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HomeMy WebLinkAbout1712 i • < ~ \ l 8. Iaspection. Lender may make or cause to be made reasonable entries upon and irupectioas of the property, provided that Leader shall give Borrower notice prior to any such iaspeotion speci$?ing reasonable cause therefor related to Lender's interest is the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or oonsequeatial, in connection with any ooademnation oR other taking of the property, or part thereof. or foe conveyance is lieu of condemnation. are hereby assigned and shall bs paid to I.ender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. wiW the ezcen. if any. paid to Borrower. Ia We event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds o is equal to that proportion which We 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 balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, e.Rer notice by Lender to Borrower that the condemnor ogee to make en award os settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds. at Lenders option. either to restoration or repair of the property or to the ewes secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not eztend or postpone the due date of the monthly installments nfirred to in paragraphs 1 and 2 hereof or change the amount of each installments. 10. Borrower Not Released. Extension of the time for payment a+r modi5cation of amortisation of the sums secured by this Mortgage granted by Lender to~any succcesor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's suoceeaon in interesk Lender shall not be required to commence proceedings against such euocessot or refuse to eztend time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrorirer and Borrower's suocesson in interest. 11. Forbearance by Leader 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 ezercise of any such right or remedy. The procure~anent of insurar?ce or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to aooelera3e ref ~atasity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. AU 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 ezercise~l concurrently, independently or ancoeeaively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The rnvenante and agreements herein contained shall bind, and We rights hereunder shall inure to. We respective euoceeeon and assigns of Lender and Borrower, subject to the provisions of paragraph 17 herr~of. 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. Ezcept for any notice required under applicable law to be given in another manner, (a) aqy notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other adders as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shell be givertby certified mail, return receipt requested. to Lender a address stated herein or to each other address as Lender may designate by notice to Borrower ore provided herein.Any 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 use and non- uniform covenants with limited variations by jnriadietion 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 Notc conflicts with applicable law, anch rnnflict shall not affect other provisions of this Mortgage or the Note which can be given effect ~rithout We 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 conformed copy of the Note and of this Mortgage at the time of execution or after relation hereof. 17. Transfer of the Property; Aasumptioa. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) fhe creation of a pur+c_hA+se money aecurity-intereat for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) We grant of any leasehold interest of three yeah or leas not containing an option to pw+chaae, Lender may, at Lenders option, declare afl the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior l to the sale or transfer, Lender and We person to 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 intereaf payable on the sums secured by this Mortgage shall be at such rate as Lender shall requeak If Lender has waived the option to accelerate provided in-this paragraph 17, and if Borrowers auoceasor in intereat.has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and We Note. If Lender exercises such option to 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 mailed within which Borrower may pay the soma declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, mucks any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 1? hereof, upon Borrower's breach of any oovenaat 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)gorrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure anch breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such breach must be cared; and (4) that failure to care 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 sad the. right to assert in the foreclosure proceeding the non-eziatence 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 sums secured by this Mortgage to be immediately due and payable without further demand sect may foreclosethis Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpeases of foreclosure, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the awns secured by this Mortgage, Borrower shall have the right to have any proceedir?gs begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage iL (a) Borrower pays Lender all awns which would be then due under thin Mortgage, the Note and notes securing Fhture Advances, if any, had no acceleration oecurred;(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 covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, inclading, but not limited to, reasonable attorney's fees; and (d) Borrower takes anch 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 anch payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aoceleratioa had oocarred. 26. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrows hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain anch 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 enternpon, take possession of and manage the Property and to collect the rents of We Property, including those~past tine. AU rents collected by the receiver shall be applied fiat to payment of the ousts of management of the Property and collection of rests, including, but not limited to, receivers fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receives shall be liable to account only far those r+enta actually received. `_=s