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HomeMy WebLinkAbout0476 , ~t . R. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to lxnde~ a interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby assigned and shall be paid to Ixnder. In the event of a total taking of the Property, the proceeds shall be applied to the eume secured by this Mortgage, with the excess, if eny, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be r+pplied to the Bums secured by this Mortgage ouch proportion of the proceeds as ie equal to that proportion which the amount of the some secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the pre-sects paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond W 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 eume secured by this Mortgage. llnless [.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due elate of the monthly installments referred to in paragraphs 1 and `l hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time fur payment or modification of amortization of the sums secured by this Mortgage granted by Ixnder to any successor in interest of Borrower shall not operate to rele:+ae, in any manner, the liability of the original Borrower :+nd Borrower's successor8 in interest. Lender shall not be required to commence proceedinga:+gainat such successor or refuse to extend time fur payment or otherwise m+xlify amortization of the sums secured by this Mortgage by re:+.w,n of any demand made by the original Borrower ::red 13orn?wer's aucressors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise :+iforded by applicable law, shall not be a waiver otor preclude the exercise otany such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Ixnder'a right to accelerate the maturity of the indebtedness second by this Mortgage. 1`l. Remedies Cumulative. All remedies provided in this Mortgage arediatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or aucceapively. l:i. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein rnntained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Florrower, subject to the provisions of p:+ragraph 17 hereof All covenants and agreements of 13~rrower shell be joint and several. The captions and headings of the paragraphs of this Dortgage are for covenience only and an not to be used to interpret or define the provisions hereof. 14. Notice. Except foram notice required under applicable law to be given in another m:mner, la) any notice to Borrower provided forin this bortgage shall be given by mailing such notice by certified mail addressed to I3on-ower at the Property Address or at such otheraddreas as Borrower may designate by notice to Lender as provided herein, and Ih) any notice to bender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided forin 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 a~venanta fur national use and non- . uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument cxvering real property. This Mortgage .hall 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 u•ilhout the rnnflictinq provision, and to this end the pm~~siona 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 recordation hereof. . ti_ 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower _ without Ixnder's prior written consent, excluding (a1 the creation of a lien or encumbrance subordinate W this Mortgage, lb) 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 Idl the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, 'declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate 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 such person is satisfactory to Ixnder and that the interest payable on the sums secured by this Mortgage shall he at such rate as lender shall i request. If Lender has waived the option to accelerate provided in This paragraph 17, and if Borrower's successor in interest has executed a E written assumption agreement accepted in writing by Ixnder, Ixnder shall release Borrower from all obligations under this Mortgage and the ute. E If Ixnder exercises such option to accelerate, Ixnder shall mail Bormwer notice of acceleration in accordance 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 sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Ixnder may, without further notice or demand on Icon-ower, invoke any remedies permitted by paragraah iH hereof. 18. Acceleration; Remedies. E:rcpt 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 aumsaecured by this Mortgage, Lender 1 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 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 noticeahall 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 acceleration and foreclosure. If the breach is not cured on or r 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 fees. and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Ixnder'sacceleration ofthe aumssecured bythis Mortgage, Borrower shall have the right to have any proceedings begun by Ixnder to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing j this Mortgage if: (a) Borrower pays Ixnder all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, hadnoaccelerationoccun-ed;(b)BorrowercuresallbreachesofanyothercovenantaoragreementaofBorrowercontainedin this Mortgage; Ic) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Ixnder's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and Id? Borrower takes such action as Ixnder may reasonably require to assure that the lien of this Mortgage, Lender's interest t in the Property and Borrower's 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 full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to coped and retain such rents as they become due and payable. Upon acceleration under paragraph 1£3 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 past due. All rents collected by the receiver shall be applied first to payment of the coats of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attomey's fees, and then to the soma secured by this Mortgage. The j receiver shall be liable to account only for those rents actually received. t I;K`~~ A E~,~~~ P4GE E a -