Loading...
HomeMy WebLinkAbout0279 i • • • 8. Iaspeetioa. Leader may make or cause to be msde reasonable entries upon sad inspections of the property, provided that Lends shall give Borrower notice prior to arpr audr inspection spxifying reasonable cause Werefar related to Lender's interest in the- 9. Condemnation. The proceeds of say award or Claim for damages, direct er oonsequeatial, is eonaeClion wiW atq¢~4~nation or other taking of the property, or part Wereof, or fa: conveyance in lieu of ceadaoaaetion, era hereby assigned sad shall bs paid to leader. In the event of a total taking of the Property, the proceeds shall ba applied to the soma secured by this Mortgage, wilh the excess. ff say, paid to Borrower. In We event of a partial taking o! the Property, unless Borrower and Lender otherwise agree is writing, there shall be applied to the snais secured by this b[ortaage such proportion of the proceeds as is equal to that proportion which the amount of the some secured by this Mortgage immediately prior to the date of taking bears to 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 Proper4Y is abandoned by Borrower, or ~ after notice by Lender to Borrower that the oondemne offers to make an award or settle a claim for damages. Borrower fail to respond to Lendetwithin 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds, at LBnde:•s option, either to restoration or repair of the property or to-the sums secured by this Matgaga: Udess Lender and Borrows otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the doe date of the moathljr installments referred to is paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment s modification of amortisation of the some secured by this Mortgage granted by Lender to any auoceeeor in interest of Borrower shall not operate to release, in any meaner, the liability of the original Borrows and Borrower's suocesaors in interest. Lender shall not be required to commence proceedings against such successor ar refuse to extend 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 auocessors in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by lender in exercising any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waiver of or preclude the ezerciee of any such right or remedy. The procureanent of insnranoe or the payment of taxes s other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmtrlative. All remedies provided in this Mortgage a5re distinct and cnonulative to any other right or remedy Hader this Mortgage o= afforded by law or equity, and may be ezerciseri cencnrrer?t~y, independently or auooeseively. 13. Srzcoeseors and Assigns Bound; Joint and 13everal Liability; Captions. The covenants and agreerncets herein ooataiaed shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borioweit, subject to the provisions of paragraph 1T hereaL All coveuants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are far oovenieace only and are not to be used to interpret or define the provisions hseof: 14. Notice. Eacept for any notice required under applicable law to be given in another manna, (a) any notice to Borrovrs provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such otheraddress as - - Borrowamay designate by rotice to Leader as provided herein, and (b) any notice to I.mder shall be given by certified mail, return receipt requested, to Leeds's address stated herein or to arch other address as Lends may designate by notice to Borrows as provided herein. Any notice provided for in thiaiMortgage shall be deemed to have been given to Borrows or Lends when given in the means designated herein. _ 15. Uniform Mortgage; Governing Law; 3everability. Thin form of mortgage combines uniform covenants fat aatianal nseand non- uniformoovenanta with limited variations by jurisa~~tion to oonatitnte a uniform security instrument covering real property.This Mortgage shall be governed by the law of the jurisdiction is which the Property is located. In the event that any provision or clause of this Mstgage 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 Kzthont the aonfliding provision, and to this end the provisions of the Mortgage and the Note are ~2eclared to be severable. - 16. Borrower's Copy. Borrows shall be fnrniahed a conformed copy of the Note and of this Mortgage at the time of e:ecntion 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, excluding (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 a joint tenant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, Lends may, at Lender's option, declare all tbe sums secured by this Mortgage to be immediately due and payable. Lends shall have waived such option to accelerate if k to the sale or transfer, Lends and the person to whom the Property is to be sold or transferred reach ~ poor agr+eeutent in writing thatthe creditof such r person is satisfactory to Lends and that the interest payable on the sums secured by this Mortgage shall be at anch rate as Lender shall request. If Lends has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has e:ecnted a _ written assumption agreement accepted in writing by Lender, Lender shall release Borrows from all obligations under this Mortgage and the Note_ If Lender exercises such option to accelerate, Lends shall mail Borrows notice of acceleration in aowrdance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days fiom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lends may, without Earths notice or demand on Borrows, invoke any remedies permitted by paragraoh 18 hereof: 18~. Acceleration; Remedies. Ezcept 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 due any sums secured by this Mortgage, Leader prior to acceleration shell mail notice to Borrower ere 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 each breach must. be cared; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the soma 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 right to assert in the foreclosure proceeding the non-existence 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 sums 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 ezpenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of We sums secured by this Mortgage, Borrows shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a jndgmeat enforcing this Mortgage if: (a) Borrows pays Lender ell soma which would be Wen doe ands this Mortgage, the Note and notes securing I~rtnre Advances, if any, had no aeoeleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrows contained in this Mortgage; (c) Borrows pays all reasonable erpenaes incurred by Lender in enforcing the covenants and contained in this Mortgage and in enforcin Lender's remedies as rovided in agreements of Borrows g p paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrows takes each action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care F ' by Borrows, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had otevrted. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby as®gns to i.euder the rents of the Property, provided that Borrowerahall, prior to aooeleration Hader paragraph 18 hereof or abandonment of the Prppsty, have the right • to eolled and retain such rents as they become due and payable. - + Upon acceleration Wade paragraph 18 hereof or abandonment of the Property. bends shall be entitled to have a reoeivs appointed by a ; court to enterapon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the coats of maragementof the Property sad collection of rents, including, bat red limited to, receiver'8 fees, premiums on receivs's bonds and reasonable attorney's fees, and then to the same eecnred by this Mortgage. The { receive shall be liable to aeoonat only for those rents actually received. ; a_ s s~o~ -590 P~ X26 OFFICIAL Q~CnQn