Loading...
HomeMy WebLinkAbout1472 8. Easpection. Lender orgy make or cause to be made seasonable entries upon and inspections of the properly, provided that Lender shall give Borrower notice prior to any ouch inspection specifying reasonable cause therefor related to Leader's intered in the Ptope:gr. 9. Condsmnatiors. The proceeds of any award or claim for damages, director consequential, in connection with aqy oossdemaatioa or older taking of the property, ce part thereof, or for eonveyanoe in lieu of eondemaation, are hereby assigned sad shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the soma secured by this Mortgage. with the esoess, R any, paid b Borrower. In the event of a partial taking of the Property, unless Borrower and Leader otherwise agree in writing, Were shall be applied to We sums secured by this Mortgage each proportion of We proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to We date of taking bean to the fair market value of the Property immediately prior to the date of taking. with We balaaca of the proceeds paid to Borrower. If the Property is abandoned by Bosroww, or if, after notice by Lender to Borrower that the condemnor offers b make en award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after We date such notice is mailed, Lender is auWorized to collect and apply the proceeds. at Lender's option, eiWer to restoration or repair of the property or to the soma secured by this Mortgage. Unless Lendw and Borrower otherwise agree in writing, any such application of proceeds to principal shall rwt extend ce postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of anch installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower's suocesson in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or oWerwiae modify amortization ottee sums secured by Win Mortgage by reason of any demand made by Weorigiual Borrower and Borrower's successor 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 such right or remedy. The procurement of insurance or We payment of taxes or older liens or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in thin Mortgage are distinct and cmm~lative to any other right or remedy Hader this Morlcage or afforded by law or equity. and may be e:ercisevi concurrently, independently or snooessive(y. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective auoceeeon and assigns of Lender and Borrower, subject b 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 eovenience 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 older address as Borrower may designate by notice to bender 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 this 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 combines uniform oovenanta for national ass and non- . uniform covenants with 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 We Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conllid shall not affect other provisions of this Mortgage or the 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. 18. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at We time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or ~n interest Werein is sold or transferred by Borrower without Lender s prior written consent, secluding (a) the creation of a lien or encumbrance subordinate to this 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 the death of a joint tenant or (d) We grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lenders option, declare all We sums secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate if, prior II to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing Wat the credit of sash person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at each rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in.int~ereet has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the ~ Note. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: i Such notice shall provide a period of not leas than 30 days from the date the notice is trailed within which Borrower may pay the sums declared due. If Borrower 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 paragraoh 18 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, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3)'a date, not leas than 30 days from the date the notice is mailed to Borrower, by which each breach must be cured; and (4) that failure to cure each breach on or before the date specified in the notice may result is 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 soceleration and the right to assert in the foreclosure proceeding the nos-existence 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 sums secured by this Mortgage to be immediately due and payable withoutfurther demartd-Pad may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses o fo eclosure, including, but not limited to, reasonable attorney's fees, and 1 costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLenders acceleration ofthe 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 Wen due under this Mortgage, We Note and notes securing Phture Advances, if any. had no acceleration occurred; (b) Borrower cures all breaches of any older ooveaaata or agreements of Borrower contained is 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's remedies as provided in paragraph 18.hereof, including, bat 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, Lenders interest ~ in the Property and Borrowers obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and care € by Borrower, this Mortgage and We obligations secured hereby shall remain in full force and effect as if no acceleration had oecarred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Properly, provided Wat Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of We Property, have the right to collect and retain such rents as Wey become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a neoeiv~ appointed by a court to enter~pon, take possession of and manage the Property and to collect We rents of the Property, including Wale past due. All rents collected by the receiver shall be applied first to paymerK of the costs of managementof the Property and collection of rests, including, but not limited to, receiver's fees, premiums on Yeoeivers bonds and reasonable attorney's fees, and Wen to the snore secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. a~x~38 P~14?~0