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HomeMy WebLinkAbout2327 : 8. Inspection. Lender may mate or cause to bs made reasonable entries upon and inspections of the propergr, provided that Louder shall give Borrower notice prior to aqy such inspection speci~yiag nsaonable cause therefor related to Lender's interest in the Property. 9. Condemnattoer. The proceeds of any award or claim for damages, direct or consequential, in connection with auy condemnation or other taking of the property, oe past thereof. or for oonveyanoe in lien of oondemaatioa, are hereby assigned sad shall be paid to Lender. In the event of a total toting of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the a:Dens, if any, paid to Borrower. Ia the event d a partial taidng of the Property. udess Borrower and Lender otherwise agree is writing. there shall bs applied to We sums secured by this Martgags such proportion ~ the proceeds as is equal to that proportion which the amount of the rams se~vred by this Mortgage immediately prior to the date of toting bears to the fair market value of the Property immediately prior to We date of taking, with We bahurce of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or ii; nitro notice by Lender to Borrower that the condemnor offers to mate an award or settle a claim for damages, Borrower fails to respond to Lwrder within 30 days after the date such notice is mailed, lender is authorised to collect and apply the proceeds, at Lender's option, either to adoration or repair of the property or to the sums second by this Mortgage. Unless Lendw and Borrower oWeswise ague in writing.any such application of proceeds to principal shall not e:tead or postpone the due t date of the monthly installments referred to in paragraphs 1 and 2 hereof or drange the amount of such installments. 10. Borrower Not Released. E:tension d the time for paym3rtt or modification of amortisation of the surge secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such sueceasor or refuse to errand time foi payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any dennand made by the original Borrower and Borrower's auecessors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otheswisb afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance ar the payment of taus or other lions or charges by Leads: shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by thin Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage an distinct and cumulative to aqy other right or remedy ender this Mortgage or afforded by law or equity, and may be a:excised concurrently, independ~tly or suooessively. 13. Successors and Assigns Bound; Joint and Several Liabillb?; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective suceessora and assigns of Leader and Boirrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jointand several. The captions and headings of the paragraphs of this Mortgage an for ooveaience only and are scot b be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be givers in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower atthe Property Address or at such 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, retain receipt requested, to Lender's address stated herein or to sack other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been gives to Borrower or Leader when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants fce national use and non- uniform oovenante 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 Mostgsge or the Note conflictswith applicable law, such conflict ahaU not affect other 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 Dopy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion 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 consent, a:ducting (a) the creation of a lien or encnmbsance subordinate to this Mortgage, (b) the creation of a purchaao 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 as option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be soM 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 thin Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph I7, and if Borrowefa auocessor 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 eaerciaee such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL 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 soma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, wiWont further notice or demand on Borrower, invoke any remedies permitted by paragsaoh 18 hereof. ` 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, aeon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lees 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 rilalt in acceleration of the sums secured by this)1[ortgage, 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 ! afore the date spccificd in the notice, Lender at Leader's option may dhclare all of the some secured by this Mortgage to be immediately doe 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 costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender s acceleration ofthe sums 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 enf this Mortgage ii: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing tare Advances, if any, had no acceleration occurred: (b) Bonower cares all breaches of any other covenants or agreements of Borrower con ed in this Mortgage; (c) Borrower pays all reasonable ezpensee incurred by Lender in enforcing the covenants and agreements of mower j ` contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof inducting, but red limited to, reawnable attorney's fees; and (d) Borrower fates such action as Lender may reasonably regain to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums eecur+ed 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. l Z0. Assignment of Rents; Appointment of Receiver. As additional eeenrity hereunder, Borrower hereby assigns to Lender the scorn of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of We Property, have the right to Dolled and retain such rents as they become due and payable. Upon acoeleratioa under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter~apon, take possession of and manage the Property and to collect tbe rents of the Property, indading those past due. All rents collected by the receiver shall be applied first to payment of the costa of managementof tsperty and collection of rents. ind limited to, receiver's fees, premiums on receiver's bonds and reasonable attorn uding.bntnot receiver shall be liable to aononnt only for those rents actually received. ey's fees, and then to We soma secured by thin Mortgags,The a~oK 3~5 P~cE 2322 ~ ~