Loading...
HomeMy WebLinkAbout0925 t t ' i 1 8. Inspection. Lender may make or cause to bs made reasonabk entries upon and inspectioru of the property, provided that Lender shall give Borrower notice prior to any such inspedioa specibring reasonabk cause therefor related to Lender's interest in the Propesty. 9. Condemnation. The proceeds of aqy award os claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part thereof. or for convsyaaos in lien of condemnation, are hereby assigned and shall bs paid to Lender. In We event of a total taking of the Property, We proceeds shall be applied to the sums secured by this Mortgage, with the ezoess, if aqy, paid to Borrower. In the evrot of a partial taking of the Property, unless Borrower and Leader otherwise agree in writing, there shall be applied to the suuu secured by this Mortgage such proportion of We proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair markd value of the Properly immediately prior to the date of taking. wild the balance of the proeesds paid to Borrower. If the Property is abandoned by Borrower, or ~ aRer notice by Leader to Borrower that the condemnor offers to make an award or settle a claim for damages, Borepwer fail to respond to Lender within 30 days aRer the date such notice is mailed, Lender is antborized b collect and apply the proceeds, at Lender's option. either to restoration os repair of the property or to the awns secured by this Mortgage. Udess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not estend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of arch installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. bender shall not be required to oommenee proceedings against such successor or refuse to eztend time for payment or otherwise modify amortization of the some secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lendei in a:excising any right or remedy hereunder, ar otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of inanrance or the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender s right to aeoelesate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercise~l concurrently. independently or suoceesively. 13. Sucoeseore and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreement8 herein contained shall bind. and the rights hereunder shall inure to, the respective sueceseora and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All rnvenanta and agreements of Borrower shall be joint and 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 the 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 nofice by certified mail addressed to Borrower at the Property Addrces or at such other address ae Borrower may designate by notice to Lender as provided herein. and (b) any notice b Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrows ae 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. Uniforrm 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 a conformed copy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 1 T. Transfer of rho 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, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mostgage, (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 less not containing an option to purchase, Lender may, at Lenders option, declare all the sums secure~by this Mortgage to be immediately due and payable Lender shall have waived each option to accelerate if,prior - tothe 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 Borrowers successor in interest has a:ecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. I If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days from the date the notice is sailed within which Borrower may pay the soma declared ~ 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. c { 18. Acceleration; Remedies. E:cept 88 provided in paragraph 17 hereof, upon Borrower's breach of say covenant or E agreement of Borrower in this Mortgage, including the oovenante to pay when due any soma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragrap614 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach moat be cured; and (4) that failure to cure such breach oa or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, fore~elosure by judicial proceeding and sale of the Frope~rty. The notice shall further inform Borrower of the right to reinstate after aceeleratioa and the right to assert in the foreclosure proceeding the i non-ezieteace 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 is 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 such proceeding all ezpensee of foreclosure, including, bet not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLander's acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun 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 mature Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreemeata of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:peneea incurred by Lender in enforcing tbe covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bet not limited to, reasonable attorney's foes: and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrowers obligation to pay the soma 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 as if no aeoeleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rests of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a receiver appointed by a court to enter.npon, take possession of and manage the Property and to eoUect the rents of the Property, including those past due. All rests collected by the receiver shall be applied first to payment of the scare of management of the Property and collection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be Gable to aeconnt only for those rents actually received. ~~GK 315 PAGE ~;3