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HomeMy WebLinkAbout1149 8. Inspection. Lender may make or cause to be made reasonable entries upon and inepeMioru of the property, provided that Lender shall give Borrower notice prior to any ouch inspection specifying reasonable cause therefor related to Lendst's interest ip tlls Ptgperty. 9. Coademnatioa. The proceeds of any award or claim for damages, direct or consequential, iA connection with any ooa~emnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned sad shall bs paid to finder. In the event of a total taking of the Property, the proceeds shag be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial Ong of the Propergr, unless Borrower and Lender otherwise agree in writing, there shall be applied to the auras secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the 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. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails b respond to Lender within 30 days after the date such notice is mailed, Leader is authorized to o~lect and apply the proceeds, at Lender's option. either to restoration or repair of the property or to the sums secured by this Mortgage. , Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such inataUments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor 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 commence proceedings against such aua~essor or refuse to a:tend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's euccetaors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waives of or preclude the exercise of any each right or remedy. The procurement off assurance or the payment of tares or other liana or charges by Lender shall not be a waiver of Lender's right to accelerate 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 right or remedy under this Mortgage or afforded by locator equity; and may be ezercieed concurrently, independently or auoo8eaively. 13.,9ucceesore and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereundez shall lance to, the respective eucoeesors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenarite 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 defrost 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 addressed to Borrower at the Property Address or at each other address as Borrower may designate by notice to Lender es 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 the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to wnatitute 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 conflicts with applicable law, each eonAict shall not affect other provisions of this Mortgage or the Note which can be given effect without the etinfiicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed wpy 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 Lender's prior written consent, excluding (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, 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 sums secured by this Mortgage shall beat 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 eaercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereoL ~ Such notice shall rovide a ~ p period of not less than 30 days from the date the notice is Trailed within which Borrower may pay the soma declared € due. If Borrower fails to pay such soma 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 l agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sums secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such ~ breach must be cared; 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 aRer acceleration and the right to assert in the foreclosure proceeding the non-eziatence of a default or any other defense of Borrower to aceeleration and foreclosnre. If the breach ie not cured 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 ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender a acceleration of the sums secured by this Mortgage, Borrowershall have _ the right to have any Pra'Ce~ngs begun b bender to enforce this Mo y p try of a judgment enforcing Y rtgage discontinued at an time riot to en this Mortgage if; (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Ftiture 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 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 each action as Lender may reasonably require to assure that the lien of this Mortgage, Lenders interest in the Property and Borrower a obligation to pay the soma 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 ace)eration had occurred. Z0. Assignment 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 Pro petty, Lender shall be entitled to have a receiver appointed by a ~ court to enter•upon, take possession of end manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver e fees, 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 rents actually received. UR ao~K 3U8 PACE 1149. - ~ z =