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HomeMy WebLinkAbout0313 • , 8. lnepection. Lender mqy make or cause to be made reasonable entries upon and inspections of the property, provided that Lender ahaU give Borrower notice prim to any such inspection specifying reasonable cause thezefor related to Lender a interest in the Property. 9. COAdemnatiOA. The proceeds of any award or claim for damages. direct m consequential. in connection with any condemnation m other taking of the property, m part thereof. or fm rnnveyance in lieu of condemnation, are hereby assigned and shall be paid to lender. In the event of a total taking of the Properly. the proceeds shall be applied to the auras secured by this Mortgage, with the exasa, if any. paid to Borrower. In the event of a partial taking of the Property, unlep Borrower and Lender ottherwiae 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 the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Properly unmediately prior to the date o! taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. m if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damage, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the property os to the sums secured by thin Mortgage. Unless Lender 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 m change the amount of such installments. 10. Borrower Not Released. E:tension of the time for payment m modification of amortization of the sums secured by this Mortgage granted by Lender to any sua~ssor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower's suocesson in interest. Lender shall not be required to commence proceedings against such a»occssor or refuse to a:tend time for payment or otherwise modify amortization oI 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. My forbearance by Lender in exercising any right or remedy hereunder, pr otherwice sffordal by applicable lave, 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 in this Mortgage an distinM and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be exercised eoncttrrently, independently or successively. _ 13. Suooessors and Assigns Hound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective sua~esson 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. 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 addresses 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 elated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any nMice provided for in Chia Mortttaae shall be deems~t t~.+ heve been given to Hosrotrer ar Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform c~ venanta with limited variations by jurisdiction to constitute a unifornn security instrument ooverins real property. Thin 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 eonf)icta with applicable law, such conflict shall not affect 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. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and, of this Mortgage at the time of ezecution or after ' recordation hereof. 17. Transfer of the Property; Assumption. If all m any part of the Property m an interest thmin is sold or transferred by Borrower without Lender's 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 or (d) the grant of any leasehold interest of three years m leas not containing an option b purchase, Lender may, at Lender's option, derlan all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale m transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s ancceasor in interest has executed a written assumption agreement accepted in writing by I.ender, Lendershall release Borrower from all obligations under this Mortgage and the Alote. 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 less than 30 days from the date the notice is n•.ailed within which Borrower may pay the sums declared j due. If Borrower fails to pry such sums prior to the expiration of such period, Lender may, without further notice or demand on )~3onrower, mucks any remedies permitted by paragraph IS hereof. ~ ltl. Acceleration; Remedies. Ezce t as rovided in era a h.17 hereof, u p p p gr p pore Borrower's breach of any covenant or agreement of Borrower 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 paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure wch breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such breach must be cored: and (4) that failure to care such breach on.or before the date specified in the notice may result in ~ k acti~eleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale otthe Property. The notice shall j i further'inform Borrower of the right to reinstate after acceleration and the right to assert in the forecl~ure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice. Lender at Lender's option may declare ail of the sums secured by this Mortgage to be immediately due and payable without further demand and may [oreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in such proceeding all a:penaes of foreclosure, including, but not limited to, reasonable attorney's fees. and rnsts of documentary evidence, abstracts and title reports. e ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prim to entry of a judgment enforcing l this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no aoceteration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower cnntained in ~ this Mortgage; (c) Borrower pays all reasonable a:penses incurred by Lender in enforcing tt!! cvvenants and agreements of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, nasonablr attorney's fees; and td) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender a interest j in the Property and Borrower's obligation to pay tht soma secured by this Mortgage shall continue unimpaired. Upon such payment and con by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effeM as if no acceleration had occurred. 2(1. Assignment of Rents: Appointment of Receiver. As additional security hereunder, Borrower herby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right , to rnllect and retain such rents as they bernme due and payable. Upon acceleration under pangrsph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a Dour! to enter~upon, take possession o[ and manage the Property and to rnllect the Hots of the Property, including those past due. All ants ~ rnUected by the receiver shall be applied fi»t to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver i fees, premiums on receiver's bonds and reasonable ettorney'a fees, and than to the arms secured by this Mortgage. The receiver shag be liable b account only for those rents actually received. X342 313 k 4