Loading...
HomeMy WebLinkAbout1556 _ . _ ._i • ~ ; . l: 1 8. Inspection. Lender may make or cause b be made reasonable entries upon and inspections of the property. provided that Laadershall give Borrower notice prior b any such inspection specifying reasonable cause Wesefor related b Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any oond~nstioa or other taking of the property, oe part thereof. or for conveyanos in.lien of condemnation, are hereby assigned and ahaA bs paid b Lender. In the event of a btal taking of the Property. the proceeds shall be applied b the sums secured by this Mortgage, with the eaten, itany. paid b Borrower. In the avert of a partial taking of the Property, unlen Borrower and Lender otherwise agree in writing, there shall bs applied b the sums aecared by this Mw•tgage such proportion of the proeeeds as is equal b Wat proportion which the amount of the sums secured by thin 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 fire proceeds paid b Borrower. If the Propesi~y is abandoned by Borrower, or ~ after notice by Lender b Borrower that the condemnor offers b make an award or settle a claim for damages. Borrower fails b respond b Leader within 30 days after the date such notice is mailed. Lender is authorised b collect and apply the proceeds, at Lender's option. either b restoration or repair of We property or b the sums secured by this Mortgages Unless bender and Borrower oWerwise agree is writing, any such application of proceeds b principal shall not extend or postpone the due t • date of the monthly installments referred b in paragraphs 1 and 2 hereof or .;hangs the amount of such installments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation o[the sums secured by this Mortgage . granted by Lender b any encceaeor in interest of Borrower shall no! operate b relearn, is any manner. the liability of the original Borrower and Borrower's successors in interact. Lender shall not be required b commence proceedings against such successor or refuse b eztend time for payment or otherwise modify amortization of the sums setvred by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Z 1. Forbearance by Leader Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder, or otherwise i afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance ar the payment of tares 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. 12 Remedies t~tmulative, 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 exercised concurrently, independently or suooesaively. 13. $uceeasors and Assigns Bound; Joint and Several Liability; Captions. Tha covenants and agreements herein contained shall bind, and the rights hereunder shall inure b, the respective successors and assigns of Lender and Borrower, subject b 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 covenieace only and are not b be used b interpret or define the provisions hereof. ~ 14. Notice. Ezcept for any notice required under applicable law b 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 b Borrower at the Property Address or at such other address as Borrower may deaignate.by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt ; requested, b Lenders 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 b have been given b Borrower or Lender when given in the manner designated herein. 15: Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform eovenanta 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 juriadictioa in which the Property is located. In the event that any provision or clause of thin 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 b this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a rnnformed copy 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 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 b purchase, Lender may, at Lenders option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is b be sold or transferreed reach agreement in writing that the credit of such person is satisfactory to Lender and that t..c ~^_!erest payable on the soma 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 17, and if Borrower a 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 mailed within which Borrower may pay the soma declared due. If Borrower fails to pay such anma 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 ae provided in paragraph 1? hereof, upon Borrower's breach of sny covenant or agreement of Borrower is this Mortgage, including the covenants to pay when due any some 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 . 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 cared; sad (4) that failure to cure such breach on or before Ure date- specified in the notice may result in acceleration of the sums secured by this ltiiortgage, 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-eziatence 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 further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect is such proceeding all ezpenses 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. NotwithstandingLender's acceleration of the anma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b 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 brraches of any other covenants or agreements of Borrower rnntained 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 a remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable a ttorney'a fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation b 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. 20: Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior to aeceleration under paragraph 18 heceofor abandonment of the Property, have the right to tolled 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 b enter~upon, take poeaeaaion of and manage the Property and b collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first b payment of the costs of management of the Property and collection of rents, including, but not limited b, receiver's fees, premiums on receivers bonds and reasonable attorney's foes, and then b the some secured by this Mortgage. The receiver shall be liable b aeoount only for those rents actually received. s~K . a~~:~~3~4 P~~F1549 ~y_tR - - - , -