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HomeMy WebLinkAbout2881 t 8. Inspection. Leader may make or cause b be made reasonable entries upon and inspections of the Ply, P~ded that Lander altall give Borrower notice prior b nay such inspection specifying reasonable cause therefor related b Lender's interest is the Prop~rq?. 9. Condemnation. The proceeds of nay award or claim for damages, direct a oonsequeatial, in connection with any condemnation o: older taking of the property. or pad tberoot, or foe oonveyanos is lieu of oondemnatioa, ors hereby assigned and shall be paid b Leader. In the event of a btal taking of the Property, the proceeds shall be applied b the luau secured by thin Mortgage. with the excess. if any, paid b Borrower. In the event of a padial taking of the Propergr, urtiess Borrower earl Lendec otherwise agree is wriiing, there shall be applied b the same secured by this Mortgage such proportion o[ the proceeds a. is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair market value of We Property immediately prior b the date of takng, wild the balance ~ the proceeds paid b Borrower. If the Property is abandoned by Borrower. or ~ after notice by Lender b Borrower that the condemnor offers b make an award os settle a claim for damages, Borrower fails b respond b Leader within 30 days efts:the date such notice is mailed. Leader is authorised b collect and apply the proceeds, st Leader's option. eiWer b restoration or repair of the property or b the sums secured by this Mortgage. Unless Lender sad Borrower otherwise agree in writing. any arch application of proceeds b principal shall not extend or postpone the due date of the monthly installments refa:eed b in paragraphs 1 a~ 2 hereof or change the amount of such irutallments. 10. Borrower Not Released. Eztenaioa of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender b any snocessor in interest of Borrower shall not operate b release, in any mannw, the liability of the original Borrower and Borrower's suoceason in interest Lender shall not be required b commence prooeedinga against such successor or refuse b extend 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 euocessors is interest. 11. Forbearance b7? Lender Not a Waiver. Any forbearance by Lender in exercising nay right a remedy hereunder. or otheswies 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 or other lieru or charges by Lender shall not be a waiver of Lender's right b eooelerate the maturity of the indebtedness secured by thin Mortgage. 12 Remedies Cumulative. All remedies provided in thin Mortgage are distinct and cumulative b any older right or remedy under this Mortgage or afforded by law or equity, and may be esereiserl wncnrrently, independently or snooessively. 13. $nocessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall roan to. the respet~tive successors and assigns of Leader and Borrower, subject b the provisions of paragraph 17 hereof AU covenaata and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for wvenience only and an 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 b Borrower provided for in this Mortgage shall be given by mailing ouch notice by certified mail addressed b Borrower at We Property Address or at such other address a8- Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shill be given by certified mail, retnru receipt requested, b Lender's addrees.etated herein or b such 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; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b constitute a uniform security inetrnment 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 Nott~trflicts 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 an declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of thin Mortgage at the time of execution or after rewrdaticn hereof. 17. T'raaefer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezclnding (e) 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, deaoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or leas not containing an option b purchase, Lender may. at Lender's option, declare all the arms 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 b be sold or transferred Hach agreement in writing that the credit of such person is satisfactory b Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrower's sueceesor in interest has e:ewted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the 'i Note. i If Lender exercises such option b accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereof: { Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared j due. If Borrower fails b pay such auma prior to the ezpiration of such period, Lender may, without further notice or demand on Bonrowe:, invoke any remedies permitted by paragraoh 18 hereof. 18. Aocele;anon; Remedies. Ezcept 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 doe any same secared by this Mortgage, Lender 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 leas than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may resnk in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding sad sale of the Property. T'he notice shall further inform Borrower of the 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. It the breach is not tarred on or ~ before the date specified is 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 collect in such proceeding all ezpenaes 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. NotwithstaadingL~nder's acceleration of the sums secured by this Mortgage, Borrower shall have the right b have any proceedings begun 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 then due under this Mortgage, the Note and notes securing Fhtare Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in thin Mortgage; (c) Borrower pays all reasonable e:penaee incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lendei a remedies se provided in paragraph 18 hereof, inducting, but not limited b, reasonable attomeyi a fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, I.ender'a interest in the Property and Borrower's obligation to pay the soma secured by thin Mortgage shall continue unimpaired. Upon each payment and sure e by Borrower, thin Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had oocarred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aeaigna b Lender the recta of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right f, to collect and retain such rents as they become due and payable. Upon aweleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a wort b enter.npoa, take possession of and manage the Properly and to collect the rents of the Property, including those peat due. All rents wllected by the receiver shall be applied first b payment of the wets of management of the Property and wllection of rents, including, but not limited b, receiver a fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. Bo~K305 fAtiF2875 g. _ ~ ~ ~ ~