Loading...
HomeMy WebLinkAbout1684 ~ ( ~ ~ - • 8. Iospectlon. Landes may make or cause to be made reasonable entries upon and irupectioru of the property, provided that Lender shall give Borrower notice prior to orgy such irupection specifying reasonabie cause therefor elated to Lender's inured is the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection wild orgy condemnation or other taking of the property, or part Wereot. or for oonveyancs in lieu of condemnation, are hereby assigned sad shall be paid to I.ender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Maztgage. with the a:oea, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender oWetwiae agree is writing. Were shall bs applied to We sums secured by thin Mortgage such proportion of the proceeds as is equal to Wat proportion which tl~e amount of We snms second by this Mortgage immediately prior to We date of tskiag bears to the fair market value of We Property immediately prior to the date of taking. wild We balance of We proceeds paid to Borrower. If the Property is abandoned by Borrower, or ~ after notice by lender to Borrower that the condemnor offeror to make as award or settle a claim for damages, Borrower fail to respond to Lender within 30 days after the date such notice is mailed. lender is authorised to collect and apply We proceeds, at Lender's option, abler to restoration or repair of the property or to the sums secured by Wis Mortgage. Unless Lender and Borrower oWerwise agree in writing, any such application of prooeeda to principal shall not e~ctend or pwtpone We due date of We monthly installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. i3xtengion of the time for payment or modification of amortisation 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 successors in interest. Lender shall not be required to eommeace proceedings against such auoceesor or refuse to extend time for payment or otherwise modify amortization of the sums secured by Win Mortgage by reason of any demand made by the original Borrower and Borrower s suoceseora in interest. 11. Forbearance by Lender Not a R/aiver. Any forbcerance by Lender is a:erciaing any right or remedy hereunder, or oWerwiee afforded by applicable law, shall not be a waiver of or preclude We exercise of spy such right or remedy. The procurement of insurance or the payment of fazes or other bens or charges by Lender shall not be a waiver of Lender's right to aecelerate the maturity of We indebtedness secured by tLis Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any older right or remedy ender this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or suooessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The eovenanta and agreements herein contained shall bind, and the rights hereunder shall inure to. We respective suoceseors and assigns of Lender and Borrower, subject to the provisions of paragraph 1? 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 We provisions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (s) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by 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 to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thin form of mortgage combines uniform covenants for national use and non- uniform rnvenanta with limited variations by jurisdiction to oonstitnte 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 rnnflicta with applicable law, such rnnflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to Win end the provisions of the 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 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 an interest therein is sold or transferred by Borrower ~ without Lender's prior written rnnsent, excluding (a) the creation of a lien or encumbrance 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 the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Mender 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 i$ satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at anch rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 1~ and if Borrower's euocessor in interest has ezecuted a ~ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and We ~ Note. - If Lends exercises such option to aecelerate, Lender shall mail Borrower notice of aeoeleration in accordance wild paragraph 14 hereoL - Such notice shall provide a period of not leas 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 e:puation 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 paragraph 1? hereof, upon Borrower's breach of any oovenent or t agreement of Borrower in this Mortgage, including the covenants to pay when due 8~ry lama secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ore provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care 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 failuu a 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 is the foreclosure proceeding the non-eustence of a default or say 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 We sums 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 anch proceeding all ezpenaee 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'e acceleration ofthe sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thin Mortgage discontinued at any time prior to entry of a judgment enforcing thin Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, We Note and notes securing Future Advances. if any, had no soceleration occurred; (b) Borrower cures all breaches of spy older 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 aa'provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to assure that the lira of this Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon anch payment and cure r by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aooeleration had occurred. ' 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby asaigas to Lender the rents of the Property, provided that Borrower shall, prior to aoneleration under paragraph 18 hereof or abandonment of the Property, have the right to eolled and retain anch 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 enterLpon, take possession of end manage the Property and to collect the rents of We Property, including those pad due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of recta, including, bet not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and W en to the apron secured by thin Mortgage. The receiver shall be liable to aeoonnt only far Wose recta actually received. • 8o~x 338 P~~1682 - ~ i - -