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HomeMy WebLinkAbout1092 1 ' 8. Inspection. Lender may make or caws to be made reasonable entries upon and inspections of We property, provided that Lender shall give Borrower notice prior to any arch inspection specifying seasonable cause therefor related to Lender's interact is the Property. 9. Condemnatlon.'!be proceeds of any award or claim foe damages. direct oe oonsequantial, in connection with any condemnation or other taking of the property. or part thereof. or for oonveyanos in lien of oondsmnation, are hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property. the prpcesda shall bs applied to the sums secured by this Mortgage, with the ezoess, if any. paid to Borrower. In the event of a partial taking of the Propetq?, unless Borrower and Lender otherwise agree is writing. lbws shall bs applied to the soma secured by this Mortgage such proportion of the proceeds a. is equal to that proportion which the amount of the rams secured by this Mortgage immediately prior to the date of taking bears to the fair marled valve of the Property immediately prior to the date of taking. with the balaaoa of the proceeds paid to Borrower. If the Property it abandoned by Borrower. ar if, after notion by Lender to Borrower that the condemnor offers to make as award or settle e claim for damages, Borrower fails to respond to Lender within 30 days aftes the date such notice is mailed. Lender is authorised to collect and apply the proceeds. at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lendw and Borrower otherwise agreeir? writing. any such application of proceeds to principal shall note:tad or postpone the due date of the monthly installments referred b in paragraphs 1 and 8 hereof or change the amount of arch inetallmenta. _ _ 10. Borrower Not Released. Ezteasion of the time for payment or modification of amortisation of the same secured by this Mortgage granted by bender to any successor in interest of Borrower shall not operate to release, is any manner, the liability of the original Borrower and Borrower's suopeseors is interest. Lander shall not be required to commence proeeedinga against such successor or refwe to extend time for payment or otherwise modify amortization of the some secured by this Mortgage by reason of any demand made by the origins! Borrower and Borrower's successors is interest. 11. Forbearance by Lender Not a Waiver. Aqy forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any each right or remedy. The procunm~t of insurance or the payment of razes or other liens ar charges by Lender shall not be a waiver of Lender's tight to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage an distinct and cumulative to any other right ar remedy ender this Mortgage or afforrded by law or equity. and may be ea~ercised ooncnrreatly, independently or snooesaively. 13. Suooesso~s end Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall _ bind, and the rights hereunder shall inure to, the respective sueceesors and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereoL All oovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for ooveaience 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 addressed to Borrower st the Property Address or at such other address ae Borrower may designate by notice to Leader as provided herein, and (b) nay notice to Lender shall be given by certified mail, return receipt regneated, to Lender's address stated herein or to each other address as Leader may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given to Borrower or Lender when given is the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform coveaaata with limited variations by jntiadiction to eonatidite a naiform security instrument covering real property. This Mortgage shall be governed by the law of the jnriadiction in which the Property is located. l:n the event that any provision or chose of this Mortgage or the Note conflicts with applicable law, arch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the oonflicbiag provision, and to this end the previsions 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 sad of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If aU or any pert of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (s) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a pur+c_hase 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 parchaee, Lender may, at Leader's option, declare all the soma secures by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate if, prior to the sale or transfer, Leader and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender sad that the interest payable on the sums secured by this Mortgage shall be at such rate sa Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezewted a written assumption agreement aooepted in writing by Lender, Lendershall releaseBorrower from a13 obligations underthis Mortgage sndthe Nate. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance 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 Bums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may. without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof: 18. Acceleration; Remedies Ezeept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenaata to pay when due any sums severed by this Mortgage, Lender prior to aceleration shall mail notice to Borrower as provided in paragraph 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 mast be cared; and (4) that failure to cure each breach oa or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding sad 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 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 soma 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 ezpensea of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstaadingLeader's aooelerstioa ofthe snmesecured bythis Mortgage, Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage i1 (a) Bon+ower pays Lender all snma which would be then due under this Mortgage, the Note and notes securing I?btare Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any othereovenants or agreements of Borrower oontsiaed in this Mortgage; (c) Borrower pays all reasonable ezpensea iacnrred by bender in enforcing the covenants and agreements of Borrower wntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's fees; and (d) Borrower takes such action ae Leader may reasonably require to assure that We lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the name secured by this Mortgage shall ooatinne unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in frill force sad effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower herby assigns to Leader the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such r+tats as they become due and payable. • Upon aooeleration 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 poeseasion of and manage the Property and to oolleet the rents of the Property, including those past due: All rents collected by the receiver shall be applied first to payment of the costs of managementof the Property and collection of Teats, including, bat not limited b, receiver's fees, premiums on receiver's bonds end reasonable attorney's fees, end then to We soma secured by this Mortgage. The receiver shall be liable to aoaeunt only far those Tanta actually received. ao~K316 PA~~1t~2