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HomeMy WebLinkAbout1064 S. InspeMion. bender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable capes thetd'or related to Lender's interest in the Property. 9. Condemnation. The pra~eeda of any award or claim for damages, direct or consequential, in Mnnection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the soma secured by this Mortgage, with the ezceas, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, Were shall be applied to the sums secured by this Mostgage such proportion of the proceeds as is equal to Wat proportion which We amount of the sums secured by Wia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to We date of taking, with We balances of the proceeds paid to Borrower. If the Property is abandoned by Borrower, of if, after notice by Lender to Borrower that the condemnor offers b make an award or settle a claim for damages, Borrower fails to respond to Lender wihnin 30 days after the date such notice is mailed, Lender is authorized to collect and apply We proceeds, at Lender s option, either to restoration or repair of the property or to We sums secured by this Mortgage. Unless Lender and Borrower old erwiee agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installhents referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums aecufed by Wia Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower's suoceasors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the eume secured by this Mortgage by reason of any demand made by the original Borrows: and Borrower a suc~~easors in interest. ' 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise ~ any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtedness secured by Wie Mortgage: 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or equity, and may be e:ercise~l concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The rnvenanta and agreements herein contained shall bind, and the rights hereunder shall inure to, We respective auoceseora and assigns of Lender and Borrower, subject to We 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 covenience only and are not to be used to interpret or define We provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided fozin 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 Wis Mortgage shall be deemed to have been given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thies form of mortgagecombines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonatitute a uniform security instrument covering real property. This Mortgage shall be governed by We Iaw of the jurisdiction in which the Property is located. In We event that any provision or clause of Wis Mortgage or the Note conflicts wild applicable law, such conflict shall not affect older provisions of Wia Mortgage or We Note which can be given effect without the conflicting provision, and to this end We provisions of the Mortgage and We Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of Wia Mortgage at the time ofexecution crafter - 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 Lender a prior written rnnaent, excluding (a) We creation of a lien or encumbrance subordinate to Wis Mortgage. (b) We creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We deaW of a joint tenant or (d) We grant of any leasehold interest of Wree years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by Wia 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 [.ender and that the interest payable on the soma secured by Wis Mortgage shall be at such 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 agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. j Such notice shall provide a period of not leas than 30 days from the date the notice is n•.ailed within which Borrower may pay the soma 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 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 covenants to pay when due any eume secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower 88 provided in paragraph 14 hereof specifying: (1) the breach; the action ~ required to cure such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such 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 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 cured on or before the date specified in the notice, Lender at Lender's option may declare all of the eume secured by this Mortgage to be immediately due and payable without further demand and may foreclose this 1liortgageby 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 coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's 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 sums which would be then due under this Mortgage, We Note and notes securing Future Advances, if any, had no acceleratior. occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrowercontained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's 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 We sums secured by this 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 acceleration had occurred. Z0. Asai~nment of Rents; 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 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 ~ court to enter-upon, take possession of and manage the Property and to collect the rents of the Property, including Wove peat due. All rents i s , collected by the receiver shall be applied first to payment of the costa of managementof the Property and rnllection of rents, including, but not limited to, receiver's fees, premiums on receivers bonds and reasonable attorney's fees, and there W We soma secured by Wis Mortgage. The receiver shall be liable to account only for those rents actually received. j ecc~ ~U8 ~acF1064