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HomeMy WebLinkAbout0323 8. Inspection. Lender may make or cause to be made reasonable entries upon and inepectiona of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lendai s interest in the Property. 9. Coademaation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the exoass, if any, paid to Borrower, In the event of a partial taking of the Propergr, unless Borrower and Lender otherwise agree in writing. Were shall be applied to We sums secured by this Mortgage such proportion of the proceeds ae is equal to Wat proportion which the amount of the sums secured by W is Mortgage immediately prior to the date of taking bears to We fair market value of the Property immediately prior to the date of taking, wiW the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that We condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice ie mailed, Lender is authorized to collect and apply We proceeds, at Lendei a option, eiWer to restoration or repair of the property or to the sums secured by this i~iorigsge. Unless Lender and Borrower oWerwiae agree in writing,any such application ofproceed~ to principal shall not extend or postpone Wedue date of the monthly inataiiments referred io in paragraphs 2 and 2 hercaf ar cltsrge the amount ~+f Auch inatallmente. 10. Borrower Not Released. Extension of We time for payment or modification of amortization of the sums aecw-~ by Wis Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower's suc~~essors in interest. Lender shall not be required to commence proceedings against such suecesoor or refuse to extend time fur 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 successors in interest. 11. forbearance by Lender Not a R?aiver. Any forbearance by Lender in a:erciaing any right or remedy hereunder, or oWerwiae afforded by applicable law, shall not be a waiver of o: preclude the exercise of any such right or remedy. The procurement of insurance or We payment of taxes or other liens or charges.by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by Wia Mortgage. 12. Remedies Cumulative. All remedies provided in W is Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exer+cise~l concurrently, independently or successively. 13, Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to We provisions of paragraph 17 hereof. All rnvenants 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 to be used to interpret or define We 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 such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certSfied mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for is Wis Mortgage shall be deemed to have been given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants wiW 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 We Property is located. In the event that any provu+ion or clause of this Mortgage or the Note conflicts witch 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 the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lendei s prior written consent, 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 three years or less not containing an option to purchase, Lender may, attender's option, declare all the sums secures by this Mortgage to be immediately due and p..ya:,:~. aaa- shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the pen3on to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory W Lender and that the interest pay able on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate pro~rided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ore. If [.ender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 19 hereof. ti uch notice shall provi de a period of not leas than :10 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, v~~thout further notice or demand on ISorrower, invoke any remedies permitted by pazagraoh 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 sums 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 is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure 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 proceedingand saleoftheProperty.The noticeehall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-a:iatence 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 Lender'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 expenses 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. Notwithstanding Lender's acceleration of the sums secured by Wia Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontin ued 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, We Note and notes securing Future Advances, if any, had no acceleration occurred; tb) Borrower cures all breaches of any other 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 rnntained in Wis Mortgage and in enforcing Lender's remedies as provided in paragraph l8 hereof, including, but not limited to, reasonable a ttomey a fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in We Property and Borrower's obligation to pay We soma 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 as if no acceleration had occurred. 2(i. Assignment of items; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lendertherents of the Property, provided W at Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as Wey become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.upon, take possession of and manage the Property and to collect We rents of the Property, including Woae past due. All rents rnllected by the receiver shall be applied first to payment of the costa of management of the Property and collection of yenta, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's tees, and then to We sums secnred by this Mortgage. The receiver shall be liable to account only for those rents aMually received. aooK 3~?V PAGE e~J