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HomeMy WebLinkAbout2590 8. Inspection. Lender may make or cause to be made reasonable entries upon and irupections of the property. provided that Leader shall give Borrower notice prior to any such iwpection specit5riag reasonable cause therefor elated to Lender's interest in the Property. 9. Condemnation. The proceeds of any sward or claim for damages. director consequential, in connection with any ooademaation or other taking of the property. or part thereof. or for conveyance is lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a toW taking of the Property, the pra~esds shall bs applied to the sums secured by Chia Mortgage, wiW the excess. if r?0.Y. paid to Borrower. In the event of a partial taking of We Property. unless Borrower and Lender otherwise agree is writing, there shall be applied to the Bums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amodat of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately paler to the date of taking, with the balance of the proceeds paid to Borrower. Ii the Property is abandoned by Borrower. or if, aRer notice by Lender to Bosower that the condemnor ogee b make as award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the 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 os to the sums secured by this Mortgage. Unless Lenderand Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone We due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such irtatallmenb. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any suoceasor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower s auocesaon? in interest. Lender shall not be required to commence pFooeedinga against such successor or refuse to eztend time for payment or otherwise modify amortization of the coma secured by this Mortgage by reason of any demand made by the original Borrower ~ 6 and Borrower a successors in interest. ' 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in eawrdrdng:aay 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 We payment of fazes ~ other liens~or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of We indebtedness - secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity. and may be ezet~cised concurrently. independently or auoceasively. 13. Successors and Assigns Bound; Joint and Several LiabUity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All rnvenanta 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. - j 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 ouch 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 snch 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; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonatitute 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 i 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 declarcd to be severable. i 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecution 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 rnnaent, 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 lees not containing an option to purchase, Lender may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lendu 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 snch j person is satisfactory to Lender and that the interest payable on the sums 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 Borrowers aucxeesor 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 r. ~ Note. ~ F ~ If Lender ezercisea 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 less than 3fl days from the date the notice is mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such some prior to the expiration of such period, Lender may, withont further notice or demand on Borrower, I invoke any remedies permitted by paragraph 18 hereof. _ 18. Acceleration; Remedies. Bzcept as provided in paragraph 1? hereof. upon Borrower's breach of any oove:nant or agreement of Borrower in this Mortgage. including the covenants to pay when due any same 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 aMion ~ € required to cure such breach; (3) a date, not leas than 30 days from the date the notice L mailed to Borrower, by which such breach moat be cured; and (4) that fellers to cure such breach on or before the date specified in the notice may result in s 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 alter acceleration and the right to assert in the foreclosure proceeding the g non-existence 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 We notice, Lender at Lender's option may declare all of the soma secured by this Mortgage to be s immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be a entitled to collect in such proceeding alI expenses of foreclosure, including, but not limited to, reasonable attorney's tees, and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the anms secured by this Mortgage, Borrower shall have e 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 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 breache~a 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 ae 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 this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the some secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remrin in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment o[ Receiver. As additional security hereunder, Borrower hereby assigns to Lenderthe rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right s 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 F 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 coats 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 a fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 1 goon 310 ~A~t 2588 c