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HomeMy WebLinkAbout2943 'r; ~ ~ ` ~ 8. Inspeetiou. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lauder shall give Borrower notice prior to any such inspection specifying reasonable cause therefor elated to Lendes's interest in Ws Property. 9. CoademaaUoa. The proceeds of any award or claim for damages, direct or consequential. in connection with arty condemnation or other taking of the property, or part thereof, or for conveyance in Ueu o! condemnation, an hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be appUed to the sums secured by this Mortgage, with We excess, if any, paid to Borrower. In the event of a partial taking of the Property. ualees Borrower and Lender otherwise agree in writing. there shall be appUed to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by thin 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 prooxds paid to Borrower. If the Property,is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a clean for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Leader's option, either to restoration or repair of the property or to the suau 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 instaWneats. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by bender to any successor in interest of Borrower shall not operate to release, in any manner, the IiabiUty of the original Borrower and Borrower's auccessoro in interest. Lender shall not be required to commence proeeedinga against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower s suecessore in interest. 11. Forbearance by Lauder Not a R?aiver. My [orbearance 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 taxes or other liens 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. AU 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 successively. 13. Successors and Assigns Bound; Joist sad Several Ltebility; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall lucre to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof: All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of Chia 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 nequeated, to Lender's address stated herein or tciaach other address as Lender may designate by notice to Borrower as provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower ur Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage rnmbines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage 'f 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 Dopy 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 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 '~I 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 noticeof 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 n'.ailed within which Borrower may pay theauma declared due. If Borrower fails to pay such soma prior to the expiration of such period, bender may, without further notice or demand on Borrower, mucks any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of say eoveuant 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 less than 30 days from the date the notice is mailed to Borrower, by which ouch 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 aRer acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to aceeleration and foreclosure. If the breach is not cured on or be[ore the date specified in the notice, Lender at Lender's option may declare all of the some Secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be f entitled to collect in such proceeding all expenses otforeclosure, including, but not limited to, reasonable attorney's fees. and € costs of documentary evidence, abstracts and title reports. E 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the soma secured b this Mo the right to have any proceedings begun by Lender to enforce this Mo Y rtgage, Borrower shall have ~ this Mo rtgaee discontinued at any time prior to entry of a judgment enforcing t rtgage 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 this Mortgage- (c) Borrower pays all reasonable ex agreements of Borrower rnntained in pauses 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 hezeof, 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, Lender a interest ' in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unim aired. U by Borrower. this Mortgage and the obligations secured hereby shall-remain in full force and effect ae if no acceleration hadeoccurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereb assi ' of the Property. Provided that Borrower shall Y ens to Lender the rents prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain ouch 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 eoUected 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's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. t at~~V~ ~Q~ ;aLt,Gi14~ _ _