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HomeMy WebLinkAbout1720 _ _ ~ ,t ~ . 8. Inspection. Leader may mate or cause b be made rsawnabk ~triee upon and inepectiona of the Propsr4v. provided that Lender shall give Borrower notice pries b any each inspection spedfying reasonable cause therefor related b Leader's interest is the Property. 8. Condemaatioa. The proceeds of any award or claim for damages. direct or eonsequeatial. is connection with say condemnation or other taking of the property, os part thereof. or far oonveyaace is lien of ooademnatioa,'are hereby assigned sad shall be paid b Lender. In We event of a btal taking of the Property. the proceeds shall be applied b the rams secured by this Mortgage, with the uxc~. itsay. paid b Borrower. In the event of a partial taking of the Propsrgr, nalea Borrower and Lender otherwise agree in writing. there shall be applied b the sums secured by this Mortgage such proportion of the proceeds re is equal b that proportion which the amount of the surw secured by this Mortgage immediately prior b We date of taking beers b the fair market value of the Property immediately prior b the date of taking. with the balanoa of the proceeds paid b Borrower. If the Property is abandoned by Borrower, or ii, after notice by Lender b Borrower that the oondemaor offers to make as award or settle a claim for damages, Borrower faile b respond b Leader within 30 days aRer the date such notice is mailed, Lender is authorised b collect and , aPPIY the . at Lender's option, either b restoration or repair of the property or b the same secured by this Mortgage. Unlew Lender and Borrower otherwise agree is writing, any such application of proceeds b principal shall not extend os postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10.8orrower Not Released. Bztenaion of the time for payment or modification of amortization of the sums secured by this Mortgage Qranted by Lender b any successor in iater~est of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower a auocessors in interest. Leader shall not be required to commence proceedings against such suocc~asor or refuse b ezterrd time for payment or otherwise modify amortization of the name 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 afforded by applicable law. shag not be a waives of or pnaclude the exercise of any such right or remedy. The procurement of inauranoe or We payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right b accelerate the maturity of the indebtedness secured by this Mortgage. ! 12 Remedies Camnlative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy Hader this Mortgage or afforded by law or equity, and may be a:ercise~l concurrently. independently or suoceasively. 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, enbject b the provisions of paragraph 17 hereof. All oovenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are not b be used b interpret or define the provisions hereof. 14. Notice. E:Dept for any notice required under applicable law to be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at each older address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt j req ueated, 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 thin Mortgage shall be deemed b 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 ooveaaats for national use and non- uniform covenants with limited variations by jurisdiction b constitute a uniform security instrument covering real property. This Mortgage ~ shalt 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 to be severable. 6. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after o ation hereof. ~ 7. 'I~ansfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower ~ - tout Lender s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate b thin Mortgage, (b) the creation of a ~,~~urchaee money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the deaW of a joint ~ tenant or (d) the grant of any leasehold interest of three years or lees not containing an option b purchase, Lender may, st Lenders option, declare all the sums eecnred by this Mortgage to be immediately due and payable. Lender shall have waived such option b aeoelerste if, prior j to the sale or transfer, Leader 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 soma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers 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. - tfLender e:erciaea such option to accelerate, Lender shall mail Borrower notice of aooeleration 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 sums 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, tnvote any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Ezcept as prnvided 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 some secured by this Mortgage, Lender ~ prior to acceleration 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 care such breach on or before the date specified is 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. 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 same secured by this Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be r entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, sad ~ costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders aoeeleration ofthe soma secured by this Mortgage, Borrower shall have the right to have any proceedings began by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Bon+ower pays Lender all sums which world be then due render this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration oocnrred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained is this Mortgage; (c) Borrower pays all reasonable espensea incurred by bender in enforcing We covenants and agreements of Borrower contained in this Mortgage sad in enforcing Lenders remedice as provided in paragraph 18 hereof, including, but sot limited b, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require b assure that the lies of this Mortgage, Leaders interest i n the Property and Borrowers obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon arch payment and care by Borrower, this Mortgage and the obligations severed hereby shall remain in fell force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrowez shall, prior b acceleration under paragraph 18 hereof or abandonment of We to Dolled and retain such rents as they become due and payable. Property.havetheright Upon acceleration render paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b enterypon, take possession of and manage the Property and b collect the rents of the Property, including those pad due. All rents collected by the receiver shall be applied first b payment of the seers of management of We Property and collection of rests, including, bet sot limited b, receiver's fees, premiums on receiver's bonds and reasonable atbmey's fees, and then b the sums secared by this Mortgage. The receiver shall be liable b ammunt only for those rents actually received. 8335 ~~1713 ~.~E_ - e ~ _ - - _ f