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HomeMy WebLinkAbout2322 - ~ i i 8. laspection. Lender may make or cause to be made reesonsble egtries upon and inspections of the property, Provided that Lender shall pi.~e b'hrrorrer notice prior to aqy such inspection specifying reasonable ~xuss therefor related to Lender's iabrsst is the Property. 9. Condemaa+~oa. The proceeds of any award or claim for damages, direct or oonssquential. in eonnectiua with any ooademaation or other taking of the propmtj?. or part thereof. or for oonveyanoe in l:ea of condemnation, are hereby assigned and shall be paid to Candor. - In the event of a total taking of the Property. the proceeds shall be applied to We some eecurod by this Mortgage, with the esoess, ff any. paid to Borrower. In the event of a partial taking of the Property. ndess Boriowar sad Lroder otherwise agree is writing. there shall be applied to the sums secured by this Mw~tgage such proportion of the prouueds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair marled value of the Property immediately prior to the date of taking. with the balaaat of the proceeds Paid to Borrower. ' If the Property is abandoned by Borrows. err if, after notice by Lender to Borrower that the oondemaor offers to make an award or settle a claim for damages. Borrower fails to respond b Lender within 30 days after the date arch notice is mailed, Lender is authorised to collect and apply the proceeds, at Lender's option, either to reetoralion or repair of the properrty err to the some secured by this Mortgage. Unless Lea~letr and Borrower otherwise agree in writing. any each application of proceeds to principal shall rat extend or postpone the due date of the monthly installments referred tD in paragraphs 1 and 2 hereof or duuige the amonM of such installments. 10. Borrower Not Released. E:tenaion of the time for payment or modification of amortization of the sums secb:~ed by this Mortgage granted by Lender to any suooeesor in interest of Borrower shall not operate to release, in any manner. the liability of We original Borrower and Borrower's suooessore in interest. Lender shall not be required to commence preoeediags against such successor or refuse to extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's suoceesora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising env right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or precludethe ezerciae of any each right or remedy. The procurement of inauranoe or the payment of fazes or other liens or charges by Leader shall not be a waiver of Fender's right to accelerate We maturity of the indebtednms secured by this Mortgage. - ` 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy nude: this Mortgage or afforded by law or equity, and may be ezercise~l concurrently, iadeprodently or saooessively. - 13. Sucoessore and Assigns Bound, Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inuie to, the respective successors and assigns of Lceder 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 oftheparagraphs of - - thie Mortgage are for oavenience only and are not to. be need to interpret or define the provisions hereof: 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing ouch notice by certified mail addreeeed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified mail, setnrn receipt ' requested, to Lender's address stated herein or to such other address as Lends: may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have hero given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severabitity. This form of mortgage combines uniform covenants for national use and non- _ uniform covenants with limited variations by jmisdidion to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the Event teat 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 whirl; 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. llx Borrower's Copy. Borrower shall be furnished a ronformed Dopy of the Note and of this Mortgage at the time of ezccation or after recordation hereof. 17.'l~ransfer 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, excluding (a) the creation of a lice or encumbrance subordinate to this Mortgage, (b) the creation of a p.~rcaase money security interest for household appliances, (c) a transfer by devise. 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 purd?ser, Lroder may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived each option 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 creditof each person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at each rase as Lender shall - regnest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's snocessor in interest has e:etvted a ~ written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations anger this Mortgage and the Note. - If Lender ezercises each option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days fiom the date the notice is mailed within which llorrowermay pay the sums declared due. If Borrower fails to pay such sums prior to the ezpiration of such period,-Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. - 18. 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 pry when due any snore secured by this Mortgage, Lender prior to aeceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care each breach; (3) a date, not less than 30 days from th.~ date the notice is mailed to Borrower, by which each 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. T'he 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 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 soma secured by this Mortgage to be immediately due and payable without turthc: demand and may foreclose this Mortgage by judicial proceeding. Lender shalll¦e entitled to collect in such proceeding all ezpensee of foredosare, including, bat not limited to, reasonable attorney's fees, an ¦ c_ oats of documentary evidence, abstracts and title reports. 19. Borrower's Right Lo Reinstate. Notwithstanding i.enders acceleration ofthesums secured by this Mortgage. Borrower shall have the right to have any proa~dinga begun by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgment enforcing this Mortgage it: (a) Borrower pays Lender all sums which would bethen-due wader this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other oovenante or agreements of Borrows wntained in i this Mortgage; (c) Borrower pays all reasonable ezpenaes incurred by Lender in ceforcing the covenants and agreements of Borrower wntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's fees; and (d) Borrower.takes such action as Lender may reasonably require to assure that!he lira of this Mortgage, Lender's interest _ in the Property and Borrower's ob',igation to pay the sums eecared by this Mortgage shall continue unimpaired. Upon each payment and care by Borrower, this Mortgage and the obligations secured hereby shall remaie in fall force and effect as if no sooeleration had oocarred. ~ 20. Assignment of Rents; Appointment of Receiver. As additional searrity hereunder,Borrower hereby assigns to Leda tbe rents of the Property. provided that Borrower shall, prior to aoceiceation Hader paragraph 18 hereof ~ abandonment of the Property, have the right 4 to tolled and retain each rents as they become due and payable. - Upon acceleration under paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a receiver appointed by a court to enternpon, take poesesaion of and manage ttu: Property and to collect the rents of the Property, iadnding those past due. All netts oolki~ted by the receiver shall be applied first to paym~t of the costa of managementof the Property and collection of rents, indnding, bat 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 - reoeiver shall be liable to account only for those.rents actually received. _ - 80324 P~23~.8 ~ - ~