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HomeMy WebLinkAbout1452 ! ~ - ?r . • gt~~ ~ `t 8. Iaspeetloa. Leader may make or cause to be made reasonable sorrier upon and inapectioas of the property, Provided flat Leadec shall give Borrower notice prior to any such inspection apedb?iag reasonable cause therefor related b Lender's interest in the Peopergr. 9. Condemnadoa 7lte peooeeds of any award or claim for damages. direct or oonsequeatial, in connection with any condemnation ~ other taking of the property. a part Wereof. or for oonveyanas in Uen of condemnation, are hereby assigned and shall be paid to ;.ertdee Ln the event of a total taking of the Property, the prooesds shall be applied to the sums secured by thin Mortgage, with the ezoea„ If say. paid to Borrower. In the event of a partial taking of the Propergr, unless Borrower and Leader oWerwiss ogres in wdtiag, theca shall be applied to the sums secured by this Mortgage such proportion of the proceods as is equal to Wat proportion which We amount of the arms secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to tbs date of taking, with the balance of the proceeds paid to Borrower If the Property b abandoned by Borrower. or if, aRer notice by Lender to Borrower that the condemnor offer to make an award or setae a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is antborized to collect and aPP1Y the proceeds. at Leadds option, either to restosatioa or repair of the property or to the sums secrired by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall notmtend 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.l3idension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender. to any snooessor in interest of Borrower shall not operate to release, is any manner, the liability of the original Borrower and Borrower's suoceasors in interest. Lander shall not be required to commence proceedings against such snocessor or refuse to extend time for payment or otherwise moth jy amortization of the soma secured by this Mortgage by reason of any demand made bytheoriginal Bormwsr - and Borrowda succ~esaore in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in mercising any right or remedy hereunder, or otherwise afforded by applicable law, ahaU not be a waiver of or preclude the mercies of any such right or remedy. The procurement ofinsurance orthe - - payment of fazes ~ other liens or charges by Lender shall not be a waiver of Lender's right to aocderate the maturity of the indebtedness secured by this Mortgage. 1 Z Remedies Cumdative. AU remedies provided in this Mortgage are distinct and cumulative to any other right or remedy Hader this Mortgage or afforded by law or equity. and may be mercise~l concurrerztly, independently or sneoessively. 13. Successors and Assigru Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder ahaU ianre to, the respective snooesaors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof AU covenants and agreements of Borrows: ahaU be joint and several. The captions and headings of the paragraphs of this Mortgage are for covariance only and are not to be used to interpret or define the provisions hereof. 14. Notice. Ezoept for any notice required under applicable law to be given in another manner, (a) any notice b Borrower provided for in this Mortgage ahaU be given by mailing such notice by certified mail addressed to Borrower at We 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, retarn receipt requested, to Leader's address stated herein or to such other address as Lender may deeigrateby notice to Borrower ore provided herein. Any notice provided for in this Mortgage shall be deemed to have barn given to Borrower or Lender when given in We manner designated herein. 15. Uniform Mortgage; Governing Law; Severabllity. This fora of mortgage combines uniform covenants for national use and non- uniform oovenanta with Umited variations by jurisdiction to constitute a uniform security instrument covering real proppty. 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 contlicta~with applicable law, such conflict shall not affect other proviaiona of this Mortgage or We Note which can be given effect without We conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. lli. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage atthe time of mecution or after recordation hereof. 17. Transfer of the Property; Assumption. Lf all or any pad of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, mcluding (a) We creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interact for household appliances, (c) a transfer by devise, descent or by operation of law upon the death ova joint tenant or (d) the grant of any leasehold interest of three years or less rat containing an option b purchase, Lender may, at Leadda option, ~4 declare all the soma secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to aeoelerate if, prior ~~the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that We creditof such rson is satisfactory to Lender and that the interest. payable on the sums secured by Chia Mortgage shall be at arch rate as Lender ahaU • ~ueat. If Lender has waived the option to aeoelerate provided in this paragraph 17, and if Borrowds successor in interest has mecnted a wEitten assumption agreement accepted in writing.Ky Lender, Lender shall release Borrower from sU obligationsunder this Mortgage and the ! Note. ' If Lender ezereisea such option to aeoelera~e, Lender s}iall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof i Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay such sums prior to the ezpiration of such period, Lender may, without gather 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 oovenante to pay when due any sums secured by this Mortgage, 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 b mailed to Borrower, by whichsuch breach must be cured; and (4) that faUure to pyre such breach on or before the date specified in the notice may result is acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of We Property. The notice shall further inform Borrower of the right to reinstate aRer aeoeleration and the right to assert in the foreclosure proceeding the non-eziatence of a default or any other de[ense of Borrower to acceleration and foreclosure. If the breach b not pored on or { before 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 further demand and may foreclose fhb Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenaes of foreclosure, including, but not limited to, reasonable attorney's tees, and costs of documentary evidence, abstracts and title reports. 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 Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all some which would be then due under this Mortgage, the Note sad notes securing Pbture ~ Advanoea. if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in s this Mortgage;-(c) Borrower pays all reasonable mpeases incurred by Lender in enforcing the ooveaants and agreements of Borrower contained in this Mortgage and in enforcing Lendds 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 Uea of this Mortgage, Lender's interact in the Property and Borrower's obligation to pay the creme secured by this Mortgage shall oontinae unimpaired. Upon such payment and pine by Borrower, this Mortgage and the obligations secured hereby ahaU remain in full force and effect as if no aoceleratioa had occurred. i 20. Assignment of Kantor; Appointment of Receiver. As additional security hereunder, Borrower hereby assignor to Lender We rents of the Property, provided that Borrower ahaU, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right i to eoUed and retain such rents as they become due and payable. Upon acceleration order paragraph 18 hereo~or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a oonrl to enter.npon, take possession of and manage the Properly and to oolledt the rents of the Property, including those past due. AU rents collected by the receiver ahaU be applied first to payment of We costa of managementof the Property and ooUedion of rents, incinding, bat not limited to, reoeivds fees, premiums on reagvds bondor and reasonable attorney's feeor, and Wen to the sums secured by this Mortgage. The receiver shall be liable to apparent only for those rents actually received. r ~~K338 p~E1450 _ _