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HomeMy WebLinkAbout2046 ~ r' 8. Easpection. Leader may make or cause b be made reasonable satries upon and iaapectiona of the property. provided that Lender shall give Borrower notice prior b aqy such irupection specifying reasonable cause therefor related b Leader i interest in the Property. 9. CondemaaUoa. The proceeds of any award or claim for damages. direct or oonsequeatial, is connection with say oondemnatioa or other taking of We property. or part thereof. or for conveyance is lien of oondemnatioa, are hereby assigned sad shall be paid b Lender. In We event of a btal taking of We Property, the proceeds shall bs applied b the sums secured by this Mortgage, with We exoea, if any, paid b Borrower. Ia the event of a partial taking of the Property, unless Borrower and Lender otherwise agree is writing, there shall be applied b the rotor secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the rams 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 the proceeds paid b Borrower. If t_tte Property is abandoned by Borrower, or iL after notice by Lender to Borrower that the condemnor offers b make an award or settle a claim for damages. Borrower fails b respond b Lender within 30 days after the date such notice is mailed. Lender is authorized b collect and apply the proceeds. at Leaders option. either b restoration or repair of the properly or b the soma secured by this Mortgage. Unless Lender and Borrower otheswiea agree in writing. any such application of proceeds b principal shall not extend or postpone the due date of the monthly installments referred b 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 amortization of the Bums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be regnired to commence prooeedinga against such successor or refuse to 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 Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercising 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 other 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. - j 1 Z Remedies Cumulative. 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 euoceesively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The 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 i paragraph 1? hereof. AU~ rnvenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covariance only and are not b be used to interpret or define the provisions hereof. - 14. Notice. Eacept for any notice required under applicable law to be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing arch notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, b Lender's address stated herein or to each other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage combines uniform oovenanta for national use and non- uniform oovenante with limited variations by jurisdiction b 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 b this end the provisions of the Mortgage and the Note are declared b 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. 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 rnnsent, excluding (a) the creation of a lien or encumbrance subordinate b 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 Lender s option, declare all the arms 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 b 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 ae 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 e:erciaes such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: 1 Such notice shall provide a period of not less than 30 days from the date the notice is n•.siled within which Borrower- m, y pay the sums declared due. If Borrower tails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. i 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 bereot, upon Borrower's breach of any covenant or agreement of Borrower 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 less than 30 days from the date the notice is mailed to Borrower, by which each 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 secared by this Mortgage, foreclosure by judicial proceeding and sale of the Property. T'he notice shall ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ron-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie 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 i mmediately 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. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration ottee 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 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 Fature 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 e:pensea 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, including, but not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, bender's interest in the Property and Borrowers obligation b pay the soma secured by this Mortgage ah all continue unimpaired. Upon such payment and rare by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had ocxurred. ~ 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower 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 the Property, Lender shall be entitled b have a receiver appointed by a oonrt b enterapon, take possession of and manage the Property and to collect the rents of the Property, including those past dne. 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, bat not limited b, receiver's fees, prrmiuma on receiver's bonds and reasonable attorney's foes, and then b the sums secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. ''K 314 P~~E 2039 ~~~K 4 ..,=A; - -