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HomeMy WebLinkAbout0905 j • ~ 1 t ~ 1 t 8. Inspection. Lender may make or cacao to be made reasonable carries upon and irupections of the propect,~. provided tbatI,adec shall give Borrower aotioe prior to any such inspection specifying reasonable cause therefor related to Leader's interest in the Property. 9. Condemnation. The proceeds of aqy award or claim for damages, direct or ooasequeatiaJ, in ooarrectioa with W aoademostion err other Lsldng of the propery, or part thereof. or for oonvsyaaoe in lieu of aurdemaation, an hereby assigosd sad shall be paid to I.ender. Ia the event of a total taking of We Property. the proceeds shall be applied to the sums scarred by thin l[arryags, with the esxess, if aqy. paid to Borrower. In We event of a partial taking of the Propecy, unless Borrower sad Lender otlreewise agree in writing. three shall be applied to the sums secured by this Mortgage arch proportion of the proceeds as is equal to that proportion which the amount of the rams secured by this Mortgage immediately prior to the date of taking bears to the fair marled vahre adthe Property immediately priorto thsdateaf taking, with the balance of the proceeds paid to Borrower. If the Property i. abandoned by Borrower, or if, after notice by Lender to Borrower that the coademaarolien to make an awardoraettls a claim for damages, Borrower fails to respond to Lender wiWin 90 days after the date such notice is mailed, Leader is aathsdaed to oolledand apply the proceeds, at Lenders option, either to restoration or repair of the property err to the cams secured b7 rays Mortgage. Unless Leader and Borrower otherwise agree in writing, any such application of prooeedsb prindpai ahsL note=teed a postpone thedae date of the monthly installments referred to is paragraphs 1 and 2 hereof or duurge the amount of such installments. 10. Borrower Not Released. Extension of the time for paymart ce modification of amortisation of the same secured M this Mortgage granted by Lender to aqy suaxssor in interest of Borrower shall not operate to release. is any manner. the liability od the original Bar:over and Borrower s suooesaors is interest. Lender shall not be required to commence proceedings against rude ssooeasor or refuse to eztend time for payment or otherwise modify amortisation of the rams secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in intered. 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in eser+dsing any right or remedy ha+eonder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the ezerciae of any such right or rersedy. The prowremeat of insmanoe or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's sight to accelerate the maturity a[tbe indebtedness secured by this Mortgage. 12 Remedies Cmm~lative. All remedies yrovided is this Mortgage an distinct and auanlative to any other right err remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. indepeadeatly or saooeseivdy. 13. Snd~essors and Assigns Bound; Joint and Several Liability;Captions. The covenants and agreements heron contained shall bind, and We rights hereunder shall lanes to, the respective anoceesors and assigns of Calder and Borrower, subject to the provisions of paragraph 1? hereoL All covensnta and agreements of Borrows shall be joint and several. The captions and headings of the paragraphs ad this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereoL 14. Notice. Except for any notice required ender applicable law to be given in another manner, (a) any notice to Borrower provided far in this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower atthe Propatsr Address or at such othe:actdress sa Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by etified mail, retain r+eoeipt requested, to Leader's address stated herein or to such other address as Lender may designste by notice to Borrows. as provided heron. Any notice provided for in this Mortgage shall be deemed to have been gives to Borrower or Lender when given in the manner designated herein. 15. Uniform )Mortgage; Governing Law; Severability. This form of mortgage combines nnifarm covenants for national use and non- uniform covenants with limited variations by jurisdiction to eonstitnte 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 chase of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage aa• the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate are dedand to be severable. - 1 & Borrower's Copy. Borrower shall be famished a conformed Dopy of the Note and of this Mortgage at the time of eiecation err after recordation hereof. 17. Transfer of the Property; Assumption. U all or any part of the Property or as iatered therein is sold err transferred by Borrows without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate 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 acts joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to pntchase, Leader may, at Larders a~ption, declare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived arch option to aeoe3aate $ prior ~I 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 ceeditof each person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at each rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers eaooeasor in interest has ezecated a written assumption agreement accepted in writing by Lender, Lender shall release Borrows hum all obligations render this Mortgage and the Note. _ _ - If tiende~ exercises such option to accelerate. Lender shall mail Borrower-notice of aooeleration is aooordance with paragraph 14 hereot Such notice shall provide a period of not leas than 30 days fiom the date the notice is mailed within which Borrower may pay tbeaams declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand ce Borrower, I' invoke any remedies permitted by paragraoh 18 hereof. t 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of arp oonenant or ; agreement of Borrower in this Mortgage, including the covenants to pay when due any rams secured by this MMortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifying±(1) the breach;(2)theaetion required to cure such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which each breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice rosy r+esalt in acceleration of the snore 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 io the forecloasre proceedmg the non-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cored on or before the date specified in the notice, Lender at Lender's option may declare all of the rams seiur+ed by this lliortgage to be immediately due and payable without further demand and may foreclose this ll[ortgage by judicial proceeding. LeodershaU 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 Lenders acceleration of the rams secured by this Mortgage, Barrows:shall have the right to have any proceedings begun by Lendez to enforce this Mortgage disoontinned at any time prior to entry of a judgment enf arcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due ender this Mortgage, the Note and notes aecaring Fatnre Advances, if any, had no acceleration ooatrred; (b) Borrower cares all breaches of say other ooveaants as ergreemmts of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensee incurred by Lender is enforcing the eoveoants and agreements of Baeruwer contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; inducting, but rat limited to, reasooaWc? attorney's foes; and (d) Borrower takes such action as Lender may reasonably require to assure that We lien of this Mortgage. Leader's interest i n the Property and Borrowers obligation to pay the creme secured by this Mortgage shall oontinae animpaired_ Upon arch payment sad sue by Borrower, this Mortgage sad the obligations aecnred hereby shall remain in fall force and effect as if no aeoeleration had oaroired. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns to Leadertherents of the Property. provided that Borrows? shall, prior to acceleration render paragraph 18 hereof or abandammeat of the Property. have theright to culled and retain arch rents as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by s court to enter•upan. take possession of and manage the Property and to collect the rents of the Property, inducting those past daG All netts collected by the receiver shall be applied first to payment of the costa of management of the Property and eolleetion a~f rests. inducting. bat not limited to, reoeiva's foes, premiums on receiver's bonds and reasonable attorney's fees. and then to the sums scarred by this Mortgage. The receiver shall be liable to account only for those netts actually received. :~~r 315 PaGE ~