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HomeMy WebLinkAbout0395 L' ~ j ~ ~ 1 ji 8. Inspection. Leader rosy make or caws to be made reasonable entries upon and inspectioru of the property, provided that I.snder shall dive Borrower notias prior to aqy such inspection specifying reasonable caws therefor related to Lender's interest in the Property. 9. Candcesnatioa. The prooserls of aqy award or claim for damages, direct ac consequential, is connection with any oondemaation or other taking of the property, or part Wereof, or for ooaveyanos in lieu of condemnation, are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property. the pr~ooseds shall bs applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrowee and Lender otherwise agree in writing. there shall bs applied to the sums secured by this Mortgage such proportion of the prooeecls sa is equal to that proportion which We amount of the sums secured by this Mortgage immediately prior to We date of taking bean to the fair market valor 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. or if, aRer notice by bender to Borrower that the condemnor offer to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date ouch notice is mailed, Lender is anthorixed to collect and apply the proceeds. at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone Wedne date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installmentw. 1Q Borrower Not Released. l'sxtensioa of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Fender to any successor in interest of k3orrower shall not operate to please. in any manner, the liability of the original Borrower and Borrower's suooesson in interest. Lender shall not be required to commence proceedings against such successor or muse to estead time for payment or oW erwise modify amortisation of the soma secured by this Mortgage by pasoa of any demand made by the original $orrower and Borrower's aucceseon in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising say right or pmedy hereunder, or otherwise afforded by applicable law, shall not be awaiver of or-preclude the exercise of per ~qch right or remedy. The procurement of insnranoe w the payment of tares or older liens or charges by Lender shall not be a waiver ot~Iwodar's right to aoa::arate the mstnrity ofthe-indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezerciaed concurrently, independently or successively. 13 $ncoessora and Assigns 13onnd; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall innp to. the respective snccesaon and ensigns of Lends and Borrower, subject to the provisions of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint end several. The captions and headings of the paragraphs of this Mortgage ap for covenience only and ap rat to be used to interpret or define the provisions hereof. 14. Notice. Except foe say notice rquire~d under applicable law to be given in another manner, (a) any notice to k3orrower provided for in this Mortgage ahaU be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Fender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such 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 given to Borrower 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 constitute a uniform security instroment covering real property.Thin 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 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 ap declared to be severable. ll% Borrower's Copy. Borrow er shall be furnished a conformed copy of the Note and of this Mortgage et the time of ezecation or after recordation hereof. _ i7. Transfer of the Property; Assumption. If all or any part of the Property or as interest therein is sold or traneferpd by Borrower without Lender's prior written consent, excluding (a) the creation of a Gen or encumbrance subordinate to Win 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 We death of a joint tenant or (d) We grant of any leasehold interest of Wree years or less not containing an option to purchase. Lender may, at Lender's option, declare all We sums eecnred by this Mortgage to be immediately due and payable.-Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and We person b whom the Property is to be sold or transferpd reach agreement in writing that the credit of arch j person is satisfactory to Lender and Wat We interea: payable on the sums secured by this Mortgage shall oe at arch rate as Leader shall ~ request. If Lender has v~aived We option to accelerate provided in this paragraph 17, and if Borrowers successor is interest has ezecuted a written assumption agreement accepted in writing by Lender,-Lender shall release Borrower liom all obligations under this Mortgage and the Note. ~ If Lender ezer+cises such option to accelerate, I.endrr shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not leas W an 30 days 5rom the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand oa Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept as provided is 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 same 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 adiori required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach oa or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial procceding 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 aceeleration and foreclosure. If the breach in not cured 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 expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the sums secured by this Mortgage, Borrower shallhave 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 sums which would be then due ender this Mortgage, We Note and notes securing Future Advances, if any, had na acceleration occurred; (b) Borrower cures all breaches ofany othercovenants or agreements of BorrowErcontained in - this Mortgage; (c) Borrower pays all reasonable ezpensea 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, including, but not limitedto, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to aasup that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the soma secured by tkus Mortgage shall continue unimpaired. Upon such payment sad care by Borrower, this Mortgage and We 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 security hereunder, Borrower hereby assigns to Leader the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of We Property, have We right to collect and retain such rents ae Wey become due sad payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a receiver appointed by a t court w enterspon, take possession of and manage the Property and to collect We rents of the Property, including Wose past due. All pate collected by the receiver shall be applied first to payment of the costs of management of the i roperty and collection of rents, including, but not limited to, receiver a fees, premiums on receiver's bonds and reasonable attorney's fees, and then to We enure secured by Win Mortgage. The receiver shall be Gable to account only for those rents actually received. t BOCK 317 PEE 395