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HomeMy WebLinkAbout0723 . • ` ~ ` 1 _l 8. Inspection. Lender may make or caws b be made reasonable mttries upon and inspections of Ws property, provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable caws therefor related b Lender's interest in the Property. 9. Condemnation. The proceeds of any award or Claim for damages, direct or oonsegnential. in connection with any condemnation or other taking of the property, or part tbereo[. or for oonveyaaos in lies of condemnation. aie hereby asdgned and shall bs paid b Lender. In the evwt of a toW taking of the Property. tbs proceeds shall be applied b the sums secured by this Mortgage, with the excess. if any. paid b Borrower. In the event of a partial Wring of the Property. unless Borrower and Leader otherwise agree in writing. there shall be applied b the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the same secured by this Mortgage immediately Prior b the date of taking bears to the fair market value of the Property immediately Prior b thedate of taking. with We balance of the proceeds Paid b Borrower. If the Property is abandoned by Borrower. or if, after notice by Lender b Borrower that the condemnor offers b make an award or settle a claim for damages. Borrower fail b respond b leader within 30 days after the date such notice is mailed. Lender i. anthorired b collect end apply We proceeds, at Lender's option. either b redoration or repair of the peoperbi or b We ruses secured by this Mortgage. Unleq Leader and Borrower otherwise agree in writing. any such application of proceeds b principal shall sot eztend ere postpone the des date of the monthly iasWhnents referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Leader b any successor is 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 b commence proceedings against each sucoeeeor or refuse b eztwd time for payment or otherwise modify amortization of the sums ee~vred by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors is interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, os otherwise afforded by applicable law, shall not be a waiver of os preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waives of Lendez's right b aooalerate the maturity of the indebtedneq secured by this Mortgage. 1Z Remedies Cumulative. All remedies provided in this Mortgage are dutiad and cumulative b any other right or remedy under this Mortgage or afforded by law or equity. and may be ezercisal concurrently. indepeadeatly or successively. 13. Suooessors and Assigns Bound; Joint and Several Liabtllty; 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 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for covenieace ody and are not to be used b interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice b Borrower provided for in. this Mortgage shall be given by mailing such noticeby certified mail addresee~i to 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 ere Lender may designate by notice b 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. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national nee 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 effect without the conflicting provision. and b 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 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, excluding (a) the creation of a lien or encumbrance anbordinate to 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 lees not containing an option to purchase Lender may, at lender's option, - declare all the soma secures by this Mortgage to be immediately due and payable. Lender shall have waived such option b accelerate if, 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 the creditof arch person is satisfactory b Lender and that the interest payable on the soma 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 Borrowefs snooeesor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Nate. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 1! hereof Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums dedared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, neon Borrower's breach of any covenant or agreement of Borrower 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 spedfying: (1) the breach; (2) the action required to wre each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each breach must be cared; and (4) that failure to care euc6 breach on or before the date specified 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 ofthe-right to reinstate aAer acceleration and the right to assert in the foreclosure proceeding the non-eriatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is n~ cured 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 each proceeding all expenses of foreclosure, including, lest not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender b 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 Hader this Mortgage, the Note and notes securing 1?btnn Advances, if any. had no acceleration ocxurred; (b) Borrower cares 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 agnementa of Borrower contained in this Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof including, but red limited b, nasonabla ~ attorney's fees; and (d) Borrower takes such action as Leader may reasonably require b assure that the lien of this Mortgage, Lender's interest in We Property and Borrower's obligation b pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and can ( by Borrower, this Mortgage and the obligations secured hereby shall remair? in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hennnder, Borrower hereby assigns b Leader the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property. have thesight to Dolled and retain such rents as they become due and payable. Upon acceleration Hader paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enter~pon, take possession of and manage the Property and b collect the yenta of the Property. including those pad due. All rents collected by the r+eoeiver shall be applied first b payment of the costa of management of the Property and collection of yenta, including, but not limited b, noiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then b We sums secxand by this Mortgage. The receiver shall be liable b account only for those ants actually received. a~~K315 PacE 721