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HomeMy WebLinkAbout1058 - L ~ i i • 8. Uupection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Leader shall give Borrower notice prior to any such irupection apecifjring rsasonabk causo thereto: related to Lender's interest in the Property. !1. Condemnation. The proceeds of say award or claim for damages, direct a consequential, tit connection with any condemnation or other taking of the property, or part thereof, or for convsyanos in lieu of condemnation, are hereby assigned and shall bs paid to I,ender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial talring of the Property. ndess Borrower and Lends: otherwise agree In writing, there shall be applied to the some secured by this iadostgege such proportion as the proceeds as is equal a that proportion which the amount ~ the soma secured 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. wiW We balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, ages notice by Lender to Borrower that the condemnor offers to make an award or setae a claim for damages, Borrower fails to respond to Lender within 30 days after We date such notice is mailed, Lender is authorized to collect and apply We proceeds, at Lender's option, ether to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in.writing, any each application of praoeeda to principal shall not extend or postpone the due date of the 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 paym~t or modification of amortisation of the soma secured by this Mortgage granted by header to any anooessor in interest of Borrower shall not operate to release, in any manner, the liability of We original Borrower and Borrower's successors in interest. Lender ahaU not be required to commence proceedings against such auoceseor or refuse to eztend time for payment or otherwise modify amortization of the some secured by this Mortgage by reason of any demand made by the original Borrows and Borrower a suoceesora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by bender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude the e:erciae of any each 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 Leaders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy render thin Mortgage or afforded by law or equity, and may be exercised aoncnrrently, indepent~tly or sneoesaively. 13. Sueceasors and Assigns Bound; Joint and Several Liability; Captlons.The eovenantd and agreements herein contained shall bind, and the rights hereunder shall ianre to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 1? 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 to be used 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 such notice by certified mail addressed to Borrower at the Property Address or at ouch other address as Borrower may designate by notice to Fender as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender a address stated herein or to such other address as Leader may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have barn given to Borrower or Lender when given in the manner deaigaated herein. I5. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform aovenanta for national use and non- uniform covenants with limited variations by jurisdiction 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 that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other proviaione 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 fnrniahed a conformed Dopy of the Note and of thin Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. Lf all or any part of the Property or an interest therein is sold or tranaferr+ed by Borrower without Lender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the deaW of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, bender may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to socelerate if, prior to the sale or transfer, Fender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of ouch 1 person is satisfactory to Lender and that the interest payable on the name secured by thin Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 1?, and if Borrowers successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release 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 Such notice shall provide a period of not less than 30 days from the date the notice is sailed within which Borrower may pay the auras 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, I invoke any remedies permitted by paragraph 18 hereof. ~ 18. Acceleration; Remedies S:cept as provided in paragraph 1? 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 thin Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (3) s date, not leas than 30 days from the date the notice is mailed to Borrower, by which such b. each must be cured; and (4) that failure to cure such bream tin ur 1?efure the dale 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 aRer acceleration and the right to assert in the foreclosure proceeding the non-ezistence 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 We notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in each proceeding all ezpenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and i costs of documentary evidence, abatracta and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLenders acceleration of the 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: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note sad notes securing Phtnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:peneea incurred by Lender in enforcing the oovenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, inclndiag, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to aesnre that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall aontinne unimpaired. Upon such payment and cure by Borrower, this Mortgage and We 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 Lender the recta of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to soiled and retain such rents as they become due and payable. 7 Upon acceleration render paragraph 18 hereof or abandonment of the Property, bender shall be entitled to have a receiver appointed by a court to enterarpon, take poeeeasion of and manage the Property and to collect the rents of the Property, incinding those past due. All rents eoUected by the receiver shall be applied first to payment of the aorta of managementof the Property and collection of Teats, including, but 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 receiver ahaU be liable to aoooant only for those rents actually received. c 8o~3Z5 p~E1052