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HomeMy WebLinkAbout2962 ~ - _.._..~...___.__.v r._._.__~_ t..J ± .i•~~.{ ~j 8. Inspection. header may make or cams to bs made reasonable entries upon and inspectioru of the propergr, provided that Lender shall give Borrower notice prior tD aqy such inapsdion specilyring reasonable cause therefor related to I.wnder's interest in the Property. 9. A^,ondesnnation. The proceeds of any award or claim for damages. direct os oonsgnaitial. in connection with nay ooademnation or other taking of the PmPwb?. oe P~ thsr't~ ce for oonvsyanos in lies of eoademnatioa, ors hereby assigned and shall bs paid to Leader. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the caress, if any, paid to Borrower. In the event of a partial Wring of the Property. unless Borrower and Lender otherwise ages is writing, there shall bs applied to the sums secured by this Mortgage such proportion o[ the prvoeeds as is eQnsl to that proportioa which the amount of the snnu aeatred by thin Mortgage immediately prior to the date d taking bears to the fair market valve of We Property immediately prior to the date at taking, with the ba4noe of the pr+oaeds Paid to 8orrowsr. Tf the Pmperq? is abandaaed by Hcrrowar, or i~ alto: notice by Lender to Borrower~that the oandemaor offea to make an award or settle a dorm for damages, Borrower fails tD respond to Leader within 30 days after the date such notice is mailed, Lender is authorised to Dolled and app>3? the pcoceeda, at Leader's option. tither to redaration ac repair of the pcopeirly err to the snma secured by this Matgs~e. Unless lender and Borrower otherwise agreein writing, any such application of proceeds to principal shall aoteztead or postpone the tine date of the monthly indallments referred to in paragraphs 1 and Z hereof or change the amount of arch installments. 10. Borrower Not Released. l~tension o[ the time for pgymmt ~ modification of amortisation of the sums secured by this Mortgage granted by Leader to any snoDessor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's suooessors in interest. Lender shall not bs required to commence proceedings against such sacoessar or refuse to eztead time for pAym~t or otherwise modify amortisation of the soma secured by this Mortgage by reason of aqy demand made by the original Borrower and Borrower's snccessore in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezng any right or remedy hereunder, or otherwise afforded by applicable law, shall not bs a waiver of or preelnde the e~cercise of any such right or remedy. The procurement of insurance or the payment of fazes or other liens err charges by Leader shall not be a waives of Lender's right to aeoekrate the maturity of the indebtedness aecnred by this Mortgaige. 12 Remedies CamuLtive. All remedies provided in this Ma~ttgage are distinct and onnanlatlve to any older right or remedy Hader this Morte_•age os affaeded by law or equity. cad may be ezercisai eoneurreat~y. independently or sneoassively. 13 Socoessors and Assigaa Hound; doiat and Several Liability; Captions. The covenants and agreements herein contained ahaU bind, and the rights hereunder shall inure to, the respective snceessorr and assigns of Lender and Borrower, anbjed to the provisions of paragraph 17 heraoL 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. Ezce~ for any notice required ender applicable law to be given in another manner. (a) nay notice to Borrower provided for in this Mortgage shall be given by mailing verb notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lander as provided heraan, and (b) nay notice to Lender shall be given by certified mail. return receipt requested. to Leader's address elated herein m to such other address as Landes may designate by notice to Borrower as provided heseia. Any notice provided for in this Mortgage shall be deemed to have bean given to Borrower or Lender when given in the manner designated heroin. 15. Uniform Mortgage; Governing Law; Severabillty. This form of mortgage combines uniform ooveaaats for national nee and non- uniform covenants wild limited variations by jnrisdidion to eonetitate a uniform security instrument covering real property. This Mortgage shall be governed by the law of the juriadidion in which the Property is located. In the event that any provision or dance 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 conflicting proviaioa. and to this cad the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be famished a conformed Dopy of We Note and of thin Mortgage at the time of ezecntion or aRer recordation hereoL 17. Transfer of the Property; Assumption. If all or any Part of the Property or an interest therein is cold or transferred by Borrower without Lender's prior written consent, e:dnding (a) the creation of a lies or encumbrance subordinate to 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 lees not containing an option to purchase, Lender may. al leader's option, declare all the snma secured by this Mortgage to be immediately tine and payable. Lender shall have waived such option to aooelerate if, prior to the sale or transfer, Lender and the person to whom theProperty is fobs Bold or transferred reach agreementin writing thatthe creditofsach person is satisfactory to Lender and that the interest payable on the sums severed by this Mortgage shall be at such rate as Lender shall request. If Leader has waived the option to sooderate provided in this paragraph 17, and if Borrower's suocesaor in interest has ezecated a j written assumption agreement accepted in writing by I.endw, Lender shall release Borrower from all obligations ender this Mortgage and the Mote. If Lander e:ereises such option to aocele:ate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the dale the notice is mailed within which Borrower maY PaY the sums declared due. If Borrower fails to pay such soma prior to the ezpiration of each period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof: Ifi. Aa:eleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in thin Mortgage, including the oovenante to pay when due any same secured by thin Mortgage, Lender prior to aooeleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the bread; (2) the action required to care 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 cured; and (4) that tailors to cure such breach oa or before the date specified in the notice may result in aeoeleration of the sums secured by this Mortgage, foreclosure by jadiciai proceeding and sale of the Property. The note shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezisteaoe of a default or any other defense of Borrower to eiaceleration and foreclosure. If the breach m not cared on or before the date specified in the notice, Lender st Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without farther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to Dolled in such proceeding all ezpenses 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 aunns secured by thin Mortgage. Borrows shall have the right to have any proceedings begun by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing thin Mortgage if (a) Borrower pays Londe: all arms which world be then tine under thin Mortgage, the Note and notes aecnring Ftirtnre Advances. if any. had no aeoeleration occurred; (b) Borrower cnree all breaches of any older covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Leader in enforcing the eoveaanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; indnding, bat not limited to, reasonable attorney's fees; and (d) Borrower taken such action as Leader may reasonably require to assure that thelien of this Mortgage, Leader's interest in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall oontinne unimpaired. Upon such payment and care by Borrower. thin Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aooeleration had occurred. 20. Assigomeat of Rents; Appointment of Receiver. As additional aecnrity hereunder, Borrower hereby asdgns to Leader the teats of the Property, provided that Borrower shall, prior to acceleration Hader paragraph 18 hereof or abandonment of the Property. have theright to Dolled and retain endr rents as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court to enterapon, take possession of and manage the Property and to Dolled the rants of the Property. indading those pad tine. All rents collected by the receiver shall be applied Brat to payment of the costs of managementof the Property and eolkdion of teats, indndiag, bat not limited to, r+eoeiver's fees, preminars on reoaver's bonds end reasonable attorney's fees, and then to the sums aerated by Chia Mortgage. The receiver shall be liable to sooonnt ody for those mats actually reorived. Bo~x~~s P~E~ss