Loading...
HomeMy WebLinkAbout0683 1:: 3 8. IInapectioa. Lender may make or cause b bemade reasonable entries upon and inspections of the property. provided that Leader shall give Borrower notion prior to any arch inspection specifying reasonable cause therefor related b Lender's interest in the Propee~?. 9. Condsmaatbn. The peooseds of any award oe Maim for damages, direct o: consequential, in connection with aqy aoademnatioa or other taking of the property, oe part thereof, or tar oonveyanoe in lien of ooademnation, are bersby assigned and shall br paid b Lender. In the event os a total taking of the Property. the proceeds shall be applied b the same secured by this Mortgage, with the eiosss, it say, paid b Borrower. In the event of a partial taking of the Property. nnlea Borrower and Leader otherwise agree ia, writing. tbsrs shall be applied to We.snms secured by Win Mortgage each proportion of the proceeds as is equal to that proportion which the amount at the sums secured by this Mortgage immediately prior b the date of taking beers b the fair market value of We Property immediately prior b the date of fairing, wild the balance of the proceeds paid to Borrower Tt We Property is abandoned by Borrower, or if, alter notice by Leader b 8orrowe: that the condemnor offers b make an award or settle a claim for damages, Borrower fails b respond b Leader within 30 days after the date arch aotiae is mailed, Leader is authorised to ool~ct and apply the pcooeeds, at Leader's option, either to sestoration or repair of the property or b the sums secured by this Mortgage. ..Unless Lender and Bosrower otherwise agreein writing, any such applicationof prooeedatoprincipalshall~te:tendapestpone tbsdue date of We monthUr installments referred b in paragraphs 1 and 2 hereof or change We amount of such instsllmenta. ~ - - 10. Borrower Not Released. Eztenaioa of the time for payment err modification of amortization of We sums secured by this Mortgage granted by Lender to any auoceesor in interest of Borrower shall not operate b release, in any manner, We liability of We original Borrower and Borrower's suooessors in interest. Lender shall not be required W oummea3e gro~diags against such successor oz refine tc sztes:d time for payment or otherwise modify amortisation of the soma secured by this Mortgage by reason of any demand wade by the original Borrower and Borrower's anccesaors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by L~der in e:etcising any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waiver of or preclude the exer+ciae of any such right or remedy. The procurement of insurance or Wa payment of fazes or- other liens or charges by Lends!-shall-not be a waiver of Leader s right to accelerate the nnatnrity of the indebtedness secured by this Mortgage. - - - - - - - - 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any older right ~ remedy Hader this Mortgage or afforded by law or equity, and mevy be ezerciae~l ooncure+~tly. independently or suoceaaively. 13. Sirecessore and Assigns Bound; Joint and Several Liability; Captions. The ooveaanta and agreements herein contained shall bind, and We rights herenad~r shall inure b, the respective anceeasors and assigns of Linder end Borrower, subject b the proviaioas of paragraph 17 hereof All covenants and agreements of Borrower shall be joint and several. The captions and headings of We paragraphs of this Mortgage are for oovenience only and are not Lo be used b interpret or define the provisions hereof. 14. Notice. Ezeept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided form this Mortgageahall begiven bymailinganch noticeby certified mail addreseedb Borroweratthe Property Address or atsnchoWer address as Borrower may designate by-notice-b Lender aapmvided hereinzand (b) any notice to Lender shall be-given by oerti5ed mail, return receipt requested, b Lender's address stated herein or b arch older address as Leader may designate by notice b Borrower sa ` - - ' - provide3bermn.Any- _ _ - - notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner de.~ignated herein. l lip Uniform Mortgage; Governing Law; Severability. This foam of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b constitute a uniform eecarity instrument covering real property. This Mortgage shall be governed by We law of the jnriadiction in which We Property is Iocated. In We 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 conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. lli. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof 17. Transfer of the Property; A~irmption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender a prior written consent, excluding (a) We 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 deaW 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 sums secured by this Mortgage b be immediately due and payable: Lender shall have waived arch option b 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 that We credit of arch person is satisfactory to Lender and Wat the interest payable on the auros secured by this Mortgage shall be at such rate ere Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's aneoessor is interest has ezecnted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and We Note_ If Lender ezerciaes such option to accelerate, Leader shall mail Borrower notice of aooelerotion in accordance wild 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 sums declared due. If Borrower fails to pay such sums 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 arq covenant or agreement of Borrower is this Mortgage, including the covenants to pay when due say sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 Jaye from the date the notice is mailed to Borrower, by which each breach must be cared; and (4) that failure to care such breach on or before the date specified in the notice may result is acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Harrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-eristenoe of a default or say other defense of Borrower to soceleration and foreclosure. If the breach is not cared oa or before the date apeci6ed in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due sad payable without further demand and may foreclose this Mortgage by judicial proceeding.Lender shall be entitled to collect in such proceeding alI e:penaes of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of docxrmentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender's aooeleration of We suma~ecured bythisMortgage, Borrower shall have the right to have any prpceedinga begun by bender to enforce this Mortgage diacontinned at any time prior b entry of a judgment enforcing this Mortgage i£ (a) Borrower pays Lender all soma which would be then doe under this Mortgage, the Note and notes securing Ftirtur+e Advances, if any, had no acceleration occurred; (b) Borrowercures all breaches of any other covenants or agreements of Borrower contained is this Mortgage; (c) Borrower pays all reasonable ezpenees 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, reasasable attorney's fees; sad (d) Borrower takes each action as Lender may reasonably require b aaanre that the lies of this Mortgage, Leader's interest in the Property and Barrower'e obligation to pay the anma secured by this Mortgage shall oontinne unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall resin in fall force and effect as if no aooeleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Propwty, provided West Borrower shall, prior to acceleration ender paragraph 18hereoforabandonmentofthe to Dolled and retain such rents as they become due and payable: Pr'opertY, have Wezight Upon acceleration ender paragraph 18 hereof or abaadonweat of the Property, Lender shall be entitled to have a receiver appointed by a court to enterapon, take poesesaion of and wanage the Property and b collect the rents of the Property, including those past due. AII rents collected by the receiver shall be applied fist to payment of the poets of managementof the Property and collection of rents, including, bntnot limited to, receiver's fees, premiums on rei~ver's bonds and reasonable attorney's fees, and then to the snwa secured by this Mortgage. The receiver shall be liable to account only for those rents actually received, BOOK 3~6 PAGE ~3