Loading...
HomeMy WebLinkAbout1182 - ~ } . { . u w~> 8. InspeMion. Lender may make err cause b be made reasonable entries upon and inspections of the property, provided that Leader shall give Borrower notice prior b any such inspection specifying reasoaabie cause therefor related to Leader's interact in the Property. 8. Coademaatioa.'lUe proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, err part thereof, or for eoaveyanoe in lieu of ouademnation, are hereby assigned e»d shall be paid b Lender. In the event of a total taking of the Property, the proceeds shall be applied b We 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 this Mortgage such proportion of the proceeds as is equsi b that proportion which We amount of the sums eecur~ed by this Mortgage immediately prior b the date of taking bears b the fair market value of the Property immediately prior b the date of taking. with the balance of the proceeds paid b Borrower. If the Property ie abandoned by Borrower, or if, after notice by Lender b Borrower that the condemnor offers b make an award or settle a claim for damages, Borrower fail b respond b Lender within 30 days after the date each notice is matled. Lender is authorised b collect and apply the proceeds. at Lender's option, either b restoration or repair of the property or b the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not extend or postpone the due date of We monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tension of the time for payment or modification of amortization 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 suosesaors in interest. Lender shall not be required b commence proceedings against such successor or refuse b extend 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 Leader Not a R?aiver. Any forbearance by Lender in exercising 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 the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender's 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 to any Quiet rigni or remedy under wis Mortgage or afforded by law or equity, and may be e:ercise~i concurrently, independently or suooeasively. 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 b the provisions of paragraph 1T 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 b be used b 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 $orrower at the Property Address or at such other address as Borrower may designate by notice tv 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 b such other address as Lender may designate by notice b 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 oovenanta for national use and non- uniform covenants with limited variations by jurisdiction to 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 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 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 ezecution or after recordation hereof. 1 T. Tlranafer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender a prior written consent, ezcluding (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 less not containing an option to purchase, Lender may, at Lendei s option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shalt 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 such 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 IT, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lendershall 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 leas than 30 days from the date the notice is mailed 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 Borrower, invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of say covenant or agreement ofBorrower-in this Mortgage, including the covenants 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 leas 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 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 after acceleration and the right to assert in the foreclosure proceeding the non-ezisteace 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 iri 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 entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 15. Borrower's Right to Reinstate. Notwithstanding Lender e acceleration of the sums secured by this Mortgage, Borrower shall have the right b have any proceedings begun by Lender to enforce this Mortgage disrnntinued at any time prior b 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 expenses incurred by Lender in enforcing the rnvenante 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, ressonablc• attorney's fees; 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 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. 20. Assignment of Rents; Appointment of Receiver. As additional security herennder, Borrowce hereby assigns b 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 rile Property, Lender shall be entitled b have a receiver appointed by a court to enter•upon, take possession of and manage the Property and b collect the rents of the Property, including those past due: AU rents collected by the receiver shall be applied first b payment of the coats of management of the Property and collection of rents, including, but not limited to, receiver's face, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable b aeoount only for those rents actually received. dijOK?.~~~ P~GF11~V