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HomeMy WebLinkAbout1549 tt • ~ ' ' 1 • ~f • ~ ~ K. Inspection. Lender may make or cause W he made reasonable entries upon and inspections of the property, provided that Lender shall give Burrower notice prior to any such inspection specifying reasonable cause ?herefor related to Lender's interest in the Property. 9. Condemnation. The proceccls of s+ny award or claim for damages, direct or rnneequential, in connection with any rnndemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of n b,ts+l taking of the Property, the proceeds shall be applied tc, the sums secured by this Mortgage, with the excess, it any, paid tc, Born,wer. In the event of a partial taking of the Nroperly, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportioh of the proceeds as is equal W that proportion which the amount of the sums s+rured by this Mortgage immediately prior to the ds+te of taking beare W the fair market value of the Property immediately prior to thedate of t:+king, with the bs+lance of the proceeds paid W Iorrower. If the Property is abs?nduned by Borrower, or if, after notice by Lender to Borrower that the condemnor offere W make an award or settle a claim for damages, lorrower Calls to respond to Lender within :tt? days after the dale such notice is mailed, Lender is authorized to collect and apply the proceada, al Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. l lnless Lender s+nd Borrower otherwise agree in writing, nny such application of proce~.•ds to principal shall nut extend or postpone the due date of the monthly installments referred to in paragraphs 1 and `L hereof or change the amount of such installments. lU. Borrower Not Keleased. Extension of the time for payment or modi[icution of amortization of the sums secured by this Mortgage s;r.+nt+d by Lender to any succrs:.w,r in interest of Iurrower shall not operate W rele:?se, in any manner, the liability of the original Burrower and Borrower's sunyssora in interest. 1 ~•ncler shall nut Ix required to commence pn,ccrdings against such aucrraeu?r ur refuse to extend time t„r payment or otherwise modify amortization of the Hums sec•und by this Mortgage by reason of any demand made by the original Borrower and li+,rn,wer's sucr+•xsc,rs in inlcn•st. i L Forbearance by Lender Not a Waiver. Any forbearance by Fender in exercising any right or remedy hereunder, or otherwise n ffurd+d by applicable law, shall not be a waiver otor preclude the exercise of any such right or remedy. Th! procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of bender's right p, accelerate the maturity of the indebtedness ~+•cund by this Mortgage. 1'?. Kemedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Afi,rtrage or afforded by law or equity, and may be exenised concurrently, independently or successively. l:i. tiuccessors and Aysigna Bound; Joint and Several Liability; (:aptions. The covenants and agreements herein contained shall t,ind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject W the provisions of par.+gruph 17 henc?f. All n,venants and agreements of &,rruwer shall be joint and several. The captions and headings of the paragraphs of this Murtgagc• are fur rnvenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except fur :+m• Holier re•cluired under applicable law to I,e given in anuth•~r manner, tat any nolim to liorn,wer provided fur in this Mortgage shall lx given by m:+ilinq such notice by certified mail nddresged to Borrower at the Property Address or at such other address as f tom,wer may designate by Holier to lender as provided herein, and Ib? any notice to !.ender shall be given by certified mail, return receipt n~luestcd, to Lender's address slated herein or to such other addres.R as Lender may designate by notice to Borrower as provided herein. Any notice pn,vidcd for in this Mortgage shall be deemed to have been given to Itorn,wer or Lender when given in the manner designated herein. 15. t'niform Mortgage; Governing haw; Severability. This form of mortgagecombines unifurmcovenants for national useand non- uniform cuven.+nts with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage .h:+ll 1,e go~•erncd by the luw• of the jurisdiction in which the Property is located. In the event that any provi,:ion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall nut affect other provisions of this Mortgage or the Note which can he given effect without the +Y,nflicting provision, and to this end the provisions of the Mortgage :+nd the Note are declared to be severable. !fi. Borrower's Copy. fiurrow•ei• shall be farnishcd a conformed copy of the Note and otthia Mortgage at the time of execution or after rcrot•dation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Burrower without Lender':: prior written consent, excluding la) the creation of a lien or encumbrance suM,rdinate to this Mortgage, tb? the creation of a purchase money security interest for household appliances, (c? a transfer by devise, d;scent or by operation of law upon the death of a joint tenant or Id) the grant of any leasehold interest of three years or less nut containing an option to purchase, !.ender may, at Lender's option, dc•ctare 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, Fender and the person to whom the Property is to he sold or transferred reach agreement in writing that the credit of such p,•rson is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall F,e at such rate as bender shall rc•sluest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a ~+~ritten assumption agreement accept+d in writing by Ixnder, Ixndershall rele•+seBurrowerfrom a11ob1igationsunderthisMortgageandthe f \ „te. I f !.ender exercises such option to accelerate, !.ender shall mail Kormwer notice of acceleration in acrnrdance with paragraph 14 hereof. ~ such notice shall provide a period of not less than a(f days from the date the notice is trailed within which Borrower may pa>• the sums declared F due. If Burrower fair to pay such sums prior to the expiration of such period, Ixnder may, without further notice or demand un Ik,rrower, j ,moke am• remedies permitted by paragraoh IK hereof. i 18. Acceleration; Kemedies. Except 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 sumssecured by this:l'Iortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying: (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 t,reach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration otthe sums secured by this Mortgage, foreclosure by judicial proceeding and saleof 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-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or t,efore 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 furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall Ee +•retitled 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. 1 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this 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 r 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, had no acceleration occurred; lb) Borrower cures all breachesof any other covenants or agreements of Borrower contained in ' this Mortgage; (c1 Borrower pays all reasonable expenses incut•red by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Ixnder's remedies as provided in paragraph 13 hereof, including, but not limited to, reasonable attorney's fees; and f d) Borrower takes such action as Ixnder may reasonably require to assure that the lien of this Mortgage, Lendei s interest 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. `l0. Assignment of Renter; 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 ~ 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 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 atWrne_v's fees, and then to the sums secured by this Mortgage. The receiver shall be liable W account only for those rents actually received. , r b(,(lK '°N336 Pa~Ei547 _ _ ~ ~ = - - sue, -