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HomeMy WebLinkAbout2212 8. 1 aapeMioa. Lender may make or cause to be made reasonable entries upon and irupectiona of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying nasonabk cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of say award or claim for damages, director rnnsequential, in rnnnection with any condemnation or other taking of the property, ar part thereof. or for cor?vsyance in lieu of oondemnatioa, are hereby assigned sad shall be paid to I.ender. Ia the event o[ a total taking of the Property, the proceeds shall bs applied to the sums secured by thin Mortgage. with the ezesa, if any, paid to Borrower. Ia the event of a partial taking of the Propergr, unlew Borrower and Lender otherwise agree is writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds a. is equal to that proportion which the amount of the soma secured by this Mortgage immediately prior b the date of taking bean to the fair market 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 it, after notice by Lender to Borrower that the condemnor ogee to make an award or settle a claim for damages, Borrower fail to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repay of the property or to We sums secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such application of proceeds to prinapal shall not extend or postpone We due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tenaioa of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's auccceson in interest. Lender shall not be required to commence proceedings against such successrr or refuse to a:lead time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s succeaeon in interest. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in a:excising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of fazes ce other Uens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies (,'umulative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercise<1 eoacuxrently, independently or sueoeasively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein oontaiaed shall bind, and the rights hereunder shall inure to, the respective successor and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint sad several. The captions and headusgs of the paragraphs of this Mortgage are for rnvenience only and are not to be used to interpret or define the provisions hereof. l4. 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 at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender a address stated herein or to such other address as Lender may designate by noticb to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to eonatitute a uniform security inatrnment 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 clause of thin Mortgage or the Note ~ronflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a rnnformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender a prior written rnnsent, excluding (a) the creation of a lien or encumbrance 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 yeah or less not containing an option to purchase, Lender may, at Lender a option, declare all the auras aecureti by this Mortgage to be immediately due and payable. [.ender shall have waived such 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 the credit of such person ie satisfactory to Lender and that the interest payable on the sums 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 successor~in 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. j If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof. j Such notice shall provide a period of not less than 30 days from the date the notice is n',ailed within which Borrower may pay the soma declared due. If Borrower fails to pay such soma prior to the expiration of such period, [.ender may, without farther notice or demand on Borrower, I invoke any remedies permitted by paragraph 18 hereof. ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Leader ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days tiom the date the notice is mailed to Borrower, by which such breach must becured; -and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower otthe 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. 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 secured by this Mortgage to be I 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 ezpenses of foreclosure, including, but not limited to. reasonable attorney's fees, and costa of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing ilrture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreement8 of Borrower rnntained in 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 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 Lender may reasonably require to assure that the lien of this Mortgage, Lenders interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect ore if no acceleration had occurred. P Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to [.ender the rents prio paragr p perty, have theright of the Property, provided that Borrower shall, r to acceleration under a h 18 hereof or abandonment of the Pro { to collect and retain such rents as they become due and payable. Upon aooeksation ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.upon, take possession of and manage the Property sad to collect the rents of the Property, including those past due. AU rents collected by the receiver shall bs applied fiat to payment of the costa otmanagement of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on rQCeiver'e bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liabk to account only for those rents actually received. s~~~ 3(14 ~~f X209 }r } :.y,