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HomeMy WebLinkAbout0568 • a.- _ _ _ 1 ti 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any each inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademnstion. The proceeds of any award or claim for damages, direct or consequential, in connection wild any condemnation or other taking of We property. or part Wereof, or for conveyance in lieu of condemnation, an 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 say, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree is writing, Wen shall be applied to We sums secured by Wis Mortgage such proportion of the proceeds as is equal to Wet proportion which the amount of We sums secured by this Mortgage immediately prior to We date of taking bean to We fair market value of the Property immediately prior to We date of taking. with We 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 ogee to make as award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after We date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, eiWer to restoration or repair of the property or to We sums secured by Wis Mortgage. Unless Lender and Borrower oWerwiee 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 We amount of such installments. 10. Borrower Not Released. Extension of the -time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower i and Borrower's succ~eason in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succeeaon in interest. 11. Forbearance by Lender Not a R/aiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwiee afforded 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 payment of ta:ea or older liens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this 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 mayr be e:erciaed concurrently. independently or successively. 13.3uccesaors 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 succ~eseore and assigns of Lender and Borrower, subject to We provisions of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of thin Mortgage are foe 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 Borrowerat 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 certified mail, return receipt requested, to Lender's address stated herein or to such older address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1~. Uniform Mortgage; Governing Law; Severabillty. This form of mortgage combines uniform covenants for national use and non- uniform rnvenants with limited variations by jnriadiction to constitute a uniform security instrument covering real property. This Mortgage shall 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 Note conflicts with applicable law, such conflict shall not affect older provisions of this Mortgage or We Note which can be given effect without the rnnflicting 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 furnished a rnnforned copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tiranafer of the Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lenders 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 Wree yeah or lees not containing an option to purchase, Lender may, at Lender a option, declare all the sums a::~.:rr' by •,hiz uva~~e.~ l+. ;yyn..~n.i;p?nl.. rinp wnrl i.nyAhlo. under shall have waived such option t0 accelerate lf; prior to the sale or transfer, Lender and the penwn to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall I'I request. If Lender has.waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ` Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is Trailed within which Borrower may pay the sums declared due. IfBorrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept sa provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eovenanta 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 moat 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 soma 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 specified in We 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 alt e:penaea of foreclosure, including, but not Ilmited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's flight to Reinstate. NotwiWatanding Lenders acceleration of the some secured by this Mortgage, Borrower shall have the right tb 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) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing I~ture Advances, if any, had no acceleration occurred; (b) 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 contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney 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 the Property and Borrowers 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 force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Ae additional security hereunder, Borrower hereby aeaigns to Leader We rents of the Property, provided that 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 blase peat due. All rents collected by the receiver shall be applied 5rat to payment of the coats of management of the Property and collection of rents, including, but not limited to, receiver s foes, premiums on receiver's bonds and reasonable attorney's fees, and Wen to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. BUS 328 PAGE