Loading...
HomeMy WebLinkAbout1279 _ / ) 8. Ieupectloa. Leader may make or cause to be made reasonable entries upon and inapsctioas of the property. provided that Lender shall give Borrower notice price to any such inspection specifying reasonable cause therefor related to Leader's interest in tbs Properrty. 9. Coademnatloa. The proceeds of any award ce claim for damisges, d~ect ce consequential. irr connection wIW aqy oondemaation ce other taltiag of the proper4jr, a part Wereot, or for conwyanos in liw of ooademnation. are hereby assigned and shall bs p13d to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the soma secured by this Mortgage, with the ezoass, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, Were shall bs applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amotmt of the sums second by this Mortgage immediately prior to the date of taking bears to the fair market value of We Property immediately prior to We date of taking. wild the balance of the proceeds paid to Borrower. it W e Property? is abandoned by Borrower, or ~ after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply We proceeds, at lender's option, eiWer to restoration ce repair of the propertyy ce to the sums secured by this Mortgage. Unless leader and Borrower oWerwise agree in writing. any such application of proceeds to principal shall not a:Mend err postpone the due date of We monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E:tenaioa of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any snoressor in interest of Borrower shall not operate to release, is any manna, We liability of the original Borrower and Borrower's snocessore in interest. Lender shall not be required to commence proceedings against such suca~esor or refuse to extmtd time for payment or otherwise modify amortization of the sums secured by Wis Mortgage by reason of any demand made by the original Borrower and Borrowels successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. ce oWe:.rise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right ce remedy. The procurement of insurance err the payment of taxes ce other liana or charges by Lender shall not be a waiver of Leader's right to accelerate the maturity of We indebtedness secured by this Mortgage. 12 Remedies Cumalatlve. All remedies provided in this Mortgage are distinct and cumulative to any older right ce remedy ender this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or saecessively. 13. Successors and Assigns Bound; Joint and Several LiabiUty; Captions. The oovenanta and agreements herein ooatained shall bind, and We rights hereunder ahaU inure to, the respective euocessors and assigns of Lender and Borrower. subject to We provisions of paragraph 1? hereoL All covenants and agreements of Borrower shaA be joint end several. The captions and headings of We paragraphs of this Mortgage are for oovenience only and are not to be used to interpret ce define We provisions hereof. 14: Notice. Except for nay notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for is this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at We Property Addseas or at each 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 addnaa stated herein or to such older address as Lender may designate by notice to Bon^ower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national ass and non- uniform covenants with limited variations by jurisdiction to oonetitnte 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 ce the Note conflicts with applicable law, such conflict shall not affect older provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thin 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 We time of execution or after recordation hereof. 17.'l~ansfer of the Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of s lien or encumbrance subordinate to this Mortgage, (b) We 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 yeah or leas not ooataining an option to purchase, Lender may, at Lender's option, declare all the arms aecnred by this Mortgage to be immediately due and payable. lender shall have waived such option to accelerate if, prior to the sale ce transfer, Lender and the person to whom We Properlyr is to be sold or transferred reach agreement in writing that the creditof each person is satisfactory to Lender end that the interest payable on the soma secured by this Mortgage shall be at such rate ere Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suaessor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations underthis Mortgage and We Note. If Leader exercises each option to accelerate. Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fella to pay each some prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay when doe any sums scarred by this Mortgage, Lender prior to aa~eleration shall mail notice to Borrower ere provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to acre 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 erred; 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. T'he notice shall ~ further inform Borrower' of the right to reinstate after aa~eleration sad the right to assert in the foreclosure proceeding the non-eziatence of a default or nay other defense of Borrower to acceleration and foreclosure. If the breach is not arced on or before the date specified in the notice, Lender at Leader's option may declare sill otthe sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Irlortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses 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. Notwithetaading Lender's acceleration of the sums secured by thin Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thin 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 under this Mortgage, We Note sad notes securing I~ture ¢ Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in thin Mortgage; (c) Borrower pays all reasonable e:penaes incurred by Lender in enforcing We 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 fare; 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 Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon arch payment and nice by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment o! Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the recta f of the Property, provided that Borrower shall. prior to acceleration ender paragraph 18 hereof ce abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a reoriver appointed by s ~ court to eater.upon, take poaseaaion of and manage the Property and to collect We rents of the Property, including Wove peat due. All rents collected by the receiver shall be applied first to payment of the poets of management of 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 some secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. It(i 'ter ~ soox315 PacE~ r 1 i