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HomeMy WebLinkAbout2966 .t, ) i C.~ .r.. ~ 8. Iaapectioa Lender may make or cause to be made rsasonable entries upon and inspections of the property, provided that lender shall give 8orrowec notice prior to orgy such inspection speciering reasonable cause therefor related to Leader's interest in the Pmper4y. 9. Coaademaation. The proceeds of nay award os Claim for dartuagea, direct err oonsegnetttial. in oonnectioa with orgy oondemnration or other taking of the propergr, a pest thereot, os for oonwyanos is lieu of condemnation, are hereby esdgned and shall be paid to Lender. In the event of a total taking of the Propertl. the proceeds shall be applied to the sums secured by thin Mortgage. with the eaccess, it any. paid to Borrower. In the event of a partial taking of the Propearty, nniess Borrower and Leadec oWerwiss agree in writing, there shall be applied to the sums secured by this Martgags such proportion of the proceeds as is equal to that proportion which the amount o[ the sums secured by this Mortgage immediately prior to the date of taking beers b the fair market valve of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, ce i~ after notice by Lender to Boreoww that the condeaonor offer to make an e?ward or aettb a claim for damages. Borrower fails to respond to Lender within 90 days after the date each notice is mailed, Lender is authoriared to collect and apply the proceeds, at Lender'aoption, either to redoration os repair of the property or to the sums secured by this Mortgage. Unlep Candor! and Borrower otherwise agree in writing. any such application of proceeds to principal shall notextend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or diange the amount of arch insteallments. 10. Borrower Not Released. I~tensioa of the time for paymaat err modification of amortisation of the sums secured by this Mortgage granted by Leader to any suooeesor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Boararower's successors in interest. lender shall not be required to commence proceedings against arch suooeeaor or refuse to errand time for payment or otherwise modify amortisation of the some secured by this Mortgage by reason of any demand made by the original Borrower and Borrowds snoceesors in interest. 11. Forbearance by L~der Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waives of or preclude the ezearcise of any such right or remedy. The procurement of insurance oar the payment of taxes or other liens or datarges by Leader shall not be a waiver of Lendda right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmalative. All remedies provided in this Mortgage are distinct ana~ cmm~lative to orgy other right or remedy Hader this Mortgage or afforded.by law or equity, and may be ezerciseai conciurentiy, indepeandeaW? os sttooeeafi?e1Y• 13. Snooessors and Assigns Bound: Joint and Several Liability; Captions. The covenants sad agreements herein contained shall bind. and the rights hereunder shall inure to, the respective sncoeesors sad sseigna of Lender and Borrower, anbject to the providoas of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. Thor captions and headings of the paragraphs of this Mortgage are for covariance only and are not to be need to interpret or define the provisions hereoL 14. Notice. Isxoept 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 atthe Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lendds address stated herein or to arch other address as Leader may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform litortgage; Governing Law; Severabillty. This form of mortgage combines uniform oovenante for national are and non- uniform covenants with limited variations by jurisdiction to oonstitnte a uniform security instrument 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 Janes 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. 16. Borrower's Copy. Borrower shall be fnrniahed a conformed Dopy 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 part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezclnding (a) the creation of a lien 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 deaW of a joint tenant or (d) the grant of any leasehold interest of three years or lean not containing an option to purchase, Lender may, at Lender's option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived arch option to accelerate if, prior = to the sale or transfer. Lender and the person b whom the Property is to be sold or transferred reach agreement in writing that the creditof each person is satisfactory to Lender end that the interest payable on the same secured by this Mortgage shall be at arch rate as Lender shall request. If Lender ha8 waived the option to accelerate provided in this paragraph 17, and if Borrowds sncceseor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fiom all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from We date the notice is mailed within which Borrower may pay the sums declared due. If Borrows: fails to pay such sums prior to the expiration of each period, Lender may, without farther notice or demand oa lbrrower, invoke any remedies permitted by paragraph 18 hereof: k 18. Acceleration; Remedies. Ezoept as provided in paragraph 1? hereof, upon Borrower's breach of orgy covenant or agreement of Borrower in this Mortgage, including the covenants to pa=y when Jae any some secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragrajlh 14 hereof spedfying: (1) the breach; (2) the action required to care each breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower. by which snc6 t breach meat be cured; and (4) that failure to care such breach on or before the date speadfied in the notice may result in acceleration of the sums secured by this lifortgage, foreclosure by judicial proceeding and 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-existence of a detanlt or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cared on or before the date speciRed in the notice, Leader at Lender's option may declare all of the sonata 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 Dolled in such proceeding all expenses of forecloeare, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. . 19. Borrower's Right to Reinstate. Notwithstanding Lendds acceleration ofthe sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diecontinned at any time prior to entry of a judgment enforcing this Mortgage i!: (a) Borrower pays Lender all sums which world be then due under this Mortgage, the Note and notes securing Fhtare Advances, if any, had no acceleration occurred: (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrows pays all reasonable e:pensea incurred by Lender in enforcing the covenants and agreements of Borrowce contained in this Mortgage and in enforcing Lendds remedies as provided it paraglraph 18 hereof, indoding, but not limited to, reasonable attorney's face; and (d) Borrower takes such action as Lender may reasonably require to asanre that the lien of this Mortgage, Lendds interns! in the Property and Barrowds obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional eecnrity hereunder. Borrower hereby assigns to Leader the rents of the Property, provided that Borrows shall. prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rests ae they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be edtitled to have a receiver appointed by a court to eater.npon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the reodver shall be applied first to payment of the costs of management of the Property and collection otrents, inducting, horror limited to, receivds fees, premiums on reotivds bonds and reasonable attorney's fees, and then to the sums seamred by this Mortgage. The receiver shall be liable to account only for those rents actually reoaved. 60~(~~U PACE~~~