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HomeMy WebLinkAbout0081 ~ s, ~ ' ~ - ~ ;,ai ~ a~' 8. Irupection. Lender rosy make or caws to be made reawnable eatria upon and inspections of the property. provided that Lender shall give Borrower Holies prior to way such inspection epedying reasonable cause therefor related to Lender's interact is the Property. 8. Condemaadon. Ths proceeds of any award or claim for damages. direct or consequential. in coaaeMioa with way oondemaation or other taking of the propergr, or part Wereof, or for oonveyaaee in lieu o! ooademaation, are hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property, the proceeds shall be applied to We Bums secured by this Mortgage, with We ezeea, U any, paid to Borrower. In Ws event of a partial taking of the Property. enlace Borrower and Lender oWeswiss agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of We sums se~vred by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to We date of taking, with the balanoa of the prooeedc paid to Borrower. If the Property is abatrdoned by Borrower. or U. after notice by Lendei to Borrower that the condemnor offer to make an award or settle a claim for damages~orrower fails to nspoad to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds. at Lenders option, eiWer to reetoratioa or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any ouch application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of each installments. 10. Borrower Not Released. Szfensioa of the time for payment or modification of amortization of the sums secured by this Mortgage - granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's successor in interest. Lender sha0 not be required W oommenoe proceedings against such sueceasor or refuse to extend time for payment or otherwise modify amortization of the sums eec~rred by this Mortgage by reason of any demand made by the original Borrower - and Borrower's successor in interest. - - 11. Fosbearanoe by Leader Not s Waiver. Any forbearance by Lender in e:ercieing any right or rmedy here~mder, 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 thin Mortgage. 12 Remedies Cumulative. All remedies provided in thin Mortgage ar distiad and cumulative to any older right or remedy under this Mortgage or atI'orded by law or equity, and may be exescise~i ooacurrentiy, independently or succxasively. 13 Succesaore and Aseigne Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, We respective euoceeaon and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. AU rnvenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to 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 to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) arty notice to Lender shall be given by certified mail, rtum receipt _ requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower w 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. 15. Uniform Mortgage; (,overning Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jnriadiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of thejdrisdi~-lion in which the Property is located. In the event that any. provision or clause of this Mortgage or the Note corlflids with applicable law. such conflict shall not affect other provisions of Wis Mortgage or the Note which can be given effect without the wnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrnwer'a Copy. Borrower shall be furnished a conformed Dopy of the Note and of thin Mortgage at the time of execution or after recordation hereof. ~(17. Transfer of the Prnperty; Assumption. U all or any part of the Property or an interest therein is sold or transferred by Borrower wr out Lender's prior written ooneent, excluding (a) the creation of a lien or encumbrance subordinate to thin Mortgage. (b) the creation of a purchase money security interest for household appGanoes, (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 year or less not containing an option to purchase, Lender may, at Lenders option, declare all the sums secures by thin 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 peron to whom the Property is to be sold or transferred reach agreement in writing that the creditof such ~ person 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 ir. this paragraph 17, and if Borrowers successor in tetanal has executed a written assumption agreement accepted in writing by [.ender, Lendershall release Borrower from all obligations under this Mortgage and the Note. ~ - If Lender ezercisea such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is nsailed 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. Ezoept as provided in paragraph 17 6ereot, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any soma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 bereo[epecifyiag: (1) the breach; (2) the action required to care such breach; (3) s date, not lees than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failwe to care each breach on or before the date speciRed 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-esistence of a default or any other defense of Borrower to acceleration wad foreclosure. If the breach is not cured on or before the date epeciRed in the notice, Lender at Lender's option may declare all of the soma 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 in such proceeding all ezpenees 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. NotwithstandingLender's acceleration of the some secured by thin Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diecontinned at any time prior to entry of a judgment enforcing this Mortgage ifi (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future r Advances, if any. had no acceleration oocnrred; (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 Lender in enforcingslre covenants and agreements of Borrower contained in this Mortgage and in enforcing Leader's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower taken such action as Lender may reasonably require to assure that the limn of this Mortgage, Lender's interval ! in the Property and Borrowers obligation to pay the name secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrows, this Mortgage and the obligations secured hereby shall remain in fell force and effect as if no acceleration had occurred. Z0. Assignment otRents; Appointment of Receiver. As additional security hereunder, Borrowerhereby assigns to Lender Wereata of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to coiled and retain such nxrts as Way become due and payable. - Upoa acceeration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a court to enterrrpon, twice possession of and manage We Property and to Dolled the rents of the Property, including Wase past due. All yenta ovllected by the receiver shall be applied firt to payment of We costs of management of We Property and collection of rents, including. but not limited to, receivers fees. premiums on receiver's bonds and reasonable attorney's fees, and Wen to the soma secured by Chia Mortgage. The receiver shall be liable to account only. for those rents actually received. - Bo~K 341 PEE 81 - ~ - ~r . ~ -