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HomeMy WebLinkAbout0528 - ~ ~ ~ 1 • ~ 8. Inspection. Lender may make or cause b be made reasonable entries aeon duct iaspectioru of tbs property, provided riot Lender shall give Borrower aatios prior b asy dash inspection spt#df~ting reasonable 9aass tberdor related b Lender's iateredt in tM Property. 9. (Jaetderanation. The p~oossds of any award a d8im for damag~% direct or omsegnsntial. in ooanection wiW any aoademnation or other taking of the PmPwtY. err P~ . or far oonwyartas in lien of condemnation, an hereby assigned and shall bs paid b Lender _ In the event of a total takirt~of the Property, the proceeds shall be applied b the some secured by this Mortgage, wiW the ezaess, if any. paid b Borrower. In the event of a partial taking of the Peoperfy. unless Borrower and Lender otherwise agree in writing, titers altaU bs applied b tLa arms secured by this Mortgage ouch proportion o[ the proceeds a. is equal b that proportion which tits emoant a[ the sane regards lty this Mortgage immediately prior b the date of taking bears b the fair marlat value of We Property immediately prior b the date of taking. with the balarta of the proasds paid b Borrower. Uthe Properhr io abandoned lry Borrower, err ~ after notice by Lender b Borrower that the aoademnar ofYers b make as award or settle a claim for damages, Borrower fails b respond b Lendw within 30 days after the dots such notice is mailed. Lender is aatltorised b Dolled and aPPly the Pis. at Leadee's option, either b restceatiou err repair of the property err b the enure secured by this Mortgage. Unlea Lander and Borrower otherwise ogres in writing, any each application of proceeds b prindpal shall aoteztatd or postpone the dos date of the month),jr installments referred b in paragraphs 1 and Z hereof or change the amount of such installments. 10. Borrower Not Released. k3ztenaion of the time for payment err modification of amortization of We snags secured by this Mortgage granted by Leader b soy snooedsor in interest of Borrower shall not operate b release, in any manner. the liability of the original Borrower and Borrowerrs sneoesson in interest. Leader shall not berequired b oommenoe prooeedirtgsagainst snch suoceesor orrefuse b ertsadtime - for payment or otherwise modify amortization of the sums severed by thin Mortgage by reason of any demand made by the original Borrower and Borrowerrs successors is interest. 11. Forbearance by Leader Nast a Waiver. Any torbearanoe by Lender in ezercising any right or remedy hereunder. oz otherwise afforded by applicable law. shall not be a waiver of or prednde the ezercise of any snch right or remedy. The procarsment of indnrance err the payment of lases or other liens or charged by Leader shall not be a waiver of Lender's right b aooele:ate the maturity of the indebtedness aecared by this Mcetgaga 12 Remedies Cumulative. All remedies provided in thin Mortgage ors distinct and cmm~lative b any other right or remedy under this Mortgage or afforded by law or equity, and may be ezeeeise~l eoncnrrerttly, independently or snooeesively. 13 Soooes~ors duct Assigns Bound; Joint and Several LiabUity; Captions. The covenanb and s,;eeemeuta herein ooatained shall bind, and the sights hereunder shall inure t0. the redpee~tive snaesdora and assigns of Lender and Borrower, subject b 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 are for oov~ieace only and are not b be need b interpret or define the provisions 6ereoL 14. Notioe.l3zcepl for any notice required render applicable law b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing sndt notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may designate by notice b Lroder as provided heroin. and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lwtder's address stated herein or b such other address as L 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 Leader when given in We manner designated kterain. 15. Uniform Mortgage; Governing Law; Saverability. This form of mortgage combines anifarm oovenanta for national rase and non• uniform covenants with limited variations by jnriadidion b oonstitnte a uniform security instrument covering real property. This Mortgage shall be Saverned by the law of the jurisdiction in which fire Property is located. In the evrot that any provision or clanee of this Mortgage or the Note conflicts with applicable law. arch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the oontlicting provision. and b this end the provisions of the Mortgage and the Note are declared b be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of esecution or after recordation herrof. 17. Transfee of the Property; Assumption. If all or any part.of the Property or an interest therein is sold or transferred by Borrower without l:.ender's prior written consent. ezclading (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a pnr+crtase 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 lees not containing an option b pnrdtase, Lender may, at Lenders option, declare all the enure secured by this Mortgage to be immediately drag and payable. Lender shall have waived each option b accelerate i>; prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that thecreditof such person is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be at arch rate ae Lender shall request. If Lender has waived the option b accelerate provided in this paragraph 17. and if Borrowers suoceseor in interest has ezecnted a writtefi assumption agreement accepted in writing by I.ender, Ixnder shall rdease Borrower from all obligations under this Mortgage and the ! Note. If Lender ezercises ouch option b accelerate, Leader shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereof: Such rotice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the grams dedared due. If Borrower fails b pay such sums prior to We ezpiration of such period, Lender may, without farther notice or demand on $orrowe:, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ssoept as provided in paragraph 17 hereof, upon Borrower's breach of day covenant or agreement o! Borrower in this Mortgage, including the covenants to pay when drag any soma 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 crass such breach; (3) a date, not leas than 30 days >3rom the date the notice is mailed to Borrower, by which such breach must be cured; a~ (4) that failure to care such breach on or before the date spedfied is the notice may resale in acceleration of the dams secured by this Mortgage, foreclosure by judicial proceeding and dale otthe Property. The notice shall further inform Borrower of the right to reinstate after acceleration gad the right to assert is the foreclosure proceeding the non•ezistenoe of a default or any other defense of Borrower to deceleration and foreciodure. If the breach is not cured on or before the date spedfted in the notice, Lender at Lender's option may declare all of the sums seertred by this Mortgage to be immediately due dad payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to Dolled In verb proceeding all ezpenses o! foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding l:.eadera~cceleration ofthe sums second by rifts Mortgage, Borrower shall have the right to have any proceedings began by Lender b enforce this Mortgage disoontinned at any time prior b entry of a jndgmmt enforcing this Mortgage if: (a) Borrower pays Lender all sums which world be then doe under this Mortgage, the Note and notes securing Ifitatre Advanced, if any, had no aeoeleration axurred: (b) Borrower cares all bnacltes of anyother covenants or agreenneats of Borrower contained in this Mortgage: (c) Borrower pays all reasonable ezpenees incurred by Lender in enforcing the covenants end agreemen4 of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b radars that the lien of this Mortgage, Lmdera interest in the Property and Borrower's obligation b pay the arms secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower. this Mortgage and the obligations eecnred hereby shall remain in full force and effect as if no acceleration had oocnrred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns b Leader the rents of the Property. provided that Borrower shall, prior b acceleration Hader paragraph 18 hereof or abandonment of the Property. have the right b Dolled and retain such rents as they become doe and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a eonrt b entesarpon, take possession of and manage the Property and b eolled the rears of the Property, including those past doe. All rents wllected by the receiver shall be applied turf b payment of the costs of management of the Property and collection oirents, indading, bat not limited b, reoefvers fees, premiums on receiver's bonds and reasonable atbrney'a feed, and thro b the drams aecared by this Mortgage. The receives shall be liable b acoowdt only far those rests adnally received. 8Q~K315 PAGE 521