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HomeMy WebLinkAbout0602 .r i ~ . 1 ~ W~ 8. InapectloA. Lender may make or cause to bs made reasonable entries upon and inspections of We 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 wiW any condemnation or other taking of the pmpert~jr, or part Wereof, or for ooaveyanos in lien of oondemnatioa. are hereby assigned and shall bs paid to Leader. In the event of a bW taking of the Property, the proceeds shall be applied to the soma secured by this Mortgage, wiW the excess, ff any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree is writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the suau secured by this 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 proceeds paid to Borrower. - - Ifthe Property is abandoned by Borrower. or if, alter notice by Lender to Borrower that the condemnor offers to 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. et Lender's option. either to restoration or repair of the property or to the sums 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 instellmeats. . 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the soma secured by this Mortgage granted by bender to any suceessor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's auocesaors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time foz~ayment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's auccesaora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exerciadng any tight or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exer«ee of any such right or remedy. The procurement of insurance or the payment of ta:ea or other liens or charges by Lender shaA not be a waiver of Lender a right to accelerate the maturity of the indebtedness secured by Chia Mortgage. • 12 Remedies Cumulative. All remedies provided in this Mortgage are distinM and cumulative to any other right or remedy render this Mortgage or afforded by law or equity. and may be e:ercise~i concurrently, independently or aua~essively. 13. Successors and Assigns Bound; Joint and Several Liability; 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 covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for eovenience 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 ae 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 arch 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 constitute a uniform security instrument wvering 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, such rnnilict 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 copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer o! 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 rnnsent, a:eluding (a) the creation of a Gen 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 leas not containing an option to purchase. Lender may, at Lender's option. declare all the aum~ secures 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 pennon 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 soma secured by this Mortgage shall be at such rate sis 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 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 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is n•.ailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Iorrower, 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 olBorrower in this Mortgage, including the oovenante 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 such 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 otthe soma secured by this Mortgage, 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 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 . immediately due and payable without furtherdemand and may foreclosethie Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all a:parses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender sacceleration ofthe sums secured by this Mortgage, Borrower shall have 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 soma which would be then due under this Mortgage, the Note and notes securing l~ture Advances, it arty, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in r this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agre~ementa of Borrower contained in Win Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable i attomey'e fees; and (d) Borrower takes each 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 soma 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 as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As 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 theright to collect and retain such rents ae they become due and payable. Upon acceleratwn 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. AU rents collected by the receiver shall be applied first !o payment of the poste 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 Gable to aeoount only for those rents actually received. g„aK314 Pa~E 600