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HomeMy WebLinkAbout0656 8. Inspection. [.ender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to arty such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any condemnation or other taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby assigned and shall be paid W Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sumo secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the some secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the rnndemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender s option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue date of the monthly inataUmenta referred to 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 sums secured by this Mortgage t,~ranted by Lender to any auereasor in interest of Borrower shall not operate to 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 to extend time f„r payment orotherwise modify amortization of the sums secured by this Mortgage by reagun of any demc?nd made by the original Borrower xnd Borrower s successors in interest. 11. Forbearance by Lender Not a Waiver. 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 such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. Ail remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this 4ortgage or afforded by law or equity, and may be exercise+l rnncurrently, independently or successively. 13, Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein rnntained shall bind, and the rights hereunder shall inure to; the respective successors and assigns of Lender and Rarrower, subject to the provisions of paragraph t T hereof All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of t},is Mortgage are for covariance 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 anothar manner, la) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrowerat the Property Address oral such other address as }tc,rrower 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 to have been given to Borrower or Lender when given in the manner designated herein. I Uniform Mortgage; Governing Law; Severability, This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage .hall be governed by the law of the jurisdiction in which the Property is located. In the event that any provisian or clause of this Mortgage cr the ;dote conflicts with applicable taw, such conflict shalt not affect other provisions of this INurigage or the Note which can begiven effect w•ithc,ut the conflicting provision, and to 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 nrordatian hereof. 17, Transfer of fhe Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Ilorrower H-ithout Lender E prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, Ib) the creation of a Eurchase money security interest for household appliances, (c) a transfer by devise, dxscent 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, i.ender may, at Lender's option, declare all the sums secured by this Mortgage lobe immediately d~~td payable. Lender shall have waived such option to accelerate if, prior to the sale err transfer, Lender and the peraoh Cowhorri the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to (.ender and that the interest payable on the sums secured by this Mortgage shalt be at such rate as !.ender shall rcYtuest. If [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a a-niten assumption agreement accepted in writing by Lender, lxnder shall release Borrower from all obligations under this Mortgage and the ti ore. If Lender exercises such option to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~iueh notice shall provide a pericxl of not less than 30days from thedate the notice is rr.ailed 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 Born,wer, ,necks any remedies permitted by paragraoh IR 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, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 here ofspecifying: (l) 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 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 proceedingand saleof the Property. The noticeahall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-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 without furtherdemand and may foreclose this Mortgageby judicial proceeding. Lendershall be entitled to collect in such proceeding all expenses 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 Lender s acceleration ofthe sums secured by this Mortgage, Borrowershal! have the right to have any proceedings begun by [.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: la) 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; Ib) Borrower cures all breaches of any othercovenants or agreements of Borrower rnntained 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 remedieB as provided in paragraph 18 hereof, including, but 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, Lender's interest in the Property and $orrower's obligation to pay the sums 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 acceleration had occurred, 20. Assignment of Renter; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to 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 to have a receiver appointed by a court to enter.upon, take possession of and manage the Property and to rnllect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and rnllection of rents, including, but not limited to, receiver's tees, premiums on receiver's bonds and reasonable attorney's fees, and then to thesuma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. B~J4O PdGF Gam! . _ - - _ -