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HomeMy WebLinkAbout0210 . _ _ 3 _ ~ ~~.L . ~ . 8. Inspection. Lender many make or canes to be made reasonable entries upon and inspsctioas of the property. provided flat Leader shall give Borrower notice prior to any arch inspediaa speci4?ing reawnable cause therefae related b IAr?der't interest in the Property. 9. t:ondesanation.The proceeds of aRy award or Maim for damages. direct ar oonssgnm?tial, in oonnedion with any eoademnation ar other taking of the property. or pact therso~ or for oonveyanos in Hen of oondsmaatioa, are hereby assigned and shall bs paid to Leader. In the event of a total tsinng of the Property, the proceeds shall be applied to the soma secured by this Mortgage, wild the ezcess, ff say. paid to Borrower. In the event c[ a paetial taking of the Propeebi. unless Borrower and Leafier oWaewiss agree is writing, throe shall be applied to the sums secured by this Mortgage such peopoetioa of the proceeds as is equal to W et progortioa which tbs amount of the sums .wams~d >n? thin a immsdiabbr twior to the date of taking bears to the fair market valve of the Propergr immediately?priosto the date of takng, with the balaaa of the proceeds paid to Borrows. U We Peopertj? i. abandoned by Borrower, or if, after notice by Leader to Borrower that the condemnor offers to make an sward or settle a daim for damages, Borrower fail to respond to Fender within 90 days after the date such notice is mailed, Leader is auWorirsd b collect and apply the peoeeeds, at Lender's option, either b restceation or repair of We property or to the sums secured by this Mortgage. -Unlea Leader and Borrower otherwise agree in writin8, a4Y such appHcatioa of proceeds to principal shall not eztend or postpone the due date of the monthly inatallmenb referred to in paragraphs 1 and ~ hereof or dunge the amount of such installments. 10. Borrower Not Released. Eztension of We time for paym~t or modification of amortisation of the sums secured by this Mortgage granted by Leader to any snecessor in interest of Borrower shall not operate to release, in any manner. We liability of We original Sorroww and Borrower's suooeesors in interest. Lender shall not be required to commence proceedings against each sueoessor or refuse to ezt~d time for payment or oWerwiee modify amortization of the soma warred by this Mortgage by reason of any demand made by the original Borrower and Borrower's snooessore in interest. 11. Forbearaaoe by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waiver of or preclude We ezercise of any.aneh right or remedy. The proc~u+emeat of insurance or the payment of rases ar older, His or charges by Lender shall not be a waiver of Lender's right to aooelarats the maturity of We indebtedness secured by this Mortgage. - 12 Remedies Camnlative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy nndwr this iviortrage or afforded by law or equity, may be exercised ooncnrreatly. independently or aao~aively. 13. Suooessors and Assigns Bound; Joint and Several Liability; Caprices. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective saooeasors and assigns of Lender and Borrower. subject to the Provisions of paragraph 17 hereof All covenants and agreements of Borrower shall be jelnt and several. The captions and headings of the paragraphs of this Mortgage are far oovenieace oaiy and are not to be need to interpret or define the provisions hereo£_ 14. Notice. Except for any notice required Hader applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing each notice by certified mail addnseed to Borrower atthe Property Address or at such older address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, retnra receipt . requested, to Lender's address stated herein or to such older address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have base given to Borrower or Lender when given in the manner designated herein. 15. Uniform 1[ortgsge; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants wild limited variations bl? jurisdiction to oonstitnte a uniform eecarity instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction is which We Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts wild applicable law, such conflict shall not affect older provisions of this Mortgage or the Note which can be given effect wildcat We conflicting provision, and to this end tbe provisions of the Mortgage and We Note are dedared to be ceverable. I& Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of eze+cution or after recordation hereof. 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest Wereia is sold o: transferred by Borrower without Leader's prior written consent, e:dnding (a) the creation of a lien or encumbrance anbordinate 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) tbe grant of any leasehold interest of three years or leas not containing an option to pm+chas~e, Lender may. at Lender's option, declare all the same eecnreu 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 We Property is to be sold or transferred reach agreement in writing thatthe credit of arch person is satisfactory to Lender and Wat the interest payable on We name eearred by this Mortgage•ahall be at such rate as Lender shall request. If Leader'has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has exearted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and We Note. If Lender ezercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance 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 We sums declared due. If Borrower fails to pay such sums prior to the ezpiration of such period, Lender may, wiWouf further notice or demand on Borrower, invoke any~emedies permitted by paragraph 18 hereof 18. Aooeleration; Remedies Ezoept as provided in paragragh 17 hereof, upon Borrower's breech of any covenant or agreement of Borrower in this lllortgage, including the eoveaants to pay when due any sums secured by this 11lortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach mast be cared; and (4) that failure to arcs each breach on or before the date spedRed in the notice msly resell in acceleration of the same 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-ezisteace of a default or any other defense of Borrower to acceleration and fceeclosnre. If the breach is not cured on or before the date: spedfied in the notice, Lender at Lender's option may declare all of the same secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in each proceeding all ezpensea 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. NotwiWatanding Lender's acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Leader to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage ifi (a) Borrower pays Lends all sums which would be then due under this Mortgage. We Note and notes securing Ifitnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breacheb of any older covenants or agr+eem®ts of Borrower contained in this Mortgage: (c) Borrower pays all reasonable ezpenses incurred by Lender is enforcing the covenants sad agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; inducting, but not limited to. reasonable attorney's fees; and (d) Borrows takes each action as Lender may reasonably require to assure Wat the lien of this Mortgage. Lendds inlayed is the Property and Borrower's obligation to pay the name secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in roll force and effect as if no aooeleration had occurred. 20. Assignment of Rents; Appointment o! Receiver. As additional security hereunder, Borrower hereby assigns to Leader We rents of We Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonaneat of the Property, have the right to collect and retain such yenta as Wey become due and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oomt to eaterapon, take Possession of end manage We Property and to Dolled the rents of the Property. indading Wose past due. All rents collected by the receiver shall be applied first to payment of the costa of managementof the Property and collection of rents, including, but not limited to, recdver's fees, premiama on receiver's bonds and reasonab~ attorney's fees, and then to We same seared by this Mortgage. The receiver shall be liable to aooonat only for those rents actually received. - BQOK316 FAGf ~1O