Loading...
HomeMy WebLinkAbout1359 ~T - ~ a 8. InspeMion. Lender may make or cause b be made reasonable entries upon and inipections of the property, provided that Lender shall give Borrower notice prior b 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, is connection with any eoademnatioa ce other taking of the property, or part thereof, or for conveyance in h'eu of condemnation. an hereby assigned and shall be paid to Lender. In the event of a btal taking of the Property, the proceeds shall be applied b the sums secured by this Mortgage. with the excess, if any, paid b Borrower. In the event of a partial taking of the Propert<jr, anises Borrower and Lends 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 thin Mortgage immediately prior b the date of taking bears b the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid b Borrower. ` If the Property is abandoned by Borrower, or if, after notice by Lender b Borrower that the condemnor offers b make an award or settle a 1 claim for damages. Borrower fails b respond to Lender within 30 days after the date such notice is mailed, Lender is authorised b ooUect and apply the proceeds, at Lender a option, either b reatoratioa or repair of the property or b the sums secured by this Mortgage. Unless Lender and Borrower othswiae agree in writing.any such application of proceeds b principal shall not eztend err postpone the due date of the monthly installments referred b in paragraphs 1 sad 2 hereof or change the amount of ouch installments. 10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the name secured by thin Mortgage ; granted by Lender b any successor in interest of Borrower shall not operate b'release, in any manner, the liability of the original Borrower and Borrows's aucceseors in interest. Lender shall not be required b commence proceedings against such successor or refuse b eztend 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 s successors in interest. ~ 11. Forbearance by Lender Not a R/aiver. Any forbearance by Lender in ezercising spy righ! or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezscise of any such right or remedy:'ltte procurement of insurance or the payment of fazes or other 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 this Mortgage are distinct and cumulative b say other right or remedy under this Mortgage or afforded by law or equity, and may be ezercised concurrently, indeperidentiy or suooeesively; 13. Successors sad Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject b the proviaioae 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 b be used b interpret or define the provisions hereof. 14. Notice. Ezcept for any notice required under applicable law b be given in another manna, (s) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, b Lender's address stated herein or b such other address as Lends may designate by notice b Borrows as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given b Borrows or Lender when given in the manna designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage combines uniform wvenanta for national use and non- . uniform covenants with limited variations by jurisdiction b constitute a uniform security instrument covering real property. Thin 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 conflict8 with applicable law, such conflict shall not affect oths provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrows shall be furnished a rnnfonned copy of the Note and of this Mortgage at the time of ezecution or after recordation hseof. ' 17. T~anafer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrows without Lender's prior written rnnsent, ezcluding (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 opsation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lends may, at Lender a option, declare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option b accelerate if, prior I'' to the sale or transfer, Lends and the person b 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. If Lender has waived the option to accelerate pro~~ded in this paragraph 17, and if Borrowei s successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrows from ail obligations under this Mortgage and the tiote. If Lends ezsciaes such option to accelsate, Lends shall mail Borrower notice of aocelsation in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is rLailed within which Borrower may pay the auras declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without Earths notice or demand oa Borrows, invoke any remedies permitted by paragraph 18 hereof. I 18. Acceleration; Remedies. Except 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 hereof specifying. (1) the breach; (2) the action required to cure such breach; (3) a date, not leas 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 sale of the Property. T'he notice shall further inform Borrower of the right to reinstate after acceleration and the right tb 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 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 co11eM in such proceeding all ezpensea 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. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrows shall have 1 the right to have any proc~edinga begun by Lends to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lends all soma which would be then due under this Mortgage, the Note and notes securing Ftiture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any oths covenants or agreements of Borrows contained in this Mortgage; (c) Borrows pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrows contained in this Mortgage and in enforcing Lends's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable ~@ attorney a fees; and (d) Borrows takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lends's interest E in the Property and Borrower s obligation b pay the some secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrows, this Mortgage and the obligations secured hseby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrows hereby assigns b Lender the rents ~ of the Property, provided that Borrows shall, prior b accelsatioa 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 ands paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receive appointed by a court tenter-upon, take possession of and manage the Property and b collect the rents of the Property, including those peat due. All rents collected by the receiver shall be applied first b payment of the costa of management of the Property and collection of rents, including, but sot limited to, receivs'e fees, premiums on receivs's bonds and reasonable attorney a fees, and then b the sums secured by this Mortgage. The reeeivs shall be liable b account only for those rents actually received. f ' w '`334 P~GE1355 ~roK i s