Loading...
HomeMy WebLinkAbout0873 ~ 8. Lupeetion. Lender may make or cause to be made reasonable entries upon and inspections of the propertj?, provided that Lender shall give Borrower optics prior to any such inapedion specifying reasonable cause theref'e~ rele4tad to Lender's interest in the Peoparfy. 9. Condemnation. The proceeds of any award or claim for damages, direct or oonsequeatial, in connection with any condemnation os other taking of the property. or pad thereof. os for conveyance in lien of condemnation. are bereby assigned and shall bs paid to I.ender. In the event of a total taking of the Property, the proceeds shall be applied to the Bums secured by this Mortgage. with the exoeso. if any. paid to Borrower. In the event of a partial taking of the properly, unless Borrower and Lender otherwise agree is writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds u is equal b that proportion which the amount of the same secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. wiW 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 Lander within 30 days after the date such notice is mailed, Lender is suthorired to collect and apply the proceeds. at Lendds option, either to restoration or repair of the property or to the sums secured by this Mortgage. ~ Unless L ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the aunt of such installments. , 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage jt granted by Lender to any enocessor in interest of Borrower shall not operate to release, in any manner. We liability of the original Borrower , and Borrower s successors in interest. Lender shall not be required to commence prooeedinge against such successor or refuse to extend time for payment or otherwise modify amortisation of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrowds successors in interest. 11.. Forbearance by Lender Not s Waiver. Any forbearance by Leader in ezercasing any right or remedy hereunder, or otherwise afforded by applicable law, ahaU not be a waiver of or preclude the exercise of any such right or remedy.'lbe procurement of insurance or We payment of tares or other liens or charges by Lender shall not be a waiver of Leadds right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender this Mortcage or afforded by law or equity. and may be e:er+cise~l concurrently, independently or sucoeeaively. 13 Sw~eseors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective sueoeesore and assigns of Ler?der and Borrower, subject to the 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 are not to be used to interpret or define the provisions hereof. 14. Notice. Excerpt for any notice regained under applicable Iaw to be given in another manner. (s) any notice to Borrower provided for in this Mortgage ehaU be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address u , Borrower may designate by notice to Lender u 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 other address u Lender may designate by notice to Borrower u 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 mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction 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. Ln the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisiLns of this Mortgage or the Note which can be giveneffect without the conflicting provision, and to this end the provisions of the Mortga~ 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 of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred_by Borrower without Lendds prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the 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 three years or less not oonteining an option b p~uchaee. Lender may, at Lenders option. declare all the sums secured 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 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 Fender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowda 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 in accordance with paragraph 14 hereof: Such notice shall provide a period of not less 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 18 hereof. F 18. Acceleration; Remedies. Except ss provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the eovenante to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower u provided in paragraph. l4 hereof epedfyi ng: (1) the breach; (2) the action required to cure such breach; (3) a date, not lea than 30 days frnm the date the notice ie mailed to Borrower, by which each ; breach must be rored; 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 sale of the Property. The notice shall i further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the t ~ nos-ezistence of a default or any other defense of Borrower to acceleration sad foreclosure. If the breach is not dared on or before the date specified in the notice, I:ender at Lender's option may dee:lare 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 all expenses of foreclosure, including, bet not limited to, reasonable attorney's tees, and costs of dodunentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I.endereacceleration offer sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage disoontinned at any time prior b entry of a judgment enforcing t this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage. the Note and notes securing Phtnre ~ Advances, if any, had no acceleration occurred; (b) Borrower daea 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 e fees; and (d) Borrower takes each action as Lender may reasonably require to asanre that the lien of this Mortgage, Lendds interest in the Property and Borrowda obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and due by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect u if no acceleration had oocarred. E 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Properly. provided that Borrower ahaU, prior to acceleration under paragraph 18 hereof or abandonment of We Property. have the right to eolled and retain such rents u 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 , ooud to enter~npon, take possession of and manage the Property and to eolled the rents-of the Property. including those peat doe. AU rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection otrents, including. bat oat i limited to, reoeivds 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 adnally received. e~K334 PEE 872