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HomeMy WebLinkAbout2961 F~ ~ 8. Inspeetlon. Leader may make or cause to be made reawnable eatria upon sad inapectiotu of the property, provided Wat Lender shall give Borrower Holies prior to any such inapeetion specibring reasonable cause Werefor related to Lender's interest in the Propar4y. 9. Coodemnadon. The proceeds of nay award or claim for damages, direct or consequential, in connection wiW any oondemrutioa or oWee taking of the properllr, or part thereof, or for conveyance is Ueu of ooademnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. We proceeds shell be applied to the sums secured by thin Mortgage, wiW the encase, if any. paid to Borrower. In the event of a partial taking of We Propert3, Hales Borrower and Leader otherwise agree is writing, there shall be applied to the sums secured by this Mortgage such proportion of We proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the feu market value of the Property immediately prior to the date of taking. with We bslaaes of We proceeds paid to Borrower. If the Propergr i• abandoned by Borrower, or if, a.Rer notice by L~der to Bo:tower that the oondemaor offers to make as award or sable a claim for damages. Borrower fai4 to respond to Lender within 30 days after the dale each notice is mailed, Lender is authorit~ed to collect and apply the proceeds, at Leader's option, dales to recbration or repair of the property c: to the name secured by this Mortgage. ~ Unless Lender sad Borrower oWerwise agree is writing,nay each application of proceeds to principal shall cwt extend or postpone the dne date of the month~jr installments referred to in paragraphs 1 and 2 hereof or change the amonnl of such installments. 10. Borrower Not Released. Extension of the time for payment os modification of amortization of the some secured by this Mortgage granted by Lroder to any snooessor in interest of Borrower shall not operate to release, in any manner, the Uability of the original Borrower and Borrower's successors in interest. Lender shall not be required to oammence proceedings against such suoceesor or refuse to extend time i for payment or oWervise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's suoosssors in interest. 11. Forbearanos by Lender Not a Waiver. Aqy forbearance by Lender in exercising any right or remedy hereunder, or oWe:wise afforded by applicable law. shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or We payment of fazes a paler Uens or charges by Lender shall not be a waiver of Lender's right to aootlerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cmm~ladve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity. and may be ezerrised concurrently, independently or successively. 13. Saooeasors 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 provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenieaoe only and are not to be need to interpret or define the provisions hereof. 14. Nodce. Except for any notice required under applicable law to be given in another manner, (a) any r?otice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addnzeeed to Borrowerat We Property Address or at each other address as ! Borrower may designate by notice to Lender as provided herein, and (b) nay notion to Lender shall be given by certified mail. return r~aceipt i requested, to Lender's address stated herein or to such other addr+ees as Lender may designate by notice to Borrower as provided herein. Any ? notice provided for in thin Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein 15. Uniform Mortgage; Governing Law; 3everability. Thin form of mortgage combines uniform ooveaants for national use and non- uniform covenants with Umited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage t 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 conflict shall not affect other provisions of this Mortgage or the Note which can be given eRect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 1 & Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecntioa or after recordation hereoL 17. Transfer of the Property; Assumption. If all or any part of the Property or sa interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ~ pun:hase money aecnrity 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, 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 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 each 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 executed a written assumption agrcement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ~1ote. If Lender e:ercaaes 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 than 30 days from the date the notice is mailed within which Borrower may pay the sums 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, k mucks any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcppt as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or ' agreement of Borrower in this Mo i f rtgage, including the covenants to pray when dne any soma severed by this Mortgage, Leader ; t prior to acceleration shall mail notice to Borrower a8 provided in paragraph 14 hereof specifying: (1) the breach; (2) the action 1 required to cure each breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which each s breach must be cared; and (4) that failure to care 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-ezistence of a default or any other defense of Borrower to acceleradon and toreclosare. If the breach is not cured on or before the date specified in the notice, Leader 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 ezpenses of foreclosure, including, but not limited to, reasonable attorney's tees, and costa of documentary evidence. abstracts and title reports. s ~ 19. Borrower'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 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 this Mortgage; (c~ Borrower pays all reasonable expenses incurred by Lender in enforcing the eovenante and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bat 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 3 r in the Property and Borrower's obligation to pay the soma secured by thin 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 aeoelerat3on had occurred. Z0. Assignment otl3ents; 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 coUed 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 • _ apart to enterapoa, take possession of and manage the Property and to collect the rents of the Property, including Wore past due. AU rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, bat not - limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen to We sums secured by this Mortgage. The ~ receiver ahail be liable to account only for Wose yenta actually received. i 3 t 's aooK 306 oacE2957 z