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HomeMy WebLinkAbout0048 s 2 8. Inspection. Lender may make or cause to be made reasonable entries upon and inapectione ottee property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any oundemnation 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 aume 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 aume secured by this Mortgage such proportion of the proceeds ae is equal to that proportion which the amount of the aume secured by this Mortgage immediately prior to the date of taking bears W the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or it, 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 ie authorized to collect and apply the proceeds, at Lender 8 option, either to restoration or repair of the property or to the aume secured by this Mortgage. Unless Lender and Borrower otherwise ague 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 2 hereof or change the amount of ouch installments. • 10. Borrower Not Released. Extension of the time for paym ant 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 rnmmence 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 Borrowei 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's 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 exercised 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 Ixnder and Borrower, subject to the provisions o1 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. l4. Notice. Except fur any notice required under applicable law to be given in another manner, (a1 any notice to Burrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to [.ender as provided herein, and Ib) any notice W Ixnder shall be given b3 certified mail, return receipt requested, to Ixnder's address stated herein or to such 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 [.ender 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 shill lx governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts wi,ti applicable law, such conflict shall nut 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 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 any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, exdudinK lal the creation of a lien or encumbrance subordinate to this Mortgage, lb) the creation ota purchase money security interest for household appliances, tcl a transfer by de~lse, 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, Ixnder may, at Ixnder's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shalt have waived such option to accelerate if, prior ~ to the sale or transfer, Ixnder and the person to whom the Property is to be sold or transferred reach agreement in vvritinq that the creditof such person is satisfactory to Ixnder and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Ixnder has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a written assumption agreement accepted in writing by Ixnder, lxndershall release Borrower from all obligations underthis Mortgage and the !f tttte. If Lender exercises such option to accelerate, Ixnder shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of nut less than :30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Burrower fails to pay such sums prior to the expiration of such pericxl, Ixnder may, without further notice or demand on Borrower, rnvoke any remedies permitted by p:rragraoh Iti hereof. lti. 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 sumasecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (I) the breach; 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 such breach must be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of thesums secured by this Mortgage. foreclosure by judicial proceeding and sale ofthe Property.The noticeahall 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 Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without furtherdemand and may 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 fees, and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Nota-ithstandinq ixnder's acceleration of thesums secured by this Mortgage, Borrowershall have the right to have any proceedings begun by (.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Ixnder all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; tb1 Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Ixnder in enforcing the covenants and agreements of $orrower contained in this Mortgage and in enforcing Ixnder's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and Id? Borrower takes such action as Ixnder 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 force 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 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Ixnder 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 rnllection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received.