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HomeMy WebLinkAbout0848 _ - - - - i - - .fir. 8. Inspec'.ion. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Leader. In the event of a total taking of the Property. the proceeds shall be applied to the soma secured by this Mortgage, with We excess, if any, paid to Borrower In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing. Were shall be applied to We soma secured by this Mortgage such proportion of the proceeds as is equal to Wat proportion which We amount of the sums secured by Wis Mortgage immediately prior to the date of taking baste to the fair market value of the Property immediately prior to the date of taking, wild We balance of the proceeds paid to Borrower 1f We Property is abandoned by Borrower, or if, after notice by Fender to Borrower that We condemnor offers to make as award or setae a claim for damages, Borrower fails to respond to Landes wi Win 30 days after We date such notice ie mailed, Lender is auWorir~ed to collect and apply We proeeeda, at Lender's option, eiWer to restoration or repair of the property or to the sums secured by this Mortgage. Unless Landes and Borrower otherwise agree in writing. any each application of proceeds to principal shall not extend or postpone We 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. E:tension of We time for paymarrt or modification of amortization of the soma secured 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 successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or oWervr-ise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. - I1. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any sight or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any each right or remedy. The procurement of insurance. or the payment of taxes or older 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. 1 Z Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any older right or remedy under this Mortgage or afforded by law or equity, and may be e:erciaett concurrently, independently or suoceeaively. 13. Successors and Assigns Bound, Joint and Several Liability; Captions. The oovenanta and agreements herein contained shall bind, and We rights hereunder shall inure to, We respective sncoeaeora and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereof. All cvvenants 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 We 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 Borrowerat the Property Address or atauch other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given bycertified mail, setnrn receipt requested, to Lender's address stated herein or to such older addsess 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 Borroweror Lender when given in the manner designated herein. 15. Unifos~m Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants wild limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mostgage shall be governed by the law of the jurisdiction in which We Property is located. In We event that any provision or claa$e of this Mortgage or the Note conflicts with applicable law, such rnnflict shall not affect other provisions of this Mortgage or the Note wi. can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and We Nate are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. I7. Transfer of the Property; Assumption. If all or any past of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, encluding (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 We death of a joint tenant or (d) the grant of any leasehold interest of Wree years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secunxt by this Mortgage to be immediately due and payable. Lender shall have waived such option toaccelerateif, prior io the sale or transfer, Lender and the pesson to whom the Property is to be sold or transferred reach agreement in writing that We credit of such person is satisfaMory to Lender and that the interest payable on the sums secured by this Mortgage shall !~e at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 1?. and if Borrower's sua~eseor in interest has executed a written assumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance wit6paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is Trailed 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, withoutfurther-notice or demand on Borrower, 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, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion 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 each 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©f 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-ezistence of a default or any other defense of Borrower to acceleration and foreclasr7re. If the breach is not erred 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 i mmediately 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 costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLsnder's acceleration of the soma 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 same which would be then dae under this Mortgage, We Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agreements of Borrowercontained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the oovenante and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may r~sonably require to assure Wat the lien of this Mortgage, Lender's interest in the Property and Borrower a obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had oocnrred. Z0. Assignment of Rents; Appoini went of Receiver. As additional security hereunder, Borrower hereby assigns to Lender We rents of the Property, provided that Borrower shall, prior to aaxleration ender paragraph 18 hereof or abandonment of the Property, have We right to collect and retain such rents as Wey become due and payable. - Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a - oonrt to enter.upon, take possession of and manage the Property and to collect We rents of the Property, including Wose past dae. All vents eoUected by the receiver shall be applied first to payment of the costs of management of the Property and ooliection otreate.including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to We same secnsed by this Mortgage. The receiver shall be liable to account only-for those seats actually received. 8~Q~317 847