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HomeMy WebLinkAbout2318 i - ~f 8. Inspection. Leader may make or cause to be made reasonable entries upon and inspections of the proltertl?,providedthat Lendss shall - give Harrower aotios prior b any such irupedion epaafj?iag seasonable cause therefor related to Leader's lateral in the Peopeety. 8. Condemnation. The proceeab of say award or claim for damages, direct or consequential, in oongeptioa with any condemnation or o_ that taking of the Propes~y. ce part thereof, or for conveyance in lien of ooademnation, are hereby aesigaed grad shall be paid to I.~de~ Ia the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mo:<gage, with the ezoea if any. paid to Borrower. In the event of a partial taking of the Property, udess Borrovrer and bender otherwise agree in_ writing. there shall be applied to We sums secured by this Mortgage sack proportion of the proceeds as is equal to that proportion which the amonat of the sums secured by this Mortgage imraetliately prior to the data of taking beats to We fair marketvalae of the Property immediately priosb.ths date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrc?wer, or ~ aRer notice by Lander to Borrower that the o~.-rdemnor offers to make an award or seals a claim for damages, Borroww fails b respond to Candor within 30 days aR~ar the date such notice is mailed, Leader is authosisad to collect and apply the proceeds, at Lendds option. either to restoration or repair of the property or to the sourer secured by this Mortgage. Udess Lendw and Borrower otherwise agree is writing, any such application of proceeds to prindpal shall rat aztead or postpone thedae date of the monthly installments referred to sA paragraphs 1 and 2 hereof or change the amount of snit installments. 10. Borrower Not Released. gztenaion of the time for paymarrt oz modification of amortization of the sums secured by this Mortgage granted by Lender b any suootesor in interest of Borrower shall not operate to relcese, in any manner. the liability of the original Borrower _ and Borrower's anoeesaore is interest. Lender-shall sot be required to commence proceedings against such anooeasor or refuse to errand time for payyamt ar oWerwiae modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's auoceseors in interest. ~ . . 11. Forbearance by LEnder Not a Waiver. Any forbea.~ance by !ender in ezercising any right or remedy beieunder, or otherwise afforded by applicable law, shall sot be a waiver of or prelude the exercise of any such right or remedy. The procur~nent of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lendds right to accelerate the maturity of the indebtedness secured by this Mortgage. - - - 12 -Remedies Cnmulatlve. All r+naediee provided in this Mortgage are distinct and cumulative to say other right or remedy Hader this Mortgage or afforded by law or equity, and may be ezercise~l concurrently, independently or suooeesively. 13.3noeessorsand Assigns Bound; Joint and Several Liability; Captions. The a?vensuta and agreemmte herein contained shall bind,- and the rights betennder shall inure to. the respective sneceeeors and assigns of Leader and Borrower, subject to the provisions of paragraph 17 bereoL All ooveaants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are sot to be used to interpret or define the provisions hereof. 14. Notice. Bxcept for any notice required under. applicable law to be given in another manner, (a) any notice to Borrower provided for is thisMortgageshallbegivenbymailingsnchaoticebyoertifiedmailaddreeaedtoBorroweratthePropertyAdds~eesoratsudrotheraddreasaa Borrower may-designate by notice to Lender sa provided herein. and (b) any notice to Lender aiudl be given by certified mail, return ieceipt requested, b Leader'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 thin Mortgage shall be deemed to have been given to Borrower or Lender when given in tbe manner designated haeia. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform ooveaantswith Waited variations by jnrisdidion to oonatitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jarisdidion is which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, arch conflict 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 Mortgage and-the Note -are declared to. be aeve~able. 16. Borrower's Copy. Borrower shall be furnished a oonfonned Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereoL 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is acid or transferred by Borrower without Lendds prior written consent. ezluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (61 the creation of a - . Pnrc-ham money eecnrity interest for household appfiaaces. (c) a transfer~y devise, descent or by operation cf law upon We death ofa joint tenant oe (d) the grant of any leasehold interest of three yeais or less not containing as option to pnn:hase, Lender may, at Lender's option, ~ declare all the sums secured by this Mortgage to be immediately due and payable. header shall havewaived each optan 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 the credit of arch person is satisfactory to Lender and that the interest payauie on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to aooeferate provided in this paragraph 17. and if llorrowds ~.iooeasor in interest has ezecuted a written assumption agreement accepted in writing by I.ender, "Lender shall release Borrowea from all obligations under this Mortgage sad the Notes - If Lender exercises s-.~ch option to accelerate. Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums delared due. If Borrower fails to pay such sums prior to the ezpirafSon of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by Paragraph lb . -r+eof . 18. Acceleration; Remedies. F,zcept as provided in paragraph 1? hereof, upon Borrower's breach of say covenant or _ agreement of Borrower n this Mortgage, including the covenants to pay when due any same secured by this Mortgage, Leader prior to a:ooeleration shall mail notice to Borrower ae rovided in spedfyiag: reach; (2) the action p paragraph 14 hereof 1 the b i required to cane such breach; (3) a date, not less than 30 days from the date the notice is mailed- to Borrower, by which such l breach mast be cured; and (4) that failure to care such breach on or before the date specified in the notice may reanlt in acceleration of the same 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-eziateace of a default or say other defense of Borrower to acceleration and foreclosure. If the breach is not cared oa or before the date specified in the notice, Lender at Lender's option may declare all of the snmsaeiarred by this Mortgage to be immediately due and payable without fnrt5er demand and may foreclose this Mortgage by judicial proceeding.Lender shall be entitled to collect is arch proceeding all ezpenseA of foreclosure, including, bat not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. - - 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration ofthe same secured by this Mortgage, Borro~+rer shall have ~ the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to miry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note sad notes securing 1?tirture i Advances. if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agreements of Borrowei contained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the ooveaants and agreements of Borrower contained in this Mortgage and in enforcing Lmdda r~ediea as provided in paragraph 18 hereof inln I ding, but not limited to, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to assure that the lira of this Mortgage, lender's interest in the Property and Borrower's obligation to pay the same eecared by this Mortgage shall eontinne unimpaired. Upon such payment and cure r by Borrower. this Mortgage and the obligations eecnred herby shall remain in fall force and effect as if no acceleration bad oocnrred. . 2l). Assignment of Rents; Agp.,intment of Receiver. Aa additional security hereunder, Borrows! hereby assigns to Leader the trots ~ of the Property, provided that Borrower shill, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to called and retain such rents as they become due and payable. Upon acceleration Hader paragraph 18 hereof or abandonment of the ppointed by s Property, lender shall be entitled to have a receiver a ooart to enterarpon, take poeseeaion of and manage the Property and to collect the rents of the Property, iadnding those past due. All rents ~ collected by the r+cceiver shall be applied first to payment of the costs of managementof the Property and collodion of rents, indnding, bat not Z ~ limited to, receivda fees, premiums on r+eceivds bonds and reasonable attorney's fees, and then to the sums secured by Wis Mortgage. The ~ receiver shall be liable to aeoonnt only for thaee rents actually received. - eoo~324 PacE23~4 - 4