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HomeMy WebLinkAbout0073 -3.l~-•? 8. Inspection. Leader may make or cause b be made reasonable entries upon sad irupectioas of the properey, provided that Leader shall give Borrower notice prior b any such iaapectioa spedfyiag reasonable caws Wecefor related to Leader's interest is the Property. 9. Condemnation. The-prooeeds of any award or claim for damages. direct or consequential, in coaaection wild any aondemruttoa or other taking of the property, err part thereof. or far conveyance in lieu of eondemaation, are hereby assigned and shall be paid b Lender. In the event of a total taking of the Property. the proceeds shall be applied b the soma aecursd by this Mortgage. wIW Ws ezoess, ff any. paid b Borrower. In the event of a partial felting of the Property. unless Borrower and Leader otherwise agree is writing, Were sbaB bs applied b Ws sums secured by this Mortgage such proportion of the proceeds ere is equal b Wet proportion which the amount of the anms secured by this Mortgage immediately prior b the date of taking bean b the fair market valve of the Property immediately prior b the date of taking, wild We balance of the proceeds paid b Borrower. If the Property is abaadoaed by Borrower, or if, after notice by Lender b Borrower that We condemnor offers b make an award or settle s claim for damages. Borrower fails b respond b Lender within 30 days after the date such notice is mailed. Lender is anthori:ed b collect and aPPIY We proceeds. at Lender's option. eiWer b restoration or repair of We property or b We sums secured by this Mortgage. Unless Lender and Borrower oWerwise agree is writing.any such application of proceeds b principal shall not extend or postpone the dw date of We monthly inetalhneats referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Bxtension of We lima for payment or modification of amortisation of We sums secured by this Mortgage Rranted by Leader b any euoceasor is interest of Borrower shall not operate b please. in any manner, We liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to Qommence proceedings against such aua+essor or refuse b eztead time for payment or oWerwise modify amortization of the sums secured by u~Iortgage by reason of any demand made by Weoriginal Borrows: and Borrower's successors in interest. 11. Forbearance by Lender Not a N?aiver. Any forbearance by Leader in exercising any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or We payment of tares or older liens or charges by Lender shall not tie a waiver of Lender's right b accelerate We maturity of the indebtedness secured by this Mortgage. - 12 Remedies Cumulative. All remedies provided in Wis Mortgage are diatiad and cumulative b nay other right or remedy under this Mortrage or afforded by law or equity. and may be e:ercise~l ooacurrently, independently or sueoessively. 13. Sucoeswrs and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hepunder shall inure b. the respective successors and assigns of Lender and Borrower, subject b We provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of We paragraphs of this Mortgage are for oovenience only and are not b be used b interpret or define We provisions hereof. - 14. Notice. Except for any notice required under applicable law b be given in anoWer manner, (a) any notice b 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 req ue~ted, b Leader's address stated herein or b such older address as Leader may designate by notice b Borrower as provided herein. Any notice provided for is this Mortgage ahaU be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform-Mortgage; Governing Law; 3everability. Thies form of mortgage combines uniform covenants for national use and aon• uniform covenants wild limited variations by jurisdiction b constitute a uniform security instrument Hoovering real property. This Mortgage shall be governed by the law of the jurisdiction in which We Property is located. In the event W at any provision or clause of this Mortgage or the Note conflicts with applicable law. ouch oonfliM shall not a6ect other provisions of Wis Mortgage or the Note which can be given effect without the conflicting provision, and b this end We provisions of the Mortgage and We Note are declared b be severable: lli. Borrower's Copy. Borrower shall be furnished a rnnformed Dopy of the Note and of Wis Mortgage at-the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Properly or an interest Werein is sold or transferred by Borrower- without I.endei's prior written consent, excluding (a) We creation of a lien or encumbrance subordinate b this Mortgage, (b) We 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 gran! of any leasehold interest of Wree years or less not containing an option to purchase. Lender may, at Lender's option, declare all the soma eecurea 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 to whom the Property is b be sold or transferred reach agreement in writing that the credit of each person is satisfactory b Lender and that the interest payable on the sums secured by Wis Mortgage shall be at such rate as Lender shall request. If Lender has waived We option b accelerate provided in this paragraph 17, and if Borrower's auocessor in interest has executed a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under this Mortgage and We j Note. If Lender exercises such option b accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hhreoL - Such notice shall provide a period of not less Wan 30 days from the date the notice is mailed within which Borrower may pay the sums declared ~ due. If Borrower fails b pay such soma prior b We 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 17 hereof. upon Borrower's breach of any covenant or agreement otBorrower 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 paragrap614 hereof spedfying: (1) the breach; (Z) 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 core such breach on or before the date specified in the notice may resell 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 aeceleration sad the right to assert in.the foreclosure proceeding the non-ezisteace of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cased 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 to such proceeding all e:penaea of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts sad -title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender'sacceleration ofthe sums secured bythis Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage disooatinued at any time prior b entry of a judgment enforcing this Mortgage it: (a) Borrower pays Lender all sums which would be then due under this Mortgage, We Note and notes securing Phture Advances, if say, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by !,ender in enforcing We covenants and agreements of Borrower contained in this Mortgage and is enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b. reasor?abls attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, Leader's interest i n the Property and Borrower's obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment sad care ~ by Borrower, this Mortgage sad We obligations secured hereby shall main in full force and effect as if no aoorleration had oocnrred. Z0. Auignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lander We rents of the Property, provided that Borro~rer shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have We right - to collect sad retain such rents as Way become due and payable. . Upon acceleration under paragrap618 hepof or abandonment of We Property, Lender shall be entitled b have a receiver appointed by a court b enternpon, take possession of sad manage the Property and b collect the rents of the Property, including blase past due. All rents collected by the receiver shall be applied first b payment of We awls of managemeatof the Property and eollectioa of rents„ including, but not limited b, receiver's ices, premiums on receiver's bonds and reasonable atbrney's fees, and then b. We sums secured by this Mortgage. The receiver ahsll be liable to aeoount only for these yenta actually received. g~K341 P~~ `73 - _1 - - -