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HomeMy WebLinkAbout2974 • • ~ - ~...J . .Z~ t ~J • ;y ~ rf d 8. Iaspecttoa. Lender may make or canoe to bs mods rsssonabb entries upon and inspections of the property, provided that Lender shall give Bnrrowee notice prior b any sancta irupedia?n specibrirag reaasonabls cause therefor related to Lender's interest in the Pt~opwty. 9. Condemaatioa. The proceeds of any award or claim for damages. direct a coassgnential, in connection wIW aqy ooademnation or other taking of the propeety, or part thereof, or for aonveyanoe is lies of oondannatton, are beroby resigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall bs applied to the sums secured by this Mortgage, with the ezoess. it any, paid to Borrower. In the went of a partial taking of the Property, ndea Boarr+awer sad Lender otherwise agree in writing, there shall ba applied to the sums secur+sd by this Mortgage such proportion othhe proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to tM date of taking bears b the fair market value of the Property immediately prior to the date of taking. wiW the balance of the proceeds paid to Borrower. If the Propsrq? is abandoned by Borrower, oar ~ after notice by Leader to Bortowror that the oondennoa' offers tomake an award or seals a claim for damages, Borrower fail b respond to I.endar within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the propas~y or to the sums secured by this Mortgage Unless Lender and Borrower otherwise agree is writing, aqy such application of proceeds to principal shall noteactend oe postpone the doe date of the monthly installments referred to in paragraphs 1 arad 2 hereof or dra:age the amount of such installments. 10. Borrower Not Released. Estension at the time for paym~t or modification of amortization of the spoor second by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to please, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be regnired to commence proceedings against such sueoeesor or refuse to estand time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's saoceseors in interest. 11. Forbearance by Lender Not a Waiver. Any forbrorance by Lender in ezercidng any right err pmedy hepnnder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezeraaae of any ouch right or remedy. The procurement of inauraace or the paymmtt of fazes oar other liens or charges by Lender shall not be a waiver of Lender's right to aoaxlerate the maturity of the indebtedness secured by this Mortgage. ' 12 Remedies Cumulative. AU remedies provided in this Mortgage ap distinct and cumulative to aqq other right of pmedy render this Mortgage or afforded by law or equity, and may be exercised eoncaarr+ently, independ~tly or anoa.~eesively. I3. Suooessore end Assigns Hound; Joint and Several Lisbilibr: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective auooessors and assigns of Lender and Borroww, subject to the provisions of paragraph 17 hereof; AU covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and ap not to be used to interpret or define the provisions hereof. 14. Notice. Ezoept for any notice pgaund render appliauble law to be given ip another meaner, (a) any notice to Borrower provided for in thin Mortgage shall be given by mailing anch notice by certified mail addressed to Borrower atthe Property Address or at such other address as Harrower may designate by notice to Lender as provided tiepin, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to finch 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 Lender when given in the manner designated hasrein. 15: Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jnrisdidion to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jnriadiction in which the Property is located. In the event that any provision or dense 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 gives effect without the wnllicting provision, and to this end We provisions of the Mortgage and the Note ap declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of We Note and of this Mortgage at the time of execution or after recordation hereoL l T. Transfer of the Property; Assumption. If all or any part of the Property or sn interest therein is sold or transferred by Borrower without Lender's prior written consent, ezdudirag (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 death of s joint tenant or (d) the grant of any leasehold iater+~t of three yeah or less not containing an option to purchase. Lender may, at Lender's optioq declare all the soma aecnred by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale oar transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing thatthe creditof andY person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at suds rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's anocessor in interest has ezeauted a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezerciaes such option to asceterate, Lender shall mail Borrower notice of aooeleration in accordance wiW paragraph 14 hereof Sudz notice shall provide s period of not leas 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 ezparation of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1$ hereof. 18. Acceleration; Remedies. Ezoept as provided in paragraph 17 hereof, neon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due say sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required b care such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such breach mnat be cared; and (4) that failure to cure snc6 breach on or before the date specified in the notice may result in acceleration of the same secured by this Mortgage, foreclosure by judicial proceeding and sale of the Pro party. T'he notice shall further inform Borrower of the right to roinetate after acceleration and the right to assert in the foreclosure proceeding the non-ezisteace of a default or any other defense of Borrower to acceleration and foredoenre. If the breach is not cored oa or before the date specified in the notice, Lender at Lender's option may declare all of the same secured by this Mortgage to be immediately dpe and payable without farther demand and may foreclose this Mortgage by judicial prooeediag.Lender shall be entitled to collect in each proceeding ail ezpenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title repwrta 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the same secured by this Mortgage, Borrower shall have the 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 anms which would be then dpe under this Mortgage, the Note and notes securing Future Advances, if any, had no aoDeleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenaea incurred by Lender in enforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in Paragraph 18 hereof, indnding, but not limited to, reasonable attorney's fees; sad (d) Borrower takes anch action as Lender may personably require to aseap that the lien of this Mortgage, Lender's interest in We Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aooeleration had occurred. Zll. Assignment of Rents; Appointment of Receiver. As additional security hepnnder. Borrower hereby assigns to lender the pats of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to Dolled and retain each rents as they become dpe and payable. Upon aooeleration Hader paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oonrt to cetwaP~, take possession of and manage the Property and to Dolled the rents of the Property, indnding those past dpe, All rents collected by the receiver shall be applied fast to payment of the costs of managementof the Property and collection of rents„ including, bntnot limited to, pceiver's fees, premirmaa on receiver's bonds end reasonable attorney's fees, and then to the sums secured by this Mortgage, The receiver shall be liable to aooonnt only far those rents actually received. soa~3ls P~fz~~