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HomeMy WebLinkAbout1158 • a . ~ i r t 8. Inspection. Lender may make or cause to be made roasonabk entries upon and inspections oI We property. provided that Leader shall give Borrower notice prior to any such inspection specifying reasonable cause Werefor elated to Lender's interest in the prnpsrty. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any ooademnetion os other taking o[ the property. or part thereof. or for conveyance in lieu of ooadcmnation, are hereby assigned and shall bs paid to Leader. In the event of a tote) taking of the Properly. We proceeds shall be applied to the sums secured by this Mortgage, with Wee:oea, if any, ` paid to Borrower. In We event of a parlisl taking of We Propergr, unless Borrower and Lender oWerwise agree in writing, there shall be applied to We sums secured by Wis Mortgage such proportion of We proceeds as is equal to that proportion which We amount of We same secured by Wis Mortgage immediately prior to We date of taking bears to the fair market value of the Properly immediately prior to We date of taking, wild We balance of We proceeds paid to 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 We date such notice is mailed, Lender is authorized to collect and apply We proceeds. at Lender's option, eiWer to restoration or repair of the properly or to the sums secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing. any such application of proceeds to principal shall not eztend ar postpone the due ; date of the monthly instaWnents referred to in paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amorlization of the soma secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to please. in any manner, We liability of the original Borrower and Borrower's auecesaora in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or oWerwise modify amortization of the sums ee~vred by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. i 11. Rorbearaace by Leader Not a Waiver. Any forbearance by Lender in exer+cieing any right or remedy hereunder, or oWerwise 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 We payment of fazes or older liens or charges by Lender shall hot be a waiver of Lender's right to accelerate We maturity of We indebtedness aerured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:er+cisei concurrently, independently or sncoeasively. 13.3ucceesora and Assigns Bound; Joint and Several Liability; Captions. The oovenanta and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to We 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 covenience 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 anoWer manner, (a) any notice to Borrower provided form this Mortgage shall be given by mailing such notice by certified mail addnesed 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 Leader shall be given by certified mail, return receipt requested, to Lender's address stated herein or to arch older 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 We manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national use and non- j uniform covenants wild limited variations by jurisdiction to oonatitute a uniform security instrument covering real property. This Mortgage 1 shall be governed by the law of the jurisdiction in which the Property is located. In We event that any provision or clause of this Mortgage or the Note rnr?flicts wild applicable law, such rnnilict shall not affect older provisions of Wis Mortgage ~or We Note which can be given effect without We conflicting provision, and to this end We provisions of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed copy of We Note and of Win 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 Werein is sold or transferred by Borrower without Lender's prior written consent, ezcluding (a) We creation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of a purchase money security interest for household appliances, (c) a transfer by devise, d~oent or by operation of law upon We deaW of a joint ~ tenant or {d) We grant of any leasehold interest of Wrce years or leas not containing an option to purchase, Lender may, at Lender's option. declare all the sums 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 We pennon to whom the Property is to be sold ar transferred reach agreement in writing W at the credit of arch person is satisfactory to Lender and that We 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 Borrower's successor in interest has ezecuted 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 aooordance 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 arch soma prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Ezeept 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 soma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower 88 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 result in _ acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale otthe 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-existence of a default or any other defena~ of Borrower to acceleration and forecla~aure. 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 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. t 19. Bor'rower's Right to Reinstate. Notwithstanding Lender s acceleration of the soma 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 sums which would be Wen due under Wis Mortgage, the Note and notes securing Ftiture ~ 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 We covenants an+l agreements of Borrower _ contained in. this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender a interest s in the Property and Borrowers obligation to pay We soma secured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure by Borrower, this Mortgage and We obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Ae additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided Wat Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain such yenta 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 court to enterapon, take possession of and manage We Property and to rnllect the rents of the Property, including Wove past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, bet not t limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. E goeK 3U6 Fact 117 . -