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HomeMy WebLinkAbout2889 8. lnspeetion. Lender may make or caws to be made reasonabb entries upon and inspections of the property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable caws therefor related to Leadei • interest in the Property. 9. Condemnation. The proceeds of any award or claim fps damages, direct or ooasequential. in ceanection with any condemnation or other taking of the property, or part thereof. or for conveyance in lieu of condemnation, a» hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall bs applied b the sums secured by this Mortgage. with the excess, ff any. paid to Borrower. In the event of a partial taking of the Propergr, unlew Borrower and Lender otherwise agree in writing, We» shall be applied to the suau secured by this Mortgage such proportion cf the proceeds as is equal to that proportion which the amount of the sums f secured by thin Mortgage immediately prior to We date of taking bears to We fair market value of We Property immediately prior to the date of ' taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notice by Lender b Borrower that We condemnor offe» to make an award or nettle s claim for damages. Borrower fails to respond to Leader within 30 days after the date such notice is mailed, Leader b aathorized to collect and apply the paooeeds, at Lender's option, either to restoration ar repair of the property or to We sums secured by this Mortgages } Unless Leader sad Borrower oWerrriss agree in writing. any such application of proceeds to principal shall not eztend or postpone the due ; date of the monthly installments referred to in parag»phs 1 and 2 he»of or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of We auras secured by this Mortgage ti granted by Lender b any successor in interest of Borrower shall not ope»te to release. in any manner. the liability of the original Borrower ~ and Borrower's eucceeso» in interest. Lender shall not be required to commence Proceedings against such suocasor or refuse to extend time i for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower s auccesso» is interest. ~ 11. Forbearance by Lender Not a Waiver. Any forbearaaoe by Lender in ezerciaing any right or remedy hereunder. or otherwise , afforded by applicable law, shall not be a waiver of or preclude the exercise of any snch right or remedy. The proc~tnment of insnrsace or the ~ payment of tares or other liens or charges by bender shall not be a waiver of Lender's right to accelerate the maturity o[ the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in thin Mortgage are distinct and cumulative to any older right or remedy Hader this Mortgage or afforded-by law or equity. and may be exercised concurrently. independently os suoceeaively. ~ 13. Strcoesso» and Assigns Bound; Joint and Several Liability; Captions. The oovenaata and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective snccesso» and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for coveaience only and are not to be used to interpret or define We provisions hereof. 14. 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 f Borrower may designate by notice to Lender as provided herein. and (b) any notice i4 Lender s$allbe given by certified mail, return receipt requested, to Lendei s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for is 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; Severabllity. This form of mortgage combines uniform covenants for national use and non• ! uniform covenants with limited variations by jurisdiction to ooaatitute a uniform security instrument covering real property. This Mortgage ~ sh all 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 rnnflicta~with applicable law, each 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 We Note are declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecutioa or after recordation hereof. 17. Transfer of the Property; Assumption. if all or any part of the Property or an interest therein ie sold or transferred by Borrower without Lendefe prior written consent, ezcluding (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 neon the death of a joint tenant or (d) the grant of any leasehold interest of three years or teas not containing an option to purchase, Lender may, at Lendez's option, declare all the some secured by this Mortgage to be immediately due and payable. Lender shall have waived snch 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 ouch person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at each rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezewted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof i 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 soma declared e due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, F invoke any remedies permitted by paragraph 18 hereof. ~ 18. Aooeleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sums secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof spedfying: (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 snch breach must be cured; and (4) that failure to care 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 and sale of the Property. The notice shall ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-a:istence o! 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 We 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 ezpensea 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. NotwithstandingLender'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 soma which would be then due under this Mortgage, the Note and notes securing )mature 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 ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender 8 remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorneys s fees; and (d) Borrower takes such action 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 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 as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property. provided that Borrower shalt, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such ants as they become due and payable. Upon acceleration under paragraph 18 hereof ar abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterLpon, take possession of and manage the Property and to rnllect the rents of the Property, including those past due. All rents collected by the receiver shall be applied fast to payment of the costa of management of the Property and collection of yenta, including, bat not limited to, receiver a fees, premiums on receiver's bonds and reasonable attorney a fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. ac~,305 ~ar,E2883 - _ - i ~i _