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HomeMy WebLinkAbout0675 - - _ _ _ _ _ ~a~ _ _ - - . ~ ; - ~ 8. Iaspeetioa. Leader may make or cause b bs made reasonable entries upon and inspections of the property. provided that Lender shall give Borrower notice Qrios b any such inspection specibring seasonable cause thereto: related b Leader's interest is the Property. 8. Condemnation. The proceeas of nay award or claim for damages, direct or oonsegneatial, in connection with any condemnation or othee taking of the propeetsr, a part thereof, or for ooaveyancs in Hsu of condemnation, an hereby assigned and shall bs paid b Lender. In the event of a btal taking of the Properly, the proceeds shall be applied b the sums secured by this Mortgage, with the excess, ff any, paid b Borrower. In the event of a partial taking of the Propect<jr. unless Borrower and Lender oWerwise agree in writing, then shall bs applied b the sums secured by this Mortgage such propostion of the proceeds as is equal b that proportion which the amount of the saws secured by this Moslgags immediately prior b the date of taking bean b the fair marled value of We Property immediately prior b the date of taking. with the balance of the proceeds paid b Borrowce. If the Propecgr is abandoned by Borrower, or if, attar notice by Leader b Borrower that the condemnor ogee b make an award or setae a claim for damages. Borrower faib b respond b Lender within 30 days after the date such notice is mailed. Leads: is authorised b collect and apply the proceeds, at Leader's option, either b restosatioa ce r+epair of the properly or b the sums secured by this Mortgage. - Unlea Lender artd Bos_roa?er otheerwise agree qwriting. any finch application of prooeecis b principal shall not extend or postpone the due date of the monthly instaHmenb referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma secured by this Mortgage granted by Leader b any suooeseor in interest of Borrower shall rat operate b release. in any manner. the liability of the original Borrower and Borrower's aucoeseon in interest. Lender shall not be required b commence proceedings against such successor or refuse t6 eztead time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's suoceeaora in irrtereat. - 11. Forbearance by Lender Not a Waiver. Any €orbearanoe by Leader in exercising any right or remedy hereunder, ar otherwise afforded by applicable law, shall nd be a waiver of or preclude the exercise of any inch right or remedy. The procurement of insurance or the payment of tares or other Hens ce charges by Lender shall not be a waiver of Leaders right b accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Comnlstive. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity. and may be ezercise~l concurrently, independently or suooessively. 13 3nooesaors and Assigns Boned; Joint and Several Liability; Captions. The oovenanta and agreceaeate herein contained ahaH bind, and the rights hereunder shall inm+e b, the respective suoceeeors and assigns of Lender and Borrower. anbject b the provisions of Paragraph 17 hereof: All oovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenieace only and are not b be aced b interpret or define the provisions hereof. 14. Notice. E:Dept for any notice required under applicable law b be given in another manner, (a) any notice to Borrower provided for is this Mortgage shall be given by maiHne such notice by certified mail addressed b Borrower atthe Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, an<i (b) any nuiiiz b Lender aha11 ba given by wed mail, rtura receipt requested, b Lender's address stated herein or b each other address as Lender may designate by notice b Borrower ae provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower os Lender when given is the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b constitutor a uniform security inatrament 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 with applicable law, each conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this sad the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed wpy of We Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any pact of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b 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 b purchase, Lender may, at Lender's option, declare all the soma secured by this Mortgage b be immediately due and payable. Lender shall have waived each option b accelerate if, prior to the sale or transfer. Lender and the person b whom the Property is b be sold or transferred reach agreement in writing thatthe creditof each person is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be st such rate as Lender shall ~i request. If Lender has waived the option b accelerate provided in this paragraph 17. and if Borrowers anocessor 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 I~ Note If Lender exercises such option b accelerate, Lender shall mail Borrower notice of acceleration 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 the arms declared due. If Borrower fails b pay such same prior b the expiration of such period, Lends! may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Except 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 when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower se provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days f! om the date the notice is mailed to Borrnwer, by which sndr breach must be cared; and (4) that failure to care each breach on or before the date spedfied in the notice may result in acceleration of the seine seau~ed by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after aeceleration and the right to assert in the foreclosure proceeding the non-eristence of a default oar orgy other defense of Borrower to acceleration and 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 anma warred by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by jadiciai proceeding. Lender shall be entitled to collect in each proceeding all expenses 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 thin Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage diseontinned at any time prior b entry of a judgment enforcing this Mortgage iL (a) Borrower pays Lender all sums which world be then due under this Mortgage, the Note and notes securing Phture Advances. if any, had no aooeleration occurred: (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:penaes incurred by Leader in enforcing the covenants and agreements of Borrows 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 such action as Leader may reasonably require b assure that the lien of this Mortgage. Lenderre interest in the Property and Borrower's obligation b pay the arms secured by this Mortgage shall continue unimpaired. Upon arch payment and care by Borrower. Chia Mortgage and the obligations secured hereby shall remain in full force and effect ae if no acceleration had oocarred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns b Leader the rents of the Property, provided that Borrower shall, prior b aooeleration ender paragraph 18 hereof or abandonment of the Property, have the right to Dolled and retain ouch rents as they become due and payable. Upon acceleration under paragrpph 18 hereof or abandonment of the Property, Leader shall be entitled b have a receiver appointed by a court b enterupon, take possession of and manage the Properly sad b collect the rents of the Property. including those pad due. All rests wlleded by the receiver shall be applied first b payment of the costs of managementof the Property and collection of rents, including, but nd limited b, receiver's fees, premiums on receiver's bonds and reasonable atbrney'e fees, and then b the soma segued by this Mortgage. The receiver shall be liable b account only for those rents actually received. a~x3~6 P~F 675