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HomeMy WebLinkAbout2939 , ~ 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender ahal! give Borrower notion prior to any such inspection specifying reasonable cause therefor related b Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any eondemnatioa or other taking of the property, or pari thereof. or [or rnnveyance in lieu o! oondemnatioa, are hereby assigned and shall bs paid to Lender. ` In the event of a total taking of the Propsriy, the proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, r paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be ; applied to the sums secured by this Mortgage such proportion o! the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately ~ for to the date of talring bean 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, after notice by Lender to Borrower that the condemnor often to make sa award or settle a claim for damages, Borrower faib to respond b Lender within 30 days after the date such notice is mailed. bender is authorized 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 Mostgage. Unless Lender and Borrower otherwise ague in writing, any auch application of proceeds to principal shall not a:tend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereotor change the amount of such installments. 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 wcceasor 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 successor 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 a suci~esson in interest. 11. Forbearsaee by Leader Not a Waiver. My 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 such right or remedy. The procurement of insurance or the payment of lases or other liens or charges by Lender shall not be a waiver of Lender's right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage an 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 successively. 13.3uecessors and Assigns Bound; Joint and Several Liability; Captions. The rnvenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successor and assigns of Lender and Borrower, subject to the provisions of paragraph l T hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for rnvenience only and are not to be used to interpret pr 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 begiven by mailing auch notice by certified mail addressed to Borrower at the Property Address or at auch 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 auch other address as Lender may designate by notice to Borrower ae provided herein. My ' 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 rnmbinea uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to eonatitute 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, auch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the rnnflicting 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 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 a 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 braneter by devise, decent 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 auch person is satisfactory to Lender and that the interest payable on the soma secured by this 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 Borrowers successor in interest has executed a - written assumption agreement accepted in writing by bender, 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. 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 soma declared , ; ~ due. If Borrower fails to pay auch sums prior to the expiration of auch period, Lender may, without further 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 hereofs pacifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such l breach must be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in acceleration of the sums secured by this 1ortgage. 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-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured oa 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 expenses 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. NotwithstandingLender sacceleration ofthe sums edcured by this Mortgage, Borrower shall have s g Y P e begun by Lender to enforce this Mo y p try of a jud the ri ht to have an roceedin a rtgage discontinued at an time rior to en gment 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 rnvenante 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 ae provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes auch 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 the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure 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. As additional security hereunder, Borrower hereby assigns to [.ender the rents of the Property, provided that Borrower shall, prior to acceleration under psra~raph 18 hereof or abandonment of the Property, have the right to rnlleet and retain auch 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 those past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and rnllection otrenta, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney a tees, and then to the some secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. E C i BQGK 3U8 +~act 2939 r =