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HomeMy WebLinkAbout2838 " L ! 8. Inspection. Lender may make or cause to M made reawnable entries upon and inspections of the ProPeKY. provided that Lender ahaU give Borrower notice prior to any such inspection spedfying rsawnable cause therefor related to Lender's interest in the Property. 9. Condemaadon. The prooesda of any award or claim for damages, direct or oonaequeatial, in connection wiW aqy condemnation ar - olher taking of the properbr, a< past thereof. or for oonveyanee in lien of condemnation. are hereby assigned and shall bs paid to Lender. t In the event of a toW taking of the Propedy, the ptooeeda shall bs applied to the sums secured by this Mortgage. with the a:oas, if any. paid to Borrower. Ia the event of a partial taking of the Property. unlep Borrower end Lender otherwise agree in writing. there shall bs applied to the soma secured by this Mortgage such proportion of the proceeds a. is equal to that proportion which We amount of We ananss secured by this Mortgage immediately prior to We date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. " It the Propergr is abandoned by Borrower, or ~ otter notice by Lender to Borrower that We condemnor offers to make an award or settle a claim for damages, Borrower fail to respond to Lrodw within 30 days after the date such notice is mailed, Lender is authotir~ed to collect and apply the proceeds, at Lender's option, eiWer to restoration ~ repair of the property or to the sumo secured by this Mortgage. Udess Lender and Borrower oWerwiae agree in writing, any such application of proceeds to principal shall not eztend ~ pwtpone the due E date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. t 10. Borrower Not Released. Extension of the time for paymsat or modification of amortisation of the sums secured by this Mortgage ~ granted by Lw?der to any suooeasor in interest of Borrower shall not operate to release. in any manner, We liability of the original Borrower } and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse b extend time for payment or otherwise modify amortization of the Bums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Fender in e:enaaing any right or remedy hereunder, or otherwise 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 the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to aocslerate the maturity of the indebtedness secured by this Mortgage. - 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other tight or remedy under this Mortgage or afforded by law or equity, and may be exercised wncurrently, independently or auooeesively. 13 Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall - bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisiow 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 end are not b be used to interpret or define We provisions hereof. 1 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 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 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 [.aw; Severability. This form of mortgage combines uniform covenants for national use and non- { 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 rnnfiicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the wntlicting provision, and to this end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy 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, secluding (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 less not containing an option to purchase, Fender may, at Lender's option, declare all the auma 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 soma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to aecelerate provided in this paragraph 17, and if Borrowers suweseor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fiom all obligations under this Mortgage and the Note. If Lender exrrrises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 1~ hereoL Such notice shall provide a period of not legs than 30 days from the date the notice is mailed within which Borrower may pay theauma 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 paragraph lA hereof. ~ 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta to pry when due any rams warred by this Mortgage, Lender prior to acceleration shall mail notice to Borrnwer as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action s required to arre such breach; (3) a date, not less than 30 days from the date the notice le mailed to Borrower, by which ouch breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may reanlt in i ~ acceleration of the sums secured by thin Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinstate after soceleration and the right to assert in rho foreclosure proceeding the non-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared 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 e:pensea o! foreclosure, including, but not limited to, reasonable attorney's fees, and ) costs of documentary evidence, abatracte and title reports. r 19. Borrower's Right to Reinstate. Notwithstanding Lender a 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 Ptiture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in i € this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the wvenants and agreements of Borrower contained in this Mortgage and in enforcing Lenders remedies se provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action es Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest } 7 in the Property and Borrowers obligation to pay the soma 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. Aa additions) security hereunder, Borrower hereby assigns to Lender the rents of the Properly, provided that Borrower shall, 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 'E wort to enterepon, take possession of and manage the Property and to collect the rents of the Property, including those peat due. All rents 4 wlleMed by the receiver shall be applied first to payment of the wata of management of the Property and wllection of rents, including, but not s limited to, receiver's foes, 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 yenta actually received. " Si F gppK~ PACE2~3~ c i. . E - - -