Loading...
HomeMy WebLinkAbout2801 _ _ _ ~ i.' . 8.' Inspection. Landes may make or canes to be made reaaoaable entries upon and iaspectiotu of the property. provided that Lender shall _ give Borrower notice prior to any sucb inepsetion epedfying ressonalils canes Werefor related to Lender's interest in the Property. 9. Condemnadoa. The prooseds of any award or claim for damages, direct or owisegnential, in connection with any condemnation or other taking of the propeety, or part thereof, or for conveyance in lien of ooAdemnatioa,--are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property, the proceeds sbaU be applied to the sums secured by thin Mortgeg0. with the access, it say, paid to Borrower. In the ~veat of a partial taking of the Propeety, anlea Borrower and Lander otherwise agree in writing, there ahaU be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the 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 taking, wiW the balance of the proceeds paid to Borrower. Uthe Property is abandoned by Borrower, or ~ alter notice by bender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower tails to respond to Lander within 30 days after the date amh notice is mailed, I.enda: is authorized to collect and ePP1Y the proceeds, at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unlea Leader and Borrower otherwise agree in writing. any such application of prooeeda to psincipal shall not extend or postpone the due date of the monthly installments referred b in paragraplur 1 sad 2 hereof or change the amount of such inetallmeats. 10. Borrower Not Released. Extension of the 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 successors is interest. Lender shall not be required to commence proceedings against such sua;essor or refuse to extend time for paymret or otherwia~ ...,,.:r•.izatioa ofthe sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. - 11. Forbearance by Lender Not a R?aiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude We a:ercise of any such right or remedy.'ILe procur~uent of insurance or the payment of tares err 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 an distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercise~l concurrently, independently or anoceeeuvely. - 13. Suooeseors and Resigns Bound; Joint and Iieveral Liability; Captions. The covenants and agreements herein contained shall find, and the rights hereunder shall inure to. the respective suooeeaora 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 an for eovenience 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 arch notice by certified mail addressed to Borrower at the Property Address or atsuchotheraddress as - Borrower may designate by notice to Lender ere provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein err b 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 nee and non- - uniform covenants with limited variations by jurisdiction to eonstitnte a uniform security inatnmient covering real property. This Mortgage shall be governed by the law of the jurisdidion 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 provisioner 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 ahaU be furnished a conformed Dopy of the Note and of this Mortgage at tbe time of execution err after recordation hereof. 17. Transfer of the Property; Aeaumpdon. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcluding (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, dceeent or by operation of law upon the death of a joint- tenant or (d) the 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 sums secured 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 creditof such person is satisfactory to Lender and that the interest payable on the sums pecared 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's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fiom all obligations under this Mortgage and the Note. If Lender a:~cisea such option to accelerate, Lends: shall mail Borrower notice ofacceleration in-accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 3(1 days from the date the notice is mailed within which Borrower may pay the soma dedared due. If Borrower fails 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 paragraoh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph I? hereof, upon Borrower's breach of any covenant or - j agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender t prior to acceleration shall mail notice to Borrower ere provided in paragraph 14 hereof specifying: (1) the breach; (2) the action regained to wre such breach; (3) a date, not lees 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 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 eoceleration and the right to assert in the foreclosure proceeding the non-ezistenee of a default or say other defense of Borrower to acceleration and foreclosure. It the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare ell 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 limited to, reasonable attorney's fees, and costs of documentary evidence. abstracts and title reports. 19. Borrower'. Right to Reinstate. Notwithstanding Lender'aacceleration ofthe anme secured bythis Mortgage, Borrower shall have the right to have any prooeedinge begun by Lender to enforce this Mortgage disoontinned at say time prior to entry of a judgment enforcing thin Mortgage if: (a) Borrower pays Lender ail sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any. had no aoceleratioa occurred; (b) Borrower cores all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays -all reasonable expenses incarr+ed by Lender in ceforcing the oovenanta and agreements of Borrower contained in 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 re Lender may reasonably require to assure thatthe lien of this Mortgage, Lender's interest in the Property? and Borrowefs obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force sad effect as if no aaxleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the reats- oftheProperty, provided that Borrower shall. prior to acceleration under paragraph 18 hereof or abandonment of the Pro to eolled and retain such rents as they becwrne due and payable. perty.havetheright Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a n~ceiver appointed by a I court to enter.upon, take possession of and manage the Property and to collect We rents of the Property, including those past due. All rents collected by the receiver shall be applied fast to payment of the costs of management of the Property and collection of rents, including, but not ~ limited to. receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secared by this Mortgage. The receiver shall be liable to aeoonnt only for those rents actually received. - - $~~3i4 ~~~F2794