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HomeMy WebLinkAbout2041 • e ~ 8. Inspection. lender many make or cause to bs made reasonable entries upon and inspections of the prope~y,provided that Lender shall giw Borrower notice prior to any sucb inspection specifying reasonable cause Werefor related to Lender's interest in the Property. e. Coadesnnation. The ~ooeeds of any award or elaiw for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part thereof. or for conveyance in lien of ooademnation, are hereby assigned and shall bs paid to Lender. In the event of a total inking of the Property. the proceeds shall be applied to the Bums secured by this Mortgage, with the ezoess, u any, paid to Borrower. In the event of a partial taking of the Property. nnlees Borrower and Lender oWerwiae agree in writing. there shall bs applied to the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which We amount of the sums 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 toting, with the balsnoe of the proceeds paid to Borrower. . If the Property is abandoned by Borrower, or if, attar notice by Lender to Borrower that the condemnor offers to makean award or settle a claim for damages, Borrower fails to respond b Lender within 30 days after the date anch notion is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the property or to the sums secured by thin Mortgage. Unless Lender and Borroww 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 installments. 1Q Borrower Not Released. Fattenaion of the time for p+rymant or mo~.:if:cation of amortisation of the soma second by this Mortgage 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 auoceesors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's aucoeesors in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or 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 Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy render this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or auoceasively. 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 suoceseora 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 covenieace 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 each other address as 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 adaresa 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 oovenanta for national use and non- uniform covenants with limited variations by jurisdiction b constitute a uniform security instrument covering real property. Thin 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 theprovisiona of the Mortgage and the Note an declared to be severable. l6. Borrower's Copy. Borrower shall be furnished a rnnformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. - 17. Transfer of We Property; Assumption. if atl or any part of the Property or an interest therein is sold or tranBfen;rd 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) *he 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 soma secnrea 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 person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to !.ender and that the interest payable on the soma secured by this Mortgage shall be at such rate as !.ender 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 underthia 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 30days from thedate the notice is nsaiied within which Borrower may pay thesuma 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, mucks any remedies permitted by paragraph 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 eovenanta to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower en provided in paragraph 14 hereof specifying: (1) the breach; (2) the action repaired to cure such breach; (3) a date, not less tban 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-eziatence ota 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 soma 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 ezpenses ottoreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Bight to Reinstate. Notwithstanding Lender's acceleration of the soma 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 it• (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing l~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all beaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's emedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to aaaue 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 care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occun+ed. 20. Assignment of Rents; Appointment of Receiver. As additional security heeunder, Borrower heeby assigns to Lendertherents 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 stain such ants 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 enter~upon, take possession of and manage the Property and to collect the ante of the Property, including those past due. AU rents collected by the receiver shall be applied first to payment of the costa of management of the Property and eoUection of eats, including, but not limited to, receiver's feea,.premiuma on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage, The receiver shall be liabte to account only for those rents actually received. - a~~~314 Pa~E2t~34