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HomeMy WebLinkAbout1254 ~ i ' _ `R ti . 8. Inspection. Lender may make or caws to be made nasonabk entries upon sad inspections of the propee~y, provided that Lender shall give Borrower actin prior Oo any each inspection spea(ying reasonable caws tberafor related to Leader's interest is tbs Property. 9. Condemnation. The proceeds of say award or claim for damages, direct or oonsequeatial. in oonnectioa with aqy condemnation or other taking at the property, a part thereof, or for oonveyaaoe is lien of ooademnation, ors hereby assigned sad shall bs paid to Lender. In the event of a total taking o! the Peopsrty, the proceeds shall be applied to the sums secured by this Mortgage, wild the ezoess, itany, paid to Borrower. In the event of a partial taking of the Property. unless Borrower nerd Leader othawias agree in writing. there shall be applied to the same secured by this Mortgage such proportion d the proceeds sv is equal to that proportion which the amount of the same secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking. wild the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, ce ii;, after notice by Leader to Borrower that the condemnor offers to make an award or settle a claim for darnaga, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Leader is authorised to collect sad apply the proceeds. at lenders option, eitimr to restoradoa a< repair of the property or to the sums secured by this Mortgage. Unkp Iender end Borroarer otherwise agree in writing, any each applicatioaof proceeds to principal shall rot eztend a postpone the due date of the moathljr installments refeszed b in paragraphs 1 sad 2 hereof or dtange the amount of such installments. 10. Borrower Not Released. Ezteaaioa of the time for paym~rrt or modification of amortisation of the aama secured by this Mortgage granted by Larder to aqy successor is interest of Borrower shall sot operate to release, in say manner, We liability of the original Borrower and Borrower's saooeesors in interest. Lender shall not be ngnired to commence proceedings against such snocessor or refuse to eztend time for payment or otherwise modify amortisation of the soma secured by this Mortgage by reason of say demand made by theoriginal Borrower and Borrower's aua~esson is interest. 11. Forbearance by Lender Not • Waiver. Any forbearance by Larder in ezacising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude We e:er+cise of any such right or remedy. The procurement of insurance or the payment of fazes a other liens or charges by Lreder shall not be a waiver of Leaders right to accelerate the maturity ~ the indebtedness second by this Mortgage. 12 Remedies CnmaLtlve. All remedies provided in this Mortgage an distiad sad cumalative to any other right or remedy under this Mortrage a afforded by law or equity, and _mely be exercised eoncurreatly. independently or anooessively. 13. Snooessors and Assigns Bound; Joint and Several Liability; Captions. The ooveaants and agreements herein oontaiaed shall bind, and the rights hereunder shall inure to, the nepective suecesson and assigns of Lender and Borrows:, subject to the provisions of paragraph 17 hereoL All covenants and agreaneata of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for ooveaicace only and an not to be used to interpret or define the provisions hereof. 14. Notloe. Ezcept for any notice required ender applicable law to be given is another manner,la) any notice to Borrower provided for is this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address cis 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 Leader may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have heal given to Borrower or Lender when given in the manner designated herein. 15. Uniform lliortgage; Governing Law; Severability. This form of mortgage combines nnifonn covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonstitnte a uniform security instrument covering real propaty_ This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Ia the event that any provision or clause of this Mortgage or the Note conilicta with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the eonfliding provision, and to this end the provisions of the Mortgage and the Note an 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 execution or after rernrdation 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, ezclnding (a) the caeation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money aecnrity 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 rnntaising as option to purchase, Lender may, at Lender's option, declare all the arms secareu by this Mortgage to be immediately due and payable. Calder shall have waived such option to accelerate if, prior to the sale or transfer, Calder and the penoa to whom the Property is b be sold or transferred reach agreemrot in writing that the credit of such 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 Borrower a suecesaor in interest has ezecnted a written assumption agreement accepted in writing by I.ender, Lender ahaU release Borrower from all obligations ender this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall maiTBorrower notice of sooeleratioa in aoootdance with paragraph 14 henoL Such notice shall provide a period of not less than 30 days from the date the notice ie mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. I 18. Acceleration; Remedies. Ezoept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the ooveaants to pay when due any rams secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ee provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure wch breach; (3) a date, not less than 30 days from the date We notice is mailed to Borrower, by which sadt brea~c6 must be cured; and (4) that failure to cure such breadi< oa or before the date specified in the notlce 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 otthe 6t to reinstate aRer acceleration and the r' t rag rg6 to assert in the foreclosure roceedin the p g non-ezistence of a default or any other defense of Borrower to acceleration and toreclosnre. If the breach is not cared on or before the date specified in the not Lender at Lender's lion ma ice. op y declare all of the same secured b this Mo slobs y rtBag i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to Dolled in such proceeding all ezpensea of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of dowmentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any ptooeedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a jadgmeat enforcing this Mortgage ih (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Fbtnre Advances, if any, had no acceleration ocxurred; (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 covenants 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 takes such action as Lender may reasonably require to assnn that the lien of this Mortgage, Lender's interest in the Property and Bon+owrers obligation to pay the sums severed by this Mortgage shall eontinne naimpaired. Upon arch payment and cure , by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if ao acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the recta of the Property, provided that Borrower shall, prior to aooeleration Hader paragraph 18 hereof or abandonmrot of the ' to tolled sad retain such Hats as they become due and payable. ~PatY. have the right F i Upon acceleration Hader paragraph 18 hereof err abandonment of the Property, Lender shall be entitled to have a receiver appointed by a i court to eaterarpon, take possession of and manage the Property and to collect the rests of the Property, including those past clue. All rests collected by the receiver shall be applied first to payment of the costa of management of the Property and oolledion of routs, indading, brat red 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 liable to account only for those rents actually received. ~ e~~x315 PAGE~52