Loading...
HomeMy WebLinkAbout0182 • r.+•. ~ j~1 r . ~ . 8. Inspection. !.ender may make or cause to be made reasonable entries upon and inspections of the property, provided that !.ender shall give Borrower notice prior to any such inapecliun specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. 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 !.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 taking of the Property, unless Borrower and !.ender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to makean award or settle a claim for damages, Borrower fails to respond to [xnder within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue 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 payment or modification of amortization of the sums secured by this Mortgage granted by Ixnder to any successor in interest of Borrower ails!! not operate to rele?+se, in any manner, the liability of the original Borrower and Borrower's successors in interest. lender shall not be required to commence proceedings against such successor or refuse to extend time f..r payment or otherwise modify amortization of the sums sec•urcd M• this Mortgage by reason of any demand made by the original Borrower and liorn,wer's successors in interest. • 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise :+fforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the p:+yment of taxes or other liens or charges by bender shall not be a waiver of Lendei s right to accelerate the maturity of the indebtedness secured by this Mortgage. 1'l. Remedies Cumulative. All remedies pmvided in this Mortgage are distinct and cumulative to any other right or remedy under this ~1orti-age or afforded by law or equity, and may be exercised concurrently, indepen3ently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions.'Fhe covenants and agreements herein contained shall bind, and the rights hereunder sl+all inure to, the respective successors and assigns of'Lender and Borrower, subject 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 covenience only and are nut to be used to interpret or define the provisions hereof. 14. Notice. Except for any noticx required under applicable l:+w to i,e given in anoth:; manner, lal any notice to Burrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bormvver at the Property Addres_ti or at such other address as Borrower may designate by notice to Lender as provided herein, and ib1 any notim to Lender shall be given by certified mail, return receipt rc•cluested, to Gender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any nutter provided for in this ;Mortgage shall be deemd to have been given to 13urn,wer or Fender when given in the manner designated herein. 1 Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants fur national useand non- uniform cuveaantt; with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall I,e governed by the law of the jurisdiction in which the Property is located. In the eve:+t that any provision or clause of this Mortgage or the :\ote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect ~.•ithout the n,nflicting pnn•isiun, and to this end the provisions of the Mortgage and the \ote are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Nute and oCthis Mortgage at the time of execution or after rc•curciation 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 [.ender' prior written consent, excluding la? the creation of a lien or encumbrance subordinate to this Mortgage, Ib) the creation of purchase money security interest for household appliances, (c) a transfer by devise, d;scent or by operation of law upon the death of a joint ~y L tenant or (d 1 the grant of anv leasehold interest of three years or lees not containing an option to purchase, l.erider may, at Lender's option, declare all the sums secured by this iortgage [o be immediately due and payable. Lender shall have waived such option to accelerate if, prior 3/ yc to the sale or transfer, Lender and ±he person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfacton• b, Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate :+.g Lender shall nYluest. If bender has waived the option to accelen+te provided in this paragraph 17, and if Borrower's successor in interest has executed a ~ti•rittenassumptionagreementacceptedinwritingbylxnder,1.endershallreleaseBorruwerfromallohligationsunderthisMortgageandthe \ote. I f Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 1.1 hereof. tiuch notice shall provide a pericxl of nut less than 311 days from the datethe notice is mailed within which Borrower may pay thesums declared due. If Borrower fails to pay such sums prior to the expiration of ;uch period, Lender may, without further notice or demand on lwrrower, tm•oke any remedies permitted by par:+graoh lri hereti,f. 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 sumssecured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying. (1) the breach; 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 proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specifed 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 documentan evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of thesumssecured by this Mortgage, Borrowershall 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? Bormwer pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; lb) Born,wer cures all breaches of any other covenants or agreements of Burrower contained in this Mortgage; 1c1 Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower cY,ntained in this Mortgage and in enforcing Lendei s remedies-as provided in paragraph 1R hereof, including, but not limited to, reasonable attorney's fees; and idr Burrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such paymentand cure ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in ful) 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 rents of the Property, provided that Borrower shall, prior to acceleration under paraj;raph i8 hereof or abandonment of the Property, have theright to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 1 A 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 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 management ottee Property and collection of rents, 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 shall be liable to account only for those rents actually received. + P 832`7 Pd~~ X81 ~