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HomeMy WebLinkAbout2755 ' H. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall Kive Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of ally award or claim for damagee, direct or consequential, in connection with any condemnation or ether taking of the property, or part thereot,•or [or 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 proxeeds shall be applied to the sums secured by this Mortgage, with the excess, if any, p:+id to Borrower. In the event of a partial taking of the Property, unless Borrower and (.ender otherwise agree in writing, there shall be :+pplied to the sums secured by this Mortgage such•proportion of the proceeds as is equal W that proportion which the amount of the sums ,:c•c•ured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately priorto the date of taking, with the balance of the proceeds paid to Burrower. If tl?e Property is abandoned by &rrrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to !.ender within :30 days after the date such notice is malted, 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. ilnless Lender and Borrower otherwise agree in writing, any euch application of proceeds to principal shall not extend or postpone the due • ~i:+te of the monthly installments referred to in paragraphs 1 and l hereof or change the amount of such installments. l0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage ' granted by Lender to any succesw,r in interest of Borrower shall not operate to release, in any manner, the liability of the original Bon-ower :uui Borrower's successors in interest. Lender shall not be required to commence prcx-ceclings ugaigst such successor or refuse to extend time t..r payment or otherwise m,xlify amortization of the sums sound by this Mortgage by reason of any demand mode by theuriginal Borrower :,red tiorn,wer's suns-ti_.ors in intem:ct. 11. Forbearance by Lender Not a Waiver. Any forbearnnce by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The proeurement of insurance or the p:+yment of taxes or other liens or charKes by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness :,cured by this Mortgage. I Y. Remedies Cumulative. All remedies provided in this Mortgage are di /inct and cumulative to any other right or remedy under this ~lurt.•age or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to, the respective sucxessors rend assigns of Lender and Borrower, subject to the provisions of G,;?ragr-.?ph 1? hereof. All covenants and agreemenl.4 of Borrower shall be joint and several. The captions and headings of the paragraphs of the. MurtguKe an• fur rnveniencc only and are not to be used to interpret or define the provisions hereof. 1.1. Notice. Except for arty notice n•eluired under applicable law to I,c• given in another manner, lal any notice b, Borrower provided furin t h,s Mortgage shall Ix• given by mailing euch notice by certified mail addressed to Borrower at the 1'rc,prrty Address or at such other address as li~~rn,wer may designate by nutirn to Lender t?s provided herein, and Ib) any notice to Lender shall be given by certified mail, return receipt nvtuestc•d, to I.c•nder's address stated herein ur to such other address ;?s (.ender may designate by notice to Borrower as provided herein. Any r.. ~ticc• pn,vidc•d furin this Mortgage shall be deemed to have been given to Burrower or bender when given in the manner designated herein. 1 i. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use t?nd non- ?ioorm covenants with limited variations by jurisdiction to constitute a uniform sourit}• instrument croverinK real property. This Mortgage ~is.,ii he {;ov+•rn+vl by the L?w of the jurisdiction in which the Property is located. In the• eve:?t that any provision or clause of this Mortgage or • \ote conflicts wiih applicable low, such c•unflic•t shall nut affect other provisions of this Mortgage ur the Nute which can he given effect ithuut the conflicting pn,visiun, and to this end the provisions of the Mortgage and the Note are declared to I,e sever.?t,le. 1 f;. I3orrow•er's Copy. Burrower shall I,e furnished a conformed copy of the Nute and of this Mortgage at the time of exec allure or after ~•,~urdation hereof. 1 Transfer of the Property; Assumption. If all or any part of the I'mperty or an interest therein is sold or transferred by Borrower ti. ithuut Lender':a prior written rnnsenl, excluding la? the creation of a lien nr encumbrance sulx,rdinate to this Mortgage, Ibl the creation of a • int n•hase money security interest for household appliances, Ic) a transfer by devise, d. scent or by operation of law upon the death of a joint rant or td~ the grant of any leasehold interest c?f three years ur less nut ccmtaininK an option to purchase, (.ender may, at Lender's option, - i~~~~lare all the sums secures by this Mortgage to be immediately due and payable- Lender shall have waived such option to accelerate if, prior t ~ ~ the sale or transfer, Lender and the person to whom the 1'ruperty is to be sold or t: ansfetred reach agreement in writing that the credit of such t~,•rsun is satisfac•ton• to I.e•nder and that the interest payable un the sums scrurtd by this MortgaKe shall heat such rate as Lender shall n•,tuest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suc•c•essor in interest has executed a ntten assumption agreement ac•c•ept+d in writing by I.e•nder• Lemdershall release Borrower from all uMiKations underthis Mortgage and the \..te•. ' If Lender exen•ises such option to ac•celer.?te, Ixneler shall mail fiorn,wer nuticeof acceleration in accY,rdancr with paragraph 1.1 hereof. ~urh nuticc• shall provide a perirxl of nut Ices than ate days from thedate the ?otice is mail+•d within which $ornrwer may pay thesums declared lu,•. If Kom,wer fails to pay such sums prior to the expiration of such pc•riud, Ixnder may, w•ithuut further notice ur demand un lwrrow•er, - :n~~oke any remedies permitt+ri by par.?grauh It+ hen•c,L Ili. Acceleration; Remedies. 1•:xcept as provided in paragraph 17 hereof. uNon Borrower's breach of any covenant or ~ :+Krec•ment of Borrower in this lortgage, including the covenants to pay when due any sumssecured by this 1~Iortgage, Lender ! prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifying:ll) the breach;('O the action required to cure such breach;l: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 14) 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 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 non-existence of a default or any other defense of Borrower to acceleration and foreclosure. Itthe breach is nut cured on or before the date specified in the notice, Lender at l.endc•r's option may declare all of the sums secured by this Mortgage to be immediately due and payable without turtherdemand and may foreclose this Morlgageby judicial proceeding. I.endershall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's fees. and t r~ucts of documentary• evidence. abstracts and title reports. I'?. Borrower's Right to Reinstate. Notwithstanding I,ender'sacceleration ofthesumssecuredbythisMortgage, Borrowershall.have the ri ht to have any rocredin s be un by Lender to enfurc•e this Moe ? e dise•ontinued at any time riot to entry of a ~udgment enforcin K P K •K tK: K P 7 K this Mortgage if: tai &rrrower pays Lender all sums which would be then due under this Mortgage, the Note and notes souring Future Advances, if any, had noacceleratiunuccurred;ib)13urmwercuresailbreachesofanyothercuvenantsoragreementsufBorrowercontainedin i this Mortgage; Ic? 13urn,wer pays all reasonable expenses incurred by bender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 1H hereof, including, but rent limited to, reaaunahle x . i ttorney's fees; and [d? liurruwer takes such action as Lender may rcasunably require to assure that the lien of this ;Mortgage, Lender's interest u: the Property and Korrower's obligation to pay the sums secured by this Mortgage shall cuntinueunimpaired- Upon such payment and cure by Burrower, this Mortgage and the obligations soured 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, Burrower hereby assigns to Lender the rents j :,f the Yruperty, provided that Iorrower shall, prier to acceleration under paragraph iRherenf or abandonment of the Property, have theright s'. to collect and retain such rents as they become due and payable. s Upon acceleration under paragraph Ili hereof or abandonment of the Property, Lender shall Ire 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 collated by the receiver shall be applied first w payment of the rnsts of management of the Property and collation of rents, including, but not F limited to, receiver's fees, premiums un receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage- The x r,K~eiver shall be liable W account only for those rents actually received. 1 v ~c~0i ~ I PaGE2~.~ s