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HomeMy WebLinkAbout2763 ' 1< A. Inspection. Lender may make Ar cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection 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 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 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 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 Proptrty immediately priorto 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 make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, !.ender is authorized tocollect and t+pply the proceeds, at l.endei s option, either to restoration or repair of the property or to the euma secured by this Mortgage. tJnleas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instaltinents. 10. Borrower Not Released. lxtension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by !.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. !.ender shall not t,e required to commence proceedings against such successor or refuse to extend time for payment ur otherwise mcxtify amortization of the sums second by this Mortgi+ge by reason of any demand made by theoriginal Borrower and Borrower s sucY•cssors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by l.~nder in exercising any right or remedy hereunder, or otherwise :+fforded by applicable law, shall not be a waiver of or preclude the exerctae of any such right or remedy. The procurement of insurance or the 1>ayment of taxes or other liens or charges by Lender shall not be a waiver of l.ender'a right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All comedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this \iort~'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 }rind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the pro~~aiona 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 not to t,e used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, tai any notice to Burrower provided for in this btortgage shall t,e given by mailing such notice by certified mail addressed to Borrowerat /he Property Address or at such other address as Burrower may designate by notice to Lender as provided herein, and (b) any notice to (.ender shall be given by certified mail, return receipt rc•duested, to Lender's address stated herein or to such other address as Lender may designate by notice to Bnrrowei as provided herein. Any notice provided for in this Mortgage shall t,e deemed to have tarn given to Burrower or Lender when given in the manner designated herein. l5. Uniform Mortgage; Governing Law; Severability. This form of morigagecombinesuniformcovenants for national useandnon- uniforri covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage .hall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the \ote conflicts with applicable law, such conflict shall not affect other provisions of this ~lurtgage or the Nate which can t?egiven effect ~cithuut the rnnflicting pmvisiun, and to this end the provisions of the Mortgage and the Note are declared to be severable. ! fi. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after n-curdation hereof. 17. Transfer of the Property; Assumption. If all or an_r• part of the Property or an interest therein is sold or transferred by Borrower x•ithout [.ender's• prior written consent, excluding tai the creation of a lien or encumbrance subordinate W this Mortgage, Ib? the creation of a (rurc!+ase money security interest for household appliances, (c! a transfer by devise, d:scent or by operation c,f law upon the death of a joint tenant or tdl the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender s option, :Ic•c•lare all the sums securer by this Mortgage to be immediately due and payable. lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person G, whom the Property is to t,e sold or triiasferred reach agreement in writing that the credit of such {rr•rsun is satisfacton• to Lender and that the interest payable un the sums secured by this Mortgage shat? be at such rate as !.ender shall rrrtuest. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowei s successor in interest has executed a written assumption agreement accepted in writing by I,ender, !.ender shall release Borrower from all obligations underthis :liortgageand the i ~i \ rte. ~ If Lender exercisew such option to accelerate, lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~uc•h notice shall prncide a perir,d of not less than a(t days from thedate the notice is mailed within which Borrower may pay thesumsdeclared - f ~iuc•. If Bnrrnw•er fair to pac such sums prior to the expiration of such period. Lender may, without further notice or demand on Eorrower. rncoke any remedies permitted by par.+granh let hen~,f. 18. Acceleration; Remedies. F:zcept 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 hereotapecifying: (1) the breach; (2?the action required 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 f41 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 saleotthe Property.The notice shall further inform Borrower of the right to reinstate after acreleralion and the right to assert in the foreclosure proceeding the t nc,n-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ t,c•fore 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 furthcrdemand and may foreclose this Mortgage by judicial proceeding. Lendershall be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited tu, reasonable attorney's fees, and rusts of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall 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: ta) 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; tbl Borrower cures all breaches of any other covenants or agreements, of Borrowercontained in this Mortgage; Ic? Fiorrower pays all reasonable expenses incurred by !.ender in enforcing the covenants and agreements of Borrower cY,ntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but nut limited to, reasonable + attorney'sfees:andldrBorrowertakessuchaMionasl.endermayreasonablyrequiretoassurethatthelienofthisMortgage,Lender'sinterest in the Property and Borrower's obligation to pay the sums 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 farce and effect as if no acceleration had occurred. e lt). Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents r rf the Property, provided that Borrower shall, prior to acceleration under paragraph I8 hereof or abandonment of the Property, have the right to collets and retain such rents as they become due and payable. ~ Upon acceleration under paragraph 1K hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a rnurt to enter upon, take possession of and manage tt?e Property and to rnllect the rents of the Property, including those past due. All rents collected by the receiver shall i,e applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attnrne_v's fees, and then to the euma secured by this Mortgage. The • receiver shall be liable to amount only for those rents actually received. a' ' ~:~~327 P~~E27~1 •