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HomeMy WebLinkAbout0671 a;~, ~ ~ • ' it •~~i 8. Inspection. Lender may make or cause to be made reasonable entries upon and inepectiotu of the propnxty, provided that Lender shall give Borrower notice prig to any endY inapsdion specifying reasonable cause therefor related to Lender's interest in the Propee~y. 9. Condemnation. The p~ooseds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the properq?, or part thereof. or for oonveyaacs in lien of condemnation. are hereby assigned and ehaU bs paid to Loader. In the event of a total taking of the Property, the proceeds ehaU be applied to the sums secured by thin Mortgage. with the ea[cess, if aqy. paid to Borrower. In the avant of a partial fairing of the Property. odes Borrower and Lwider oWerwise agree in writing, these ehaU be applied to the anms secured by this Mortgage arch proportion of the proceeds sa is equal to that proportion which the amount of the anms secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Fropergr immediately prior to the date of fairing. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. oar if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for daw~agee, Borrower tails to respond to Lender within 30 days agar the date such notice is mailed, Lender is authorised to a~IIed and apply the proceeds, at Lender's option, either b reetoratioa or repair of the propnsrtj? or to-the sums secured by this M~i+.ge. - - - UnleaLenderaadBorroweeotherwiseage+eeinwriting.anyeuchappHcationofpmoeedstoprinaipalahallnotestendarpostpanethedne-- date of the monthly instellmwits referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. l3xtension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Landes to any successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's succaeaore in interest. Lender shall not be required to commence proceedings against such anocesaor or refuse to extend time for paymeast or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made.by the original Borrower and Borrower's auooessors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezer+cisirig any sight or remedy hereunder, or otherwise afforded by applicable law. ehaU not be a waiver of or preclude the eznsrciee of any such right or remedy. The procurement of inanrance or the payment of-takes oar other liana or diarges-by Lender shall. not. be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. - _ _ - _ 1Z Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right m remedy Hadar this Mortgage oar afforded by law or agility, and may be e:erciseal concurrently. independently or sucoeeaively. 13. Suooessore 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 sucoessore and aaaigns of Lender and Borrower. subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience 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 addreeeed to Borrower atthe Property Address or at such other addreee ae Borrows: may designate by_notice to Leader as-provided herein, and (b) any notice fo Lender shall be given by certified mail, rriiifn rix~eipt 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 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 oovenante with limited variations by jurisdiction to constitute a uniform aec»rity instrument covering real p>,operty. This Mortgage shall be governed by the law of the jariadidion 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 red, affect other provisions of this Mortgage or the Note whidi can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared 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 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 Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of s 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, bender may, at I,endefa option, declare all the soma 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 b whom the Property is to be sold or transferred reach agreementin writing thatthecreditof~uch I person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at suds 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 has e:ecated a ~ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezerciaea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice ahaU provide a period of not less than 30 days from the date the notice is wailed within which Borrower may pay the soma declared ~ due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof: 18. Acceleration; Remedies Ezcept 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 whey due any soma secured by this Mortgage, Leader prior to acceleration shall mail notion! to Borrower as provided in pauragraph 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 must be cared; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the soma 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 sad foreclosure. If the breach is not cured 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 ezpenaea of foreclosure, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the sums secured by this Mortgage. Borrows shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to en~y? of a judgment enforcing thin Mortgage it: (a) Borrower pays Lender all anme which would be then due under this Mortgage, the Note and notes securing l~itare Advances. if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea 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, but not limited b, reasonable attorney's fees; and (d) Borrower takes arch adios as Lender may reasonably require to assure that the lien of this Mortgage. Lendnx's interest in the Property and Borrowers obligation to pay the some secured 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. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lnxider the rents of We Property, provided that Borrower shall. prior to acceleration render paragraph 18 hereof or abandonment of the Property. have Weright to tolled and retain such rents as they become due and payable. Upon acceleration ands paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter~npon, take possession of sad manage the Property and to tolled the rents of the Property, inducting those past doe. All rents collected by the receiver shall be applied first to paymcet of the costa of management of the Property and collection of rents, inducting, but not limited to, receivnx's fees. premiums on receiver's bonds sad reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only far those rents adaauy received. BOOK 3~s P~ sus