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HomeMy WebLinkAbout1226 ~ ~ . , . 8. Lupeetion. Leader may make or cause to bs made reasonable entries upon and inspections of the propergr, provided that Lender shall give Borrower notice prior to any such inspection specifiring reeuonable cause therefor related to Lender's interest in the Property. 9. Coademaation. The proceeds of any award or claim for damages, direct a consequential, in connection with any condemnation or other taking of the property, or part thereof. or fo_ r ooaveyanos in Hen of condaanation. are ha~roby assigned and shall be paid to Leader. In the event of a total taking of the Property. the proceeds shall be appHad to the sums secured by this Mortgage, wiW the esoess. if any. paid to Borrower. In the event of a partial taking of We property, unless Borrower and Lender oWerwise agree in writing. there shall be applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount ~ the sums secured by this Mortgage immediately prior to the date of taking bears to We fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. Ii the ProperRy is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offer to make an award os settle a claim for damages. Borrower sails to respond to Lender within 30 days after the date such notice is mailed, .ender is authorized to collect and apply the proceeds. at I.endez's option. either to restoration or repair of We property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the month~jr installmerste referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the soma second by thin Mortgage granted by Lender to any sutxeseor in interest of Borrower shall not operate to release; in any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuses to extend time for payment or otharo+ise modify amortization of the soma secured by thin Mortgage by mason of any demand made by the original Borrower and Borrower's auoceeaora in interest. 11. Rorbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy heresmder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or We payment of tares pr other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right src remedy under this Mortgage or afforded by law or equity. and may be e:ersased ooncnrnntly, independently or sueoeesively. 13. Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective nnsxesson and assigns of Lender and Borrower, snbjed to the provisions of paragraph 17 hereoL All eovenante 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 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 for in this Mortgage shall be given by mailing such notice by certified mail addreesesl to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender ce 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 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 We manses designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and mo~- uniform covenants with limited variations by jurisdiction to aonatitute a uniform security instrument covering real property. This Mortgage shall be governed by We law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conilicta 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 to this end the provisions of the Mortgage and the Note are declared to be severable. lt% Borrower's Copy. Borrower shall be fiunished a a~nformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17.11ranafe~r of the Property; Assumption. U all ce any part of the Property or an interest thereip is soW or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a Hen 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 death of a joint tenant ur (d) the grant of any leasehold interest of three yearn or less not containing an option to purchase, Lender may, at Leader's option, declare all the soma 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 each 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 Borrowei a successor in interest has executed a written assumption agreement accepted in writing by Leader, Lender shall release Borrower from all obligations under this Montage and the ~ Note. If Lender exercises such option to accelerate, Lender shall mail Borrower 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 n-.ailed within which Borrower may pay the name declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided irr 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 soma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ere provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) s date, not less than 30 days from the date the notice ie mailed to Borrower, by which such breach moat 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 judIcisl proceeding and sale of the Propeyty.T'he 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. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the soma secured by thin 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 ezpensea 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. Notwi Watanding Lender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at say time prior to entry of a judgment enforcing this Mortgage it: (a) Borrower pays Lends: all soma 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 covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the oovenanta and agreements of Borrowez contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, 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 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. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Linder the Hats of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of We Property, have the right ~ to Dolled and retain such rents as Way become due and payable. Upon acceleration Hader paragraph 18 hereof or abandonment of the Property. Lender shall be entitles] 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, noeiver's fees, premiums on receiver's bonds and reasonable attorney's fees, sad then to the soma secured by this Mortgage. The receiver shall be liable to aeoonnt only far Wore rents actually received. i a~338 P~.~4 - ~j~. _ - ~ -