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HomeMy WebLinkAbout1416 8. InspeMion. Leader may make or cause b be made reasonable entries upon and irupections of the property, provided Wat Leader shall give Borrower notice prior b say such irupection specifying seasonable cause therefor related b Lender's interest in the Property. 9. CoademnaUon. Ths proceeds of say award or claim for damages, direct or consequential, in ooanection with any oondemaation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shaA be paid b Lender. In the event of a btal taking of the Property, the proceeds shall be applied b the sums secured by this Mortgage, with the excess, if any, paid b Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied b the sums secured by Wis Mortgage such proportion of We proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair market value of the Property immediate~yr prior b the date of taking, with the balance of the proceeds paid b Borrower. If the Property is abandoned by Borrower, or if, after notice by Leader b Borrower that the condemnor offers b make as award or settle a claim for damages, Borrower fails b respond b Lender within 30 days after the date such notice is mailed, Lender is authorized b collect and apply the proceeds. at Lender's option, either b restoration or repair of the property or b the some secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds b principal shall not extend or pwtpone the due date of the monthly iaataUmenta referred b 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 amortisation of the sums secured by this Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower s successors in interest. Lender shall not be required b commence proceedings against such eueceasor or refuse b extend time for payment or otherwise modify amortization ofthe sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or oWeswise 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 tares or other liens or charges by Lender shall not be a waiver of Leaders right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other tight or remedy under this Mortgage or afforded by Iaw or equity, and may be exercised concurrently, independently or successively. 13. Successors aid Assigns Bound; Joint and Several LiabUity; Captions. The covenants and agreements herein contained shall . bind, and the rights hereunder shall inure b, the respective successors and assigns of Lender and Borrower, subject b the provisions of paragraph 19 hereof. All covenants and agreements of Borrower shall be joinf and several. The captions and headings of the paragraphs of this Mortgage are for rnvenieace only and are not b be used b interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrowerat the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, b Lender's address elated herein or b such other addresses Lender may designate by notice b Borrower as provided herein. Any notice provided for is this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. ' 15. Uniform Mortgage; Governing I.aw; Severabillty. This form of mortgage combines uniform covenants for national use and non- uniform rnvenante with limited variations by jurisdiction b constitute 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 rnnilicta with applicable law, such conflict shall not a$ect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b beseverable. - 16. Borrower's Copy. Borrower shall be furaiahed a conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 1 T. Transfer of the Property; Assumption. If all or any part of the Property or sn interest therein ie sold or transferred by Borrower without Lender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b 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 leas not containing an option b purchase, Lender may, at Lenders option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory b 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 b accelerate provided in this paragraph 17, and i[ Borrower's successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from ell obligations under this Mortgage and the :vote. If Lender exercises such option b 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 theaums declared due. If Borrower fails b pay such soma prior b 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 oovenanta to pay when due any soma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action rewired to cure 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 cured; and (4) that failure to cure such breach an or before the date specified in the notice may result in ~ acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the 1'roperty.The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the 1 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 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 ezpenaes of foreclosure, including, but not limited to, reasonable attorney'8 fees, and } coats of documentary evidence, abstracts and title reports. t a 19. Borrower's Bight to Reinstate. Notwithstanding Lenders acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment 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 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 hereol, including, but not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation b pay the some secured by this Mortgage shall rnntinue 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. As additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior b 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 b have a receiver appointed by a - court b enternpon, take possession of and manage the Property and b rnlle~ct the rents of the Property, including those past due. All rents collected by the receiver shall be applied first b payment of the poste of management of the Property and collection of rents, including, but not limited b, receiver's foes, premiums on receiver's bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. Y cJRr 310 F,?GE 1416