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HomeMy WebLinkAbout2877 8. Inspection. Lender may make or cause b be made reasonable entries upon and inspections of the property. provided that Lender shall give Borrower notice prior b any such inspection specifying reasonabb cause therefor related b Lender's interest in the Property. 9. Condemnatlon. The proceeds of any award or claim for damages. direct or consequential, in connection wild any ooademnatioa or other feting of the property, or part thereof, or for conveyanos in lieu of condemnation, are hereby assigned sad shall be paid b Lender. In the event of a total toting of the Property, the proceeds shall bs applied b the soma secured by this Mortgage, with the exoe~s„ if any, paid b Borrower. In the event of a partial taking of the Property. unlea Borrower and Lender oWerwias agree in writing, there shall bs applied b the auras secured by thin Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bean b the fair market value of the Property immediately prior b the date of taking. with Ws balance of the proceeds paid b Borrower. If the ProperRy is abandoned by Borrower, or i~ attar notice by Lender b Borrower that the condemnor often b make an award or setae a claim for damages, Borrower fails b respond b Lender within 30 days after We date each notice is mailed, Lends: is authorised b collect and apply the proceeds. at Lenders option, either b restoration or repair of the properf<y or b the rams secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds b prindpal shall notextend or postpone the due date of the monthly irutallmenta referred b in paragraphs 1 and 2 hereof or change the Rmount of such inatallonents. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's wccesaors in interest. Lender shall not be required b commence proceedings against sash successor or refuse b eztrod time for payment or otherwise modifjr amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor in interest. 11. Forbearance by Lender Not a R/aiver. Any forbearance by Lender in exerriaing any right or remedy hereunder, a otherwise afforded by applicable law. shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insnranoe or We payment of taxes or older liens or charges by Leader shall not be a waiver of Lender's right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and ~vmnlative b any other right or remedy ands: this Mortgage or afforded by law or equity. and may be exercised ooncarrently, independently or sueoessively. 13. Saooesson and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure b, the reppective suocesson and assigns of Lender and Harrower. subject b the provisions of paragraph 17 hereoL All oovenanta and agreements of Borrower shall be joint and several.'lUe captions and headings of the paragraphs of this Mortgage are for oovenience only and are not b be used b interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b 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 b Borrower at the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b I.endit shay be given by certified mail, return receipt requested, b Lender's address stated herein or b each other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; $everability. This form of mortgage combines uniform oovenanta for national use and non- uniform covenants with limited variations by jurisdiction to eonatitute a uniform security instrument rnvering 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 b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be fnntiahed a conformed copy 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 part of the Property or an interest therein is sold or transferred by Borrower without Lender a prior written consent,excluding (a) the creation of a lien or encumbrance subordinate b 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 an option b purchase, Lender may, at Lender's option, declare all the soma secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is to be sold or transferred reach agr¢e:nent in writing West the credit of each person is satisfactory b Lender and Wat We interest payable on We soma secured by Wis Mortgage shall be at such rate as Lender shall request. If Lender has waived We option b accelerate provided in this paragraph 17, and if Borrower a 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 We Note. If Leader exercises such option b accelerate, Lender shall mail Borrower notice of acceleration in accordance wild paragraph 14 hereoL ~ Such notice shall provide a period of not less W an 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 b We expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ 18. Acceleration; Remedies. L:cept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eoveaante to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apedfying: (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 sash 3 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 sums secured by this Mortgage, foreclosure by judicial proceeding sad sale of the Property. The notice shall s 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 soceleration 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 immediately doe and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwith~tandingLender s acceleration ofthe sums secured by this Mortgage, Borrower shall have the right b have any proceedings began by Lender to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be Wen due under this Mortgage, the Note and notes securing l~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in Wis Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We covenants and agreements of Borrower contained in Wis Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable t atbrney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of Wis Mortgage, Lender's interest in We Property and Borrowers obligation b pay We soma secured by Wis Mortgage shall continue unimpaired. Upon such payment and cure _ by Borrower, this Mortgage and the obligations eecnred hereby shall remain in full force and effect se if no acceleration had occurred. ~ 20. Assignment of Rents; Appointment of Receiver. As additional aecnrity hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have We right Y to collect and retain such rents as Wey become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a ) ooart b enter.upon, take possession of and manage We Property and b collect We rents of the Property, including Woes past due. All rents collected by the receiver shall be applied first b payment of the costs of management of the Property and collection of rents, including, bat not limited b, receivers fees, preminma on receiver's bonds and reasonable attorney's fees, and Wen b the soma secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. , i BCL~t X05 P~~E287 i - h 4 _ A ~ e.9,c