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HomeMy WebLinkAbout1248 \ ~ •t , ` ~ t~, 4~t • 8. Inspection. Lender may make or cause b be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related b Lender's interest in the Property. 9. Coademaation. 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 rnnveyance in lieu of condemnation. are hereby assigned and shall be paid b Lender. In the event of a btal taking of the Property, the proceeds shag be applied to the sums secured by this Mortgage, with the ezoess, if any. paid b Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied b the sums secured by this Mortgage ouch proportion of the peoeeeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears b the fair markd value of We Property immediately prior to the date of taking, with the balanea of the proceeds paid b Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender b Borrower that the condemnor offers b make an award or settle a claim for damages. Borrower fails b respond b Lender within 30 days after the date such notice is mailed. Lender is authorized b collect and apply the proceeds, at Landes s option. either b restoration or repair of the 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 eztend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the tide for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor 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 sua~easor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers auci~c~saora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any 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 Lender a 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 or remedy under this Mortgage or afforded by law or equity, and may be ezen~iserl concurrently, independently or sua~essively. 1 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The rnvenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective aucoeseora 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 b 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 Lortgage shall be given by mailing such noticeby certified mail addressed to Borrower atthe Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice b Lender shat) be given by certified mail, return receipt requested, to Lender's address stated herein or to auch.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 (.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage rnmbines uniform wvenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute 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 conflicting provision, and to this end the provisions of the Mortgage and the Note are declared b be aeverabie. 16. Borrower's Copy. Borrower shall be furnished a rnnfonned copy of the Notr. and of this Mortgage at the time of execution or after recordation hereof. I?. Transfer 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, ezcluding (a) the creation of a lien or encumbrance subordinate b 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 or (d) the grant of any leasehold interest of three years or less-not containing an option b purchase, Lender may, at Lenders 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 credit of such person is 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 Borrower s successor in interest has executed a ~ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the E :1 ote. ~ If Lender exercises such option to accelerate, Lender shall mail Borrow er notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less than :i0 days from the date the notice is Trailed within which Borrower may pay thesuma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Ixnder may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof 18. Acceleration; Remedies. Ezcept 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 some secured by this Mortgage, Lender 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 notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-eziatence 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 some secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be enlitled to collect in such proceeding all ezpenses of foreclosure, including, buCnot limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders 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 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 Future 's,' Advaneea, 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 eapensea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Boirower 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 b pay the sums secured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure by Borrower,.thia Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 2(1. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b 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 rnllect 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 n~oeiver shall be applied first to payment of the costa 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 b account only for those rents actually received. B~~ P~1246 a