Loading...
HomeMy WebLinkAbout2623 ~ 8. Inspeetloa. bender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademnatioa. The proceeds of any award or claim for damages. direct or censequential, in ceanection wiW any oondaanation or other taking of We property, er part Wereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. We proceeds shall be applied to the sums secured by this Mortgage, with the axons, if say, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the soma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the same secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. If We Property is abandoned by Borrower. or if, aRer 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 each notice is mailed, Lender is authorised to collect a~ apply the proceeds. at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such application of proceeds to principal shall not a:tend or pwtpone the due date of We monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such irutallments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the soma sacnred by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortisation of the same secured by this Mortgage by reason of any demand made by the original Borrower and Borrowe:'s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:errising any right or remedy hentmder, or otherwise afforded by applicable law. shall sot be a waiver of or preclude the ezercise of any arch right or remedy. The procurement of insnranee or the payment of to:es or other liens ce charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or equity, and may be ezercised concurrently, independently or enooeesively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to 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 for eovenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except 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 such 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 bender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to arch 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 given to 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 to constitute a uniform aecnrity instrument rnvering 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 cenflicting provision. sad to this end the provisions of the Mortgage and the Note are declared to be severable. lti. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the tim_ a of ezecution or after rernniation hereof. 1?. Transfer of the Property; Assumption. If all or any part of the Property or an interest Wereia ie sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to 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 leas not containing an option to purchase, Lender may. at Lender's option, declare all the soma secures 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 credit of such i person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest hsa ezecuted 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 aeoeleration 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 sums declared due.lf Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ mucks 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 due say sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apedfying: (1) the breach; (2) the action required to cure such breach; (3) 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 cure such breach on or before the date specified is 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-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not aired on or before the date specified in the notice, Lender at Lender's option may declare all of the same secured by this lliortgage 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 costa of documentary evidence, abstracts and title reports. ~ 19. Borrower's Bight to Reinstate. NotwithstandingLender's acceleration of the 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 enforcing this Mortgage if: (a) Borrower pays Lender all anma which world be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained is 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, bat not limited to, reasonable attorneyb 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 to pay the soma 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 ae if no aooeleration had accursed. 2U. Assignment of Rents; Appointment of Receiver. AB additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ` to collect and retain such rents as they become due and payable. ~ Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.upon, take poseeasion of and manage the Property and to rnUect the rents of the Property, including those peat due. All rents collected by the receiver shall be applied first to payment of the coats of management of the Property and eoUection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attoroey's fees, and then to the soma secured by this Mortgage. The ~ receiver shall be liable to aeoounL only for those rents actually received. ! E B`1~X ''x3.5 PdCE~~,7