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HomeMy WebLinkAbout1456 1 i1 . . 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Leader shall give Borrower notice prior to any ouch inspedioa specib?ing reasonable cwwe therefor related to Lender's interest is the Proper4Y. 9. Condemaatioa. The proceeds of any award or claim for damages. direct or oonssqueatial, in connection with any c~demaetion or older taking of the property, or part thereof, or for oonveyanoe is lieu of condemnation, are herby assigned and shall bs paid to Lender. Ia the event of a total taking of the Property. the proceeds shall bs applied to the suau secured by this Mortgage, with the excess, if say. paid to Borrower. In the evrot of a partial taking of the Propergr, unless Borrower and Leader otherwise agree is writing, then shall bs applied to We sums secured by this Mortgage such Proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to We fair market value of the Property uamedietsly prior to the date of taking. with the balance of We proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the oondemaos offer to make sa award or settle a claim for damages, Borrower fails to respond to Leader within 30 days after the date such notice is mailed, Leader is authorised to collect end aPPI.P the proceeds, at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unlea Loader and Borrower oWe:wise agree in writing, any such application of proceeds to principal shall not extend or pwtpone the due date of the monthly installments referred to in paragraphs 1 sad 2 hereof or change the amount of such iastalhnenta. 10. Borrower Not Released. Extension of the time for paymaat or modification of amortisation of the some secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate b release, in say manner, the liability of the original Borrower and Borrower's successor in interest. Lender shall not be required to commence proceedings against such sncceesor or refuse to extend time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrows: and Borrower's successor in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in exetciaiag any right or remedy hereunder, 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 taxes or other liens or charges by Leader 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 or remedy Hader this Mortgage or afforded by law or equity, and may be ezercise~l concurrently, independently or sncoeeaively. 13. Successors and Assigae Bound; Joint and Several Liability; Captions. The oovenanta and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective snooessor and assigns of Leader and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agrcemeats of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covariance only and are not to be need to interpret or define the provisions hereof. 14. Notice. Except for any notice required order 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 arch other address as Borrower may designate by notice to Lender as provided herein, sad (b) say notice to Lender shall be given by certified mail, return receipt requested. to Lender'8 address stated herein or to such other address as Leader may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given is the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national nee and noa- uniform covenants with limited variations by jurisdiction to conatitnte a unifona aecnrity inatrumert 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 rnnflids 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. lti. Borrower's Copy. Borrower shall be fnraiahed a conformed Dopy of the Note and of thin Mortgage at the time of e;ecntion or after recordation hereof. ' ~ 17. Transfer of We 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 encnmbrarce 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 We death of a joint tenant or (d) the grant of any leasehold interest of three year 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 arch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Properly is to be sold or transferred reach agreareat in writing that the creditof 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 Borrower's successor in interest has executed a written asanmption agreement accepted in writing by Lender, Leader shall release Borrows from all obligations under this Mortgage and the ' Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration it accordance with paragraph 14 hereof. Such notice shall rovide a od of not leas than 30 da from the date the notice is n•, I~ due. Ifl3o P P~ ys aVedwithinwhichBorrowermaYPaythesumsdeclared mower fails to pay such sums 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 in pa7agtaph 1T hereof, upon Borrower's breach of any oovenent or agreement of Borrower in this Mortgage, including the covenants to pay when due any same secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided io paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure arch breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each breach must be cured; and (4) that failure to care 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 aRer acceleration and the right to assert in the foreclosure proceeding the non-ezisteace of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not 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 due and payable without furtherdemaad and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in such proceeding ail expenses 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. NotwithatandingLender's acceleration ofthe snmssecured 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 s judgment enforcing this Mortgage if: (a) Borrower pays Leader all arms which would be then due render this Mortgage, the Note and notes securing Phtnre 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 covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's fees; and (d) Borrower takes such adios as Leader may reasonably require to assure that the lies of this Mortgage, Lender's interest ~ in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care r by Borrower, this Mortgage and We obligations secured hereby shall remain in fail force and effect as if no acceleration had oocnrred. i 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader the recta of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the to rolled and retain such rents as they become due and payable. Property.havetheright 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 the Property and to collect the rents of the Property, including those pad doe. All rents collected by the receiver shall be applied fird to payment of the costs of management of the Property and collection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the arms secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. I 3~~K 3e~ PA6E1~~4 s