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HomeMy WebLinkAbout2978 t 4 8. Inspeetloa. Leader may make or cause to be made reasonable entries upon and inspections ofthe property, provided thpt Lender shall give Borrower notice prior to any such iaspe~,tioa spec3~ying aasonabb cause therefor related to I.endds inttsest id !hs !lopetRy. 9. Condemnation. The proceeds of any award or claim for damages. direct or oonsequeatial, in ooanection wiW any condemnation ere other taking of the property. a part tbereot, ~ for a~mveyance is lien of oondemnatioa, are hereby cosigned and abaU be paid to Lemdee. In the event of • toW taking of the Property, the proceeds shall be applied to the sums seemed by thin Mortgage. with the excess, if any, paid to Borrower.~in We event of a partid taking of the Property, unless Borrower and Lender otherwise agree im writing. then shall be applied to the sums searrsd by this Mortgage such proportion d the pr~ocesds u is equal to that proportion which the amount of the sums secured by thin Mortgage immediately prior to the date of taking been to the fair marled vales of the Property immediately prior to tM date of takir?g, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or i~ attw notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to rsapond to Lemder within 30 days alter the date such notice is mailed, Lender is antho:issd to collect and apply the proceeds, at Leader's option. either to adoration ce repair of the property or to the sums secured by this Mortgages Udess Lender and Borrower otherwise ages in writing. any sack application of proceeds to principal shall not eztrod a:postpone the due date of the monthly iastallmeats aferred to in paragraphs 1 and 2 heaof or change the amount of such irutallments: 10. Borrower Not Released. Eztensioa of the time for payment or modification of amortisation of the same secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any meaner, the liabiUty of We origind Borrower and Borrower's aueoessors in interest. Lender shall not be required to cemmence prooeedinga agairut such successor or refuse to ez<ead 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 Borrower's successors in intered. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right ~ remedy hereander, ce otherwise afforded by applicable law. shall not be a waives of or preclude the ezerciae of any such right or amedy. The procurement of insurance or the paym~t of tares or other lieru or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtednew secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage as dustinct and cumulative to any other right or amedy under this Mortgage or afforded by law or equity, and may be_ exercised cencurrently, independently or saooessively. 13 8uooessors and Assigns Bound; Joint and l3eversl Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inns t0. the nspe~Kive suocessora and assigns of Lender and Borrower. subject to the provisions of " paragraph 1? hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage as fm oovenience only and as 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 mailing such notice by certified mail addnased to Borrower at the Property Address or at each other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lander shall be given by certified mail, return aoeipt requested, to Lender's address elated herein or to each 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 bees given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform covenants for national nee and non- unifonn covenants with limited variations by jurisdiction to cenditute a uniform security instrument covering sal property. This Mortgage ahaU be governed by the law of the jurisdiction in which the Property is located. Ia the event that any provision or clause of this Mortgage or the Note rnnilicts with applicable law, such conflict 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 as declared to be severable 16. Borrower's Copy. Borrows shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezecation or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an intend ther+eia is sold or transferred by Borrower without Lenders prior written consent, ezcluding (a) the caation of a lien or encumbrance subordinate to this Mortgage, (b) the crcetion 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's option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate ii; 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 creditof such person is satisfactory to Lemde: and that the interest payable on the sums eecnred by this Mortgage ahaU be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers snocesaor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender ahaU release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of aooeleration in accordance with paragraph U hereoi Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay arch soma prior to the ezpiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Facept as provided is 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 same warred by this Mortgage, Lender ~ prior to seoeleration shall mail notice to Borrower ce provided in paragraph 14 hereotspedfying: (1) the breach; (2) the action ~ required to acre such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such s breach must be erred; and (4) that failure to acre such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure byjndicial proceeding a~ 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 acceleration and foreclosure. If the breach is not erred on or before the date specified in the notice, Lender at Lender's option may declare all otthe same 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 ezpeases otforeclosure, including, but not limited to, reasonable attorney's fees, sad costs o[ documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstaadingLenders acceleration ofthe 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 Future Advaacea, if any. had no acceleration occurred; (b) Borrower cures aU breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:pensea incurred by Lender in enforcing the cevenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender s remedies sa provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably r+equia to aasna that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and our by Borrower, this Mortgage and the obligations secured hereby shall main in full force and effect as if no aooeleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Bon-ower heaby 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 collect and retain such rents as they become due and payable. F Upon acceleration ands paragraph' 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterapon, take possession of end manage the Property and to collect the rents of the Property, including those peat due. All rents collected by the receiver shall be applied first to payment of the ousts of management of the Property and collection of rents, including, but not limited to, receiver's fees, paminms on receiver's bonds and reasonable attorney's fees, and then to the soma secured by thin Mortgage. The receiver shall be liable to aooonnt only for those rents actually received. a 3 5001( ~~7 { 4 _ ~