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HomeMy WebLinkAbout1084 err. o • ~ } 8. Inspection. Lender may make or cause to bs made reasonable errt:ies upon and inspections dthe property.provided that Lender shall give Borrower notice prior to any ouch inspection specifying reasonable canes therefor related to Lender's interest is tbs Properly. 9. Condemnatioa.'IUe proceeds ofany award or claim for damages, dir~xt err consequential. in ooanection with aqy oosdemnatioa or oWar taking d the property. or part thereof. or foe oosveyaaos in Uen d oondemar?tioa, are hereby assigned and shall bs paid to Lender. In the event of a total taking d the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the ezeess, it aqy. paid to Borrower. In the event d a partial taking of the Property, unless Borrower and Lender oWerwise agree in wriU:,,g, there shall be applied to the sums secured by Chia Mortgage such proportion d the proceeds er is equal to that proportion which the amoaat d the sums secured by this Mortgage immediately prior to the date d taking bears to the fair market value of the Property immediately priorto the date d taking, with We balance d the proceeds paid to Ba:rower. If the Property i. abandoned by Borrower. or i> after notice by Leader to Borrower that the condemnor offers to make as award or settle a claim for damages, Borrower fails to respond to Leader within 30 days after the date such notice is mailed, Lender is authorized to cdleet and apply We proceeds, at Lender's option, either b restoration or repair d the psoperty or to the soma secured by this Mortgage. Unless Lender and Borrower otherwise ogres in writing, any such application dproceeds to principal shall aotestend or postpone the dreg date d the monthly installmmrts referred b in paragraphs 1 and Z hereof or change the amount of such installments. 10. Borrower-Not Released. Exteaaioa d the time for paymsat or modification damortization of the sums secured by this Mortgage granted by Lender to any auooessor in interest of Borrower shall not operate to release, in any manner, the UabiUty d the original Borrower and Borrower's saecessors in interesk Lender shall not be required to oommeaoe proceedings against each suoceesor or refuse to extend time for payment or otherwise modi$? amortisation of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Cosier Not a Waiver. Any forbearance by lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or parednde the exercise d any such right or remedy. The prorarremest of insuraaae cr the payment of taxes or other Uens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity d the indebtedness secured by thin Mortgage. 12 Remedies Camubstive. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or equity, and may be ezerciserl concurrently. iadependeatly or suooessively. 13 ors and Assigns Bound; Joint and Several Ltabllity; Captions. The ooveaants sad agreements herein contained shall bind, and the rights hereunder shall inure to. the respective sacoessors and assigns d Lender and Borrower. subject to the provisions d paragraph 17 hereof All oovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs d this Mortgage are for coverrience only sad 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 maiUng such notice by certified mail addressed to Borrower at the Property Address or at such other eddrea as Borrower may designate by notice to Lender as provided herein, aced (b) any notice to Lender shall be given by certified mail, reams r+eosipt requested, to Lender's address stated herein or to arch 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 gives to Borrower or Leader whoa 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 covenants with limited variations by jnrisdietion to eonstitate a uniform security instrument covering real property. This Mortgage shall be governed by the law of We juriadidion id which We Property is located: in the 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 gad the provisions of the Mortgage and the Note are dedared 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 ezecntioa err after recordation hereof 17. Transfer of the Property; Assumption. If ell or any part of the Pro transferred by Borrower without Lender's prior written consent, e:duding (a) the creation of a Uea or encnm~ fie, (b) the creation d a purchase money security interest for household appliances, (c) a transfer by devise, eaoentgjtyf law upon the death des joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option purchase, Lender may, at Leaderrs option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived ouch option to decelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be Bold or transferred reach agreement in writing that We creditof such 'i person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Leader shall request. If Lender hag waived the option to accelerate provided in this paragraph 17, and if Borrower's snooeasor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower bon all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of aeoeleratioa in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is mailed within whidr Borrower may pay the soma dedaeed due. If Borrower fails to pay each soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragrahh 18 hereof. 18. Acceleration; Remedies Fao~t 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 doe any sums secured by this Mortgage, Lender prior to aeeeleratios shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure each breach; (8) a date, not less than 30 days from the date We notice is mailed to Borrower, by which sash breach must be cared; and (4) that failure to wre each breach on or before the date specified in the notice may result 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 r3~rt to assert in the foreclosuue procee+disg the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosore. If the breach is sot cared on or before the date speclfied in the notice, Leader at Lender's option may declare all of the soma secured by this Mortgage to be immediately due and payable without fnrtber demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to eolled in such proceeding all expenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's aeoeleration of the arena eec~+ed by this Mortgage, Borrower shall have We right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due Hader this Mortgage, the Note and notes securing Phtnre Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the oovenasts and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; inducting, bat not limited to, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to assure that the lies dthis Mortgage, Leader's interest in the Property and Borrower's obligation to pay the same secured by this Mortgage shall eontinne unimpaired. Upon each payment and cote by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect ae if no acceleration had occurred. Zl). Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to leader the rents of the Property, provided that Borrower shall, prior to aoDeleration Hader paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as Way become doe and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.npon, take posaeesion of and manage the Property and to collect the r+eats of We Property, inducting Wose past due. All rents collected by We receiver shall be applied first to payment of We coats of management of the Property and eoUedion drents, isdndirrg, but not United to, receiver's fees, premiums on receiver's bonds and reasonable attorneys fees, and Wen to the sumo aecared by this Mortgage. The receiver shall be Uable to aeoonnt only for Wose rents actually received. ~o~K 3~6 PA~E1084