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HomeMy WebLinkAbout1788 ~1i ~ a i 8. Iaspectloaw Leader may make ~ cause to M made reasonable m?triw upon and iaspectioru of flu pr~oparty, provided ihatLender shall give Borrower notice prior to nay such inepedion spedfyring reasonably cause therefor related to Leetdee's interest in tM Property. 9. (Jondesnnatiwr.The proceeds of nay award or claim for damages. direct a ooasequattial, in ooanection with soy ooademaation a older taking at the propargr, oe part theeyof, or for oonwyanos in lien of coadsmaation, are heryby asdgned sad shall bs paid to Lendee. Ia the event of a total taking of the Property, the proceeds shall be applied to tM sums eecnred by Chia Maetgage, with the eaoess„ if any. paid to Borrower. Ia the event ~ a partial taking of the Property, nder Harrower and Loader oWsewiss agree in welting, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is egad to that proportion which the amonat of the same secured by this Mortgage iretnediately prior to the date of taking beam to the fair market value of the Property immediately priorto tM data yf taking. wild the bdsnoe of the proceeds paid to Borrower. U the Propsrgru abandoned by Borrower. or ~ after notice by Londe: to Borrower that the oondenmoroffen to make as award orssttle a claim foe damages, Borrower fails to respond to Lender within 30 days aRer the date such notice is mailed, lender is anthorited boolMst sad apply the peooesds, at I.aide~s option. either to restoration or repair of the property a to the same secured by this Mortgage. Unless Tender and Borrower oWerwiss agree is writing. any each application of proceeds to principal shall not a:laid err postpoos the dw date of the monthly instdlmatta referred to in paragraphs 1 and Z hereof or change the emonnt of gash iastdlaneats. 10. Borrower Not Released. Batteasioa of the time for payment err anodificatioa of amortisation of the snares secured by Chia Mortgage graaled by leader to any snooessor ir? interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's suocesson in interest. Lender shall not be required to commence proceedings against such suecapor or tefuae to esiertd time for payment or otherwise modify amortisation of the arms warred bS? this Mortgage by reswa of any demand anode by the origind Borrower and Borrower's suooeesors in interest. ~ ~ ~ . 11. Forbearanos b7 Lender Not a Waiver. Any forbearance by Leader in ezerrdaing any rigltt or remedy hereunder. err otherwise afforded by applicable law. shall not be a waiver of or preclude the ezercise of aqq each right or remedy. The proo~remeat of insnraace cr the Payment of taxes or older liens or charges by Leader shall not be a waiver of Lender's right to aooslerate the maturity of the indebtedness secured by thin Mortgage. 12 Remedies Cmm~lative. AU remedies provided in this Mortgage are distinct and onmalative to any other right or remedy Hader this Mort£age or afforded by law or equity. and may bs exercised ooncurreatly, independently or snooe..ively. 13. Suocesaon and Assigns. Board; Joint and Several Liability; Captions. The eovaoants and agreeoneata herein contained shall bind, and the rights hereunder shall inure to. the respective snocessors and assigns of Lander and Borrower, anbjed to the provisionns of Paragraph 17 hereof: All covenau4 and agreements of Borrower shall bs joint and ssveeal. The captions and headings of the paragraphs o[ this Mortgage are for oovenience only and are not to be need to interpret or define the provisions heeeoL - 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided form this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower atthe Property Address or at such other address a. , Borrower may. designate by notice to Calder as provided herein, sad (b) any notice to Leader shall be gives by eartified mail. return receipt requested, to Lender's address stated herein or to such other address as Fender may designate by notice to Borrower as provided herein. Ar4y notice provided for in thin Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severab3lity. This form of mortgage combines uniform a+veaants far nationd use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform sec~ity instrument covering real property. This Mortgage shall be governed by' We law of the jnriadidioa in which the Property is located. In the event that any provision or clause of thin Mortgage o: the .Note rnnflida with applicable law, such conflict shall notaffed other provisions of this Moi tgage or the Note which can be gives - without the' watliMing provision, and to this gad the Irovisions of the Mortgage and the Note are declared to be severable. 16. Borrnwer's Copy. Borrower shall be furnished a conformed copy of the Note sad of this Mortgage at the time of e~secntion or after reoordatioa hereof. _ . 17. Transfer of the Property; Assumption. If all or any part of the Property or as interest therein is sold or transferred by Borrower without Lender's prioz:writtea consent, excluding (a) the creation of a lien err encumbrance subordinate to this Mortgage; (b) the creation of a purchase money security interest for household applisncea, (c) a transfer by devise, descent or by operation of law upon :lu death a~f a joist tenant or (d) the grant of any leasehold interest of Wree years or lesa,aot oontainiag as option to purchase, Larder may. at Leader's option, declare all the Bums aecnrea by this Mortgage to be immediately due and payable. Londe: shall have waived such option to accelerate ~ prior to the ode or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing thattbe creditof swab Person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be st such rate as Leader shall request. If Leader has waived the option to accelerate provided in this paragraph 1T, and if Borrower's snooessor in interest has eucecnted a written assumption agreement accepted in writing by I.ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Leader a:erciaes such option to accelerate, Lender shall mail Borrower notice of aooeleration in aeoordanee 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 soma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without inrther notice or demand on Borrower. invoke any remedies permitted by paragraoh 18 hereof: 18. Aoceleratioa; Remedies. Except as provided in paragraph-17 hereof. npoa Borrower'r breach of any covenant or j agreement of Borrower in this Mortgage. including the covenants to pay when doe any sums secured by thin Mortgage, Lenderr ~ prior to aceeleration shall mail notice to Borrower as provided is paragraph 14 hereof spedf~ring: (1) the brerach; (2) the action required to cure each breach; (3) a date, not leas than 30 days flrom the date the notice is mailed to Borrower, by which snd? breach must be cared; and (4) that failure to care such breach on or before the date specified in the notice may result irr acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding sad sale of the Property.The notice shall further inform BorroweY of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ~ non-ezist~ce of a default or any other defense of Borrower to aecelea anon and foreclosure. If the breach is not careid on or before the date specified in the notice, Lender at Leader's option may declare all of the sums seprred by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortglige by jndkial proceeding.Leader shall be , ~ entitled to collect in such proceeding all expenses 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. Notwithstanding Lender's socelesation of the rams secured by this Mortgage. Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage dieoontinued at any time prior to entry of s jodgmeat enfozcing this Mortgage if: (a) Borrower pays Lender all arms which world be then due ender this Mortgage, the Nots and notes securing 14htnre ' Advances. if any, had no aooekration oocnned; (b) Borrower cures all breaches of any other covenants or agreements of Borrower eontained in ~ thin Mortgage; (c) Borrower pays all reasonable expenses incurred by Leader in enforcing the covenants and agreemen4 of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; including, b~ not limited to, ressooabla attorney's foss: and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage. Calder's iatecest l in the Property and Borrower's obligation to pay the same secured by this Mortgage shall eontinne unimpaired. Upon such payment and care by Borrower, this Mortgage and flu obligations severed hereby shall remain in fall force and effect as if no aooeldration hod oocureyd. 20. Assiprment of Rents; Appointment of Reweiver. As additional security hereunder, Borrower hereby assigns to Leader the rents of the Property. provided that Borrower shall, prig to acceleration under paragraph 18 hereof or abandonment of the Property. have theright to eolled and retain such rents as Way become due and payable. Upon acceleration under paragrap618 hereof or abandonment of the Propwty, Leader shall be entitled to have a receiver appointed by a oonrt to entera~pon, take poasesaion of and manage the Property and to Dolled the rafts of the Property, including Wose past due. All rents collected by the receiver shall be applied Sat to payment of the costs of managemeatof the Property and oolledioa of rents. including, butnd limited to, receiver's fees, premiums oa receiver's bonds and reasonable attorney's fees. and then to the sums secured bythis Moetgags.llu - reoeiver shall be liable b aooonnt only for those rests actually received. - ~ . 80~ ~ PACE 1 - - _