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HomeMy WebLinkAbout0295 ~ ~ ~ f _ a C 8. I:upection. Lender may make os cause to bs made reasonable entries upon and irupections of the property, provided that Leader shall give Borrower notice prior to any ouch inspection specifying reaaonabla coons therefor related to Lender's interest in the Propsrfyy. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in eonnectioa wiW say condemnation or other taking of the proparty, or Part thereof. or for conveyance in lien of condemnation, are hereby assigned and shall bs paid to Lendar. Ia the event of a total taking of the Property. We proceeds shall bs applied to the sums secured by this Mortgage, with the ezoea, if any, i paid to Borrower. In the avast of a partial taking of the Proparty, unless Borrower and Lender otherwise agree is writing, there shall be applied to We soma secured by this Mortgage each proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to We fair market value of the Properly immediate~jr prior io the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, agar notice by Lender to Borrowar that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days agar the date such notice is mailed, Lender is authorised to collect and apply the proceeds, at Lender's option, either to restoration or repair of the property ~ to the same secured by this Mortgage. Unless Lendar and Borrower otherwise agree is writing, any each application of proceeds to principal shall rwt extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of We time for payment or modification of amortisation of the some second by this Mortgage ~ granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower ~ and Borrower's auoceseore is interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the auma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's snoceesora in interest. 11. Forbearance by Lender Not a Waiver. Aqy forbearance by Lender in exercising aTMyr right or remedy bereunder. or otherwise c afforded by applicable lour, shall not be a waiver of or preclude the ezerciae of any such right or remedy. The procurement of insnranae or the g payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to eooelerate the maturity of the indebtedness ~ sec~u+ed by this Mortgage. - 12. Remedies Cnmdative. All remedies provided in this Mortgage are distinct and cnanliative to any other right or remedy ender this Mortgage or afforded by law or equity, and may be ezercise~l ooncnrrently, independently or snooeesively. 13. Suoeeasore and Assigns Boned; Joint and Several Liability; Captions. The covenants and agreements herein containedshall - t bind, and the rights hereunder shall inure to, the respective anaxesora and assigns of Lender and Borrower. anbject to the provisions ~ paragraph 17 hereof. AA eovensata 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 begiven by mailing such notice by certified mail addressed to Borrower at the Property Address or at each 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, retnra r+eoeipt [ requested, to Lender's address slated herein or to such other address as Lender may designate by notice to Borrower ae 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 harem. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage oombinea uniform oovenanta for national use and non- uniform covenants wiW limited variations by jnriedidion to constitute a uniform security instrument wvering real propeaty. Thin Mortgage shell be governed by the law of the jurisdiction is which the Property is located. In the event that nay provision or clause of this Mortgage or the Note eonflicta with applicable taw, such conflict shall not affect other provisions of this Mortgage or the Note which can begiven effect without the conflicting provision, and to this end theprovisions of the~Ylortgage and the Note are declared to be severable. _ 16. Borrower's Copy. Borrower shall be fumiahed a eouformed copy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof. 17. Transfer of the Property; Assumption. If sU or any part of the Property or an interest therein is sold or transferred by Borrower without Iender'e prior written eaneent, ezclading (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money ee.-nuity interest for household appliances, (cj a transfer by devise, descent or by operation of Lew 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, Leader may, st Lender's option, declare all the same secured by this Mortgage to be immediately due and payable. bender shall have waived each option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ie to be sold or transferred reach agreement in writing that the credit of each person is satisfactory to Lander and that the interest payable on the sums secured by this Mortgage shall be at such rate sa Lender shall request. If Lender hoe waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezearted a written assumption agreement accepted in writing by bender, Lender shall release Borrower from all obligations under this Mortgage and toe Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration ir? aaxrdance with paragraph 14 hereof - _ Such notice ahal! provide a period of not leas than 30 days from the date the notice is n;siled within which Harrower rosy pay theaums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Horrowar, invoke any remedies permitted by paragaauh 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 oovensnts to pay when due any enma secured by this Mortgage; Lender _ prior to acceleration shall mail notice to Borrower ore provided in paragrap614 hereof specifying: (1) the breach; (2) the action _ required to cure such breach; (3) a date, not less than 30 days from the date We notice is mailed to Borrower, by which each breach mast be cared; and (4) that failure to care such breach on or before the date specified in the notice may result in _ acceleration of the sums 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 ray other defense of Borrower to acceleration sad foreclosure. If the breacb 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 farther demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in each proceeding all ezpenaes 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.. NotwithstandingLender's acceleration of thesuma secured by thin Mortgage. Borrower shall have the right to have any proeeedinga 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 sums which would be then due ender this Mortgage, the Note and notes securing l~ture Advances, if any, had no acceleration occarred;{b) Borrower cares all breaches of any other eovenante or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:penees incurred by Lender in enforcing the covenants and agreements of Borrower i contained in this Mortgage and in enforcing Lender's remedies as provided in p~agraph 18 hereof, including, b~ not limited to, reasonable attorney's fees; and (d) Borrower takes such action as I.ender-may reasonably require to asanre that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation !o pay the arms eeeured by Chia I'dortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no acceleration had occurred. Z0. Aesignmeat of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the recta ' of the Property, provided that Borrower ahaU, prior to acceleration under paragraph 18 hereof orabandonment of the Property, have the right to coiled and retain such mate ore they become doe and payable. Upon aaxleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterjtpon, take possession of and manage the Property and !o collect the rents of the Property, including those past doe. All rents collected by the receiver shall be applied fast to payment of the awls of managementof the Property and collection of rents, including, bet not limited to, reoeiver'e fees, premiums on receiver's bonds and reasonable attorney's fees, and they b the sums ee+cvted by this Mortgage. The receiver shall be liable to account only for those rents adnally received. i _ 3 ~ i aoax3~7 PAGE ~?i7J F