Loading...
HomeMy WebLinkAbout2191 - - ___•ww 8. Inspection. Leader may make or cause to be made reasonable entries upon and iaspedioas of the property. provided L~ t I•apde: shall give Borrower notice prior b orgy such inspection specifying reasonable tense therefor related to Leadetr'~ inae+est in t~ Praopaty. 8. Condemnation. The proceeds of any award or Claim for damages. direct or consequential. in connection with orgy ooademnatioa or other taking of the ProPwRl?. or part thereof. or for conveyance in lies of condemnation. are hereby assigned and shall bs paid to Lender. In the event of a total taking of the Property, the Proceeds shall be applied to the sums secured by this Mortgage, with the exoea. if say, paid to Borrower. In the event of a partial taking of the Property, nnlep Harrower and Treader oWerwise agree in writing. throe shall bs applied to the sums secured by this Mortgage each proportion of the prooeetL as is equal to that proportion which the amount of the sums setvred by this Mortgage immediately prior to the date of fairing bears to the fair market value of the Property immediatelyr prior to the date of taking, with the balance of the proceeds Paid to Borrower. If the Property is abandoned by Borrower, or ~ after notice by Lender to Borrower that the condemnor offers to make an award oraettk a claim for damages, Borrower fella to respond to Lender within 30 days after the date such notice is mailed, I.mder is authorised to collect and apply the prooeeda. at Leader's option, either to restoration or repair of the property or to the some secured by this Mortgage. Unless Fender and Borrower otherwise agree in writing, any such application of prooeedato principal shall noteztend 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. Eztension of the time for payment or modification of amortization of the sums aecurY~d by this Mortgage granted by Lender to any aucceeaor in interest of Borrower shall not operate to release, in any manner. the liability of tht original Borrower and Borrower's succeeaors in interest. Lender shall not be regained to commence prooeedinge against such successor or refa??e to eztend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Rocrower and Borrower's aucoeesors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerc~sing any right or remedy hereunder, or otlerwise ~ afforded by applicable law. shall not be e waiver of or preclude the exercise of any arch right or remedy. The procurement of insnruare or the payment of tares or other 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. - 12 Remedies Cnmulatfve. All remedies provided in this Mortgage era distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity. and may be exercised ooncarrantly. independently or anooeeaively. 13.3ucoessors and Assigw Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective enooessors 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 fm oovenience only and. are not to be need to interpret or define the provisions heieoL 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 ahaU be given by mailing each 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) say notice to Lender shall be given by certified mail. retain receipt requested, to bender's address stated herein or to arch 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 cembinea uniform covenantor for national use and non- uniform covenants with limited variations by jurisdiction to constitute 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 clanee of this Mortgage or the Note oonilida 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 acrerable. 1& Borrower's Copy. Borrower ahsJl be famished a conformed Dopy of the-Note and of this Mortgage at the lima of ezecutian or after recordation hereof. 17. Transfer of the Properly; Assumption. If all or any part of the Property or an interest therein is sold os transferred by Borrower j without Lendefs prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thin Mortgage, (b) the crestioa of a purchase money security interest for househakl appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant ar (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, lender may, at Lender's option, declare all the soma secnrea by this Mortgage to be immediately due and payable. Fender shall have waived each option to accelerate 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 thatthe creditof arch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at each rate as Lender shall regneat If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's aucoesaor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and the Note. - If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof _ Such notice shall provide a period of not !ens than 30 days from the date the notice is mailed within which Borrower may pay the awns declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragrauh 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 oovenante to pay when due orgy same secured by thior;aortgage, Lender prior to acceleration shall mail notice to Borrower ore provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure arch breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each breach moat be cured; and (4) that failure to care such breach on or before the-date specified in the notice may result in f scoeleration of the some 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-euortence of a default or any other defense of Borrower to acceleration and foreclosure. I the breach ie not tarred on or before the date specified in the notice, Lender at Lender's option may declare all of the same severed by this Mortgage to be immediately due and payable without farther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be - entitled to collect in such proceeding all e:penaes of foreclosure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reportor.- 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the awns secured by this Mortgage, Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage i~ (a) Borrower pays Lender all soma which would be then due ender this Mortgage. the Note and notes securing I~tnr+e Advances. if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenaes incurred by Lender in enforcing the covenantor and agreements of Borrower contained in this Mortgage and in enforcing Lender's rcemedies as provided in paragraph 18 hereof, including, bet not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to asanre that the lice of this Mortgage, I.ender'e interest in the Property and Borrower's obligation to pay the awns secured by thin Mortgageshall continue unimpaired.-Upon such payment and care by Borrows, this Mortgage and the obligations secured hereby shall remain in full force and effect as if rw acceleration had oocnrred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder. Borrower hereby assigns to Leader the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18hereof or abandonment of the Property, have theright to collect and retain such rents as they become due and payable. Upon aocelerat~n ender paragraph 18 hereof or abandonment of the Property, lender shall be entitled to have a receiver appointed by a covet to enter~npon, take possession of and manage the Property and to Dolled the rents of the Property, including those pad due. All rests collected by We receiver shall be applied first to payment of the costs of managementof the Property and collection of rents, including, bet not limited to, reoeiver'e fees, preminmor on receive:ta bonds end reasonable attorneys fees, and then to the awns secured by this Mortgage. The receiver ahaU be liable to acoonnt only for those rents adnally received. - B~~x317 PA~E2188