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HomeMy WebLinkAbout0050 . - ~ $ f. 8. Inspection. Leader may make or cause to be made reeuoaable entries upon and inspections of the property. provided that Lender shall ; give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Leader's interest in the Property. ~ 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or ~ other taking of the property, ~ part thereof. or for oonveyanoa in lieu of condemnation. are hereby assigned and shaA bs paid to Lender. 1 In the event of a total taking of t::e Property, the proceeds shall be applied to the soma secured by this Mortgage. with We ezoess, if any, ~ 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 of the proceeds as is oqual to that proportion which the amount of the soma } secured by this Mortgage immediately prior to the date of taking baste b the fair market value of the Property immediately prior to the date of 1 taking, wiW the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, alter notice by Lender to Borrower that the condemnor offers to make an award or setae a claim 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 Lender's option, eiWer to restoration or repair of the property or to the sums secured by Chia Mortgage. - Unlees Lender wad Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortization of the soma secured by this Mortgage 1 granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend 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's successors in interest.. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in a:excising any right or remedy hereunder, or otherwise afforded by applicable law, ahaU not be a waiver of or preclude the ezerciae of any such sight or remedy. The procurement of insurance or the payment of fazes or other Uena 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. All remedies provided in this Mortgage are diotinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezercise~l concurrently, independently or auooeeeively. 13.3uceessors and Assigns Bound; Joint and Several Liability; Captions. The oovenanta 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 11 hereof. All covenants 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. Ezo~t for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provide,-form this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address ae 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 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 I.aw; Severability. This form of mortgage combines uniform oovenante for national use and non- uniform rnvenants 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 iB located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such confliM 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. i 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecution er 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 Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thin 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 Lenders option,. declare all the soma secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior w 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 each 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 1?, and if Borrower a successor in interest has a:scored 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 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is Trailed within which Borrower may pay the soma declared due. If Borrower fails to pay such soma prior to the expiration of such period, [.ender 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 covenants to pay when due any soma 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 such breach must be cured; and (4) that failure to cure auc6 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 end 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-ezieteace 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 T immediately due and payable without furtherdemand and may forecloaethis 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 E costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lrndersacceleration ofthe sums secured by this Mortgage, Borrower shall have the right to have any prooeedinga 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 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 this Mortgage; (c) Borrower pays all reasonable ezpensea 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 aEtorney's fees; and (d) Borrower takes such action as Lender may reasonably require to secure 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 such payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect ae if no acceleration had occurred. 20. Asaigament of Rents; Appointment of Receiver. Aa 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 beentitled to have a receiver appointed by a court to enter~pon, take possession of and manage the Property and to rnllect 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's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only !or those rents actually received. n A a0r1K 3~.4 PAGE 5O - t ~a