Loading...
HomeMy WebLinkAbout2357 s ~ ~ L:.,. 8. Inspection. Lender may make or caws to bs made reasonable estates upon anduupectioas of the property, provided that Lender shall give Borrower notice prior to Bay sorb inspection specibriag reasonable cause therefor related to Lender's interest is the Propariy. 9. Condemnation. The proceeds of any award or daim for damages, direct or ooasegaential, in ooaaection with any oondemastioa or other taking of the propertj, ce part thereof. or for cenveyaace in lien of condemnation, are hereby assigned and shall be paid to Lender. Im the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the ezoess. if any. paid to Borrower. In the event of a partial taking of the Propert3, udees Borrower and Lender otherwise agree in writing. there shall bs applied b the sums secured by this Mortgage such proportion of the proceeds as is equal to Wet proportion which the amonat of the Bums secured by this Mortgage immediately prior to the date of taking bears to the fair marled valve of the Property immediats(jr prior to the date of taking, with the balance of the prooerds paid to Borrower. If theProperty is abandoned by Borrower, orb after notice by Lender to Borrower that the condemnorofferstomakeaa awardorsettlea daim for damages. Borrower fail to respond to Leader within 30 days after the date such notice is mailed, Lender is authorir~ed to collect and appl7( the proceeds, at Lender's option, either do restoration or repair of the property or to the sums secured by this Mortgage. Unless Fender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend or postpone the due date of the monthly installments referred to in paragraphs i and 2 hereof or dsange We amonat of such installments. 10. Borrower Not Released. E~tenaion of We time for paymamt or modification of amortisation of the sums secured by this Mortgage granted by Fender to any snooeesor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's suoceaeore in interest. Lender shall not be required to commence proceedings againet~uch successor or refuse to eztend time for payment or otherwise modify amortisation of the some ee~vred by this Mortgage by reason of any demand made by_ the original Borrower and Borrower'~'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 ezercise of any such right or remedy. The procurement of insurance or the payment of fazes 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 Moartgage. • - 12 Remedies Cumdative. 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 exercised concurrently, independently or suooessively. 13 $ncet~ssors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hennnder-shall inure to, the respective eaooesaors and assigns of Lender and Borrower, anbject to We provisions of - paragraph 17 hereof. AU covenants and agreements of Borrower shall be joint and several. The captions and headings of We paragraphs of this Mortgage are for covenienoe only and are not to be used to interprd or define the provisions hereof. 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 shah be given by ma~'li ing such notice by certified mail addressed to Borrower at the Property Addr~eee olr at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, retavn receipt requested, to Lender's address stated herein or to anch 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 combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonstitnte a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In We e: ant that any provision or douse of this Mortgage or the Note rnnflicts 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 severable. - 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. - ~ - 17. Transfer of the Property; Assumption. If rll ar say part of the Property os ea interest therein is. sold or transferred by Borrower without Lender's prio~~t~,~eQt~sl n of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money aecuriy? ip~eRestr~,ir~gN]~ ) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d} the 8rait~lglYiltl r leas not containing an option to purchase, Lender may, at Lender's option, declare all We snore secures by this Mortgage to be immediately due and payable. Lender shall have waived suds 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 that the credit of arch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall beat such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has e:ecnted a written assumption agreement aoceptrd in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezercisea 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 frrom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. l?zcept as provided in paragraph 17 hereof, upon Borrower's .breach of aqy covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured 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 leas than 30 days from the date the notice is mailed to Borrower, by which each breach moat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result 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-existence of a default or any other defense of Borrower to acceleration sad foreclosure. If the breach is not cared 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. Lender shall be- entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwith~tandingLender's acceleration ofthe snore secured bythis Mortgage, Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage ih (e) Borrower pays Lender all sums which would be than due ender this Mortgage, the Note and notes securing Ifitnre Advances, if any, had no aooeleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 he~rso~ indnding, bet not limited to, reasonable attorney's fees; and (d) Borrower takes such action w Leader may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment and cure by Borrower, this ktortgage and the obligations secured hereby shall remain in fell force and effect w if no aeoelrration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional aecnrity hereunder, Borrower hereby assigns to Leader the recta of the Property, provided that Borrower shall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property, have thg right to collect and retain such 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 t oomt to entera~pon, take possession of and manage the Property and to Dolled the rents of the Property, indnding those past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, indnding, bntnot limited to, rsoiver's fees, preminma on receiver's bonds and reasonable attorney's fees, and then to the same secured by this Mortgage. The receiver shall be liable to account only for those rents adualty received. 8~~~31~ ~~F~'354