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HomeMy WebLinkAbout0910 - ~,1 8. Inspection. Lender rosy make or cause to be made nasonabls entries upon and inspections of the propartir, provided that Lender shall give Borrower notice prior to any such inspection specifying nasonabk cause therefor related to Lsndes's interest in the Propertyy. 9. Condemnation. The proceeds of any award or Maim for damages. direct or consequential. in connection with aqy oandemnation or other taking of the property. or part thereof. or far oonveyanoe in lieu of condemnation, are hereby assigned and shall bs paid to Lw?der. In the event of a total taking of the Property, the proceeds shall be applied to the sums secared by this Mortgage, with the eaccea, if any, paid to Borrower. In the event of a partial taking of the Property, unlep Borrowec and Lender otherwise agree in writing, then shall be applied to We sums second by this Mortgage such proportion of the proceeds a. is equal to that proportion which We ama~nnt of the sums second by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, wiW the balencs of the proceeds paid to Borrower. If the Prope:4jy is abandoned by Borrower, or ~ after notice by Lender to Horrowe~r that the condemnor offers to make an award or settle a claim for damages, Borrower fail to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized b collect and apply the proceeds, at Lender's option, either to restoration or repair of the property ce to the soma secured by this Mortgage. Unless Lender and Borrows: otherwise agree in writing, any such application of proceedslo principal shall rwt catered or postpone the due date of We monthly installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any suooeasor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. Lewder shall not be required to commence proceedings against such suoceasor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Bornower and Borrower's suocesaora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearrunce by Lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any such right err remedy. The procurement of insurance or the payment of taxes or other Uene or charges by Leader shall not be a waiver of Lender's right to aooelerats the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. AU remedies provided in this Mortgage an distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be eserciserl concurrently, independently or suoceaeively. 13.8ucoessoreand Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein containedshall - bind, and the rights hereunder shall inure to. the respective snoceasors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof All covenants and agreements of Borrower shall be joint end several. The captions and headings of the paragraphs of this Mortgage are for eovenience only and are not to be used to interpret or define We provisions hereof. 14. Notice. Except for any notice required under 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 at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lends may designate by notice to $orrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender whey 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 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 to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished s conformed copy 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 Werein is sold or transferred by Borrower without Lendet'a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money eecarity interest for household appliances, (e) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereft of three years err lees not containing an option to purchase, Lender may, at Lender's option. declare all the sums secured by this4durtgage to be immediately dolt and payable: I.end~ shall have waived sack option to accelerate if, prior 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 credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. - If E.ender a:erciaes such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereof " Such notice shall provide a period of not lees 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 ar demand on Horrower, invoke any remedies permitted by paragraph 18 hereof 18. Acceleration; Remedies. Ezcept ss provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due say soma sccared by this Mortgage, Lender prior to acceleration ahaU mail notice to Borrower as provided in paragraph 14 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 must be cured; and (4) that faUure to cure such breach on or before the date specified in the notice map result is acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ahaU further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this)Ifortgage to be immediately due sad payable without turtherdemsnd and may toreclo~se this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not United to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLcnder's acceleration of the sums secured by thin Mortgage, Borrower shall have the right to have any proceedings begun by bender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note and notes securing Ptirture Advances, if any, had no acceleration occarred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the oovenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower taken such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and $orrower's obligation to pay the same secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect Sa if no acceleration had occun~ed. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Pro to collect and retain such rents as they become due and payable. perty.havetheright Upon acceleration under pan3graph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.npon, take possession of end manage the Property and to polled the rents of the Property, including those peat due. AU rents collected by the receiver ahaU be applied first to payment of the coats of managementof the Property and collection of rents, including, but not limited to, receiver s fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the arena secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. d~ ~x 315 P~~E 90$