Loading...
HomeMy WebLinkAbout2352 i ~s? ` ~ { / 8. Inrpectioa. Lender may make or cause to be made reesonablaeatries neon and iASpectioas of the property. provided that Lender shall give Borrower notice prior tD any such inepedioa epecilying reasonable cease theeMor related to Lender's interest in the Property. 9. Condemnatlon. The proceeds of any award or claim for damages. direct or oansegnential, in connection with any ooademnation or other taking of the property, or part thereof. or for conveyance in lien of condemnation. are hereby assigned and shall be paid to Leader. In the event of a total taking of the Ptoperty, We proceeds shall bs applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower In the evrot of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing. there shall be applied to the awns seemed by this Mortgage each proportion of the proceeds as is equal to that proportion which the amount of the Bums sewred by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of taking, with the balance of the proceeds paid to Borrower ~ - Tf the Property is abandoned by Borrower, or i~ aRer notice by Landes to Borrower that the condemnor offers to make an award or setae a claim for damages, Borrower fails to respond to Lender within 30 days after the date arch notice iw mailed, Lender is authorised to collect and appljr We proceeds, at Lender's option, siWer to restoration or repair of the properfyy or to the gums secured by this Mortgage. Unless Lender and Borrower othmwiae agree in writing, any such application of proceeds to principal shall not e:tead or postpone the due _ date of the monthly inetalimeats referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztenaion of ~e time for payment or modification of amortization of the soma secured by this Mortgage granted by Lender to any snaceasor in interest of Borrower shall rat operate to release. in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender al:all not be required to commence proceedings against such succesoor or refuse to extend time for payment or othe:ariae modify amortization of the sums secured by thin Mortgage by reason of any demand made by the original Borrower and Borrowe:'s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender 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 procurement of inenranee or the payment of fazes or othez liens or charges by Lender shall not be a waive! of Lender'8 right to sooelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmalative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or equity, and may be eser+ciserl oopcatrently, independently or suooessively. 13 Suooeaeore and Assigns Boned; Joint and Several Liability; Captions. The wvenanta and agreements herein contained shall bind, and the rights hereunder shall inure b, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereof All covenants and agreements of Borrower shall be joint and several. The captions and headings ofthe paragraphs of - this Mortgage are for oovenience only and are not to be need to interpret or define the provisions hereof. ~ - _ 14. Notice. Except for any notice required under applicable law to be given in another mannerf(a) any notice to Borrower provided for in this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower at the Property Address or at such other address sa Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to arch other address as 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 manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to eoastitute a uniform security instrun?ent 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 clause otthia Mortgage or the Note conflicts with applicable law, arch conflict shall not affect other provisions of this Mortgage or-the Note which can be given effect without the eonfiicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a rnnformed Dopy of the Note and of this Mortgage at the time of execution or aRer rernrdation hereof. - - 17. 'l'ransfer 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, a:clnding (a) the creation of a lien or encambrance anbordinate 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 the death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lender's option,- declareallthearms secured by this Mortgage to be immediately due and payable. Lender shall have waived such 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 is writing that We creditof such person is satisfactory b Lender and that the interest payable on the some secured by this Mortgage shall be at such rate as Lender shall request. If Lender ha8 waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interes-thas e:ecnted a j written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the 'i Note. _ If Lender e:ercisea each option to accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of arch-period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ez { eept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or !t agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secared by this Mortgage, Lender 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 less than 30 days from the date the notice is mailed to Borrower, by which each breach must be cured; and (4) that failure to cure each breach on or before the date specified in the notice may reenlt 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 aRer acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured oa 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 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 expenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding lender's aeoeleration of the same secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diseontiuned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes eecaring Pbtnre Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or age+eemeats of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the ooveasnta and agreements of Borrower oontained.in this Mortgage and is enforcing Leader's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's fees; and (d) Borrower takes arch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the soma secured by this Mortgage shell continue unimpaired. Upon arch payment and care by Borrower, this Mortgage and the obligations secured hereby shag remain in frill force and effect as if no aeoeleration had oecatred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby resigns to Lender the carte of We Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such rents as they 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 ooort to enter.npon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the coats of managementof the Property and collection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds end reasonable attorney's fees, and then to the arms secured by this Mortgage. The receiver shall be liable to acoonnt only for those rents actually *eoeived. Ba`~317 PA~2349 ~ -