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HomeMy WebLinkAbout0027 _ . ' ~ ~ 1 .r e* . ~ r• 8. Idspsetion. lender may make or caws b be made reasonable entries upon and iaspectioru of the property, provid~l that Lender shall give Borrower notice prise b any such inspection specifying reasonable cause therefor related b Lender's interest is the Proparyr. 9. Condemnatlon. The proceeds of any award or claim foe damages. direct ore consequential, in connection with any condemnation or other taking of the propecRy. or part thereof. or far eonveyanoe in lien of condemnation. are hereby assigned and shall be paid b Leader. In the event of a total taking of the Property. the proceeds shall bs applied b the sums secured by this Mortgage, with the ezoas. if any. paid b Borrower. In We event of a partial taking of We Property, stiles Borrower and Lender otherwise agree in writing, there shall be appfied to the sums secured by this Mactgsge such peopartion of the proceeds as is equal b Wort proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair market value of the Property immediately Prior b the date of taking, wild the balaaoa of the proceeds paid b Borrower. Ii We Property is abandoned by Borrower. or ~ after notice by Larder b Borrower that the oondeaanor offers b make an award or settle a claim for damages, Borrower fail b respond b Larder within 30 days after the date such notice is mailed, Larder is authorized b collect and aPP1Y We P0. at Landers option. eiWer b restoration or repair of We property or b We sums secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such application of proceeds b principal shall not eztet?d err postpone the due date of the monthly installments referred b in paragraphs 1 sad 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of We arms secured by this Mortgage granted by Larder b any successor in interest of Borrower shall not operate b release, in any manner. the liability of the original Borrower and Borrower's snoceseors in interest. Lender shall not be required b ootnmence proceedings agaiaat such snooessor or refuse b eztend time for payment or otherwise modify amortization of the sumo secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a succeeaora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwise afforded by applicable law. shall not be a waiver of or preclude the eze~rcisa of any such right or remedy. The procurement of insurance or the payment of fazes or older liens err charges by Lender shall not be a waiver of Larders right b euxelerate We maturity of the indebtedness second by thin Mortgage. 12. Remedies Cmm~lative. All remedies provided in this Mortgage are distinct and cumulative b any older right or remedy under Wis Mortcage or afforded by law or equity. and may be exercised concurrently. indepettdeady orsaooeasively. 13. Srwcessore and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall _ _i _n _ .L_ ..d ...:a... of i....ir and tiewvwrar nn6iert to t}u, mrfviaint.a ~ viutl, 8I1ts ~iSe rsghis AClriiliiZCi sstau sonar iv, szse si3}=+. eels sr+-==-s=~•ae i••.•- •---..yam.. f_ _ . 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 eovenience only and are not b be need b interpret or define We provisions hereof. 14. Notice. Ezoept for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at We Property Address or at such other address ore Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested. b Lender's address stated herein or b such older address as Lender may designate by notice b Borrower ore provided herein. Any notice provided for in this Mortgage shall be deemed b have been given to Iiorrow~ or Leader when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants wild Waited variations by jurisdiction b 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 We 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 without We conflicting provision, and b this end We provisions of We Mortgage and We Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after rernrdation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender's prior written rnnsent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) We 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 tenant or (d) the grant of any leasehold interest of Wree years or lees not containing an option b purchase, Fender may, at I.roders option, declare all the sums aecurea by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, bender and the person b whom the Property is b be sold or transferred reach agreement in writing Wat the credit of such person is satisfactory b Lender and Wat We interest payable on We sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a 'i written assumption agreement accepted in writing by Lender, Lender shall please Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: f{ Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay such sums prior b the expiration of such period. Lender may, without Earths 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 pay when due any soma severed by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (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 such breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice mqy? result in acceleration 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 non-ezistence of a default or any other defense of Borrower to aoceleratloa 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 sad may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenseee of foreclosure, including, but not Limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the soma secured by this Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing . this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, We Note and notes securing Future t Advances. if any, had no acceleration occureed; (b) Borrower cures all breaches of say older covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 heno~ inclading, but not Waited b, reasonable attorney's foes; and (d) Borrower takes each action as Lender may reasonably require b assure that the lien of this Mortgage. Fender's interest in the Property and Borrowers obligation b pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower. this Mortgage end the obligations secatred hereby shall remain in full force and effect as if no acceleration had occurred. 2Q. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender We rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonmcet of the Property, have the right to collect and retain Bach rents as Wey become due and payable. Upon acceleration Wade: paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court to enternpon, take possession of and manage the Property and b collect We Teats of the Property, including those past due. All rents collected by the receiver shall be applied first b payment of the poste of managementof the Property and collection of rents, including, but not limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen b the sums secured by this Mortgage. The receiver shall be liable b account only for those rents actually received.