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HomeMy WebLinkAbout0028 • 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections piths property, provided that Lendershall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I~ender'e interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be 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 excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the soma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of /he sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. [f the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 'l hereof or change the amount of such installments. 10. Borrower Not Released. Extension of tl,e time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Born,wer'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 insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender a right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exerciser[ concurrently, independently or successively. 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 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 for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, la) any notice to Borrower provided forin this Mortgage shall be giveq by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower ma}• 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 such other address as Lender may designate by notice to Borrower as provided herein. Any notice pro~•ided forin 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 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 clause of this 111ortgage or the Note conflicts with applicable law, such conflict shall nM 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 iVlurtgage and the Note are deciarrd to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or an}• part of the Property or an interest therein is sold or transferred by Borrower without [.ender's prior written consent, excluding Ia1 the creation of a lien or encumbrance subordinate to this Mortgage, (h) the creation of a purchase money security interest for household appliances, (c1 a transfer by devise, d:scent 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 [.ender's option, declare all the sums 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 in writing that thecredit of such person is satisfacton• to lender and that the interest payable on the sums secured b}• this Mortgage shall be at such rate as (xnder shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption aEtreement accepted in writing by [.ender, Lendershall release Borrower from all obligations underthis Mortgage and the Note. If Lender exercises such option to accelenrte, Lender shall mail Borrower notice of acceleration in acrnrdance with paragraph 14 hereof. Such notice shall provide a period of not less than a0 days from thedate the notice is rr.ailed within which Korrower may pay thesumsdeclared due. If Burrower fails to pay such sums prior to the.expirrtion of such periixl, Lender may, without further notice or demand on Borrower, invoke am• remedies permitted by paragraph 1 K 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 covenants to pay when due any sumssecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (11 the breach; (2) the action required to cure such breach;l3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (41 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 and foreclosure. If the breach is not cured on or before the date specified in the notice. Lender at [.ender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without Curtherdemand and mey foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's tees, and costs of documentary evidence. abstract.K and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Burrower pays lender all sums which would be then due under this Mortgage, the Note and no•~es securing Future Advances, if any, had no acceleration occurred; Ib) Borrower cures all breaches of any other covenants or agreements of Borrowercontained in this Mortgage; (c) Borrower pays all reasonable expenses incurred b}• Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and Id) Borrower takes such action as [.ender 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 such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full form and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph I ti hereof or abandonment of the Property, have the right to co11eM and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, [.ender shall be entitled to have a receiver appointed by a court to enter upon, 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 costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then W the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. C ;~/~318 ~acE 28