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HomeMy WebLinkAbout2818 8. Irtspsetlon. Lender may make or cause to bs made reasonable m?tries upoa and irupsctions of the property, provided tQat Leader shall give Borrower notice prior b any. such inspection specifying reasonable cause therefor related to Leader's interest in the Property. 8. Condemnation. The proceeds of say award or claim for damages. direct or oonsequeatial, in rnanection with any ooademnation or other taking of the propergr, or pad thereof, or for conveyance in lien of condemnation, ere hereby assigned and shall be paid to Lender. In the event of a toW taking of the Peoperty, the proceeds shall be applied to the sums secured by this Mortgage, with the a,;eea, if any, paid to Borrower. In the event of a partial taking of the Property, odes Borrower and Lender otherwise agree in writing, there shall be applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Properly immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned.by Borrower. or i~ after antics by Lender to $orrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date such notice is mailed, Lender is authorised to collect earl apply the ptooseds. at Lenders option. either to restoration or repair of the propsrq? or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shell not stead or postpone the due date of the monthly inataUmeata referred to in paragraphs 1 end 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower ahaU not operate to please, in any manner, the liability of the original Borrower and Borrower s successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztead 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 Borrowers sua~essors in interest. 11. Forbearance by Lender Not a Ntaiver. Any forbearance by Lender in sercising say right or remedy hereunder. ~ otherwise afforded by applicable law. shall not be a waiver of pr preclude the sercise of any such right or remedy. The procurement of insurance or the payment of fazes or other Dens or charges by Lender shall not be a waiver of Leaders 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 say other right or remedy render this Mortgage or afforded by law or equity, and may be e:ercise~t ooncurrentiy, iadependendy or suooessively. 13. Successors and Assigns Bouad;Joint and Several Liability; Captions. The covenants and agrcements heroin contained shall bind, and the righb hereunder shall inure to, the respective successors earl assigns of Lender and Borrowsr, subject tp 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 oovenience 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 maIIing such notice by certified mail addressed to Borrower at the Properly Address or at such 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, return receipt requested, to Lender's address stated herein or to such other address ea 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 the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and po~- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument 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 Note conflicts with applicable law, such rnnfliM 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 rnnformed Dopy of the Note and of this 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 therein is sold or transferred by Borrower without Lenders 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 leas not containing an option to purchase, Lender may, at Lender d 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 the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at ouch rate ae Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowei a successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from ell obligations under this Mortgage and the Note. If Lender ezercises such option to accelerate, Lender shall mail Borrower notice of aeoeleration in aeoorctance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is rLailed within which Borrower may pay the sums declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the ooveaants to pay when due any snore secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower s 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 ie mailed to Borrower, by which such g 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 of the Property. The notice shall further inform Borrower of the right to reinstate aher acceleration end the right to assert in the foreclosure proceeding the non-eziatence of 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 soma secured by this Mortgage to be immediately due and payable without further demand earl 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 g coats of documentary evidence, abstracts and title reports. i 19. Borrower's Right to Reinstate. Notwithstanding Lender's soceleration ofthe sums secured by this 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 this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in 1 this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lander in enforcing the sovenants• and 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's interest in the Property and Borrower s obligation to pay the sums secured by this Mortgage shall continue gnimpaired..Upon snoh payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if rw acceleration had occurred. 20. Assignment of Reate; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to tolled 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 court to enter~upon, take possession of and manage the Property and to collect the rents ottee Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, inducting, but not r 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 auoount only for those rents actually received. • 8~~~ 3U6 o~~E2814 R ~