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HomeMy WebLinkAbout1363 l i , 8. Inspection. Lender may make or caws b be made reasonable entries upon and inapectioru of the property. provided that Lender shall ~ give Borrower notice prior b any such inspection specifying reasonable caws therefor related b Leader's interest in the Property. 9. Coademaatioa. The proceeds of any award or claim for damages. direct or consequential, in connection with any oondemnetion or other taking of the property. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid blender. - In the event of a total 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 Property, unless Borrower and Lender otherwise agree in writing, there shall be applied b the sums secured by this Mortgage such proportion of the proceods as is equal b that proportion which the amount of the sums . secured by this Mortgage itrmcdiately prior b the date of taking bears b the fair market value otthe Properly immediately prior b the date of taking, with the balance of the proceeds paid b Borrower. If the Property is abandoned by Borrower, or it, after notice by Lender b Borrower that the condemnor of[ers b make an award or settle a claim for damages, Borrower fails b respond b Lender within 30 days after the dale such notice is mailed, Lender is authorised b collect and apply the proceeds. at Lendsr s option, either b castration 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 t principal shall not extend or postpone the due date of the monthly installments referred t in paragraphs 1 and 2 hereof or change the amount of such installment. 10. Borrower Not Released. Extension of the time for payment or modification of amortization ottee sums secured by this Mortgage Kranted by Lender b any successor in interest of Borrower shall not operate t release, in any manner, the liability of the original Borrower ~~nd Borrower's successors in interest. Lender shall not be required t commence proceedings against such successor or refuse t extend time f~~r payment or otherwise modify amortization ottee some 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 Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise t~ (forded 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 taxes or other liens or charges by Lender shall not be a waiver of Lender a right t accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative t any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or weceasively. 13.3uccessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure t, the respective successors and assigns of Lender and Borrower, subject t the provisions of p:eragraph 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 covariance only and are not t be ueed t interpret or define the provisions hereof. ' 14. Notice. Except for any notice required under applicable law t be given in another manner, (a) any notice t Borrower provided forin this Mortgage shall be given by mailing such notice by certified mail addressed t Borrower at the Property Address or at such other address as Borrower may designate by notice t Lender as provided herein, and (b) any notice t Lender shall be given by certified mail, return receipt ray ueated, t Lender's address stated herein or t such other address ae Lender may designate by notice b Borrower as provided herein. Any notice provided forin this Mortgage shall be deemed t have been given t Borrower or Lender when given in the manner designated herein. f 15.UnitonnMortgage;t;overningLaw;Severability.Thiaformofmortgagernmbineauniformcovenantfornationaluseandnon- uniform covenants with limited variations by jurisdiction t eonatitute a uniform security instrument covering real property. This Mortgage whall 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 other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and t this end the provisions of the Mortgage and the Note are declared t 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. g 1 T. Transfer of the Property; Assumption. If all or any part of the Properly or an interest therein is sold or transferred by Borrower without Lender s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate t 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 yearn or lees not containing an option t purchase, Lender may, at Lender a option. declare all the sums secures by this Mortgage t be immediately due and payable. Lender shall have waived such option t accelerate if, prior t~~ the sale or transfer, Lender and the person b whom the Property is t be sold or transferred reach agreement in writing thatthe credit of such ' person is satisfactory t 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 t accelerate provided in this paragraph 1T, and if Borrower s successor in interest has executed a written assumptian agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ~ ti ote. I f Lender exercises such option W accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. such notice shall provide a period of not leas than 30 days from the date the notice is n-.ailed within which Borrower may pay the sums declared I due. If Borrower fails t pay such soma prior t 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 as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or E 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 hereofspecifying: (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 f 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 non-a:iatence of a default or any other defense of Borrower to aceeleration 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 furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be ? entitled to collect in such proceeding all a:parses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs otdocumentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithatandinglender's acceleration of the sums secured by this Mortgage, Borrowerahall have the right t have any proceedings begun by Lender t enforce this Mortgage discontinued at any time prior t 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) 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 covenant and agreements of Borrower contained in this Mortgage and in enforcing [.ender a remedies as provided in paragraph 18 hereof, including, but not limited t, reasonable ~ a ttrney's fees; and id) Borrower takes such action as Lender may reasonably require t assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation t pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and cure e 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 t Lender the rents of the Property, provided that Borrower shall, prior t acceleration under paragraph 18 hereof or abandonment of the Property, have theright € to collect and retain such rent as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled t have a receiver appointed by a court tenter-upon, take possession of and manage the Property and t collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first t payment of the costs of management of the Property and collection of rents, including, but not limited t, receiver's fees, premiums on receiver a bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The i receiver shall be liable t aeoount only for those rents actually received. ~ I~R~~ C~.'~K'J,J~ ?~GE1~~ { ,_>R