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HomeMy WebLinkAbout1433 2 L~. ~ •..r ~ . 8. Inspection. Lender may make ar came to bs made reasonable satirise upon and iwpsctiorn of the property, provided that I.atdet shall give Borrower notice prior tD orgy sneh inapsdion sped>;ying reasonable cause therefor related b Leader's interest in the Property. 9. t^,oetdeeanation:Ths proceeds of any award ar daim for damages, direct ar ooassgnential. in connection with orgy eoademnation ar other taking of the property, ar pert theeeof, ar for oonwyancs in lieu of oondeeanatian, are hereby assigned and shall bs paid to Linder. In the avant of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the eaoess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lander otherwise agree is writing. then shall be applied to the sneers secured by this Mortgage such proportion of the prooeals ores is equal b that proportion which the amount o[ the snau secured by this Mortgage immediately prior to the date of taking bears to the fair market vahm of the Propeegr immediately priorto the date of taking, with the baLnos of the proceeds paid to Borrows: lithe Property is abandoned by Borrower. ar ii, attar notice by Lsade: to Beerower that the oondemncr offers to make an award ar settle a claim for damages, Borrowror fail b respond to Lender within 90 days aRer the date suds aotios is mailed, Lender is authorized to eeollect and apply the proceeds, at Lender's option, either to e~edoraatioa ar repair of the property ar to the anms secured by this Mortgage. Unlea Leader and Borrower otherwise agree in writing, any sack application of prvoesds to prindpal ahaU not estend ar postpone the due date of the monthly installments refereed to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E'stension of the time for peymmt or modification of amortization of the sums secured by this Mortgage granted by Lender to any snonessor in interest of Borrower shall not operate to saleaae, in any manner. the liabiligr of the original Borrower - and Borrower's successors in interest. Lender ahaU not be required to commence proceedings against such suooessor or refine to ez<end time for payment or otherwise modify amortisation of the acmes secured by this Mortgage by reason of any demand made by the original Borrower ` and Borrower's successors is interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in a:en4sing any right ar remedy her~annder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the esercise of any such right or remedy. The procuranent of insurance or the payment of lases or other Baia or charges by Lender shall not be a waiver of Lender's right to aooslerste the maturity of the indebtedness secured by this Mortgage. 12 Remedies Camalative. All remedies provided in Chia Mortgage see distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or egmgr, and may be ezercised ooncnreentljr. indepatdently or snooeesively. 13. Snooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assignor of Lender and Borrower. anbjed to the provisions of 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 ooveaieace only and are not to be used to interpret or define the provisions hereof. 14. Notiee.l's:Dept for nay 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 Addreaa or at such other address as Borrower may designate by notice to Leader as provided herein. and (b) any notice to Lender shall be given by certified mail, ratnra receipt requested, to Lender's address stated herein or to arch other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have beat given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thies form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Thies 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 rnnilicts with applicable law, each conflict shall not affect other provisions of this Mortgage or We Note which can be given effect without the conflicting provision, and to this end the provisions of We Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fnrniahed a conformed copy of the Note and of thin Mortgage at the time of e:ecutioa or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or sn interest Werein is sold or transferred by Borrower without Lender's prior written consent, ezclnding (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 death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lroder may, at La?der's option, declare all the aama 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 credit of each person is satisfactory to Lender and that the interest payable on the acmes 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 snosesaor in interest has esecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fiom all obligations under this Mortgage and the Note. ~ If Larder e:erciaes such option to accelerate, Lender shall mail Borrower notice of aeoeleration in aooordance 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 soma dedared ( due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Aooeleration; Remedies iBzoapt as provided io 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 Gums seatred by this Mortgage, Lender r prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (i) the breach; (2) the action required to cure each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by.which such breach meet be cared; and (4) that failure to cure such breach on or before the date spedRed in the notice may result in acceleration of the soma secured by this Mortgage, foredosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate attar 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 fo~reclosnre. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of We sums secured by thin Mortgage to be immediately due and payable without further demand and may foreclose thin Mortgage by judicial proceeding. Lender shall be entitled to Dolled in wc6 proceeding all espensea of forecloenre, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's aoceleratioa of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diaeontinned at any time prior to entry of a judgment enforcing t this Mortgage if; (a) Borrower pays Lender all anms which would be then due ender this Mortgage, the Note and notes securing 1?hture Advances, if any. had no aooeleration occurred; (b) Borrower cone all breaches of any other oovenaats 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 Leader's remedies as provided in paragraph 18 hereof, including, but sot limited to, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to assure that the lien of this Mortgage, Leader's interest in the Property and Borrower's obligation to pay the name secured by this Mortgage shall oontinne unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain is roll force and effect as if no acceleration had oocnrred. ~ Zll. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abaadonmmt of the Property, have the right ~ to Dolled and retain each rents as they become due and payable. Upon acceleration Hader paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to eater.upon, take possession of and manage the Property and to eolled the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of managementof the Property and eolledioa of recta, indnding, bat not limited to, receiver's fees, premiums on receaver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to aooouat only far theses rents actually received. I s 325 P~~~~.427