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HomeMy WebLinkAbout2169 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender'8 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 pror.•eeds shat! 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 sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the earns Kecured 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 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 .iamagee, Borrower fails to r~eapond to Lender within 30 days after the date such notice is mailed, !.ender is authorized to collect and apply the proceeds, at Lender a option, either to restoration or repair of the property or to the soma secured by this Mortgage. (Inlesa Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of th.~ 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 payment or modification of amortization of the sums secured by this Mortgage Kranted by lxnder to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower i and Borrower's suceesaors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time fnr payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Burrowei s successc?rs in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise :+tYorded 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 cr aced by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy unelPr thiw A4ortt-age 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 hind, and the rights hereunder shall inure lo, the respective succeaaora and assigns of Lender and Borrower, subject to the provisions of p:+r<+graph 1 T 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. 1 a. Notice. Except for any notice required under applicable law to be given in anoth:r manner, (a1 any notirn 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 l;urrower may designate by notice to Lender as provided herein, and (b) any notice to !.ender 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 provided for in this Mortgage shall be deemed to have been given to Borrower or (.ender when given in the manner designated herein. I S. Uniform Mortgage; Governing Law; Severabilily .This form otmorigage combines uniform covenants for national use and non- uniform covenants with Limited variations by jurisdiction to constitute a uniform security inatrun+ent covering real property. This Mortgage ;hall he Koverned by the law of the jurisdiction in which the Property is located. In the event tha: any provision or clause of this Mortgage or the Mute conflicts with applicable law, such con(tiet 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 hiorigage and the Note are declared to be severable. 16. Borrower's ('opy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after rc•c•ordatiun hereof. 1 T. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without I.ender'F prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a I>urchase money security interest for household appliances, Ic) a transfer- by devise, d,scent or by operation of law upon the death of a joint tenant os (d? the grant of any leasehold interest of three years ur less not containing an option to purchase, Lender may, at I.endei s option, declare all the ,toms securrn by this Mortgage to be immediately due and payable. !,ender shall have waived such option toaccelerate if, prior tc, the sale or transfer, Lenr)erand the person to whom the Property is to be sold or transferred reach agreement in writing that thecreditof such person is satisfactory to !.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall rc•c?uest. If !.ender has waived the option to accelerate provided in this paragraph 1 T, and if Borrower s successor in interest has executed a written assumption agreement accepted in writinK by bender, l.endershall release Borrower from all obligations underthis Morigageandthe ate. If [.ender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance wish paragraph 14 hereof. tiuch notice shalt provide a period of nut less than a1?days from the datethe notice is mailed within which Borrowermay pat thesums declared due. If Borrower faits to pay, such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, ,nvoke:+ny remedies permittrKl by pan+graoh lri hereof. IR. 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 soma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereotspecifying: (1) the breach; (2) 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 ouch 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 shalt further inform Borrower of the right to reinstate aher acceleration and the right to assert in the foreclosure proceeding the non-existence ota 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 further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in ouch 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. Notwithstanding Fender's acceleration othee 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: la? Eorrower 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; (h) Born~wercures all breaches of anyother covenants or agreements of Borrowercontained in this Mortgage; Ic) Ik,rrower pays all reasonable expenses incurred by bender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph IR hereof, including, but not limited to, reasonable attorney's fees; and Id? Burrower takes such action as bender 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 Lenderthe rents of the Property, provided that Burrower shall, prior to acceleration under paragraph IA hereoforabandonment 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 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 managementof the Property and collection of rents, including, but not (trotted to, receiver's fees, premiums on receiver's bends 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. ~~~~~322 Pa~E2162