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HomeMy WebLinkAbout0760 i 8. Inapectioa. Lender may make or cause b be made reasonable entries upon and inspeMione of the property, provided that Lender shall - ' give Borrower notice prior to any such inspection specifying reasonable caws therefor related to Lender's interest in the Property. 9. Coademnation. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby awigned and shall be paid to Fender. In the event of a total takin(1 of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unlew Borrower and Lender otherwise agree in writing, there shall be applied to 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 to the date of taking bean to the fair market value of the Property immediately prior to the date of taking, with the bahutoa of the proceeds paid to Borrower. It the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offer to 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 to rnllect and apply the proceeds, at Lender s option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Fender and Borrower otherwise agree in writing, any such application of proceeds to principal shall note:tend or pwtpone the due date of the monthly installments referred to in paragraphs l and Z hereof or change~the amount of such installments. 10. Borrower Not Released. F:xRension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rele:use, in any manner, the liability of the original Borrower and Borrowers successor in interest. Ixnder shall not Ise required W commence proceedings against such sua.•e~wr or refuse to extend time for payment or otherwise modify amurtitatiun of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successor in interest. l 1. 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 I,ayment of taxes or other liens or charges by Ixnder shall not be a waiver of !.enders right to accelerate the maturity of the indebtedneu secured by this Mortgage. I'l. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative ~ any other right or remedy under this Mork~age or afforded by !aw or equity, and may be exerciser! concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and 13everal Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective sua~eason and assigns of !.ender and Borrower, subject to the provisions of paragraph l7 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs o! this Mortgage are for covariance only and are nut to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable !aw G, t,e given in another manner, la) any notice W Borrower provided forin this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Ixnder ae provided herein, and Ib) any notice to Ixnder shall be given by certified mail, return receipt requested, W !.ender 8 address stated herein or to such other addrege as Ixnder may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given b Borrower or Ixnder when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw;'3everability. Thiaform ofmortgage cumbineauniform covenants foYnational 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. 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 oi• the Note which can be given effect without the rnnfiictinq 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 contonned rnpy of the Note and of this Mortgage at the time of a:ecution or after rcrordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein ie sold or transferred by Burrower without Ixnder a prior written consent, excluding (a? the creation of a lien or encumbrance subordinate W this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, d^.ascent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or leas not containing an option to purchase, Ixnder may, at Lender's option, declare all the sums secures by this Mortgage to be immediately due and payable. Ixnder shall have waived such. option to accelerate if, prior ~ to the sale or transfer, Lender and the penwn to whom the Property is to be sold or transferred reach agreement in writing that the credit of such 'j person is satisfactory W Ixnder and that the interest payable on the sums secured by this Mortgage shall be at such rate as Ixnder shall request. If Ixnder has waived the option to accelerate provided in this pazagraph ! 7, and if Borrowers successor in interest has executed a { written assumption agreement accepted in v~-iting by Ixnder, Ixnderahall release Burrower from all obligations underthi8 Mortgage and the Note. If Ixnder exercises such option W accelerate, Ixnder shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of not less than aO days from the date the notice is rr.ailed within which Borrower may pav the sums declared due. [f Bom,wer fails to pay such sums prior W the expiration of such period, Ixnder may, without further notice or demand un Burrower, ` mucks any remedies permitted by paragraph Ifs hereof. f 18. Acceleration; Remedies. E:cept 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 aaxeleration 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 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 soma secured by this Mortgage, foreclosure by judicial proceeding and salt' olthe 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-existence of a default or any other defense of Borrower to acxeleration and foreclosure. It 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 of foreclosure, including, but not limited to, reasonable attorney's tees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders accelerationofthesumssecured 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 Ixnder all soma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; Ib) 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 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 1 attorney's fees; and (d) Borrower takes such action as Lender may reasonably require 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 1 by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had oocnrred_ ! 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower ahalli prior to acceleration under pazagraph 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, 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 peat due. All rents collected by the receiver shall be applied fiat to payment of the costs of management of the Property and collection of rents, including, but sot limited to, receiver's tees, premiums on receiver a bonds and reasonable attorney's foes, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents aMually received. ec~ ~5 PacE 4 t; es °5~a Y J,__