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HomeMy WebLinkAbout2894 • t } ' ate- r 8. lnepeMioa. 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 such inspection specifying reasonable cause therefor related to Lendei s interest is the Property. 9. Condemnation.'Il~e proceeds of any award or claim for damages, direct oz ooasequential, in connection with any oondemnatioa or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, an hereby assigned and shall be paid to Landes. In the event of a total taking of the Properly, 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, Wen shall be applied to the sums secured by Wis Mortgage such proportion of the proceeds as is equal to W at proportion which the amount of the sums secured by this Mortgage immediately prior to the date of talring bears to We fair market value of the Property immediately prior b the date of taking, wild We balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or i~ aRer 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 wi Win 30 days after We date such notice is mailed, Lender is authorized to tolled and apply We proceeds, at Lender's option, eiWer 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 shalt not extend or postpone We due date of the monWly installments referred to in paragraphs 1 and 2 hereo>ror change We amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization ottee soma secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower's successors in-intereat. Lender shall not be required to commence proceedings against such aua~essor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a successors in interest. 11. Forbearance by Lender Not a Rlaiver. Any forbearance 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 gf'any such right or remedy. The procurement of insurance or the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender s right to accelerate We maturity of the indebtedness secured by Wis Mortgage. 12 Remedies Cumulative. Ail remedies rovided in Win Mo ~ _ ~ • - a__.k;. p rtgage sl^e draiinci aI1Q i:~iuiii&ilYtl iu 3:[33 uc::~z ::b::c u::cii;_j Mortgage or afforded by law or equity, and may be ezercise~l concurrently, independently or ancceasively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, We respective successors and assigns of Lender and Borrower, subject to We 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 an 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 Borrower at 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 bycertified 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 Win Mortgage shall be deemed to have been given to Borroweror Lender when given in We manner designated herein. - 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform covenants with limited ~ t?riations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage - shall begoverned by We law of the jurisdiction in which We 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 Win Mortgage or We Note which can be given effect without We rnnflicting provision, and to Wis end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at We time of ezecution or after recordation 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 Lender s prior written consent, excluding (althe creation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of a urchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We death of s joint tenant or (d) the grant of any leasehold interest of Wree years or leas not containing an option to purchase, Lender may, at Lender's option, declare all the sums severed by W is 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 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 request.lf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed 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 ih accordance with paragraph 14 hereof. Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower 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 IS hereof. 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any some 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 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 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-ezietence 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 the notice, Lender at Lender's option may declare aU of the soma secured by this Mortgage to be immediately due and payable without furtherdemand 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 documentary evidence, abstracts and title reports. - 1 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the soma secured by this Mortgage, Borrowershall have the right to have any proceedings begun by Lender to enforce Wia Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be Wen due under this Mortgage, We Note and notes securing Future - Advanees, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in 1< 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's fees; and (d) Bornower takes such action as Lender may reasonably require to assure W at the lien of Wia Mortgage, Lender's interest # in the Property and Borrower's obligation to pay the some secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shalt remain in full force and effect as if no acceleration had occurred. ' 20. Assignment of Rents; Appointment of Receiver. AB additional security hereunder. Borrower herby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have Weright to collect and retain such rents as they 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 We Property and to collect We rent8 of the Property, including those peat due. All rents collected by the receiver shall be applied first to payment of the coats of managementof the 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 soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. QQ ~ 8(lOK ~O PAGE 2,p~•~