Loading...
HomeMy WebLinkAbout2501 8. inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therofor roleted to Lender's interest in the Property. 9. Condemnation. The proceais of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part thereof, or for rnnveyance in lieu of condemnation, aro hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, them shall be applied to the sumo secured by this Mortgage such proportion of the proceeds as is equal to that proportion which rho amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking, with the balanea of the proceeds paid b Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to eolleM and apply the proceeds, at Lender s option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments roferred to in paragraphs 1 and 2 hereof or change the amount of such instalbanents. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rolease. in any manner, the liability of the original Borrower and Borrower's successor in interest. Lender shalt not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrows: and Borrower a successor in interest. 11. Forbearance by Lender Not a N?aiver. Any forbearance by Lender in exercising any right or romedy hereunder, or oterwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or romedy. The procurement of insurance or the payment of tares or other liana 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 Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or romedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13.3uccessore and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall .inure to, the respective successor and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage aro for covariance only and aro not to be used to interprot or define the provisions hereof. 19. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided form 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 8 address stated herein or to such other address as Lender may designate by notice 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. Thin form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument 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 this Mortgage or the Note conflicts 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 aro declared to be severable. 16. Borrower'8 Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any pert of the Property or sn interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest [or household appliances, Ic) 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 leas not containing an option to purchase, Lender may, at Lender's option, declare all the 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 and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is 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 1T, 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 andthe Note. f If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 19 hereof. Such notice shall provide a period of not leas than 30 days from the date the notice is n•.siled within which Borrower may pay the soma declared f due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, mucks 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 soma secured by this Mortgage, Lender 1 prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereotspecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which euc6 breach must be cured; 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 t further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or s before the date specified 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 collets in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees. and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I.ender'sacceleration ofthe sums secured by this Mortgage, Borrower shall have the right to have an roceedin a y p g 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 soma which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration 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 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 aMion as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the some secured by this Mortgage shall continue unimpaired. Upon such payment and cure :Y by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effeM as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additions) security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain each rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Pro party, Lender shall be entitled to have a receiver appointed by a court to enterapon, take possession of and manage the Property and to rnllert the rents of the Property, including those past due. All rents ~ collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of tents, including, but not ~ limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney a fees, and then to t.~e soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. ?~~~r 3f14 .s,.~2498 r - ~