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HomeMy WebLinkAbout2208 I ' 1. % ' j~~-.- 8. Iaspectioa. Leader may make or caws to be madsreasonsbk entries upon and inspections of the property. Provided that Lender shall give Borrower notice prior b any such inapedion apscifying reasonable caws theeefae related to Lender's interest is the Prope~rtlr. 9. Condemnation. The proceeds of aWr award or claim for damages, direct cr consequential, in connection with aqy oondemaatioa or other taking of the property, or part thereof. os tae oonveyaaoe in lieu of ooademnation, are hereby assigned and ahaU bs paid b Lender. In the event of a total taking of the Property, the proceeds shall be applied to the rams secured by this Mortgage, with the ezoess, it nay. paid to Borrower. Ib the event of a partial talnn~ of the Propeetlr, nnlew Borrower and Lender otherwise agree in writing. there shall be applied to We sums sei'ared by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immedutely prior to the date of taking bean to the fair market valor of the Property immediately prior to the date Qf taking. with the balance of the proceeds paid to Borrower. Tf the Pmpmgr is abandoned by Borrower, or ~ aRer notice by Lender to Borrower that the eondemaor offers to make as award orsettle a claim for damages, Borrower fails to respond to I.endm within 30 days after the date such notice ie mailed, lender is antbosised to collect sad aPPl3? ~ P0. at Lender's option, either to restoration or repair of the property or to the soma secured by this Mortgage. . Unless Lender and Borrower otherwise agree in writing, any arch application of proceeds to principal shall not eztend or postpone the dw date of the monthly installments referred to is Pms6raPbe 1 and 2 hereof or change the amount of such inatal.ments. 10. Borrower Not Released. E~tenaion of the time for payment or modification of amortization of the sumo secured by this Mortgage granted by Lender to aqy suoceswr in interest of Borrower shall not operate to release, in any manner, the liability of We original Borrower and Borrower's wccesson in interest. Lender shall not be required to commence proceedings agaiwt such successor or refuse to eztend time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's anoceeaon in interest. 11. Forbearance by Lender Not a Waive:~Any forbearance by Lender in exercising any right or remedy hereander, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procaremeut of insmsaee or the payaawt of fazes or other liens or charges by lender shall not be a waiver of Lender's right to sooelerate the maturity of the indebtedness secured by this Mortgage. ~ ' 12 Remedies Camnlative. All remedies provided is this Mortgage are distinct and cumulative to aqy other right or remedy render this Mortgage or afforded by law or equity, and may be eze~n.ised ooncmrreatly, independently or saooessively. 13 Soooessors and Assigns Boned; Joint and Several Liability; Captions. The covenants sad agreements herein contained shall bind, and the rights hereunder shall inure to, the respective auoceeson and assigns of Leader and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower ahaU be joint and several. The captions and headings of the paragraphs of this MMgage are for covenience only and are not to be used to interpret or define the provisions hereof: 14. Notice. Except for nay notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall begivea by mailing such notice by certified mail addressed to Borroar~ atthe Property Address er st sw h other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Leader shall be given by certified mail. return reoaipt requested, to Leade:ra address stated herein or to such other address as Lender may designate by notice to Borroww 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 llfortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform oovenantewith limited variations by jurisdiction to constitute a uniform security instrument covering rest property. Thin Mortgage shall be governed by the law of the juriedidioa in which the Property is located. In the event that any provision or clause of this Mortgage er the Note conflicts with applicable law, ouch conflict shall not affect other provisions of this Mortgage or the Note which can be given effed- withont the conflicting provision, and to this end the provisions of the Mortgage and the Note are dedsred to be severable. lti. Borrower's Copy. Borrower shall be fiuraished a conformed Dopy of the Note and of this Mortgage at the time of expiation or after recordation hereof. - 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, secluding (a) the creation of a lien or encumbrance subordinate to thin Mortgage, (b) the creation of a purchase rxoney ascurity int~eat for househokd appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or tans not containing an option to purchase, Lender may, at Leaders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to aeoelerateif, prior to the sale or transfer, Lender and the person to whom the Property is to be soW or transferred reach agreement in writing that the creditof each pereon is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at ouch rate as Lender shall request. If Lender has waived the option to aooelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecuted a written assumption agreement accepted in writing by LenderLLender shall 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 with paragraph 14 hereof Such notice shall provide a period of not less than 30 days from the date the notice is rrsiled within which Borrower may pay the anms declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, withon! further notice or demand on Borrower, ~ invoke any remedies permitted by paragraph 18 hereof. f 18. Acceleration; Remedies. Except ere provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this ffiortgage, including the covenants to pay when due any sums secured by this ffiortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to gyre such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which wch breach mast be cured; and (4) that failure to cure each breach on or before the date specified in the notice may resr.lt in acceleration of the soma secured by this ffiortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after aecelera~tion and the right to assert in the foreclosure proceeding the noaezistence of a default or any other defense of Borrower to acceleration and foreclowre. If the breach is not rented on 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 immediately doe and payable without further demand and may foreclose this ffiortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosare, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. ' 19. Borrower's Right to Reinstate. Notwithstanding Lendei a acceleration ofthe soma secured bythis Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diseontinaed at any time prior to entry of a judgment enforcing j this Mortgage if (a) Borrower pays Lender all sums which would be then due Hader this Mortgage, the Note and notes eecaring Fatnre Advanoea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covensnta or agreements of Borrower contained in j this Mortgage; (c) Borrower pays all reasonable ezpenees incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lendei s remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; s~ (fi Borrower takes such action se Lender may reasonably require to assure that the lien of this Mortgage, Leaders intec+eet in the Property and Borrower's obligation to pay the sums secared by this Mortgage shall oontinne unimpaired. Upon such paym~t and care by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aeoeleratian had oocarred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the torts of We Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the tight ~ to collect and retain each rents as they become due and payable. - Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oomt to enter opon, take poseeasion of end manage the Property and tc Dolled the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of managementof the Property and collection of recta, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the anms aerated by this Mortgage. The receiver shall be liable to account only for those rents adpally received. 8o~x317 Pas~2205- ~ ~