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HomeMy WebLinkAbout1690 8. IaspeMioa. Leader may make or cause b be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior b say such inspection specifying reasonable cause therefor related b Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the property, or part thereof, or for conveyance in lien of condemnation, are hereby assigned and shall be paid b Lender. In the event of a btal taking of the Property, We proceeds shall bs applied b the sums secured by thin Mortgage. with the ezcess. if say, paid b Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied b the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which We amount of the sums secured by this Mortgage immediately prior b the date of taking bean b the fair market value of the Property immediately prior b the date of taking, with the balance of the proceeds paid b Borrower. If the Property is abandoned by Borrower. or if, after notice by Linder b Borrower that the condemnor offers b make an award or settle a claim for damages. Borrower fails b respond b Lender within 30 days after the date such notice is mailed, Lender is authorir~ed b collect and apply the proceeds. at Lenders option. either b restoration or repair of We property or b the sums secured by this' Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not extend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of each installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization otthe some secured by this Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release, in any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse b eztend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower a successors in interest. 11. Forbearance by Lender Not a R/aiver. Any forbearance by Lender.in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any each right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right b accelerate the maturity of the indebtedness secured by this Mortgage. . 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumu,~ative b say other right or remedy ender this Mortgage or afforded by law or equity, and may be exercise~t concurrently, independently or anccesaively. 13.3uccessorsand Assigns Bound; Joint and Several Liability; Captions. The oovenanta and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective succcesors and assigns of Lender and Borrower, subject b 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 b be used b interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b be given in another manner, (a) any notice b Bon ower provided form thin Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, to Lender a address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form ofmortgagecombines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b constitute 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 conflicts with applicable Iaw, such rnnfliM shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be famished a conformed copy of the Note and of this Mortgage at the time of ezecution 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 consent, excluding (a) the creation of a lien or encumbrance subordinate b 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 leas not containing an option b purchase, Lender may, at bender's option, declare all the sums secures by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such 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 b accelerate provided in this paragraph 1?, and if Borrower a successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the I' ote. If Lender exercises such option b accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is n-,ailed within which Borrower may pay the sums declared j due. If Borrower fails to pay such sums prior b the expiration of such period, Lender may, without further notice or demand on I3onower, invoke any remedies permitted by paragrauh 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 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 cure 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 failure to care such breach on or before the date specified in the aotace may result in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding sad 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 aocelei'ation 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 without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the sums secured by this Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future 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 as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney a fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien 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 each 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. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender We Hats of the Property, provided that Borrower shall, prior b acceleration render paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such ants as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court to enter.npon, take possession of and manage the Property and b collect the rents of the Property, including those pest due. All ants wilected by the receiver shall be applied first b payment of the costa of management of the Property and collection of rents, including, bat not limited b, receiver s fees. premiums on receiver's bonds and reasonable attorney's ices, and then b the sums secured by this Mortgage. The receiver shall be liable b account only for those rents actually received. ~ BO~Kt t~ PdGEi~~