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HomeMy WebLinkAbout0087 1 8. Inspection. Lender may make or cause b be made reasoaable entries upon and inspections of the property, prorided that Lendershal) give Borrower notice prior b any such inspection specifying reasonable cause therefor related b Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or coasequeatial, in connection with any oondemaation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid b Leader. In the event of a total taking of the Property, the proceeds shall be applied b the soma secured by this Mortgage, with the excess, if any, paid b Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied b the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears to the fair market value of the Property immediately prior b the date of ( taking, with the balance of the proceeds paid b Borrower. t I[ the Property is abandoned by Borrower, or if, after notice by Lender b Borrower that the condemnor otters b 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, Lender is authorized b collect and apply the proceeds, at Lender's option, either b restoration or repair of the property or b the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not extend or postpone the duo date of the monthly installments refereed b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage y~ranted by Ixnder to-any auc~essor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such sucresaor 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 s and Borrower's successors in interest. l 11. Forbearance by Lender Not a Waiver. 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 of any such right or remedy. The procurement of insurance or the s payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right b accelerate the maturity of the indebtedness ~ secured by this Mortgage. 12 Remedies Cumulative. All remedies rovided in this Mo ' p rtgage are distinct and cumulative to any other right or remedy under this \lortrage or afforded by law or equity, and may be exerciae~l concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall t,ind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 1? hereof. All covenants and agreements of Borrower shill be joint and several. The captions and headings of the paragraphs of ~ this Mortgage are for covenience only and are reel to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable taw to be given in another manner, (a) any notice to Borrower provided form 's this Mortgage shall begiven by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Kurrower may designate by notice to Lender as provided herein, and (b) any notice to [.ender shall be given by certified mail, return receipt requested, to [.ender's address stated herein or to such other 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. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombinesuniformcovenants for national useand non- uniform covenants with limited variations by jurisdiction to rnnstitute 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 otthis Mortgage or i he t\'ote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect H~ithout the conflicting 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 conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer o~ j1(M)~~)~t~t~tdlf If all or any part of the Property or an interest therein is sold or transferred by Bon~ower without Lender's p~*t~~a) the creation of a lien or encumbrance subordinate to this Mortgage, Ib) the creation of a + p~irchase money security iN~told appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint 9 tenant or (dYAll~t>i~~S~a~lik~rN~lj~ars or less not containing an option to purchase, Lender may, at Lendei s option, declare all the sums sec~b~>ii'isMljo~i~o 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 tk>rson is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Ixnder shall rc<luest_ If 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 [,ender, IxndershallreleaseBorrowerfroma11ob1igationsurtderthisMortgageandthe \~~te. _ If Lender exercises such option to accelerate, i.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. such notice shall provide a period of not less than a0 days from the date the notice is mailed within which Borrower may pay the sums declared glue. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~m•oke any remedies permitted by paragraoh IR hereof. i 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or r agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Lender prior to acceleration shall mai! 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 sums secured by this Mortgage, foreclosure by judicial proceeding and saleof the Property. The notieeahall furtter inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ' non-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or to,fore the date specified in the notice. Lender at Lender's option may declare all of the soma secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Morlgagebyjudicial proceeding. Lendershall 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. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the sums secured by this Mortgage, Borrowershall 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: (a) Borrower 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; (b) Borrowercures all breaches of any othercovenantaor agreements of Borrowercontained in this Mortgage; (c) Borrower 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 18 hereof, including, but not limited to, reasonable attorney's fees; and Idt Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest 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 force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the 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 they become due and payable. Upon acceleration under paragraph i8 hereotor 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 the rents of the Property, including those past due. All rents collected by the receiver shall be applied fuat to payment of the costs of management of the Property and collection of rent, including, but not limited to, receiver's fees, premiums on receivei s bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. Br,OK PdCf ,.'->T