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HomeMy WebLinkAbout0242 - I 8. Inspection. Lender rosy make or sure b be made rauooable entries upon and inspections otthe property, pronded that Leader shall give Borrower notice prior b aqy such isupedioa specifying reasonable suss therefor related b Lender's intee~est in tM Property. 8. Coaderanatioa. The prooeeda of any award or claim for damages, direct or oonssqueatial, is connection with any condemnation or older taking of the property. or part thereof. or far conveyance in lira of oondemnatian. errs heeeby assigned gad shall bs paid b Lender. In the event of a total taking of the Property, the proceeds shag bs applied b the gums secured by thin Mortgage, with the ezoess, if any. paid b Borrower. In the event d a partial taking of the Property. anises Borrower gad I.soder otha:wiss agree in writing. there shall be applied b the roan secured by this Mortgage such peoportion of the proceeds a. is equal b that poportioa which the amormt of the sums secured by this Mortgage immediately prior b the date ottaking bears b the fair market value of the Property immediatety prior b the date of taking. with the balance d the proceeds paid b Boerowror. If the Property is abandoned by Borrower, or ~ after notice by Leader b Borrower that the ooadamaoroffers b make an award or setae a claim for damages, Borrower fails b respond b Leader within 30 days alter the date arch notice is mailed, Lender is anWorized b collect and apply the proceeds, at Lender's option, either b nsbration a repaur of the property or b the gums secured by Chia Martgags. - UdessLender and Borrower otherwise agreein writing,aaysndrapplicationo~iprooeeds b principal shall notestendarpoatpoaethedne date of the monthly installments referred b in paragraplu 1 gad 2 hereof or diange the amount of each installments. 10. Borrower Not Released. Sztension of the time for ps~ymaat a modifiation of amortisation of the sums secured by this Mortgage granted by Lender.b any snocessor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's suooeasors in interest. Lender shall not be required b commence proceedings against sash auooessor or refine to eztend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower end Borrower's sacoessors in interest. 11. Forbearance by Leader Not a Waiver. Aay forbearance by Lender in exercising any right or remedy 6ereaader, or otherwise afforded by app);abk law, shall not be a waiver of or prednde the eze:cise of any such right or remedy. The p:ocarea?ent of insnraaoe or the payment of taxes or older liens or charges by Lender shall not be a waiver of Lender's right b aooderate the maturity of the indebtedness secured by this Mortgage. 12 Remedies CamuLztive. All remedies provided in this Maetgage are distinct and wmnlative b anq other right or remedy ender this Mortgage a afforded by law or equity. and ms~y be ezerc~sal ooncurrsatly, independently or suooeesively. 13 3nooessoss and Asaigos Bound; Joint gad Several I3ability; Captions. Thor ooveaants and agreements herein contained shall bind, and We rights hereunder shall inure b. the respective sacoessoss and assigns of Leader a~ Borrower. subject b the provisions of paragraph 17 hereoL All oovenanta and agreements of Borrows shall be joint and severs). The captions and headings of the paragraphs of this Mortgage an for ooveaience only and are not b be Deed b interpret or define the provisions hereof: 14. Notice. Bzoept for any notice required Hader appliabk law b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower atthe Property Address or at such other address as Borrower may designate by notice b Leader as provided herein, and (b) any notice to I.endrr shall be given by certified mail, return receipt requested. b bender's address stated herein or b arch other address as Lends may designate by notice b Borrower as provided herein.Any notice provided for in this Mortgage shall be deemed b have been gives b Borrower or Lender when given in the manner dmignated herein. ~ 15. Uniform Mortgage; Governing Law; Severability. This farm of martgageo~bines uniform ooveaants for national use and non- aniform covenants with limited variations by jarisdidion b constitute a uniform sectrriq? iastrrrment covering read property. This Mortgage shall be governed by the law of the jariadidion in which the Property is loafed. In the event that any provision or douse of this Mortgage or the Note eontids with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be giver! effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are dedared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution 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's prior written consent, ezduding (a) the creation of a lien aT encumbrance subordinate b 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 interest of three years or less not containing an option to purchase, Lender may, at Lendez's option, declare all the sans secured by this Maetgage b be immediately doe and paysbk. Lender shall have waived such option b accelerate if, prior to the sale or transfer. Leader and the person b whom the Property is b be sold or transferred reach agreement in writing thatthe credit of such person is eatiafadory b Lender and that the interest payable oa the soma secured by this Mortgage shall be at such rate as Leader shall request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrower's wooeaeor in interest has ezecnfed a Iii written assumption agreement accepted in writing by Lender, Lrod~ shall release Borrower from all obli ationa under this Mo a and Note. g rtgag the If Leader ezercises such option b accelerate, Lender shall mail Borrower notice of aooeleration in aeoordance with paragraph 14 hereof: Such notice shall grovide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the some dedared due. If Borrower fails to pay such soma prior to the expiration of such period, Leader may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. i 18. Aeoeleration; Remedies. Szcept 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 an7 sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragrap614 hereof specifying: (1) the breach; (2) 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 mast be cured; and (4) that failure to care sods breach on or before the date specified in the notice may result in acceleration of the same secured by this Mortgage, foredosure by judicial proceeding and sale of the further inform Borrower of the right to reinstate after acceleration acct the ~'O~3'' The notice shall right to assert in the toreclowre proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and toa~eclosnre. It the breach is not cured oa 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 farther demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to oolleet in such proceeding all ezpe~es of toreclosnre, including, bat not limited to, reasonable attorney a fees, and costs of dowmentary evidence, abstracts and title reports 19. Borrower's Right to Reinstate. Notwithstandwg Lender's aooeleration of the arms secured by this Mortgage, Borrower shall have the right b have any proceedings began by Leader b enfor~oe this Mortgage disoontinaed at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due Hader this Mortgage, the Note and notes securing 1?btnre Advances, if any, had no aeoeleration occurred: (b) Borrower cares all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrows: pays all reasonable ezpenses incurred by Leader in enforcing the ooveaanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 6ereol: including, but not limited b, nnaonable atbraey's fees; and (d) Borrower takes such action as Leader may reasonably regmre b assure that the lien of this Mortgage, Lender's interest in We Property and Borrower's obligation b pay the sums secured by this Mortgage shall oontinne unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force sad effect as if no aeoeleration bald occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrows hereby assigns b Lender the rents of the Property, provided Ebel Borrower shall, prior b acceleration ender paragraph 18 hereof or abandonment of the b Dolled and retain such rents as They become due and payable_ Property,havetheright Upon aooekration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a aonrt b enternpoa, take possession of and manage the Property and b Dolled the rents of the Property, indading those past due. All rents collected by the receiver shall be applied first to payment of the costs of managementof the Property and collection of yenta, inducting, bat not limited b, receiver's fees. premiums on receiver's bonds and reasonable attorney's fees. and then to the sums secured by this Mortgage. The recdver shall be liable fo account only for those rents adnauy received. ao~K 315 PacE 241