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HomeMy WebLinkAbout1184 J 8. 4tspeetlon. Lender may make or caws b be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable cause thereto: related b Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, ar part thereof. or for conveyance in lien of condemnation, are hereby assigned and shall be paid b Lender. In the event of a btal taking of We Property, the proceeds shall be applied b the soma secured by this Mortgage, with We exoea, if any, paid b Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing. Were shall be applied b the sums secured by this Mortgage such propoKion of the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair marled value of the Property immediately prior b the date of taking, wiW the balance of the proceeds paid b Borrower. ~ If the Property is abandoned by Borrower, or if, aRer notice by Lender b Borrower that the opndemnos offers b make an award or settle a claim for damages. Borrower fails b respond b Lender within 30 days after the date such notice is mailed, Lender is authorised b collect and apply the proceeds. at Lender's option, either b restoration or repair of the property or b the soma secured by thin Mortgage. a Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not eztend or postpone the due date of the monthly installments 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 some secured by thin Mortgage granted by Lender b any suoxssor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's snoceeaors in interest. Lender shall not be required b commence proceedings against such successor or refuse b eztend time for payrment or otherwise modify amortization of the sums secured by thin 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 Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the e:er<ase of any such right or remedy. The procurement of inanranee or the payment of taxes or other liana or charges by Lender ahaB not be a waiver of Lender's right b accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies CnmrilaNve. All remedies provided in thin Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or aueoessively. 13.8ueeessors and Assigns Bound; Joint and Several Liability; 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 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are foe covenience only and are not b be need b interpret or define the provisions hereof. 14. Notice. E:cept for any notice required ender applicable law b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at We Property Address or at such other address sa 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, to Lender's address stated herein or b such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in thin Mortgage shall be deemed b have been given b 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 use and non- uniform covenants with limited variations by jurisdiction b eonstitate a aniform 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 b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of esecution or after recordation hennof. 17. Tlranefer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate b 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 less not containing an option b purchase. Lender may, at Caudate option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer, Lender and the person to whom the Property is b 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 shalt be stanch rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 1T, and if Borrower's aucoessor 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 Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereoL Such nodce shall provide a period of not less than 30 days from the date the notice is rr:siled within which Borrower may pay the sums declared ue. If Borrower fails to pay such sums prior to the aspiration of such period; Lender may, without farther notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept ae provided in paragraph 1? hereof, upon Borrower's breach of any- covenant or agreement of Borrower in this Mortgage, including the eovsnanta 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 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 must be cured; and (4) that failure to cure such 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 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 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 expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and caste of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender a acceleration of the soma secured by this Mortgage, Borrower shall have the right b have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing 17htnre Advances, if any, had no acceleration occurred; (b) Borrower cures 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 oovenante and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney's fees; 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 Borrower's obligation b 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 acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. Ae additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain ouch rents as they become due and payable. Upon aeceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enterapon, take possession of and manage the Property and b collect the rents of the Property. including those past due. All rents collected by the receiver shall be applied first b payment of the costa of managr,..ent of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable atbroey's fees, and then b the same secur•.d by this Mortgage. The receiver shall be liable b aeoount only for those rents actually received. Gilri~,,~e5 PdcE~,1~2 - Y:_ ~ : - - - -