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HomeMy WebLinkAbout0089 _ t i a ~.4 L. ~t . tta 8. Enepection. Lender may make or cause to be made reasonable entries upon and irupections of the properly,provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related b Leader's interest in the Property. . 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in connection with any condemnation or other taking.of the prope,rgr, or part thereof. or for conveyance in lien of oondemaatioa, are hereby assigned and shall be paid to Leader. In the event of a total taking of the Property. We proceeds shall be applied to the sums secured by thir Mortgage, with the excess, if any, paid b Borrower. In the event of a partial taking of We Property, unless Borrower and Lender oWerwise agree in writing, there shag bs applied to the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured 12Y this Mortgage immediately prior to the date of taking bears to the fair market value of the Properly immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. i If the Properq? le abandoned by Borrower. or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a ~ claim for dsmagea. Borrower fails to respond to Lender within 30 days after the dwte such notice is mailed. Lender is au Worized to collect and , apply the proceeds. at Lender's option, either to restosation.or repair of the property o: to the sums secured by this Mortgage. 1 Unless Lender sad Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of We monthly inetalbmenta 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 amortisation of the sums secured by this Mortgage granted by Lender to any suoceeaor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's auecesaore in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader 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. All remedies provided }a this Mortgage are distinct and cumulative to any other right or remedy under this Mortcage or afforded by law or equity. and may be exercised rnacurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein eontaiaed shall bind, and the rights hereunder shall inure to, the respective sua~eesors and assigner of Lender and Borrower. subject to 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 coveaience 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 another manner, (e) any notice to Borrower provided for in . t hie Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at each other address as Forrower may designate by notice to Lender ere 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 addteas as Leader may designate by notice to Borrower ae 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; Governing Law; Severability. Thisform of mortgage combines uniform covenants for national useand non- uniform rnvenants with limited variations by jurisdiction to conatityte 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 Wat any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affeM other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. lti. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. U all or any part of the Property or an interest therein is sold or transferred by Borrower withwt 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 oT (d) the grant of nay leasehold interest of three years or less not containing an option to purchase. Lender may, at Lenders option, dQC fare all the auma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale of transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement is writing that the credit of snch 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 Ixnder has waived the option to accelerate provided in this paragraph 17, and if Borrowers aucceasor 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 provide a period of not leas than 30 days from the date the notice is trailed within which Borrower may pay the auma declared _ j due. If Borrower fails to pay such soma prior to the expiration of snch period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedlea Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or I agreement of Borrower in this Mortgage, includLtg the eovenante to pay when due any sums secured by this Mortgage, Leader ~ prior to acceleration shall mail notice to Borrower as provided in paragraph l4 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 f breach moat be cured; and (4) that failure to cure snch breach on or before the date specified in the notice may result in ! acceleration of the some secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall N further inform Borrower of the right to reinstate after acceleration and 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 cured on yr before the date specified in the notice, Lender at Lender's option may declare all of the same secured by this Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses 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. Notwithstanding Lenders acceleration ofthe sums aecttred by thin Morlgage,Borrower shall have the right to have say proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage iL (a) Borrower pays Lender all sums which would be then due under this Mortgage, -the Note and nolee securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of say other covenants ~ agreements of Borrower contained is this Mortgage; (c) Borrower pays all reasonable e:pettses incurred by Lender in enforcing the oovenanta and agreements of Borrower contained in this Mortgage and in enforcing Leader's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's foes; and (d) Borrower. takes snch action as Lender may reasonably require to assure that the lien of this Mortgage. Lender's interest in the Property and Borrowers obligation b pay the soma secured by this Mortgage shall continue unimpaired. Upon snch payment and care by Borrower, this Mortgage and the obligations eecnred hereby shall remain in full force and effect as if no acceleration had occurred. 20. 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 to acceleration Hader paragraph 18 hereof or abandonment of the Properly. have the right to eolled and retain snch rents as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a take possession of and manage the Property and to collect the rents of the Propertyr including those peat due. All rents court to enter.upoa, collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and rceeoaable attorney's fees, and then to the same secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. ~ , X341 P~ 89 _ _ -