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HomeMy WebLinkAbout1070 a • a- . i 8. Iaspeetton. Leader may make os caress to be made reasonable entries upon and inspections of the property, provided that Leader shall give Borrower notice prim to nay such iwpedioa spedtyiag reasonable cause therefor related to Leader's interest in the Propetty. 3. e:oademnaiioa. Tree prooeeris of nay award m claim fm damages, direct m consequential. is oonnectioa wtth aqy ooadsmnatioa m other taking of the prope~jr, m part thereof. m fm coawyaace is lien of ooademnalioa, are hereby assigned and shall be paid to Lender. Ia the event of a total f aldng of the Property. the pr+ooesds shall bs applied to the sums secured by this Mortgage, with the e~sosss, ii aqy. paid to Borrower. In We evcet of a pattial taking of the Property. anises Borrower and Lender otherwise agree is writing, there shall bs applied w ills sua;s set-urea oy ihii ira'or~age sure Proportion az iwe prvoeecis as le equal io wai proportion wi~icu the amount of the suaos secured by this Mortgage imaaediatelq prim to the data of taking bears to the fair market value of We Property immedutejy prior to the date of taking. with We balance ~ the proceeds paid to Borrower. ~ If the Property is abandoned by Borrower, m if, after notice by Lender to Borrower that the ooademnm offers to make an sward or settle a 1 claim for damages. Borrower fsiL to respond b Lender within 30 days aRer the date such notice is mailed, Lender is authorised to collect and apply the prooeeda, at Leaders option, either to restoration m repair of the property m to the same secured by this Mortgage. Udess Lender and Borrower oWerwise agree in writing, any each application of proceeds to principal shall not a:tend m postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of each installments. 10. Borrower Not Released. Bactensioa of the time for paym~t m modification of amortization of the sums secured by this Mortgage granted by Leader to any suooessor 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 shall not be required to eommeaos proceedings against such suoceesos or refuse to estend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's sncceesors in interest. 11. Forbearance by Lender Not a Waiver. My forbearaaoe by Lender in exercising nay right or remedy hereunder, m otherwise afforded by applicable law, shall not be a waiver of or prelude the exercise of any such right or remedy. The procurement of insurance m the payment of lases or other liens m charges by Leader shall not be a waiver of Leaders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumalative. All remedies provided is this Mortgage are distinct and cumulative to any other right m remedy Hader thin Mortgage or afforded by law or equity, and may be e:eerised ooncu:rently, independentlq or snooeesively. 13. Sncoeawra and Apigus Hound; Joint sad Several Liability; Captions. The covenants and agreements herein ooatained shall bind, sad the rights hereunder shall ianre to, the respective sucoeswrs and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereoL AU covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of thin Mortgage are fm oovenience only and are not to be used to interpret m define the providons hereof. 14. Notice. Except fm any notice required under applicable law to be given is arwther manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower atthe Property Addnas or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Leader shall be given by certified mail, return receipt requested, to Lender's address stated herein or to ouch other address as Lender may designate by notice to Borrower as provided herein. My notice provided for in flue Mortgage shall be deemed to have been given to Borrower o: Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform covenants fm national use and non- uniform covenants with limited variations by jurisdiction to oonatitnte 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 m the Note oonfiicts with applicable law, such eoallict shall not affect other provisions of this Mortgage or We Note ~rhich can be gives effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note an declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of thin Mortgage at the time of ezecution or after recordation hetrept: 17. Transfei of the Property; Assumption. If all m any part of the Property or as interest therein is sold or transferred by Borrower without Lender's prior written eonaent, excluding (a) the creation of a lien m 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 death of a joint tenant or (d) We grant of any leasehold intereest of three years or less not containing an option to purchase, Leader may. at Lenders option, declare all the soma secnr+ed by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prim to the sale m transfer, Leader and the person to whom the Property is to be Bold m transferred reach agreement in writing that the creditof such person is satisfactory to Lender and that the interest payable on the arms secured by this Mortgage shall be at each rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has e:ecnted a writt~ asanmption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and the Note. ~ t If Lender exercises such option to accelerate, Lender shall mail Borrows: notice of aooeleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not teen than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay each some prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paragraoh 18 hereof. 1& Acceleration; Remedies. Except as provided is 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 arms secured by this Mortgage. Leader ~ prior to acceleration shall mail notice to Borrower as provided in paragrap614 hereof spedfging: (1) the breach; (2) the action required to cure such breach; (S) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such i F,ra~.h meat be a~ (4) that failure Lo aura such breach an or before the data specified is the a8tiik? may result iu acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding sad sale of the Property. The notice shall further inform Borrower of Ure right to reinstate aAer acceleration and the right to assert in the foreclosure proceeding the non•esiatence of a detanlt or nay other defense of Borrower to acceleration end foreclosure. I[ the breach is not cared on or before the date specified in the notice, Leader at Lender's option may declare all of the arms secured by this Mortgage to be ~ immediately due and payable.without farther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to Dolled in such rooeedin all ex p g peases of foreclosure, including, but not limited to, reasonable attorney's fees. and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstendingLenders aocelerstion ofthe sums secured by this Mortgage, Borrower ahaU have the right to have any proceedings began by Lender to enforce this Mortgage disoontiaued at any time prim to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note and notes eecaring 174rtnre Advances, if any, had no acceleration oecnrred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in thin Mortgage, (c) Borrower pays all reasonable espenses incurred by Lender is enforcng the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lenders 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 regain to assnn that the lien of this Mortgage, Lender's inteneet in the Property and Borrower's obligation to pay the arms secured by this Mortgage shall eontinne unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in hill force and effect as if no soceleratioa had occarred. ~ Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents of We Property, provided that Borrows shall, prior to aooeleration under paragraph 18 hereof or abandonment of the Property, have the right to eoIlect and retain such Hats as they become due and payable. Upon aooeleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oonrt to enternpoa, take possession of and manage the Property and to collect the rents of the Property, including those pest due. All rents collected by the reodver shall be applied first to payment of the costs of managementof the Property and collection of rents, including, bat not limited to, receivers fees, premiums on reodver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually reoerved. 80 K c~GS P~GEI~4