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HomeMy WebLinkAbout0944 8. Inspection. Lender may make or cause b be made reasonable entries upon and inspections of the properRy, provided that Lender shall give Borrower notice prior b aqy such inspection specifying reasonable caws therefor related b Lenders catered in tM Property. 9. Condemnation. The proceeds of any award or daim for damages, direct os oowequential, in coaaeetion with any eoademaation atr other taking of the property. or part thereof. or for ooaveyaace in lieu of condemnation, acs hereby assigned and shall bs paid to Lendse. In the event of a btal taking of the Property, the proceeds shall be applied b the sums secured by this Mortgage, with the eseess, it say, paid b Borrower. In the event of a partial taking of We Propergr, unless Borrower and Lender othetwiss agree in writing, there shall bs applied b the sums second by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount o[ the some secured by this Mortgage inemediately prior to the date of taking bears b the fair market value of We Property immediately prior to the date of ter.king, with the balanoa of the proceeds paid to Borrower. U the Property is abandoned by Borrower. or ii, after notice by Lender b Borrower that the condemnor offere b make as award or setHs a daim for damages, Borrower fails b respond b Lender within 30 days after the date such notice is mailed, Leadec is authorised to collect and apply the proceeds. at Lender's option. either b restoration 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 eztend or postpousths dw date of We monthly installments referred b in paragraphs 1 and 2 hereof or dunge the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums 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 dommence proceedings against such successor os refuse b catered time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any d~en~ muds by~he original Borrower and Bosrower s auccesaors in interest. ~ ' ~ ~ ' 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezereasing any right ~ remedy hereunder, or otl?erwiss afforded by applicable law. shall not be a waiver of or preclude the eaerciss of any such right or remedy. The procarea~mt of insnranos a the payment of tares or other liens or charges by Lender shall not be a waiver of Lenders right b accelerate the maturity d the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right ac remedy Wade: this Mortgage or afforded by law or equity. and may be ezetcise~l concurrently, independently or suooessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions.'lbe covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective anccessore and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. AU covenants and agreements of Borrower shall be joint and several.~'Ybe captions and headings of the paragraphs of this Mortgage are for covenience only and an 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 Borrower provided for is 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 to Lender shall be given by oerti5ed mail, rebtra receipt' requested, b Lender a address stated herein or b such other address as Lendermay designate by notice b Borrower as provided herein. Aqy notice provided for in this Mortgage shall be deemed b have been given to Borrower or Lender when gives in the manner designated herein. 15. Uniform Dortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanb for national use and non- uniform covenants with limited variations by jurisdiction to oonatitnte a uniform security instrument covering real property. Ibis Mortgage shall be governed by the law of the jurisdiction in which the Properly is located. In the event that any provision or dense of this Mortgage or the Note conflida with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without fire t»nflicting 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 ezecntion or after recordation hereof. 1?. Transfer of the Property; Assumption. If all or any part of the Property err an interest Werein is sold or transferred by Borrower without Lenders prior written rnnsent, excluding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation a[ a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law spore the death of a joint tenant or (d) the grant of any leasehold interest of three years or lees not containing an option b purchase. Lender may, at Lenders option, declare all the sums secures by this Mortgage b 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 person is satisfactory b 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 b accelerate provided in this paragraph 17. and if Borrower's auocessor in interest has ezearted a written assumption agreement accepted in writing by Lender, I.enderahall release Borrower from all obligations underthia Mortgage andthe Note. If Lender ezerrisea 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 mailed within which Borrower may pay the sums dedared due. If Borrower fails b pay such soma prior b the expiration of such period, Lender may. without farther notice or demand on Borrower, invoke any remedies permitted by paragraph 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 b pay when due any some secured by this Mortgage, Leader prior to aceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (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 moat 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 proceeding and 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-a:iatence of a default or any other defense of Borrower to acceleration and foreclosure. It 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 1ortgage 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 e:pensea 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. Notwithstanding Lendereacceleration ofthe sums secured by this Mortgage, Borrower shall have the right b 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 some which would be then due under this Mortgage, the Note and notes securing Fatnre I 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 ezpenaes incurred by Lender in enforcing the covenants and agreements of Borrower antai~'d in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereot; including, but not limited b, reasonable attorney's 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 b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cars by Borrows, this Mortgage and the obligations secured hereby shall remain in full force and effect as it no aooelerution had occurred. Z0. Assignment otltents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigw b Lendertherents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to tolled and retain such rents as they become due and payable. Upon soceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a oourl b enterapon, take possession of and manage the Property and to collect the rents of the Property, indnding those pad due. All reab collected by the receiver shall be applied first b payment of the costa of management of the Property and collection of rents. irtdnding, bat not limited b, receiver's fees, premiums on receceiver'e bonds and reasonable attorney's fees, and then b the sums secured by this Maetgage. The ~ receiver shall be liable b account only for those rents actually received. ~~40 944 - .