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HomeMy WebLinkAbout0031 • i . s; , , - 8. Inspection. Lender may make or cause b bs made reasonabk entries upon sad inspections of the propartyy, provided that Lender shall give Borrower notice prior b any such inspection apeci>!ying reasonable cause therefor related b Lender's interest in the Property. 8. Condemnation. The prooeeils of any award os claim for damages, direct oe oonseques?tial, in connection with aqy ooademaatioa or orbs: taking of the property. a part thereof, or for ooaveysnce in Hen of ooademaatioa, are hereby assigned sad shall bs paid b Leader. Ia the event of a btal taking of the Propergr. the proceeds ahaH bs applied b the sums secured by thin Mostasge, with the ezoess, if aqy. paid b Borrower. lm the event of s partial tsiung of the Propergr, unless Borrower and Lender otherwise agree in writing. there shall be applied b We sums secured by this Mortgage such proportion of the proeseds as is equal b that proporrtion which the amount ~ the snau secured by this Martgsge immediately prior b the date of taking bean b the fair market value of the Property immediately prior b the date of taking. wiW the balanoa of the proceeds paid b Borrower. If the Properfj? is abandoned by Borrower, or i>; aRer notice by Lender to Borrower that the oo~ndemaor offers b make an award or settle a claim for damages. Borrower fails b respond b Leader within 30 days aRer the date such notice is mailed, Leader is authorised b collect and apply the proceeds, at Lender's option, either b restosatioa os repair of the property or b the sums secured by this Mortgage. Unless Leader and Borrower otherwise agree in writing, any such application of proceeds b principal shall not a:tend ar postpone the due date of We monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Sstension of We time for paymaat or modification of amortisation of the soma secured by this Mortgage granted by Leader b any successor is interest of Borrower shall not operate to release, in say manner. the liability of the original Borrower and Borrower's suooesson in interest. Lender shall not be required b commence proceedings against such successor or refuse b eztend time for payment or otherwise modify amortization of the soarer secured by this Mortgage by reason of any demand made by the original Borrows and Borrower a successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender is ezesciaing any right or remedy hereunder, os oWerwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or the payment of tares os other liana os charges by Lender shall not be a waiver of Leaders sight b accelerate the maturity of the indebtedness secured by this Mortgage, - 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, azld may be eserciserl ooncurrentl3r, independently or snocessively. 13.3ucoessoreand Assigns Bound; Joint and Several Liability; Captions. The oovenanta ant agreements herein contained shall • L s__ _i _sf 1!-__ _!T ..J D___.`» ..L..r a. ai_ - ..;:.ti, :tail tliC rlj;fliS SiixrYtittLY Bt2.Yii llli[IL tt7, LuC iCAjiLt:LiTC aiiLLZaSJia Ltiiil aaasaua zsz s,ca:urz sort uuzzvTSCZ, aiusssz W zzzc jnvTSaavua vz paragraph 17 hereoL All oovenante 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 b be used b interpret or define We provisions hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another mamter, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such nopue by certified mail addressed b Borrower at the Property Address or at such other address as 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 to such other address ae 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 Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform wvenants for national use and non- uniform covenants with limited variations by jurisdiction b wnatitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which We 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 without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be famished a conformed copy of the Note and of this Mortgage at We time of ezecution or after recordation hereof. 17. TYanafer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a Q0 purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon We death of a joint A tenant or (d) the grant of any leasehold interest of three years or lees not containing an option to purchase, Lender may, at Lenders option, ~ declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is b be sold or transferred reach agreement in writing that tbe 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 request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a { written assumption agreement accepted in writing by Lender, Lendershall release Borrower from all obligations underthis Mortgage and the ~ Note. ` If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL 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 name 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, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept 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 same secured 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 ie mailed to Borrower, by which sock breach must be cured; and (4) that failure to care 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 shall further inform Borrower of the right to reinstate after aooeleration and the right to assert in the foreclosure proceeding the non-ezietence 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 Leader'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 such proceeding all ezpenses 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. NotwithstandingLenders acceleration of the snore secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tSme prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had ao acceleration occurred; (b) Borrower cures all breaches of any other wvenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpeases incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing bender's remedies as provided in paragraph 18 hereof, including, but not lianited to, reasonable attomey's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage. Lender's interest in the Property and Borrower's obligation b 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 ee if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower ha~eby assigns b Leader the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 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, Lender shall be entitled b have a receiver appointed by a court b enternpon, take posseeaion of and manage the Property and to collect the Teats of We Property, including those past due. All rents collected by We receiver shall be applied first b payment of the costs of management of the Property and collection of rents, including, but not limited b, receiver e fees, premiums on receiver's bonds and reasonable atbmey's fees, and then b the some secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. BOQK J~V PAGE