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HomeMy WebLinkAbout0095 i 8. IzrapeMioa. Leader mtU? make or cause to be made reawnable entries upon and inspections of the property, provided that Leader shag give Borrower notice prior to aqy such Inspection specifying reasonable cause Werefor related to Lender's interest in the Property. 9. Coademaatioa. The proceeds of any award or claim for damages, direct or consequential. in eonnectioa with any eondemnalioa oe other taking of the properlj?, or part thereof. or for coaveyanos in lien of condemnation, are hereby assigned and shall bs psId to Leader. Ia the event of a total taking of the Property, the proceeds shall bs applied to the sums secured by this Mortgage, with the esoess, if say, paid to Borrower. Ia the event of a partial taking of the Propergr, unlew Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such propnrtioa of the proceeds as ie equal to that proportion which the amount of We sums secured by this Mortgage immediately prior to the date of taking bears to the fair marled value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Proper!y ie abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make as award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date each notice is mailed, Lender is authorized to collect pnd apply the proceeds. at Leaders option, eiWer to restoration or repair of the property or to the sums secured by this Mortgage. Udess Leader and Borrower otherwise agree in writing, any such 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 such inatalhaents. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any sua~essor 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 ouch eueceasor or refuse to a:tend 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 aua~eseore in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of insurance ar the payment of fazes 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 in this Mortgage sue distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezerciseri concurrently, independently or successively. 13. Sucoessore and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective euccessore and assigns 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 covenience only and are not to be used to interpret or define the provisions hereof. l4. 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 addreaeed to Borrower at the Property Address or at such other address as Borrower 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 each older 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 marurer designated herein. 15. 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 oonatitute a uniform security instrument covering real property.'t7~is Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. l& 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. If all or any part of the Property or an interest therein is Bold or transferred by Borrower without Lender's prior written rnnsent, ezcluding (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 or (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lender's option, ~ ~ declare all the auma secureu by this Mortgage to be immediately due and payable. Lender shall have waived such option tb accelerate if, prior ' : to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing ttat the credit of such person is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate as Lender shall I, request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a successor in interest has executed a I written assumption agreement accepted in writing by Lender, [.ender 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 1~ 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 auma decl ared due. If Borrower fails to pay such auma prior to the expiration of such period, Lender may, without further notice or demand on iorrower, invoke any remedies permitted by paragraph l8 hereof. ( IS..Aoceleration; Remedies. S:cept ad 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 some secured by this Mortgage, Lender prior to acceleration shall mai! notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach;(2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice L 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 auma 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 aeoeleration and the right to assert in the foreclosure proceeding the non-eziatence of a defaatt or any other defense of Borrower to aeceleratioa and foreclosure. If the breach is not cured on or before the date specified in We notice; Lender at Lender's option Wray declare all of the sums secured by this Mortgage to be i mmediately due and payable without further demand and may lorectose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, Iwt not limited to. reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender eacceleration ofthe sums secured by this Mortgage, Borrower shall have the right to have any proc~edinge begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in s this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender s remedies ae provided in paragraph 18 hereof, including. bat 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, benders interest in the Property and Borrower's obligation to pay the soma 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 ss if no acceleration had occurred. j 20. Assignment otRents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the recta _ 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 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 oonrt to enter~poa, take possession of and manage the Property and to eoUed the rents of the Property, including Wore pad due. All rents collected by tha receiver shall be applied first W payment of the poste of management of the Property and collection of rents, including. but not limited to, recxiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen to the sums secured by this Mortgage. The receiver shall be liable to account only for Wose rents actually received. BO'JK 341 PdGE 95 bb 'P~?'y - 2 :S- Jt_