Loading...
HomeMy WebLinkAbout2793 • _ _ ! . • ~ > 8.' Inspection. Lender may make or caws to bs made reasonable entries upon and inspections d~~e ~Iroparty. proovided that Lendw shall give Borrower notice prior to any such inspection apeci(ying rr~eawuable cause tlter~fgr rilated to • interest iA the Property. 8. Coademaation.'ILe proceeds of any awar+i or Claiat for damages, direct or oonsequentisl, is oonaection with any ooademnation oe other taking rf the property. oe pad thereof, or foe oonvsyancs is lien of condemnation, an hereby assigned and shall bs paid to Lends. In the event of a Dotal taking of the properly, the proceed: shall be applied to the sums secured by this Mortgage, with the eoroess, Ragy. paid to Borrower. In the evatt ~ a partial taking of the Property, nuless Borrower and Lender otherwise aRns is writing, then shall bs applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proporti~ which the amount of the snore secured by this Mortgage immediately prior to the date of fairing 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 Property is abandoned by Harrower. or it, after notice by Leader to Boerowar that the condemnor oiferato make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after tun date such notice is mailed, Lender is anthorizsd to collect sad apply the proceeds. at Leader's option, either to restoration or repair of the property or to the areas secured by this Mortgage Udess Lender and Borrower otherwise agree is writing. any such application of procesdsto prindpai shall not eatmtd or postpone the due date of the monthly installments referred to in paragraphs 1 and 4 hereof or change the amount of such installments. 10. Borrower Not Released. E:teasioa 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 wocessors in interest. Lender shall not be required to oommeao$ proceedings against such snoceesor 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 Borrowee and Borrower's snooessors in interest. 11. Forbearaaoe by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy her+etmder, m otherwisb afforded by applicable law, shall not be a waives of or preclude the exercise of any such right or remedy. The procurement of insaranoe or the payment o[ to:as or other liana or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtednea secured by this Mortgage. 12 Remedies Camalative. All remedies provided in this Mortgage an distinct and cumulative to any other right oz remedy loader this Mortgage or afforded by law or equity, and may be esercised ooacurrently. irrdepeadeatly or suooessively. 13 Sttooeas-ors and Assigns Board; Joint and Several Liability; Captions. The oovenaats and agreements herein oontsined shall bind, and the rights hereunder shall inure to, the respective snocessors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrows: shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for covenience only and are rwt to be used to interpret or define the provisions hereof. 14. Notice. E:ogpt 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 osttified mail addressed to Borrower atthe Property Address or at arch 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 address as bender rosy designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given b Borrower or Lender when given in the manner designated basin. 15. Uniform Mortgage; Governing Law; Severability. This form ofmortgage combines uniformeovencatsfornational nseandnon- uniform covenants with limited variations by jurisdiction to eonatitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located, Is? 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 an declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of Chia Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Asaamption. If all or any part of the Property or as interest tuereur is sold or transferred by Borrower without Lender's prior written consent. ezclading (a) the creation of a Gen or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appGancea, (c) a transfer by devise, descent or by operation of law apon the death of a joint tenant or (d) the grant of any l tnf~est of tlu+ee years or leas not containing an option to purchase, Lender may, at Leader's option, declare all the sums secured by f to by immediately doe and payable. Lender shall have waived each option to accelerate if, prior to the sale or transfer, Lender aa~ jbeAto~whom the Property is to be sold or transferred reach agreement in writing Wat the credit of such person is satisfactory to Lender and at the interest 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 is this paragraph 17, and if Borrower's successor in interest bas ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. j If Lender ezercises such option b accelerate, Lender shall oral! 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 r~siled within which Borrower may pay the soma dedared r due.lf Borrower fails to pay arch 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. Ezcept as provided in paragraph 17 hereof, aeon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage, including the oovenanta to pay when due any saws secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not le~sa than 30 days from the date the notice is mailed to Borrower. by which sack breach must be cared; and (4) that failure to cure each breach on or before the date specified in the notice me1Y resell in aeoeleratioa of the soma seiarred by this Mortgage, foreclosure by jadicia! proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate s~Rer acceleration and the right to assert in the foreclosure proceeding the non-ezietence 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 doe and payable without further demand and may foreclose this Mortgageby judicial proceeding. Lender shall he entitled to collect in such proceeding all espenaes 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 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 diaooatinued at any time prior to 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 breaches of say other covenants err agreemrots of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenaes incurred by Lender in enforcing the covenants sad agreements of Borrower contained in this Mortgage sad in enforcing Lender's remedies ere provided in paragraph 18 hereof, including, but not limited to, reasonable i, f attorney's fees; and (d) Borrows takes each action as Lender may reasonably require to assure that the lien of this Mortgage, Leader's interest in the Property and Bosrower'e obligation to pay the soma secured by this Mortgage shall oontinae 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 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 We Property. have the right to tolled and retain ouch 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 eater~npon, take possession of and manage the Property and to collect the rents of the Property, including those peat due. All Hats collected by the receiver shall be applied Brat to payment of the poets of management of We Property and collection of rents, including, but not i limited to, receiver's fees, premiums on receiver's bonds and reasonable attomey'a fees, and then to the soma secured by this Mortgage. The ~ receiver shall be Gable to eooount only for those rents adaally received. aoox3~4 PAGE~?"OV 'f