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HomeMy WebLinkAbout1283 j ~ t 8. Inspection. Lender may make or cause b be made reasonable entries upon and iaapections of the propergr, provided that Lender shall give Borrower notice prior b any such in4Pection specifying reasonable cause therefor related b Lender's inbreat in the Ptopertvjr. 9. Condemnation. The proceeds of any award os claim for, damages. direct or oonaequential. in connection with any ooademnation or other taking of the property. or part thereof, or for conveyanos in lieu of condemnation, are hereby assigned and shall be psid b Lender. Ia the event of a btal taking of the Property, We proceeds shall be applied b the sums secured by this Mortgage, with the ezcesa, if any, paid b Borrower. In the event of a partial taking of the Propesgr, ualees Borrower and Lender otherwise agree in writing, there shall be applied b the sums secured by Chia Mortgage ouch proportion of the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair markd value of the Property immediately prior b the date of taking. with the balance of the plooeeds 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 claim for damages. Borrower fails b respond b Lender within 30 days after the date each notice is mailed. Lender is authorized b collect and apply We proceeds, at Lender's option, either b restoration or repair of Wa property or b the sums aerated by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds b principal shall not eztend or postpone the due date of tho monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortization of the soma secured by this Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release. in any manner, the liability of We original Borrower and Borrower's aucceesors in interest,. Lender shall not be required b commence proceedings against each successor or refuse b eztend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. I1. Forbearance by Leader Not s, Waiver. Any forbearance by Leader in ezercising any right or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Leader shall not be a waiver of Lender's right b accelerate the maturity of We indebtedneea secured by thin Mortgage. - I2 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, and may be exerciset concurrently. independently or sueoessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure b, the respective successors and assigns of Lender and Borrower, subject b the provisions of paragraph 17 hereof. AU 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. Except for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided form this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address ae Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, b Lender's address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform rnvenants with limited variations by jurisdiction b oonatitute 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 or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b 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. n 1 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower ~ I "without Lendor 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 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 containing an option b purchase, Lender may, at Lender's option, - ~ declare all the sums secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b 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 b accelerate provided in this paragraph 17, and if Borrower a 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 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice is ensiled within which Borrower may pay the soma declared ~ due. If Borrower faits to pay such soma prior b the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any temediea permitted by paragraph 18 hereof. 18.-Acceleration; Remedies. Ezcept as provided in paragraph 1'7 hereof, upon Borrower's breach of any covenant or iii agreement of Borrower in this Mortgage, including the covenants to pay when due any some secured by this Mortgage, Lender - prior to acceleration shall mail notice to Borrower ea 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 sums 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 and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the soma secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. i.ender shall be entitled to collect 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. NotwithstandingLender's acceleration of the soma secured by this Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage diaoontinued at any time prior b 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 rnvenants 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, b~ not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender.may reasonably require b assure that the lien of this Mortgage, Lender's interest I .in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon each payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns b Leader the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain such rents a'a they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enter~pon, take possession of and manage the Property and b collect the rents of the Property, including thoe'e past due. AU rents collected by the receiver shall be applied first b payment of the costs of management of the Property and collection of rents, including, bat not limited b, receiver's fees, premiums on receiver's bonds and reasonable atbrney's fees, and then b the anms secured by this Mortgage. The receiver shall be liable b aeoonnt only for those rents actually received. a 8~~35 ~~Ei276 - .~~::Y.~ Y_