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HomeMy WebLinkAbout2550 i - 1 8. Iaspectloa. Lender may make or cause to be made reasonable entries upon and irupections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in connection with any oondemnatioa or other taking of the prope:fy, or part thereof. or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to leader. In the event of a total taking of the Property, the proceeds shall bs applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In We event of a partial taking of the Propsr#1r, ualep Borrower and Lender otherwise agree in writing, there shall be applied to the auau secured by this Mortgage such proportion of the pra~eeds 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 the balance of the proceeds paid to Borrower. If the Propergr is abandoned by Borrower, or if, after notice by Lendm to Borrower that the condemnor offer to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after We date such notice is mailed. Lender is authorised to collect 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 ague 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 inetallmenb. 10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any suooesaor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's successor in interest. Lender shall not be required to commence proceedings against such suceessor or refuse to a:tend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a successor 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 of any each right or remedy. The procurement otinsurance or We payment of taxes or other liens o: charges by Lender shall not be a waiver of Lender's right to aecelerate 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 law or equity, and may be exercised concurrently, independently. or suooessively. . 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The oovensnta and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective enocesaon and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereof. All rnvenants 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 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 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 sa 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; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to eonatitute a uniform security instrument covering real pTOperty.'Phis 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, 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 are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the timeof execution or after recordation hereof: 17. Transfer of We 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 Ices 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 agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. - If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof i Such notice shall provide a period of not less than 30 days from thedate the notice is rrsailed within which Borrower ma y pay the soma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Except 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 sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) 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 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 aeceleration and the right to assert in the foreclosure proceeding the s non-existence of a default or any other defense of Borrower to acceleration and foreclosure. 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 ~ i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees, and costs of documentary evidence, abstrecta and title reports. 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 it: (a) Borrower pays Lender all soma 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 _ thin 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 foes; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of thin Mortgage, Lenders interest in the Property and Borrower s 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 acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. AB 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 enterarpon, take possession of and manage the Property and to collect the rents of the Property, including those peat due. All rents enllected by the receiver shall be applied fiat to payment of the poste 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 a fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 3 ~ - a a~k~ ~U8 ~A!:2550 -