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HomeMy WebLinkAbout0611 i' . tt 8. Inspeedoa. Lender may make or caws to be made eeawnable entries upon and iaapectioas of the propertyy, provided that Leader shall give Borrows: notice prior to any such iaapectioa specifying rsawnabk cause therefor related to Lender's interest in the Property. ~ 9. Condemnation. The peooeeds of any awned or claim for damages, direct or oonaequeatial, is connection with any oondemnatioa or 1 other taking of the property, or part thereof, or for conveyance is lieu of condemnation, are hereby ssaigaed and shall be paid to Leader. 1 Ia the event of a total taking of the Property. the peooeeda shall be applied to the soma secured by this Mortgage, with the excess, 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 We soma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the some secured by thin Mortgage immediately prior to We date of taking bears to the fair market value of the Property immediately prior to the date of taking, wiW We balance of the prooeeda paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settb a i claim for damages, Borrower fail to respond to Leads: within 30 days aRer the date such notice is mailed. Lender is authorised to ooAect and apply the proceeds, at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unlea Lender and Borrower otherwise agree in writing, any snch application of prooeeda to principal shall not extend or pwtpoae the due date of the monthly installments ieferied to_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 to any succesewr in interest of Borrower ahaU not operate to release, in any manner. the liability of the original Borrower and Borrower's auocessors in interest. Lender shall not be required to commence proceedings against such successor or *Pr*~se to extend time for payment or otherwise modify amortization of the auras secured by this Mortgage by resysan of rely demand made by the original Borrower and Borrower's euocessore in interest. } 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in esercising 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 We 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. 1 Z Remedies Camnlative. AU remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may be exercised eoncurnatly, independently or successively. 13. Saooeeaors and Assigns Bonnd; Joint and Several LiabllIty; 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: AU covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are not to be used to interpret or define tl~e provisioner 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 3 Iorrower may designate by notice to Leader w 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 We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage rnmbinea uniform covenants for national use and non- uniform oovenanta 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 oonflicta with applicable law, such conflict shall not aitect 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. 1& 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 3 purc?~ase 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 l 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 soma secured by this Mor(gage shall beat 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 here executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. f 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 mailed within which Borrower may pay the soma declared j due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Except 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 sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action I required to cure suc>! breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower, by which such- t breach mwt be cared; 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-ezisteace ofp 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 further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ; i entitled to collect in such proceeding ail expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and f costs of documentary evidence, abstracts and title reports. ' I t 13. Borrower's Right to Reinstate. NotwithsiandingLsnders acceleration of the sums secured by this Mortgage, Borrower shall have f the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing Y j this Mortgage if: (a) Borrower pays Lender all auras 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 ezpenses 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, inclading, but not limited to, reasonable ~ attorneyre fees; and (d) Borrower takes arch action ss Lender may reasonably require to assure that the lien of this Mortgage, bender's interest I in the Property and Borrowers 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 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 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 to have a receiver appointed by a court to enteropon, take poseessioa 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 costs of management of the Property and collection of rents, including, but not limited to, receiver a fees, premiums on receiver's bonds and reasonable attorney's ices, and then to the snms secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. c~. r~K 334 PAGE 6Q9 at;:?K x