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HomeMy WebLinkAbout1916 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall Rive 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 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 auma secured by this Mortgage, with the excess, if any, paid to )3orrower. 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 auma 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. - Itthe Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offetre to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date each 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 Bums 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 inatallmente. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any auccesaor 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 !or payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginal Bon-ower and Borrower a successors in interest. l 1. 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 btortrage or afforded by law or equity, and may be exerciser! concurrently, independently or auecessively. 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 aucreasora 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 btortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for :rny notice required under applicable law to be Riven in another manner, lal any notice to Burrower provided for in this Mortgage shall be Riven by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as F3orrower may designate by notice to lxnder as provided herein, and (b? any notice to Lender shall be given by certified mail, return receipt rc•cluested, to bender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any r-„lice 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 uaeand non- ! uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument coverine real orocertv. This MortIIA¢P Thal! be 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 with applicable law, such conflict shall not affect other.provisions of this Mortgage or the Note which can be given effect ~cithout the conflicting pro~~sion, 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 copy of the Note and of this Mortgage at the time of execution or after ' ,recordation hereof. " v 17. Transfer of the Property; Assumption. If al) or any part of the Nroperty or an interest therein is sold or transferred by Borrower ~ 5 t~ K•ithout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, Ib) 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 f tenant or (d) the grant of any leasehold interest of threeyeara or less not containing an option to purchase, Lender may, at Lenders 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 ~ t., the sale or transfer, bender and the person to whom the Property is to be sold or transferred reach agreement in v.~riting that the credit 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 r,tituest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a ~critten assumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligations underthis Mortgage and the f ate. ~ If Lender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. much notice shall provide a period of nut le4s than 30 days from the date the notice is mailed within which Bormwer may pay thesums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, 'E ,nvoke any remedies permitted by paraRraoh It{ hereof. E E 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or :iRreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender P prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion j required to cure such breach; (3) a date. not leas than 30 days from the date the notice is mailed to Borrower, by which such i 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 the auma 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 detenbe of Borrower to acceleration and foreclosure. If the breach is not cured on or j t~tore the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be 0$ 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 otforeclosure, including, but not limited to, reasonable attorney's fees, and ( costs otdocumentary evidence, abstracts and title reports. ' 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the auma 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 E this Mortgage if: (a1 Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; Ib? Burrower cures all breaches of any othercovenanta or agreements of Borrowercontained in this Mortgage; (c? Borrower pays all reasonable expenses incurred by Lender in enforcing the rnvenants and agreements of Borrower f contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonablc? attorney a fees; and Idl Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest i n the Property and Borrower's obligation to pay the auma 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. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents ~,f the Property, provided that Borrower shall, prior to acceleration under paragraph 1 R 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, [.ender shall be entitled to have a receiver appointed by a a court to enter u n, take po possession of and manage the Property and to collect the rents of the Property, including those past due. All rents J collected by the receiver shall be applied first to payment of the eoata of management of the Property and colleMion of rents, including, but not limited to, receiver a fees, premiums on receiver's bonds and reasonable attorney's fees, and then to thesums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received.