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HomeMy WebLinkAbout0718 ~ ~ t\ ~ 8. Inepectioo. Leader may make or cams to bs made reasonable entries neon and inspections of the propecty, Provided that I.sadec shall Five Borrower rwtics prior Oo aql? such inspection spscabnns reasonable camas therefor related to Leadd~ intsrat is tbs Property. Coadsmnatioa. TM p~ooeecb of any award or Maim for daunaser. direct or ooneegwntial, is coanedioa with orgy condemnation or other takias d the property. err Part thseeot, or Loy oonveyanos in >ieu of coadeaoaation. are hereby assigned and shall bs paid to Leader Ia tbs event of a total taking of the Property, the prooseds shall bs applied to the rumor secured by this Mortsase, wiW the excess, if any. paid to Borrower. In the event d s partial talons of lbs Proper<,r. unless Bcerawer and Ieadec otherwise acres is writing. there shall bs applied tD the sums ee~vred by this it[atgase such poportion a< the Pr's as is equal to that proportion which the amount of the sums secured by this It[oetsase immediately prior to the date o[ lakins bears b the fair marled value of the Property immediately Prior to the date of taiong. with the baW~oe d the peooesds paid to Borrower. If the Propertl? is abandoned by Borrower, err ~ alter notice by Leader to Borrower that the ooademnor offers to make an award orsdtie a daim for damages. Bcreower fails to respond to Lender within 90 days alter the date soc4 notice is mailed. Lender is authorised to collect and apply the peooeals. at Leadds option. either to restoration or repair of the property or to the sums secured by this Moetsage. Unless Lender and Borrowerrotheewiss agreeinweitins,anysuehapplicdioaofpeoossdstoprincipalahallnotezteadorpostponethedne date d the monthly instalUments referred to in pasasraphs 1 and 2 hereof os chance the amount of such installments. 10. Borrower Not Released. Sxteasion of the time for paymarst or modification of amortisation of the sums secured by this Mortsase granted by bender b orgy snooeaor in intered of 8oseower shall not operate to release. in any mannersoch successor orr refiue~~ezten timetimed and Borrower's soooessocs in interest. Larder shall not be required to eomnneace proceedings against for payment or otherwise modify amortisation of the sums secured by this Mortgage by meson of any demand made by the original Borrower and Borrowds sncoessors in interest. 11. Forbearanos by leader Not a Waiver. Aqy forbearance by Leader in exercising any right or remedy hereunder. cr otherwise afforded by applicable law, shall not be a waiver of or predade the exercise of any such right or remedy. The procurement of inpnranoe or the payment of lases a< other liens or charges by Leader shall not be a waiver of Lendds right to accelerate the maturity ~ We indebtedness secured by this Mortgage. 12 Beasedlea Ceianlative. All remedies provided in this Mortgage are distinct and cmm~lative to any other right or remedy under this Mortcase or afforded by law or equity. a~ may be exercised eotljr, indepeadeatly or snecessively. 13 Soeeesaor'a and Assigns Honed: Joint and Several I3ability; Captions. The covenants and agreements herein contained shall bind, and the rights ha+ennder shall inure t0. the respective anoceeeors and assigns of La?der and Borrower, subject to the provisions of paragraph 17 hereoL All eoveaanb and asreementa of Borrower shall be joint and several.'Ilre captions and headings of the paragraphs of thin Mortgage are fa ooveaieace only and are not to be cored to interpret or define the provisions hereoL 14. Notice. B:eept 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 to Borrower atthe Property Address or at such othu address as Borrower may designate by notice to Leader as provided herein, and (b) any notice to Lender shall be given by certified mail. ntnm receipt requested, to Leader's address stated herein err to such other address as Leader may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been gives to Borrows: or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonstitnte a uniform security inatrnment 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 dames 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 conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 1& Borrowrer's Copy. Borrower shall be famished a conformed copy of the Note and of this Mortgage at the time of ezecntion or aRer recordation hereoL 17.1Yander of the Property; Assumption. ff all or any part of the Property or an interest therein is soM or transferred by Borrower without Leadds prior written consent, ezdnding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purc5aae money security iatarest for hoasehoW 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 err lea not aontaininB hri option to pnrehase; Lender may, at Lendds option. declare all the sums secures by this Mortgage to be immediately dm and payable. Leader shall have waived sack option to accelerate if, prior . to the cork err transfu, Larder and the person to whom the Property is lobe sold or transferred reads agreement in writing thatthe credit of such person is satisfactory to Leader and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall i request. If Lender has waived the option to aecelerate provided in this paragraph 1T, and if Borrowds successor in intered has executed a written aasnmption agreement accepted in writing by Lender. Lenderahall release Borrower from all obligations Hader this Mortgage and the Note. If Lender exercises such option to accelerate, Lends: shall mail Borrower notice of acceleration in aomrdance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may Pay the some declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Leader may, without further notice or demand on Borrower, mucks any remedies permitted by paragraph i8 hereof 18. AQoeleration; Remedies. Swept 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 why due any sums secured try Chia Mori$sge, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to care each breach; (3) a date, not less than 30 days from the dale lire notice is mulled to Borrower, by which ssrch breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foredosare by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate allet acceleration and the right to assert in the foreclosure proceeding the non-eustenoe of a defaak or auy other defense of Borrnwer to acceleration and faaeclosnre. It the breach is not cared on or before the date speciRed in the notice, Lender at Leader'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 f ndicial proceeding. L~der 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's Right to Reinstate. Notwithstanding Lendda acoeleratioa of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage discontinued at any time prior to 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 Fbture Advances„ if any. had no aoodastion occurred; (b) Borrowucures all bnadses of any other covenants or s~greemmts of Borrows: contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Leader in enforcing the omrenants and agreements of Barrawer contained in this Mortgage and in enfor~ong Lender's remedies as provided in paragraph 18 hereof indnding, but red limited to, r+easonabls attosaey's fees:and (d) Borrows takes such action as Leader may reasonably require to assure that the lies of this Mortgage. Calder's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall eontinne nnimpaind. Upon such payment and can by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect ore if no acceleration had oocarred. 20. Assi~ament of Rents; Appointment of Receiver. M additional security hereunder, Bo:ro~wer hereby assigns to Leader the rents of the Property. provided that Borrower shall, Frio: to acoeleredion Hader paragraph 18 hereof or abandonment of the Property.have the sight to Dolled and retain sash rents as they become due and payable. Upon aooderation Hader paragraph 18 hereof or abaadonnoeat of the Property, Leader shall be entitled to have a receiver appointed by a coact to enterapon, take possession of and manage the Property and to collect the Hats of the Property, indadiag thaee pad due. All recta collected by the receiver shall be applied Srd to payment of the costs of managemastof the Property and eolkdion of rents, iadnding, bat not limited t0. reoeivds fees. Premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aooosmt only for those rents actually received. ~o~K 315 P~~E 716