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HomeMy WebLinkAbout0658 • _~c ' _ _ _ ~.~j' ~ t 8. Inspection. Lroder may make or cease to bs made reasonable entries upon and inipections of tl~prbQsrky, provided that Lender shall give Borrower notice prim to any such inapsdion specifjring reasonable cause therefor related to Lendds interest in the Property. 8. c~oodemoa pr'OCeeti,~ any - ~-1 .L ter. .t__ t1011. TilO OI aWblTi Vr {fidiIIi ii~I iiiiYi?~tls, VaaR:i vaw'ataaiiacuww, w wuuw.+i.A S7iw caa'Zj waaaawalk.wiu ri other taking of We property, or part there, or fa oonveyanos in lieu of oondemnatioa, ors hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the same escured by this Mortgage, with the exoen, ff any, paid to Borrower. In the event of a partial taking of the Propergr, anlea Borrower and Lender otheroriss agree in writing, there shall bs applied to the sums secured by thin Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the cams secured by this Mwtgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of taking. with the balance of the proceeds paid to Borrower. Uthe Propergr is abandoned by Borrower, err it aRer notice by Lender to Borrower that the oondemno: offers to make an award os settle a claim for damages, Boaower fails to! respondto Lender within 30 days aRer the date such notice is mailed, Lander L authorised to collect and apply the proceeds, at Leadds option. either to restoration or repair of the pryperty ce to the sums secured by this Mortgage- Unkss Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztead oc postpone the due - - date of the monthly installments-referred to in paragraphs 1 and 2 hereof os diange the amount o sa uu _ enter - - - 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any sneceasor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's suooesaors in interest. Lender shall not be required to commence proceedings against such aucceseor or refuse to eztend time for payment or otherwise modify amortization of the aurae secured by this Mortgage by reason of any demand made by the original Borrower and Borrowds auooeeeors in interest. 11. Forbesranoe by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy her+ennder, or othetwisb afforded by applicable law, shall not be a waiver of or predude the exercise of any ouch right or remedy. The procvrennent of insmremce err the payment of taxes err other liana or d~arges by Lender shall not be a waiver of Lendds right to aooelerat$ the maturity of We indebtedness. secured by this Mortgage. 12 Remedies Cmm~lative. All remedies provided in this Mortgage are distinct and cumalative to aqy other right or rmnedy Hader this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or sneceasively. 13. Snooessors 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 snocessore and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereoL All covenants and agreements of Borrowerr shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are not to be used to interpret or define We 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 atthe Property Address or at each other address as Borrower may designate by notioe`ta Lender. as provided herein. at~d (4)-any notice ~ Lender shall be given by_cerfified mail, return receipt requested, to Lender's address stated herein or to ouch other address as Lender may designate by notice to Borrower ae 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 sae and non- uniform covenants with limited variations by jurisdiction to eonatitnte 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 or the Note conflicts wiW applicable law, ands conflict shall not affect other provisions of this Mortgage or We Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are dedared to be severable. - - 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of thin Mortgage at the time of execution 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 writteitconsegk exduding (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 less not containing an option to purchase. Lender may. at Fender's option, declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option to aooelerateif, prior to the sale or transfer, Linder and the person to whom the Property is to be sold or transferred reach agroemeat in writing thatthe creditof such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at ouch rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's sncceasor in interest has executed a written aaeumption agreement accepted in writing by Lender, Lender shall release Borrower tro{n all obligations under this Mortgage and the Note. If Lender eaerciaea such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not lees 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 ezpiration of sack period, Lender may, without further notice or demand on $orrower. invoke any remedies permitted by paragraph 18 hereof. I~ 18. Acceleration; Remedies. Ezcept ere prov?ded rn paragraph 17 hereof, upon Borrower's breach of any covenant or j agreement of Borrower in this Mortgage, including the covenants to pay when due any soma secured by this Mortgage, Lender E prior to acceleration shall mail notice to Borrower ce provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure each breach; (3) a date, not less 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 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 in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage 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 coats of docamentary evidence, abstracts and title reports. 19. Borrower's Bight to Reinstate. Notwithstanding Lendda acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage diseontinned at any time prior to entry of a judgment enforcing this Mortgage if• (a) Borrower pays Lender all sums which would be then due Hader this Mortgage, the Note and notes securing Future Advsncee, if any, had no acceleration ocenrred; (b) Borrower cures all breaches of any other covenants 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 as provided in paragraph 18 hereof, inducting, but not limited to, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to assure that the lies of this Mortgage, Lender's interest in the Property and Borrowda obligation to pay the sums secured by this Mortgage shall wntinne unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations aecnred hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Awignment of Rents; Appointment of Receiver. As additional aecnrity hereunder. Borrower hereby assigns to Lender the ante of the Property, provided Wat Borrower shall, prior to soceleration Hader paragraph 18 hereof or abandonment of the Property. have the right to tolled and retain such rents as they become due and payable. Upon acceleration Hader paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to ente~rarpon, take poseeasion of and manage the Property and to Dolled We rents of the Property, inducting those past due. All Teats collected by the receiver ahaU be applied first to payment of the costs of management of the Property and collection of yenta, including, but red limited to, receiver's fees, premiums on reoeivds bonds and reasonable attorney's foes, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. BOOKJ~V P~6E