Loading...
HomeMy WebLinkAbout2930 i 1 8. Inspection. Lender rosy make or cause b be made reuonabk carries upon and iaspectioas of the property,provided that Lender shall give Borrower notice prior b any such iwpection spedfyiag reasonable cause f>)mrafer related b Leader's interest in We Property. 8. Condemnadon. Ths proceeds of say award or claim Ior damages. direct or oonsequeatial. is ooaaection with eny oondemaatioa or older taking of the proper4y, or part Wereof, or for oonveyanos in lien of ooademnation, are hereby assigned sad ahaA be paid b Lender. In the event of a btal taking of the Property, the proceeds shall be applied b the sums secured by this Mortgage, wild the exoea, if say, paid b Borrower. Ia the event of a partial taking of the Proper4jr, udess Borrower sad Lender otherwise agree is writing, there shall be applied b the sums secured by this Mortgage such proportio~a of the proceeds ar is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair market value of We Property immediately prior b the date of taking, with the balance of the proceeds paid bBorrower. - Ifthe ProperRy isabandoned by Borrower. or if, after notice by Leader b Borrower that the ooade~mnor o>lers to make an award or settle a claim for damages, Borrower fails b reipond b Lender within 30 days after the date such notice is mailed, Lender is authorised b collect and apply the proceeds. at Lender's option, eiWer b resbratioa or repair of the property or b the sums secured by this Mortgage. Unless Leaden and Borrower otherwise agree in writing.any such application of pr~oceedsto 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 inatalbneats. 10. Borrower Not Released. Extension of the time for payment or modification of amortirstion of the sums secured by this Mortgage granted by Lender b 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 required to commence proceedings against such suoccesor or refuse b extend time ' for payment or otherwise modify amortisation of the some secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower's successors 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, shall not ba a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right b accelerate the maturity of the indebtedness second by this Mortgage. 12 Remedies Cumulative. All remedies provided in thin Mostgage are distinct and cumulative b any other right or remedy under this Mortcage or afforded by Iaw or equity, and may be exercised concurrently, independently or suocesaively. 13 3aooessors 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 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 covenience only and are not b be used to interpret or define the provisions hereof. 14. Nodce. Except for any notice required ender 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 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 b such other address as Lender may designate by notice b 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. This form of mortgage combines uniform oovenanta 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 efled without the eonIIicting provision, and to this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be famished a conformed Dopy of the Note and of this Mortgage at the time of execution or after - recordation hereof. 17. Transfer of the Property; Aesumpdon. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a pur+c_hase 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 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 b 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 underthis Mortgage and the li Note. If Lender e:ercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is Trailed within which Borrower may pay the sums declared due. If Borrower fails to pay such soma prior to the expiration of each period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragaaoh 18 hereof. 18. Acceleration; Remedies Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower a8 provided in paragraph 14 hereof spedtying: (1) the breach; (2) the action required to care each breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such breacb must be cared; sad (4) that failure b care such breach on or before the date specifted 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-ezistence of a default or any other defense of Borrower to aoceleradon and foreclosure. If the breach is not cared 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 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 coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender aacceleration ofthe samasecured by thieMortgage, 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 soma which would be then due under this Mortgage, the Note and notes securing I~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 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 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 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 as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigas to Lender the rents j of the Property, provided that Borrower shall, prior to soceleration 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 to have a receiver appointed by a ~ court to enterapon, take possession 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 fu~at to payment of the costa of management of the Property and collection of rents, including, but sot limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. ''K 314 YaGE 2922 B!1+IK f . E 'i Id ~ - _