Loading...
HomeMy WebLinkAbout1256 8. laspection. Lender may make or cause to be made reasonable entries upon and inspections of We property. provided that Leader shall give Borrower notice prior to any arch ittspsctioa specib?ing reasonable cause therefor elated b Lender's interest is the Property. 9. Condemnadoa. The proceeds of say award o:claim for damages, aired or oonsequeatial, is connection with say ooademnatioa or other taking of the property, or part thereof, or far conveyance in lieu of ooademnatioa, are herby assigned and shall bs paid to Leader. Ia the event of a total taking of Wa Property, the proceeds shall be applied to the sums secured by this Mortgage. with the ezoess. U cry, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwiss agree is writing, Were shall be applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which We amount of We sums secured by Wis Mortgage immediately prior to the date of taking bean to the fair market value of the Properly immediately prior to the date of taking. wild We balance of the proceeds paid to Borrower. If the 1'ropedy is abandoned by Borrower, or if, after notice by Lender to Borrower Wat the condemnor offers to make as award or settle a claim for damage, Borrower [ails to respond to Lender within 30 days after We date such notice is mailed. Leader is authorized to collect sad apply We proceeds, at Lender's option. eiWer to restoration or repair of the property or to We sums secured by this Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such application of proceeds to principal shall not eztead or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztension of the time 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 a successors in interest. Lender shall not be required to commence proceedings against such auoressor or refuse to eictend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrowez and Borrowers successors in interest. , 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any sucb 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 Lenders right to accelerate We maturity of the imdebtedness secured by Win 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 e:erciserl concurrently, independently or successively. 13. Successors and Assigns Bound; Joint sad Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, We respective successors and assigns of Lender and Borrower, subject to We 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 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 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 to Borrower as provided herein. Any notice provided 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 pombinea uniform covenants for national use and non- uniform covenants wild limited variations by jurisdiction to constitute a uniform security instrument covering real property. Thin 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 Wis Mortgage or the Note conflicts wi W applicable law, such rnnfiiM shall not affect other provisions of Wia Mortgage or the Note which can be given effect without the conflicting provision, and to this end We provisions of We Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of Wia Mortgage at the time of execution or after recordation hereof. 17. Tiratrsfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) We creation of a lien or encumbrance subordinate to Wis Mortgage, (b) We creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We death of a joint tenant or (d) the grant of any leasehold interest of Wree years or leas not containing an option to purchase, Lender may, at Lenders option, declare all the soma secured by this Mortgage to be immediately due earl 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 W at the credit of such person is satisfactory to Lender and that the interest payable on We soma secured by this Mortgage shall be at such rate ae Lender shall request. If Lender has waived the option to accelerate provided in this paragraph IT, and if Borrower's successor in interest has a:seated a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under this Mortgage and the ti ote. If Lender exercises such option to accelerate, Lender shall mail Borrower noticeof acceleration in accordance with paragraph 14 hereof: ~ 5uch notice shall provide a period of not less than 30 days from the date the notice is n-.ailed within which Borrower may pay thesums declared due. If Borrower fails to pay such sums prior to the expiration otsuch period, Lender may, without further notioe-or demand on Iorrower, j invoke any remedies permitted by paragrauh IS hereof. 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 covenants to pay when due any sums secured by this Mortgage, Lender C prior to acceleration shall mail notice to Borrower ee provided in paragraph 14 hereof specifying: (1) the breach; (2) the action t required to care sucb 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 soma 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•ezietence 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 further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all a:pensea 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. Notwithstanding i.ender'sacceleration ofthe~wnssecured bythis 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 Fhture Advances, if any, had no acceleration oocnrred; (b) Borrowercures all breachesof anyoWerrnvenants or agreements of Borrowercontained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We 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 a ttorney's fees; and (d) Borrower takes such action ae Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest i n 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. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents f of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they beeorme 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.npon, take possession of and manage We Property and to collect We rents of the Property, including those peat due. All rents collected by the receiver shall be applied first to payment of the costa of managementof the Property and collection of rents, including, bet 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 ahall.be liable to aooonnt only for those rents actually received. t i i 80 K c~c~0 PACf'~e 4 ~ ~ .