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HomeMy WebLinkAbout1031 t • _ • . i 8. Inspection. Lender may make or caws to be made reasonable entries upon and inspectioru of the property. provided that bender shall ~ give Borrower notice prior to any such inspection specfying reasonabk cause therefor related to Lender s interest is the Propergr. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any oondemnatioa or older taking of the property, or part Wereof. or for conveyance in lieu of ooademnation, are hereby assigned and shall be paid to Leader. In Wa event of a total taking of the Property, the proceeds shall be applied to the soma secured by this Mortgage, with the exoaes, if any. paid to Borrower. In the event of a partial taking of We Property, unless Borron?e~ and Leader otherwise agree in writing, throe shall be ' applied to the sums secured by this IiSortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by Chia Mortgage immediately prior to the date of taking bears to the fair marketvalue of the Property immediately prior to the date of taking, with the balance of the pr~ooeeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or softie a claim for damages. Borrower fails to respond to Iendar within 30 days slier the date such notice is mailed, Lender is authorized to collect and ~ apply We proceeds. at Lenders option, eiWer to restoration os 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 principa!shall not eztend or postpone the dw date of the monthly ins'.allments referred to in paragraphs 1 and 2 hereof or change the amount of sash installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage ~ granted by Lender to my 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 sueoeesor or refuse toextendtime - for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by bender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The ~t of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to acolerate t5e maturity of the 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 Win Mortgage or afforded by law or equity, and may be ezercised concurrently, independently or sneoessively.- 13. Successors and Assigns Bound; Joint and $everal Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, We respective successors and assigns of lender and Borrower, subject to the provisions of raragraph 17 hereof. All rnvenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of uis Mortgage are for covenience only and are not to be used to interpret or define We provisions hereof. 14. Notice. Ezcept for any notice required under app&cable law to be given in anoWer manner, (a) any notice to Borrower 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 other address as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Dander shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such older address ae lender may designate by notice to Borrower as provided herein. Any notice provided for is this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manna designated hercln. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national nee and non- uniform covenants wild limited variations by jnrisdidion to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which We Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable lbw, such conflict shall not affect other provisions of this Mortgage or We Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage anal the Note are declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of e:ecation or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without lenders prior written consent, ezclnding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for howehold appliances, (c) a transfer by devise, descent os by operation of law spore We death of a joint _ tenant or (d) the grant of any leasehold interest of three years or less not containing an option to pnr+chaee, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Fender shall have waived such option to aecelerate if, prior to the sale or transfer, lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and Wat We interest payable on We soma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate prmzded in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and We ( Note. ; If Lender exercises such option to accelerate, Londe: shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the not<ce is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to We expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. = _ 18. Acceleration; Remedies Ezcept ss provided in paragraph 17 hereof, neon Borrower's breach of any covenant or agreement of Borrower in this lllortgage, including the covenants to pay when due any soma secured by this ldortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such breach mast be cured; end (4) that failure to cure.such breach on or before the date specified in the notice may result in ' t 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-ezistence of a default or any other defense of Borrowerto acceleration and foreclosure. If the breach is not cared oa or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this ffiortgage to be t 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, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's flight to Reinstate. NotwithstandingLender's acceleration ofthe sums secured by Win Mortgage, Borrower shall have the right to have any procxedinga 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 Wen due render this Mortgage, the Note and notes securing l~tare 3 Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older oovenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays aU reasonable expenses incurred by bender 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, bat not liauted to, reasonable attorney's fees; and (d) Borrower takes each action ss Lender may reasonably require to assure that the lien of this Mortgage, Lenders interest" in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall rnntiane unimpaired. Upon each payment and cure by Borrower, this Mortgage and the obligations eecared 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 Lender We rents of the Property, provided that Borrower shall, prior to acceleration 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 court to enter.upon, take possession of and manage We Property and to collect the rents of the Property, including Wove past due. AU rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rent, including, but not limited to, receiver's fees, premiame on receiver's bonds and reasonable attorney's fees, and Wen to We soma secured by this Mortgage. The receiver shall be liable to account only for Woae rents actually received. 1 t 6.~;~3~7 ~~~10~j