Loading...
HomeMy WebLinkAbout2334 . ! r'-; 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall Kive Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The praeeds of any award or claim for damages, director consequential, in connection with any rnndemnatiun or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to lxnder. In the event of a total taking of the Property, the ptroreede shall be applied to the sums secured by this Mortgage, with the excess, if any, n:?id 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 sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the soma secured by this Mortgage immediately prior to the dale of taking bears to the fair market value ottee Property immediately priorto thedate of taking, with the balance of the proceeds paid to Borrower. if 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 tocollect 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 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for paymant,or modification of amortization of the sums secured by this Mortgage kranted by Lender to any successor in interest of Borrower shall not operate to relesse, 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 C..r payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Burrowers successors in interest. 11. Forbearance by Lender Not a 1~'aiver. 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 p<~}•ment 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 ,Enured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumt:lative to any other right or remedy under this ~lortrage 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 hind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Burruv~•er, subject iu 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 pro~lsions hereof. 14. Notice. Except for am• notice required under applicable law to be given in another manner, lal any notice to Borrower provided for in this Mortgage shall begiven by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as }trrower may designate by notice to Lender as provided herein, and Ib) any notice to Lender shall be given by certified mail, return receipt rf•ctuested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any n. Rice 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 Nortgage; Governing l,aw; 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 :hall be Kuverned by the law of the jurisdiction in which the Property is located. In the event that any pro~lsion orclause of this Mortgage or t hf• \ote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect «ithuut 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 famished a confor.•ned copy of the Note and of this Mortgage at the time of execution or after rf•rurdatiun 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 H ithuut Lender ~ prior written consent, excluding la) the creation of a lien or encumbrance subordinate to this Mortgage, Ih) the creation of a purchase moos ~ security interest for household appliances, lc) a transfer by devise, docent or by operation of law upon the death of a joint tf•nant or Id1 the grant of any leasehold interest of three years or leas not containing an option to purchase, (.ender may, at Lender's option, dcK•tare all the sums secures by this Mortgage to be immediately due and payable. (.ender shall have waived such option to accelerate if, prior i t„ 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 satisfactory to lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall j nKtuest. If Ixnder hic.R waived the option to accelerate provided in this paraKraph 17, and if Borrower's successor in interest has executed a ~ •.crittenassumptiunagreementacmpiedinw•ritingbyl.ender•IxndFrshallreleaseBorrowerfroma11ub1igationsunderthisMortgageandthe ~~~te. i If (.ender exercises such option to accelerate, (.ender shall mail Burrower notice of acceleration in accordance with paragraph 14 hereof. ~ ~urh notice shall provide a period of not less than aU days from the date the notice is m2i:Eti within which Borrower may pay the sums declared riue. If Burrower fails to pay such sums prior to the expiration of such period, !.coder may, without further notice or demand on Borrower, i invoke any remedies permitted by partKraoh Itt hercr~f. t 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower s breach of any covenant or scl,~reement otBorrower 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 hereofspe•cifying: (1) 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 t~reach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in atcceleration 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 t non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or Ix~fore the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be i mmediately 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, but not limited tu. reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding [.ender'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: lal Burrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b? Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; tc) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower ~ crontained in this Mortgage and in enforcing [.ender's remedies as provided in paragraph IA hereof, including, but not limited to, reasonable attorney's fees; and !d) 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 thin 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 Lenderthe rents f.f 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. b 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 to the sums secured by this Mortgage, The receiver shall be liable to account only for those rents actually received. f 1 4 L ;f 'r .,~0 F~~E~c 28