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HomeMy WebLinkAbout2807 • { . fi. Inspection. Lender may make or cave to bs made reaeoaaDle entries apaa and inspections of the property. provided that Lender shall give Borrower notice prior to any such iaspedioa specifying reasonable uwe,.thecsfor related to Lender's interest is the Property. 9. Condemnatioa.'ILe proceeds of any award or claim for damages, direct or consequential, in connection with nay condemnation or other taking of the property, or paK thereof. or for conveyance is W?a of ooademnation, are hereby assigned and shall be paid to Lender. In the event of a total fairing of the Property, the proceeds shall bs applied to the sums secured by this Mortgage, with the success, ff any. paid to Borrower. In the event of a partial taking of the Propergr, ualees Borrower and Lender otherwise agree in writing. then shall bs applied to the saws secured by this Mortgage such propertioa 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 bean to the fair market value of the Property immediately prior to the date of taking, with the balance of We proceeds paid to Borrower. U the Property is abandoned by Borrower, or ~ after notice by Leader to Borrower that the condemnor offer to make an award or setae a claim for damages, Borrower fails to respond to Lander within 30 days after the date such notice is mailed, Lender is authorirerl to collect and apply the proceeds. at Lender's option. eiWer to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall cwt extend or pwtpone the due date of the monthly inatallmeats referred to in paragraphs 1 and 2 hereof or change We amount of suds irutaWnents. 10. Borrower Not Released. Extension of the time for paymaat or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to please, in any manner, the liability of the original Borrower and Borrower's enecesson in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time . for payment or otherwise muiiifjr amuriisatiuu of tie eiuii» ~,..=urad by this iiiva:~aga by ra«,n of asy 3~:,.ac:d ma3e by L'~e original Borrower and Borrower's suocessore in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shell not be a waiver of or preclude the esercise of any such right or remedy. The procurement of insurance or the payment of taxes or older liens or charges by Lender shall not be a waiver of Lender's right to aecelerate the maturity of the indebtedness second by this Mortgage. 12 Remedies Cmm~lative. 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 concurrently, independently or suooessively. 13. Sncceseors and Assigns Bound; Joint and Several Liability; Captions. Tha covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective suoceesore and assigns of Lender and Borrower, eubjeet to the provisions of paragraph 1?hereof. All covenants 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 to be used to interpret or define the provisions hereof. 14. Notice. E:eept 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 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 requested, 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. 1 ti. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with Waited 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 ie located. In the event that any provision or clause of this Mortgage or the Note rnnflicte with applicable law, arch 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 ezecntion or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or as interest therein is sold or transferred by Borrower without Lender's prior written coneent,'ezcluding tt~~e lion ofp~lien or encumbrance subordinate to this Mortgage, (b) We creation of a purchase money security interest fo~ousehold appliai~'ce8~, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehdid+interestrof thre~'~i~ er lea~riot containing an option to purchase, Lender may, at Lender's option, declare all the soma 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 credit of such person is satisfactory to Lender and that the interest payable on the sums 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 Borrower's successor in interest has executed a i written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the - hole. s 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 rt:ailed within which Borrower may pay the sums declared 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 paragraph 18 hereof. i 18. Acceleration; Remedies. Lxcept as provided in paragraph 17 hereot, upon Borrower's breach of any covenant or agreement of Bprrower 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 care each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which spch breach moat be cured; and (4) that fallure to cure arch breach on or before the date specified in the notice may result in acceleration of the some secured by this Mortgage, foreclosure by judicial proeeeding 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•ezietence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not curedon 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 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 of foreclosure. including. but not limited to. reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. I 19. Borrower's Right to Reinstate. Notwithstanding Lander'sacceleration ofthe 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 to entry of a judgment enforcing x this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Fhtnre Advances, if any, had no acceleration occurred; (b} Borrower cures all breaches of say other covenants or agreements of Borrower eontained in { this Mortgage; (e) Borrower pays all reasonable expenses incurred by Lender in enforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not Waited to, reasonable f attorney's fees; and (d) Borrower takes such action as Lender may reasonably regpire to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers 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 ere 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 the right to collect and retain such rents as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterypon, take possession of and manage the Property and to collect the nuts of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the poets 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 receives shall be liable to aeoount only for those Hots actually received. ao°K 314 ~~cE 2,'800 . . - -