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HomeMy WebLinkAbout0283 • i } 8. Inspection. Lender may make or cause to be made reasonable entries upon and inepectiona of the property. providedthatLeadershall give Borrower notice prior to any such inspection speeifyintt reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct oa consequential, in connection wild any condemnation or older talong of the property, or part thereof. or for conveyance in lien of condemnation, are hereby assigned and shall be paid to I.ender. Ia the event of a total taking of the Property, the proceeds shall be applied to the soma secured by thin Mortgage, with the excess, if any. paid to Borrower. In the event of a partial taking of the property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by thin Mortgage arch proportion of the proceeds as ie equal to that proportion which the amount of the sums Secured by thin Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanea of the prooecda paid to Borrower. If W e Property is abandoned by Borrows:, or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 50 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 We property os to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any arch application of proceeds to principal shall not extend or postpone the due date of the monthly inatallmente referred b in paragraphs 1 and 2 hereof or change tae amount of such installments. Z0. Borrower'Not Released. Extension of the time for payment or modification c*f amortization of the sums secured by this Mortgage granted by Lander to any sueeesaor in interest of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower's suoeessore in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowefs curs in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in a:excising any right or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude We ezercise of any such right or remedy. The procurement of insurance or the payment of fazes ar other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedama secured by flue Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hades this Mortrage or afforded by law or equity. and may be exercised eoncurrent~y, independently or suoeessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained ahall - bind, and the rights hereunder shall inure to, the respective suooeseors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof: 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. 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 Borrows the Property Address or at such other address sis - Borrowermay designate by notice to Lender as provided herein, and (b) any notice er shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may ate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given b Borro or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to eonatitnte 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 clause 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 furnished a conformed copy of the Note and of thin Mortgage at the time of ezecution 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 t_mnSferred 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 houaehoki applianoea, (c) a transfer by devise, descent or by operation of law upoe the death of a joint - tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the soma secured by thin Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior I~ to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreemP.nt in writing that the creditof sash i person is satisfactory to Lender and that the interest payable on the soma Secured by thin Mortgage shall be at auch rate ae Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under thin Mortgave and the Note. If Lender ezercisce such option to accelerate, Lender shall mail Borrower notice of s.~oeleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is n.siled within which Borrower may pay the sums declared E due. If Borrower fails to pay such soma prior to the expiration of auch period, Lender may, vr°ithout further notice or demand on Borrower, _ ~ invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except 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 auy arms secured by this Mortgage, Lender priof to acceleration shall mail notice to Borrower eta provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 's0 days from the date the notice i8 mailed to Borrower, by which arch breach must be cured; and (4) that failure to care auch breach on or before the date specified in the notice may result in acceleration of the arms 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-ezisteace of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured 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 1ortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenaea of foreclosure, 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 Lenders acceleration ofthe soma secured by this Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any timeprior toentry of ajudgmentenforcing - this Mortgage if: (a) Borrower pays Lender all soma which would be then due Hader this Mortgage, the Note and notes securing Fhture Advances, if any, had no eoceleration occurred; tb) Borrower cares all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:pensea incurred by Lender in enforcing the covenants and agreements of Borrows: contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, inclading, but not limited to, reasonable attorney's fees; and (d) Borrower takes auch action as Lender may reasonably regaire to assure that the lien of this Mortgage, Lendei a interest in the Property and Borrowers obligation to pay the soma secured by this Mortgage ahall continue unimpaired. Upon auch payment and care _ by Borrower, this Mortgage and the obligations secured hereby ahall remain is full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. AB additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property; have theright to collect and retain auch rents as they become due and payable. - Upon acceleration Hader paragraph 18 hereof or abandonment of the Property. Ixnder ahall be entitled to have a receiver appointed by a eonrt to enternpon, take poseeasion of and manage the Property and to collect the rents of the Property, including those peat due. All rents collected by the receiver ahall be applied first to payment of the costa of managementof the Property and collection of rents. including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then tq the soma secured by this Mortgage. The receiver ahall be liable to account only for those rents actually received. B~~KJ~~ PACE 28.3