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HomeMy WebLinkAbout0734 8. laspectioa. Lender may make or caws to be made reasonable entries upon anduupectiona o[the property. provided that Lender shalt give Borrower notice prior to any such inspection specifying reawnab~ caws therefor related to Lender's iaterest in the Property. 9. Condemnation. The proceeds of any award or cUum for damages. direct a consequential, in oonnectiorr wild any condemnation or other taking of the property. or paR thereof, or for conveyance in lieu of condemnation, are hereby assisaed and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shsA be applied to the sums secured by this Mortgage. with Wee:oess, it any, paid to Borrower. In the event of a partial taking of We Property, unless Borrower and Lender oWsrwise agree in writing, Were shall be applied to We sums secured by Wis Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the soma secured by W is Mortgage immediately prior to We date of taking bean to the [air market value ottee Property immediately prior to the date of taking, wild the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower. or it, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower iaila to respond to Lender within 30 days aflsr the date such notice is maned, Leader is authorised to eoUect and apply the proceeds. at Lender's option, either to restoration or repair of the property or to the auras secured by this Mortgage. U nleas Lender and Borrower otherwise agree in writing. any such application otprooeeds to principal shall cwt extend ar postpone the due date of We monthly installments referred to in paragraphr 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for paymaat or modification of amortization of the awns secured by Wis Mortgage granted by Lender to any auec~essor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's succeason in interest. Lender shall not be required to commence proceedings against such auavasor or refwe to a:tend time for payment or otherwise modify amortization othee soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a aucceeaon in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwise a horded by applicable taw, shall not be a waiver of or preclude the exercise of say ouch right or remedy. The procnremerrt of insurance or We payment of taxes or older liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by Wis Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinM and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezerciee~l concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, We respective successor and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. 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 dsfine We provisions hereof. t 4. Notice. ExcYpt for any notice required under applicable law to be given in anoWer manner, la) any 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 address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such older address as Lender may designate by notice W Borrower as provided herein. Any notice prodded for in Win 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 ooveaants for national use and non- uniform covenants with limited variations by jurisdiction to eonatitnte 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 We event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of Wia Mortgage or We Note which can be given effect without the rnnfliMing 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 Wis Mortgage at the time of execution or after recordation hereof. 17. T'ranefer of the Property; Assumption. Lf all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender s prior written rnnaent, excluding (a) We creation of a lien or encumbrance subordinate to Wis 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) We grant of any leasehold interest of three years or less sot containing an option to purchase, Lender may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall Gave waived such option to accelerate it, 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 ie 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 to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a ..-ritten assumption agreement accepted in writing by !.ender, Lender shall release Borrower from all obligations under this Mortgage and the ote. 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 less than 30 days from the date the notice is Trailed within which Borrower may pay the sums declared ~ due. I[ Borrower fails to pay such soma prior to the expiration of such period, !.ender may, without further notice or demand on Borrower, f invoke any remedies permitted by paragraoh 18 hereof. s 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenaata to pay whendue any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas 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 i further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-eziatence o! 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 rosy declare all of the sums secured by this Mortgage to be ~ immediately due andpayablewithoutfurtherdemandandmaytoreclasethiaMortgagebyjudicialproceediag.Leaderahaltbe f entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lendei a acceleration of the sums secured by this Mortgage, Borrower shall have i the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing 'f thin 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 e~greements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses iacun+ed by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 186ereot, including, but not limited to, reasonablE 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 We soma secured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure by Borrower, this Mortgage and We obligations secured hereby shall remain in fall force and effect as if no acceleration had ocenrred. 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 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 rnurt to enterLpon, take poeeesaion of and manage the Property and to wllect the rents of the Property, including those past due. All rents collected by the receiver sh ail be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 6LOK ~ Pb(iE ~2 .