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HomeMy WebLinkAbout1150 • i i t ~ ~ ~ 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 inspertion specifying reasonable cause therefor mated to Lender's interest in the Propmty. ~ 9. Condemnation. 'R~e proceeds 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 eoaveyance in lieu of oondoranation, an hereby assigned and shall bs paid to Lender. ~ In the event of a total taking of the Property. the proceeds shall be applied to the soma secured by this Mortgage, with the ezoess. if any, paid to Borrower. In the event of a partial taking of the Property, ndea Borrower and Lender otherwise ague in writing, then shall be applied to the sums secured by thin Mortgage such proportion o[ the proceeds as is equal to that proportion which the amount of We sums secured by this Mortgage immediately prior to We date of taking bean to the fair market value of We Property immedtately prior to the date of taking, wiW We balaaoa of the proceeds paid to Borrower. If the Pmpe:4y is abandoned by Borrower. or if; after notice by Lender to Borrower that the condemnor offers to make as award or settle s claim for damages. Borrower fails to respond to Lender within 30 days after We date such notice is mailed. Leads: is authorir~ed to collect and ~ apply the proceeds, at Lender's option, either to restoration or repair of the property or to the arms secured by this Mortgage. Unless Lender and Borrower otherwise ague in writing. any such application of proceeds to principal shall not eztend err postpone the 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. Eztenaioa of the time for payonant or modification of amortisation of the auras secured by thin Mortgage granted by Lender to any successor is interest of Borrower shall not operate to please, in any manner, the liability of the original Borrower and Boirrower's auocessore is interest. Lender shall not be required to commence proceedings against arch suecesaor or refuse to eztend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a auocesson in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the a:excise of any arch right os remedy. The procanment of insnranoe or the payment of fazes or other liens 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 an distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, sad may be ezercise~l concurrently, independently or successively. 13. Suooessors and Assigns Bound; Joint and Several Liability; Captions. The wvenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective enccesaon 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 an for eovenience only and are not to be used to interpret or define the 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 ouch other address as Borrower may designate by notice to Lender as provided tiepin, and (b) any notice to Lender shall be given by certified mail, reform receipt requested, to Leader s address stated tiepin or to such other addrees as Lender may designate by notice to Borrower as provided tiepin. 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; Severability. This form of mortgage combines uniform covenants for national nee and non- uniform covenants with limited variations by jwisdiction to constitute a uniform security instrument covering pal 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 eonfliM 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 conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfor of the Property; Assumption. If all or any part of the Property or an interest therein ie 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 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 lees not containing an option to purchase, Lender may, at Lenders option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived sneh option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred Hach agreement in writing that the creditof wch 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 17, and if Borrowers successor in interest hue executed a written assumption agreement accepted in writing by Lender, Lender shall please Borrower fiom all obligations under this Mortgage and the Note. j If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL 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 due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due say soma severed by this >Ilortgage, Lender f prior to acceleration shall mail notice to Borrower ss provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lean than 30 days from the date the notice is mailed to Borrower, by which such breach moat be cured; and (4) that failure to cure such breach on or before the date specified im the notice may result in acceleration of the sums secured by1 this Mortgage, foreclosure by judicial proceeding and sale of the Property. Y'he notice shall E further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-eristeace of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or l 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 collect in such proceeding all expenses 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 thin Mortgage, Borrower shall have 's the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing i this Mortgage if: (a) Borrower pays Lender all aurae which would be then due under thin Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cups all breaches of any other covenants or agreements of Borrower rnntained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower ° contained in thin 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 taken such action as Lender may personably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 2(J. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower ahail, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a wort to enternpon, take poaeesaion of and manage the Property and to collect the Ants of the Property, including those past due. All nnta wUected by the receiver shall be applied first to payment of the coats of management of the Property and collection of rents, including, but not limited ter, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The r receiver shall be liable to account only for those rents actually received. i ~~~K 306 r~~~1149 . _ . _s~