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HomeMy WebLinkAbout1174 8. Inspection. Lender may make or caws to be made reasonable entries upon and inspections of the property, provided flint Lender thaU give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest is the Propergr. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in oonaectioa with any ooademnatiom ar older taki~ ~ We ProPwb?. or paK Wereof, or for oonveyaaoe is lieu of condemnation. are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property, Ws proceeds shall be applied to We sums secured by this Mortgage, with the e:oess, if any, paid to Borrower. In the event of a partial taking of the Propergr, unless Borrower and Leader oWerwiss agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to War proportion which the amount of the sums secured by this Mortgage immediately pnor to We date of taking bean to the fair market value of We Property immediately prior to the date of taking. wild We balance of the proceeds paid to Borrower. If We Property is abandoned by Borrower, or if, after notice by Lender to Borrows= that the oondemaor offer to make an award or settle a claim for damages, Borrower fails to respond to Leader within 30 days after We date such notice is mailed, Leader is authorized to Dolled sad apply We proceeds, at Lenders option, eiWer b restoration or repair of the property or to the sums second by this Mortgage. Unless Lender and Borrower oWerwise agree in writing. any such application of proceeds to principal shall not eztend of postpone the due date of the monthly installments referred to is paragraphs 1 sad 2 hereof or change the amount of such instaWneats. 10. Borrower Not Released. Eztenaion of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Leader to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower's euoeesaon in interest. Leader shall not be required to commence proceedings against such successor or refuse to eztend time for payment or oWerwiee modify 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 Waiver. Any forbearance by Leader in e:enasing any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waiver of or preclude the e:errise of any such right or remedy. The procurement of insurance or the payment of fazes or older 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 are distinct and cumulative to any older right or remedy under this Mortgage or afforded by law or equity, and may be exerase~i ooncurnntly, independently or suooceaively. 13 Successors and Assigns Bound; Joint and Several Liability; Captions: The covenants and agreements herein contained shall bind, and We rights hereunder shall inure t0. We respective suoceaeors 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 covenience only and are not to be used to interpret or define We provisions hereof. 14. Notice. Eacept for any notice required under applicable law to be given in anoWer manner, (a) any notice to Borrower provided for in Chia Mortgage shall be given by mailing such notice by certified mail addressed to Borrower ptthe property Address or at each other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, reform receipt requested, to Lender's address stated herein or to such 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 noa- unifonn covenants wild limited variations by jurisdiction to constitute a uniform security instrument covering real property. Thin Mortgage shall be governed by the law of the jurisdiction in which We Property is located. In We event Wat any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect older provisions of this Mortgage or We Note which can be gives effect without We 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 Wis Mortgage at We time of ezecption 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, 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, (ej a transfer by devise, descent or by operation of law upon the deaW of a joint tenant or (d) We grant of any leasehold interest of Wree years or less 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 such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or ~anaferred reach agreement in writing that the credit of such person is satisfactory to bender and Wat the interest payable on We some secured by Win Mortgage shall be at such rate as Lender shall request. If Lender has waived We option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has a:scaled a written assumption agreement accepted in writing by Lender, Lendershall 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: 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 such soma rior to t PaY p he e: iration of such 'od P Lender ma without fn Parr y, rther notice or demand on Borrower, ?nvoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower in this Mortgage, including the covenants 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 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 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 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-eziatence of a default or any other defense of Borrower to aceeleration and foreclosure. If the breach is not cured oa or € before the date specified in the notice, Larder at Lender's option may declare all of the sums secured by this Mortgage to be i i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses 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. NotwiWetanding Lender a acceleration of the sums secured by thin Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at sn time a Y prior to entry of a judgment enforcing a this Mortgage if: (a) Borrower pays Lender all soma which would be then due under Wis Mortgage, We Note and notes securing Ptirtnre Advances, if any, had no acceleration ocxurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in thin Mortgage; (c) Borrower pays all reasonable eapenaea incurred by Lender in enforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing bender's 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 Wat the lien of Wis Mortgage, Lender's interest in We Property and Borrower's obligation to pay the soma 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. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to bender 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 tolled and retain such rents as Way 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 enter.upon, take possession of and manage We Property and to collect We rents of the Property, including Woes past due. AU rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's lees, and then to We soma scoured by this Mortgage. The f receiver shell be liable to account only for those rents actually received. 1 S i s„ 306 r~.:1173 .r g _ - .