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HomeMy WebLinkAbout0046 8. Inspection. Lender mqy make or cause b be made reasonable entries upon and inspections of the property, provided flat Linder sbaU give Borrower notice prior b any such inspection specifying reasoiaable cause therefor related to Leader's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, director eonssquential. in connection with any condemnation or other taking of the property, or part thereof, or !or convsyana in lieu of ooademnation, are hereby assigned and shall be paid to Lender. ~ In the event of a total taking of the Property, We proceeds shall be applied to the sums secured by this Mortgage, with the aswss. if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender oWerwise agree in writing. there shall be = applied to the suau secured by this Mortgage such proporgon of the proceeds as is equal to that proportion which the amount of the sums ~ secured by this Mortgage immediately prior to We date of taking bears b the fair market value of the Property immediately prrior to the date of taking, with the balance of We proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor oxen to make an award or settle a claim for damages, Borrower faile to respond to Lender within 30 days aR~er the date such notice is mailed. Lender is authorised to collect and apply the proceeds, at Lender's option, eiWer to restoration or repay of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application otprooeale to principal shall rwt extend or pwtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instalbnenb. 10. Borrower Not Released. Extension of the time for payment or modi$cation 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, the liability of the original Borrower and Borrower's euecesson in interest. Lender shall not be required to commence proceedings against such successor 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 1 and Borrower s successor in interest. 1 i. Rorbearence 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 insnnnee or the payment of tares or other liens or charges by !.ender shall not be a waiver of Lender's right to aooele:ate 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 Mortgage or afforded by law or equity, and may be e:ercise~l concurrently, independently or successively. 13. Successors and Awigas Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to, the respective suaxsson and assigns of Lender 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. 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 each 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 by certified mail, return receipt requested, to Lender's address elated herein or to each other address as Lender may designate by notice to Borrower as provided herein. My 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 are 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. In the event that any provision or clause of this Mortgage a the Note rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note vrhich can be given effect - i without 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 confon3?ed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of We Property; Awumption. If all or any part of the Property or are interest therein is sold or transferred by Borrower without Lender's 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 ftensfer by devise, descent or by operation of law neon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lees not containing an option to purchase, Lender may, at Lender's Option, declare all the soma secured by Chia Mortgage to be immediately due and payable. Lender shall have waived such option to aecelerate 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 sock person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ae Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's auocesaor in interest has executed a I written assumption agreement accepted in writing by !.ender, 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 sooeleration in aoeordance 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 soma declared t { due. If Borrower tails to pay each sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragreoh l8 hereof. 18. Acceleration; Remedies. Except ere 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 paragrap614 hereotapecifying: (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 cared; 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-ezistence of a default or any other defense of Borrower to acceleration sad 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 collect in such proceeding all expenses ottoreclosure, including, but not limited to, reasonable attorney's fees, and ~ costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLander's acceleration of the sums secured by this Mortgage, Borrower shall 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 ender 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 g this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the eovenanta and agreements of Borrower a contained in this Mortgage and in enforcing Lender's remedies sa provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes arch action as Lender may reasonably regaire to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers 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 frill force and effect as if no aooeleration had occurred. 2(l. Assignment otRenta; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rent 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 18 hereof or abandonment of the Property, Leader shall be entitled t~ have a receiver appointed by a court to enter~upon, take poeseesion of and manage the Property and to collect the rents of the Property, including those past due. All rests collected by the receiver shall be applied fast to payment of the costs of management of the Property and collection of rents, including, bat sot limited to, receiver's fees, premiums on receiver'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. ~~~K 335 P~~E 46