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HomeMy WebLinkAbout2491 t i f 8. Iaspeetlon. Lender may make or cause to be made reasonable entries upon sad inspections of the property,provided that Lender shall give Borrower notice prior to aqy such iaspediop specifying reasonable cause therefor related to Lender's interest iq the Property. 9. Condemaation.'!t?e proceeds of aqy award or claim for dargages, direct oe ooasi~quential. is ooanection with say oondemaatioa or other taking of tha property. or part th/rsof. or for oonvsyaaos in Hsu of ooadeosaatloa, are hereby assigned sad shall bs paid to Leader. Ia the event of a total taking of the Property, the proceeds shall bs applied to the sums secured by.this Mortgage, with the esoess, it any. paid to Borrower. Ia the event of a partial taking of the Property, unlew Borrower and Lender otherwise agree in writiag, there shall be applied to the sums secured by this Mortgage such proportion of the prooeods eu is equal to that proportioa which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Prope:Ly is abandoaed by Borrower, or if, aRer aotice by Lends: to Borrower that the condemnor offers to malls an award or settle a claim for damages. Borrower fails to respoad to Lender within 30 days after the date sucb notice is mailed, Lender is authorized to collect sad aPPIY the proceeds, at Lender's option, eithar to restomtioa or repair of We property or to the same secured by this Mortgage. Unless Lendw and Borrower otherwise agree in writiag, any such appHcatiaa of gr~a to gsistcipsl ahsll smi rsttad Qs p~atgone the de~e date of the moathly installments referred to in paragraphs 1 and 2 hereof or change the, amount of such instalbnents. 10. Borrower Not Released. E:tensioa of We time for payment or modification of amortization of the sums secured 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 sncoeesors in tatereet. Leader ahaH not be required to commence proceedings 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 Borrower's sua~esaore 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 e:erciee of any such right or remedy. The procurement of insurance or the payment of taxes or other Hens 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 Cumnladve. All 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 cencnrrently, iadepeadently or snocessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The oovenanta and agreements herein contained shall bind, and the rights hereunder ahaH inure to, the respective sucoeasors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof AH 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 the provisions hereof. 14. Notice. Except for any notice nequind 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 Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated,• 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 the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants 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 Dopy 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 a 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 inter~eat of three yeare or less not containing an option to purchase, Lender may, at lender s option, declare all the soma secures 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 pereon to whom the Property is to be sold or transferred reach agreement in writing that the creditof such person is satisfactory to Lender and that the interest payable on the suing 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 Borrowefs 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 rraiied 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 paragraph IS hereof. ~ 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay whey due any some secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2j 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-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 We 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 ILnited to, reasonable attorney's lees. sad costs of documentary evidence, abstracts and title reports. 19. Borrower's Bight to Reinstate. Notwithstanding Lender a 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 if: (a) Borrower pays Lender aH 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 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 covenants and agreements of Borrower contained is this Mortgage and in enforcing Lender's remedies 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 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 care 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 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 theright to coHed 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 enter•upon, take poeeession 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 firet to payment of the costa of management of the Property and collection of rents. including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's ices, and then to the some secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 3o~KJ~`t PaG~~4S~