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HomeMy WebLinkAbout0357 1. c M 8. InspectMn. Lender may make os cause to be made ressonable entries upon aaduupections of the property, provided that Leader shall give Borrower notice prior b aqy such inspection specifying reasonable cause Wesefar related to Lender's interest in the Perrpeefy: 9. Condemnation. The proceeds of any award or claim fps damages, direct or consequential. is ooaaection with any ooademaatioa ore other taking of the property. or part thereof, or for oonwyaace is lieu of condemnation, are hereby assigned sad shall bs paid to Leader. In We event of a total taking of the Property, the proceeds shall be applied to Wa sums secured by thin Mortgage, with the e:oess, if aqy, paid to Borrower. In We event of a partial taking of the Property, unless $orrower and Lender oWerwias agree is writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the rams secured by this Mortgage immediately prior to the date of taking bean to the fair market value of We Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property i. abandoned by Harrower, or if. after notice by [.ender to Borrower that the condemnor offers to make as award or setW a claim for damages. Borrower fails to r~espoad to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect sad appUr the proceeds, at Lender's option. either to restoration or repair of the property or to the soma secured by this Mortgage. Unless I.snder and Borrower otherwise agree in writing, any such appUcatioa of proceeds to principal shall sot extend or pwtpone tMdw date ~ We monthly installments referred to ip paragraphs 1 and 2 hereof or change the amount of such inetaWaeata. 10. Borrower Not Released: Eztension of the time for paymaat os modification of amortization of the sums secured by this Mortgage granted by Lender to any suoceasor in interest of Borrower shall not operate b release, in any manner. the liability of the original Borrower and Borrowier's succe~ssore in interest. Lender shall not be required to commence pra~eedinge against such successor or refuse to extend time for payment or oWe:Mrise modify amortization of the some secured by this Mortgage byireason of any demand made by the original Borrower and Borrower's successors in interest. + ~ ~ ~ x ~ , 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwiss afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insnrsace or the payment of taxes or older liens or charges by Lender shall not be a waiver of Leader's right to accelerate the maturity of the indebtednaw secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exerciae~i concurrently, independently or auecessively. 13.8acoeaeorsand Assigns Bound; Joint sad Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective suceeaaors and assigns of Leader 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 an for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided form this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address a• Borrower may designate by notice to Lender ae provided herein. and (b) any notice b Lender 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 for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated her+sia. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to eonatitute 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 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 contlicting_provision, and b this end the provisions of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a rnnformed Dopy of the Note and of this Mortgage at We time of e:ecation or attst recordation hereof. 17. Tti'aaefer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this 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 deaW of a joint tenant or (d) the grant of any leasehold interest of W tee years or less not containing an option to purchase, Lender may, at Lender's option, declare all the soma secures 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 creditof each person ~s 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 haR waived the option to accelerate provided in this paragraph 17, and if Borrower's suooeesor in interest has e:ewted a written asanmption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender ezercisea such option to accelerate, Lender shall mail Borrower notice of acoeleratioa in aaoordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is n.siled within which Borrower may pay the Bums dedared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without furWer notice or demand on Borrowet, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 1? hereof, upon Borrower's breach of say covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any wmssevered bythis l[ortgage,Lender - prior to acceleration shall mail notice to Borrower as provided is 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 sack breach must be cured; and (4) that failure to cure each breach on or before the date specified in the notice rosy result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale otWe Property.The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert is the forecloenre proceeding the non•ezisteoce of a default or any-other defense of Borrower to acceleration and foreclosure. If the breach is sot cared on or before the date specified in the notice. Lender at Lender's option may declare all of the some secured by this Mortgage to be immediately doe and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shell be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's teen, sad costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender"sacceleration ofthe soma secured by this Mortgage, Borrower shall have We right to have any proeeedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing 1?tirtnr+e Advances, if any, had no acceleration occurred; (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 Leader in enforcing the covenants and agreements of Borrower contained in this Mortgage sad in enforcing Lender's remedies as provided in paragraph 18 bereof, including, bat not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably regain to assure that the lien of this Mortgage, Lender's interest in We Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment sad ca:+e i by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and efface as if ao acceleration hsd occurred. 20. Assignment otRents; Appointment of Receiver. As additions! security hereunder, Borrower hereby assigns to Lends: the trots g 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 soceleration under paragraph IS 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 Wore past due. All naL collected by the receiver shall be applied first to payment of the coats of management of the Property and eolledion of rents, including, bat sot limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen to We soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. - - i a SOJR Vt~7