Loading...
HomeMy WebLinkAbout2056 _ _ - - _ - - - ~ - _ - - - _ . _ . _ _--..rf a j ~:fie 8. Inspection. Lender orgy make or caws to be made reasonable entries upon and irupections of the property.provided that Lender shall give Borrower notice prior to any such inspection sped4?ing reasonable caws therefor related to Lender's intend in the Property. 9. Condemnatlon. The proceeds of any award or claim for damages. direct or oonsegwatial, in connection wild any condemnation or other taking of the property. a pert Wereof, or for ooaveyanos in lien of condemnation, are hereby assigned and shall be paid to Lender. - In the event of a total taking of the Property. the proceeds shall bs applied to the sums secured by this Mortgage; with the eaccess, if aqy, paid to Borrower. In the event of a partial taking of the property, unlea Borrower and Lender oWarwiss agree in writing. there shall be applied to the snau secured by thin Mortgage such proportion of the 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 market valor of the Property immediately prior to the date of taking. with the balance of the proceeds Paid to Borrower: If the Propa:br is abandoned by Borrower, or if, after notice by Larder to Borrower that We oondwnnar offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 90 days after the date such notice is mailed, Lender is authorised to eoUect and apply the proceeds. at Lender's option, either to restoration ar repair of the property os to the sums secured by this Mortgage. Unless Lander and Borrower otherwise ague in writing, any each application of proceeds to principal shall rwteztard or postpone the doe date of the monthly ieutallmenta refereed to in paragraphs 1 add 2 hereof or change We amount of such inatalbosents. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation of the snras secured by this Mortgage granted by Lender to any successor in interact of Borrower shall not operate to please, in any manner. the liability of the original Borrower and Borrowei a successors in interest. Lender shall not be required to commence proceedings against such successor or pfuse to ez<end time for payment or otherwise modify amortization of the sums secured by this Mortgage by pason of any demand made by the original Borrower and Borrowe~e successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or pmedy. The procupment of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lendei s right to accelerate the maturity of the indebtedness secured by this Mortgage. 1Z Remedies Camulatlve. All remedies provided in this Mortgage ap distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity, and may be ezercased ogpcusrently, independently or successively. 13. Suooeseore and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hepander shall inure to, the respective snoeessors and assigns of Lender and Borrower. subject to the provisions of paragraph l7 hereof All covenants and agreeeaenta of Borrower shall be joint sad several. The captions and headings of the paragraphs of this Mortgage ap for oovenience only and ap not to be.nsed to interpret or define the provisions hereof. 14. Notice. Ezoept 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 ouch notice by certified mail addressed to Borrower at the Property Address or at arch 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 bender's address stated herein or to such other adde+eae as Lender may designate by notice to Borrower as 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. Uniform Mortgage; Governing Law; Severability. This foam of mortgage combines uniform covenants for national use and non- unifoem rnvenante with limited variations by jurisdiction to oonetitute a uniform security inatrumeat 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 older 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 ap declapd 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. 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 oonaent, excluding (a) We creation of a lien or encumbrance subordinate to this Mortgage, (b) the cpation of a pur~haae 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 Leader's option, declare all the sums secured by this Mortgage to 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 to be sold or transferred reach agreement in writing that the creditof each person is satisfactory to Lender and that the interact payable on the soma secured by this Mortgage shall be at such rate as Lender shall f request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in interact has ezecuted a E written aeaumption agreement accepted in writing by Lender, Lender shall please Borrower from sU obligations under this Mortgage and the Note. If Lender exereiaes such option to accelerate, Lender shall mail Borrower notice of acceleration in aoDOrdance with paragraph 14 hereof Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such soma prior to the ezpiration 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 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any soma secared by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (S) 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 failure to care such breach on or before the date specified in the notice may resalt 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 is the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure: If the breach is noCcured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums warred by this Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by Judicial proceeding. Leader shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's tees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration ofthe aumasecured bythis Mortgage. Borrower shall have the right to have any proceedings began 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 Phtap Advances, if any, had no acceleration oocnzred; (b) Borrower cope all breaches of any older eovenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof, including, but not linnited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the Uen of this Mortgage. Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. As~ignmentof Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender Werests of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to eolled and plain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.npon, take posaeseion of and manage the Property and to collect the rents of the Property, including those pad due. All rents collected by the receiver shall be applied first to payment of the costs 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 sums secured by this Mortgage. The receiver shall be liable to account only for Wove Ants adaally received. 81r~r 315 Pa~E2(~3 -