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HomeMy WebLinkAbout0474 • ~ - + i & Inspection. Lender may make or cause b be made reasonable entries upon and inspsMions of the property. provided that Lender chap a give Borrower notice prior b any 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 [or conveyance in lieu of condemnation. are hereby assigned and shall be paid b Lender. In the event of a btal taking of the Property, the proceeds shall be applied b the sums aecurod by thin Mortgage. with the ezoess, if any. paid b Borrower. In the event of a partial taking of the Pr+opergr, unless Borrower and Lender otherwise agree in writing. there shall bs applied b the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bears b the fair market value of the Property immediately prior b the date of taking, with the balanoa of the proceeds paid b Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender 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 authorized b collect and apply the proceeds. at Lender's option, either b resbration or repair of the 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 inatalhnents referred b in paragraphs 1 and 2 hereof or change the amount of such instalhnents. 10. Borrower Not Released. Eztenaion of the time for payment or modification of amortization of the sums secured by this Mortgage ~ granted by Lender b any sua~esaor 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 b commence proceedings against such successor or refuse b extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower ¢ and Borrower s successors in interest. - ; 11. Forbearance by Lender Not a Rlaiver. Any forbearance by Lender in ezercising 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 the payment of fazes or other liens or charges by Lender shall not be a waiver of Lenders right b accelerate the maturity of the indebtedness # i secured by this Mortgage. ; 12 ° Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity. and may be ezercise~l concurrently, independently or successively. ' 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall t bind, and the rights hereunder shall inure to, the respective succcesors and assigns of Lender and Borrower, subject b.the provisions of paragraph 17 hereof. All rnvenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of ; this Mortgage are for rnvenience only and are not b 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 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 Lenders 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 of mortgagecombines uniform covenants for national use and non- uniform cvvenants 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 ie located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affeM other provisions of this Mortgage or the Note which can be given effect without the rnnfliMing 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 furnished a conformed Dopy 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 rnnaent, 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 to purchase, Lender may, at Lenders option, declare all the some secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior ; to the sale or transfer, Lender and the person b whom the Property is to be sold or transferred reach agreement in writing that the credit of such 3 person is satisfactory b Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall nest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borirower's successor in interest has ezecuted a Ij -tten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the te. If Lender ezercises such option to accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is reailed 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 paragraph 18 hereof 18. Acceleration; Remedies. Ezcept as provided in paragraph 1? 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, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure auc6 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 cure such breach on or before the date specified in the notice may result in acceleration of the sums secured byithis Mortgage, foreclosure by judicial proceeding and sale otthe 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-ezistence 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 soma secured by this Mortgage to be i mmediately 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 to have any proceedings begun by Lender to 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 oavenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender a 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 Borrowers obligation b pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aeoeleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the rents ; of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents 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 e court tenter-upon, take possession of and manage the Property and b collect the rents of the Property, including those peat due. All rents collected by the receiver sh all be applied first b payment of the coats of management ottee Property and collection of tents, including, but not limited b, receiver's fees, premiums on receiver's bonds and reasonable atbrney'e fees, and then b the soma secured by this Mortgage. The receiver shall be liable b account only for those rents actaally received. 8~ 339 Pa~E • 474