Loading...
HomeMy WebLinkAbout2348 i - ~ } r..y 8. Inspection. Lender may make or cause to bs made reasonable entries upon and inspections c~tthe propergr, provided thatLsnder ehaU give Borrower notice price b any sock inspection eped#Iring reasonable cause therefor relatod to Lender's interest in the Property. 8. Casuleaaatiom The proceeds of any award or claim for damages. direct or consequential, in connection with soy condemnation or other taking of the proper<tiy, or part thereof, or for oonveyaace is lieu of condemnation. are hereby assigned and shall bs paid to Lender.-- In We event of a bfal taking of the Property. the proceeds shall bs applied to the sums secured by this Mortgage, with the eacoess, if aqy, paid to Borrower. In the event of a partial taking of the Propee~y, unless Borrowee and Leader otherwise agree in writing. there shall bs applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the emowtt of fhs same secured by this Mortgage immediately prior to the date of taking bears b the fair market value of the Property immediateltiy priorfo the date of felting. with the balsace ~ the proceeds paid to Borrower. If the Properly is abandoned by Borrower, or ~ aRar notice by Leader to Borroaror that the cendemna~t offers to make an award or settka claim for damages. Borrower fails to respond to Lender within 30 days aRer the date such notice is mailed. Lender is authorized to called and aPP1Y the proceeds, at Lender's option, either fo restoration or repair of the propergy or to the sums secured by Ibis Maefgage. Unless Leader and Borrower otherwise agree in writing,any each application of proceeds to principal shall not eztead or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof 9r change the amount of sack installments. 10. Borrower Not Released. Ezteneion of the time for payment or modification of amortization of the ennu segued by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner, We liability of the original Borrower and Borrower's successors in interest. Under shall not be required to commence proceedings ageinat sack aacoessos or refuse to eztend time for payment or otherwise modi>vjr amortisation of the sums secured by this Mortgage by reason of say demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Leader Not a Waiver. lay forbearance by Lends: in ezerti4eing any right or remedy hennnder, ar otherwise afforded by applicable law, shall sot be a waiver of or preclude the exercise of any such right or remedy. The procareaneat of insurance or the paymret of fazes or other liens or charges by Leader shall not be a waiver of Lender's right to aoQelerate the maturity cf the indebtedness secured by thin Mortgage. ~ - 12 Remedies Cumnladve. All rcenedies provided in this Mortgage are distinct and ~1~taro tQ any other right ce remedy ender this _ Mortgage or afforded by law or equity, and may be exercised cencnrreatly, indepe~adenQy drsuooeesivdy. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and aasigas of Lender and Borrower, aabjed to the provisions of " paragraph 17 hereoL All covenants and agreements of Borrower shall be joint end several. The captions and headings of tl~e paragraphs of this Mortgage are for oovenieace only and are not to be need to interpret or define the provisions hereoL 14 Notice. Ezcept for aqy notice required under applicable law to be given is another manner; (a) any notice to Borrower provided for in this Mortgsgeahall begiven by mailinganch noticeby certified mail addreaaed to BorrowerattheProperty Addressoratsnch otheraddressas Barrows! may designate by notice to Leader as provided' herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Leader's address stated herein or to each 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 1![ortgage; Governing Law; Severability. This form of mortgage oombinea uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security inatrament covering real property. This Mortgage shall be governed by the Iaw of the jurisdiction in which the Property is located. Ia 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 b this end We provisions of the Mortgage and 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 ezecation or after recordation hereoL 17.1~•ansfer of We Property; Assumption. If all or any part of the Property or as interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a - purchase money eecarity interest for household 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 years or less not containing an option to purchase, Lender may, at Lender's option, declare all the same eecared by this Mortgage to be immediately due and payable. Leader shall have waived arch option to aooelerate i~ prior to the sale ortraasfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing thatthe credit of such ~ person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such 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 ezearted a written assumption agreement accepted in wlitiag by Lender, Lender shall release Borrower fiom all obligations under this Mortgage and the Note. If Lender exer~ases such option to acc~ lerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of nom: iry±a than 30 days from the date the notice is mailed within which Borrower may pay the same declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraah 18 hereof. 18. Acceleration; Remedies. gxcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage; including the covenants to pry when due say same secured bythis l[ortgage,Lead`-r prior to acceleration shall mail notice to Borrower as provicjed in paragraph 14 hereof spedfyin~ (1) the breach; (2) the a~ciion required to cure each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by whmh such breach meet be cured; and (4) that failure to care such breach on or before the date specified in the notice may reealt in acceleration of the sums 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-eristence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is 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. Leader shall be entitled to Dolled in such proceeding all ezpenses of foreclosure, including, but sot limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender eacceleration ofthe same secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage dieoontinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lezda all sums which would be~then due ender this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any othercoveisnts or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by bender in enforcing the ooveiants and agreements of Borrower contained in this Mortgage sad in enforcing Lender's remedies as provided in paragraph 18 hereof including, but not limited to, reasonable attorney's fees; and (d) Borrower takes sack action as Lender may reasonably require to assure that the lieu of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the some eecared by this Mortgage shall continue unimpaired. Upon such payment and cm+e by Borrower, thin Mortgage and the obligations secured hereby shall rennin in full force and effect as if no acceleration had occurred. 211. Assignment of Rests; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader the recta ' of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain arch rents 88 they become due and payable. - Upon acceleration under paragraph 18 hereof or abandonment o! the Property, Leader shall be entitled to have a receiver appointed by s court to entera~pon, take posaesaion of and manage the Property end to collect the rcets of the Property, iaelnding those past due. All rents oolleded by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, bntnot limited to, receiver's fees, premiums on receiver's bonds sad reasonable attorney's fees, and then to the sums secured by this Mortgage. The receive: shall be liable to account only for those nuts actually received. • i ao~ 3~7 P~f 2!345