Leads. In the went of a bW taking of the Property, the proceeds shall be applied b the sums secured by Wis Mortgage, with the excess, itany, paid b Borrower. In the event o[ a pardal taking of the Propartyy, unless Borrower and Leads oWswisi agree in writing, thaw shall bs applied b the soma secured by tbii Mortgage such proportion d tbs proceeds err i. equal b that proportiaa which tM amount of the snrns secured by this Mortgage immediately prior b the data of taking bean b the fair market value of the Property immediate>,? prior b the date of taking, with the balance of the proassds paid b Borrows. It We Property i. abagdoned by Borrows, or iiy sits notion by Leads b Borrower that the oDndemnor otfas b make an award or setW a claim for damages, Borrows fait b respond b Lends within 30 days after the date such notice is mailed, Leader is anthori>sed b collect and apply the proceeds. at Twader's option, eiWs b redoeatioa a repair of the property or to the sums oscared by this Mortgage. Ualesa Lends and Borrows othswisa agree in writing, any arch apph'cation of proceeds b psiacipal shall not a:toad or patpons tbs dw - date of tM monthllr installments referred b in pasagraplu T and g hereof or change the amount of such installments. 10. Borrower Not Released. Extension of tl~e time for payment a modification of amortization of the sums secured by thin Mortgage" granted by Lends b any snooessor in interest of Borrower shall not operate b release. in any manna. the liabiliq? of the original Borrows and Borrows'a snecasora in interest. Leader shall not be regttired b commence proceedings against such suocassor or refuse b extend lima far payment or otherwise modii~r amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrows and Borrower's suocesson in interest. - 11. Fosbsnranas by Leader Not a Waiver. Any forbearanQS by Leads in exsrcisang any right or remedy hereunder, or otherwise - aiforded by applicable law. shall red be a waive olor preclude the a:er+ase ai any such right o~c remedy. The proconment of inaareaos or the payment o! lases or olds liens oe charges by Leads shall not be a waive of Lerdee's right b aeoelsate the maturity o[ the in~btedness secured by thin Mortgage. 12 Remedies Cnaenlative. All remedies provided in this Mortgage ors distinct and aur?nlatiw b aqy other right ce remedy render thin Mortgage err afforded by law or equity. and may be exercised eoncurrsat>,jr. indepeadeatly or anooessiwly. 13. Suooessora and Assigns Boaad; Joint and Several Liability: Captions. The covenants and agreements herein ooatained shall bind, and the rights hereunds shall inure t0. the respective anooeason and assigns at Lends and Borrows. subject b the provisiow d paragraph 17 hareoL All covenants and agreements of Borrows sheA be joint and eweral. The captioru? and headings olthe paragraplu of this Mortgage are for ooveaienae only and are not b be wed b interpret or define the provisions hersoL 1 Notice. E:Dept for any notice required under applicable law b be given in another manner. (a) any notice b Borrowei provided for in thin Mortgage shall be given by mailing such notice by oerti6ed mail addressed b 8are+owgr atths Property Addrea or at such older address as Borrows may designate by notice rp Lander as provided herein. and (b) any notice to Larder shall be given by certified iaail, return receipt requested, to Leader's address stated herein or b such olds address as Leader may designate by notice b Borrows a. provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrows or Lender when given in the manes designated herein. 15. Uniform Mortgage; Governing Law; Severabillty. This form of mortgage combines uniform ooveeanta for national use and non- uniform oovenaeta with limited variations by jurisdiction b constitute a aniform secarity indrnment covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or chose of this Mortgage a the Nate conflicts with applicable law, such ooutlict shall not aged olds: provisions of this Mortgage or the Note which can be given effect without We conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of e:ecation or after recordation hereof. - - - - 17. Transfer of We Property: Assumption. Tf all or any part of the Property or an interest therein is ld or transferred by Borrower wiWout Ierder's prior written consent, ezclading (e) the creation of a lien or encumbrance anbordinate b thiortgage, (b) the creatioe 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 three yeah or less red containing an option b purchase, Lender may, at Lender's option, declare all the same secured by this Mortgage b be immediately due and payable. Lender shall have waived each option b aooelerate if, prior to the sale or transfer, Lends and the pereon b whom the Property is b be sold or transferred reach agreement in writing that the credit of each " person is satisfactory b Lender and Wet the interest payable on the soma secured by this Mortgage shall be at inch rate aae Laeder shall request. If Lender has waived We option to aeoderate provided ie this paragraph 17, and if Borrower's suoceasor ie interest has ezecuted a written assumption agreement accepted in writing by Lender, leader shall release Borrows tiom all obligations under this Mortgage and the Note. - ~ If Lender exercises such option b acceleratt, Lender shall mail Borrower notice of aooelerstion in accordance with paragraph 14 hereoL 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 sums declared ~ due. If Borrower fails b pay each supra prior b We expiration of such period, Tender may, wildcat fnrWer notice or demand on Borrower, ~ invoke any remedies pern~itted by paragraph 18 hereof. 1& Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenaat or agreement of Borrower in this Mortgage, including the oovenanta topny when due any sums scarred by th4 Mortgage, Lender prior to aooeleratioa shall mall notice to Borrower as provided in pe~agraph 14 hereof specifying: (1) the breach; (2) the action required to care each breach; (3) a date, not lea than 30 days from the date the aotioe is mailed to Borrower, by which wch breach must be cured; and (4) that failure to care such breadr on or before the date specified in the notice may result in acceleration otthe sums trecrrred by this Mortgage, foreclosure by judicial proceeding sad sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the ridrt to assert in the foreclosure proceeding the non-existence of a default or any other decease of Borrowrer to acceleration sad foreclosure. If the breach is not aired on or before the date epecifled in the notice, Lender at Lender's optiwr may declare all of the soma secured by this Mortgage to be immediately due and payablewithorrt farther demand and may toreclosethis Mortgage by judicial proceeding. Lender shall be entitled to Dolled in sncb proceeding all expenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and coats of doaunentary evidence, abstracts and title repwrts. - 19. Borrower's Right to Reinstate. Notwithstanding Tinder's acceleration of the soma secured by this Mortgage, Borrows shall have We right to have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing Wis Mortgage if: (a) Borrower pays Lender all arms which world be Wen doe ender this Mortgage, the Note and notes securing Purace Advances, if any, had no aooderation occurred; (b) Borrower cures. all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred. by Lender in enforcing the eoveeanta and agreements of Borrows . contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney's teen; and (d) Borrower takes arch action ore Lender may reasonably require b assure that We lien of Win Mortgage, Leeds's intered 3 in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall eontiene unimpaired. Upon sack payment and acre ~ by Borrower, this Mortgage and We obligations secured hereby shall remain in fall force and effect as if no aoceleratioe had occurred. 20. Aaigament of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Leader We rents r of the Property, provided that Borrower shall, prior b aoceleiation render paragraph 18 hereof err abandonment of We Property, have the right b collect and retain sncb rents a Way become doe and payable. - Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a ootprt b enternpon, take possession of and manage the Property and b collect the rents of thcProperty. including those pad due. All rats . collected by the receiver shall be applied Srst b payment of the cosh of management of the Property and collection of rents, including, but red limited b, receiver's fees, premiums on receiver's bonds and reeeonabk attorney's foes, and Wen b the sums secured by this Mortgage. The reca+ver shall be liable to account only for Wave rents actually received. BooK 303 racE2597 -e~ _ - _ - ~F -