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HomeMy WebLinkAbout1108 8. IttspeMaon. Lender may make or cause b be made reasonable entries upon and itupections of the property. provided that Lender shall 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, director consequential. in connection with any condemnation or other taking of the property. os part thereof, or for 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 secured by this Mortgage, with the excess, if any, paid b Borrower. In the evert of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied b the some secured by this Mortgage such propostion 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 Properly 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 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 attar the date such notice is mailed. Lender is authorized b collect and npply 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 inat$llmenta referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the name 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 b commence pra~eedinga against such aucceasor or refuse b extend time for payment or otherwise modify amortization otthe sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in ir?tereat. 11. Forbearance by Lender Not a Weaver. Any forbearance by Lender in exerciaing•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 tares or other liana or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by thin Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to aqy other right or remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently. independently or suoces.ively. 13 Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein wnteined shall bind, and the rights hereunder shall inure b, the respective auceeaaors and assigns of Lender and Borrower, aubjeM b the 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 rnvenience only and are not b be used b 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 Properly 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 slated herein or b such other address ae Lender may designate by notice b 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; Severability. Thin form of mortgage combines uniform wvenanta for national use and non- - uniform covenants with limited variations by jurisdiction to 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 vYith 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 b this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'Itiranafer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, 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 lees not containing an option to purchase, Lender may, at Lenders option, declare all the sums secures 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 pen;on is satisfactory to Lender and that the interest payable on the sums 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 a successor in interest 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. Such notice shall rovide a clod of not less than 30 da s from the date the notice is mailed within which Borrower ma the auma d P Pe Y Y PaY eclared f due. If Borrower fails to pay such auma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. i 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, 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 such breach; (3) a date, not leas 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 I 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 an the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration sad toreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all o! the sums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgagg 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 coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender aacceleration 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 b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrowercures all breaches of any other wvenanta 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'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 auma secured by this Mortgage shall continue unimpaired. Upon such payment and cure 1 by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. I Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to 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 a wort to enter-upon, take possession of and manage the Property and b collets the rents of the Property, including those past due. All rents wllected by the receiver shall be applied first b payment of the coats of managementof the Property and wllection of rents, including, but not limited b, receiver's fees, premiums on receiver a bonds and reasonable atbrney'e fees, and then b the sums secured by this Mortgage. The receiver shall be liable b aeoount only for those rents actually received. 8339 P~~E1108 .