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HomeMy WebLinkAbout2932 t 8. inspection. Lender may make or caws b be made reasooaWs enteies apoa sect iaspsctioas dtbe dopet~r, provided'~`ends shaA give Borrower notice prior b any such inspection apecibring reasonable cause theefor rdatsd to I~odsr's interest in the Property. 8. Condeanaatioa. The proceeds of any award or claim for damages, direct or oosnegaeatial, is eaaoeetioa with any oondemwtion or other taking d the propergr, or part Wereof, or fps conveyance is lies d aoetdassnstioq. see hereby :sagned and shall be paid b Leads. In the event of a total taking of We Property. the proceeds shall be applied Os the riser secured by this Mortgage, with the ezoan, if say, paid b Borrower. In the event of a partial taking of the Propeety. nnlw Borrower sect Leedw othawist agrst in writing, theca shall be applied b the sums secured by this Mortgage such proportion d the pe+ooseds w r equal m that pseportioa which the amount d the sums secured by this Modgege immediately prior b the date d taking beset b the fair market rahre tithe Property immediately prior b the date d taking. with the balanat d the proceeds paid b Borrower If the Property is abandoned by Borrows, or ~ oiler notice by Imdar b Barrotrer that the oaodemnor offal to make an award or settle a claim for damages. Borrower fail b respond b Lender within 30 days alts the date each notice is maned, Leader is authorised b collect and apply the proceeds, at Leeds's option, tither b restoration a repaQ d the properyr or b the swat seared b! this Morigaige. Unless Lends and Borrows otherwise agree in writing. any sudt application dprooseds bprinopal shall cwt a:trod err postpone the tine date of the monthly irutallments referred b in paragraphs 1 and 2 beeed or change the amount d each installments. 10. Borrower Not Released. E:tension of the time for payment err modifiatioa damoetizatim tithe cams secured by this Mortgage granted by [.cads b any successor in interest of Borrower shall sot operate b ~ in any manner, the liability d the original Borrows and Borrower s aucceesors in interest. Lender shall not be regnired b aoermenoe proaeedinga against each wecearor or refuse b estead time for payment or otherwise modify amortization of the sums secured by this Mortgage b9 reason deny demand made by tbeoriginal Borrower and Borrowers successors Sn interest. 11. Forbearance M Lender Not a Waiver. Any torbearanoe by Linde: in e:aciisietg any right err remedy heteands, or otherwise afforded by app)icabk law, shall not be a waiver of or pteclnde the e:arise d any each right err remedy. The procurement of insnranoe o: We payment of fazes err oths liens or charges by Lends shall not be a waive d I.endar'a right b :ooelerate the maturity d the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage see distinct and c~ulative to aqy other right or remedy Wads this Mortgage or afforded by law or equity, and entry be exercised eoncareeady. iodependerttly a wocesardy_ 13 Suooestors and Assigns Bound; Joint and Several Liability; Captiows. The eocnants and v herein contained shall bind, and the rights hereunder shall inure b, the respective sacceawrs and assigns d Lender and Harrower, snbjed b the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint a~ sreeral The captions and headings of the paragraphs of this Mortgage are for covenience only and are not b be used b inteepe~et or define the proviosos he3aot 14. Notice. Except for any notice required under applicable law b be given is another manned (a) any notice b Borrower provided for in this Mortgage shall be given by mailing arch notice by certified mail addressed b Bsaltytsatihs Property Address or at each other address as Borrower may designate by notice b Lender as provided herein. and (b) any notice b iffier shill be given by certified mail. return receipt requested, b i.ends's address stated herein or b sndt other addrew as Leader rosy designate by notice to Borrower sa provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Fender whet, given in the manna designated basin. 15. Uniform Mortgage; Governing Law; Severability. This form dmattgagecombines uniform covenants far national use and non- uniform covenants with limited variations by jurisdiction b oxtstitute a nnifatm sec~ity iastrament covering seal peopaty. This Mortgage shall be governed by the law of the jurisdiction in which the Property is bated. In the event that any provision or chose of this M ortgage or the Note conflicts with applicable law, arch rnnflict shall not affect other provisions d this Mortgage or the Note which can be given effect without the oonilicting provision, and b this end the provisions of the Mortgage and the Note are dedared to be severable. 1 & Borrower's Copy. Borrows shall be furnished a conformed Dopy d the Note and dthis Mortgage at the time d e:ecntion or after recordation hereof. 17. Transfer of the Property; Assumption. if all or any part of the Property err an intapt therm is sold or transferred by Barrows without Lenders prior written consent, ezcluding (a) the creation ota lien or eucBmbrance subordinate to thin Mortgagt, (b) the creatbn d a purchase money security interest for household appliances, (c) a transfer by devise, descent o: by opaatim of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lest not containing an option b purchase, I.ende: may, at Lender's option, declare all the sums aecared by this Mortgage b be unmedistely doe and payabia Lender shall have waived each option b aooderate if,,prior to the oak or transfer, Lender and the person b whom the Property is b be sold err traostared teach agreement in Ming that the credit of such person is satisfactory b Lends and that We interest payable on the sums secured by this l[oatgage shall be at arch rate es Lender shall request. If Lends has waived the option b accelerate provided in this paragraph 1?, and if Borrower's wccaser in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this M Notes ortgage and the If Lender exercises such option b accelerate, Lender shall mail Borrower notice daoodaatioa in aocordsnoe with paragraph 14 hereof Such notice shall provide a period of not leas than 30 days from the date thenotice is n-.ailed within which Borrower may pay the soma declared due. If Borrower tails b pay such anma prior b the ezpiration of each period, Lender may, without tether entice err demand on Borrower, ~ invoke any remedies permitted by paragraph 18 hereof i 18. Acceleration; Remedies Except ea provided in paragraph 17 ber+eoty apoa Borrower's breach of say oovenaat or agreement of Borrower in this Mortgage, including the covenants to pay when doe say want seeQ+ed b7 this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hei+eofapeeifyia : (1) the breach; (2) the action required to cure each breach; (3) a date, not less than 30 days the date the rwtioe is saailed to Borrower, by which such ~ ~ breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice may reanlt in soceleration of the sums secured by this Mortgage, foreclosure by jodieial proceeding sad aaleof the Property.The notice shall further inform Borrower of the right to reinstate after aocelerafioa and the ri~tt to aateet is the toreelowr+e Proceeding the non-ezistence of a default or any other defense of Borrower to aoederatioa sect isredowrs If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may decaaee all tithe wens scarred by this Mortgage to be € immediately due and payable without further demand and may fotetlase this Mortgage b7? jwdicial proceeding. bender shall be c entitled to collect in such proceeding all ezpenses of forecbsure, including, bat not limited to, rewooabk attorney's tees, and 1 costa of documentary evidence, abstracts and title repoets. I9. Borrower's Right to Reinstate. Notwithstanding Trader s acceleration ofthe ww secvred bythis Mottgage,Borrower shall have the right b have any proc'eedinga begun by Lender b enforce thin Mortgage diseontinaed at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which world be then doe cadet this Mortgage, the Note and notes securing l~ture g Advances,irony,hadnoaocelerationoccurred;(b)BorrowercaresallbrearLesdanyothereocmantaoraEreementaofBorrowercontainedin this Mortgage; (c) Borrower pays all reasonable expenses incurred by Leader in en6ordng the oo+reoants and agreements of Borrows contained in this Mortgage end in enforcing Lender's remedies as Pfd is paragraph 18 haeo~ mdading, bat not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably regmre b aswrethat the lien dthis Mortgage, I.ends's interest in the Property and Borrowers obligarion b pay the sums secured by this Mortgage shall eoatinae unimpaired. Upon such payment and care s by Borrower, this Mortgage and the obligations secured hereby shall amain in fall carne and effect as if m acceleration had occuaed. ~ 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrows hereby assigns b Linder the rents F of the Property, provided that Borrows shall, prior b acceleration ender paragraph 18het+eoforabandonmentdtheProperty. havatheright to collect and retain such rents as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Calder shall be entitled b have a receiver appointed by a oonrt b enter.upon, take possession of and manage the Property and b collect the rests tithe Property. inclsdinR those pant tine. All rents collected by the receiver shall be applied fu~st b payment of the costs of managementof the Peopaty and eollectioo drents, tact limited b, reeceiver'e fees Loma on receiver's bonds and reasonable a udmg.butnot P~ ttorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable b account only for those rents actually reodved. a ~ ~ t