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HomeMy WebLinkAbout2176 . ,j~ ` 8. Inspection. (.ender may make or cause to be mt+de reasonable entries ulx,n and inapectiuna of the property, provided that Lender shall Kive Borrower notice prior to any such inspection specifying reasonable cause therefor related to l.endei a interest in the Property. 9. Condemnation. The proceeds of any award or claim fur damages, direct or conaeyuential, in connection with any condemnation or „thee taking of the property, or part thereof, or for conveyance in lieu of condemns+tion, 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 Lender otherwise agree in writing, there shall be :+pplied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the soma ~cK•ured 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, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Fender to Borrower that the condemnor offers to make an award or settle a cl:+im for damages, Borrower fails to respond to Lender 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 soma 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 pay m ant or modification of amortization of the sums secured by this Mortgage Kranted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower ;uul Borrower's successors in interest. Lender shall not be required to commenrn proceedings against such successor or refuse to extend time t..r payment or otherwise modify anu,rtizution of the sums second by this Mortgage by reason of any demand made by theoriginal Borrower :out Borrower's successors in interest. 1 L I•orbearanee by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise ;+ff„rded by applicable law, shall nut be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or tl+e t,;+yment of taxes or other liens or charges by bender shall nut be a waiver of Lender's right to accelerate the maturity of the indebtedness sc•r•ured by this Mortgage. ' 1 `l- Remedies Cumulative. All remedies provided in this Mortgage ar•c distinct and cumulative to any other right or remedy under this ~tortrage or afforded by law or equity, and may be exercised concurrently, tndependently or successively. 1:c. Successors and Assigns Bound: Joint and Several Liability; Captions. The covenants and agreements herein contained shall haul, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paraKraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage arc for cuvenience only and are nut to be used to interpret or define the provisions hereof. I -t. Notice. M:xcept for any notice required under applicable law to Cx• Kiven in anoth•~r manner, (a1 an}• notice to l;<,rn,wer provided for in t hi, Murtkage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as li~~rruwer may designate by notirn to Lender as provided herein, and (b) any notirn to Lender shall be given by certified mail, return receipt r:vl uesteel, to Lender's address st:+tEd herein or to such other address as lxnder may designate by notice to Borrower as provided herein. Any n~~tice pnwidtd for in this Mortgage shall be deemed to have been given to Borrower or Ixnder when given in the manner designated herein. t i. li niform Mortgage; Governing Law; Severabil ity .This form of mortgage combines uniform covenants for national use and non- u niform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall h+• Kucerntd by the law of the jurisdiction in which the Property is located. In theeve:tt that any provision ordauseof this Mortgage or t ht• ttote conflicts with applicable law, such conflict shall nut affect other provisions of this Mortgage or the Note which can be given effect ~cithuut the cr,nflic•ting provision, and to this end the provisions of the Mortl;aKe and the Note are declared to be severable- 1 fi. Itorrov+•rr's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after r,n•urdatiur. hereof. 17. Transfer of the Property: Assumption. If all nr any part of the Property or an interest therein is sold or transferred by Borrower ~cithuut Lender's prior written consent, excluding (a1 the creation of a lien ur encumbrance sutx,rdinate to this Mortgage, Ibl the creation of a t~urchase money security interest for household appliances, Ic1 a transfer by devise, descent or by operation of taw upon the death of a joint trn:+nt ar Id1 the grant of any leasehold interest of there years ur less not containing an option to purchase, [ender may, at Lender's option, ~ic•riare all the sums secured by this Mortgage to be immediately due and payable. (.ender shall have waived such option to accelerate if, prior r ~ the sale or transfer, Lender and the person G, whom the Property is to be sold or transferred reach aKreement in writing that the credit of such ,~~•rson is satisfactun• to Ixnder and that the interest p:+yahle un the sums secured by this Mortgage shall be at such rate as (.ender shall nvtutst. I[ Lender has waived the uptiun to accelerate provided in this paragraph 17, and if Korrower's successor in interest has executed a •.ti ritten assumption ag+•eement accepteKl in writink by Ixnder, l.endershall release Burrower from all obliRatiuns underthis:~lortgage and the ~:~rte. ~ 1 f Ixnder exercises sorb uptiun to :u•cele•rde• I xnder shall mail Burrower notice of acceleration in accordance with paragraph 14 hereof. ~ ~urh notice shall provide a peels( of nut less than at?days from thedate the notice is mailed within which Borrower may pay thesums declared •tur•. [f Borrower fails to pay such sums prior to the expiration of such penal, Ixnder may. without further notice or demand on Burrower, in~-uke any remedies permitted by parat,•raoh lti herc•r,f. . 18. Acceleration; Remedies. Except as provided in paragraph i7 hereof. upon Borrower's breach of any covenant or ay;rcement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender t,riur to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifying:(1)the breach; (2)theaction re•cluired to cure such breach:131 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 ar•c•eleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and saleof 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 nun-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or hcfur~ the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be i m mediatcly due and payable w ithuut further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ,•nt itled to collect in such proceeding all expenses of foreclosure, including. but not limited to. reasonable attorney's fees, and rusts of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandinKLsnder's acceleration of thesums secured by this Mortgage, Borrower shall have t hr 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: la) Burrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future :ldvances, if any, had no acceleration ~ccurred:Ib1 Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; Ic? tic,rrower pays all reasonable expenses incurred by' Lender ir. enforcing the covenants and agreements of Borrower rnntained in this Mortgage and in enforcing Ixnder's remedies as provided in paragraph 1R hereof, including, but not limited to, reasonable ~ attorney's fees; and td? Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and 13ormwer's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure i.}• Borrower, this Mortgage and the ubligatiuns secured hereby shall remain in full force and effect as if no acceleration had occurred. 'L0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents ~.f the Property, provided that Burrower shall, prior to acceleration under paragraph I A hereof or abandonment of the Property, have the right • ' to collect and retain such rents as they become due and payable- Upon acceleration under paragraph 1 R hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a c curt 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 cysts of management of the Property and rnllection of rents, including, but not limited to, receiver's fees, premiums on receiver's tx,nds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable ter account only for those rents actually received. ~t~32`7 ~~~E2175 2: - r ~ r.,