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HomeMy WebLinkAbout0700 . 'r i ~ - 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that !.ender shall Kive Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender'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 property, or part :hereof, or for conveyance in lieu of rnndemnation, are hereby assigned and shall be paid to Lender. - In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, it any, > paid to Borrower. In the event of a partial faking of the Property, unless Borrower and !.ender otherwise 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 soured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the rnndemnor offers to make an award or settle a claim for damages, Borrower fails to respond to bender within 30 days after the date such notice is mailed, !.ender is authorized to collect and apply the proceeds, at Lender s option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application otproceeds 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 installments. 10. Borrower Not Released. Extension of the time for payment or modification otamortization of the sums secured by this Mortgage Kranted by Ixnder to any successor in interest of Borrower shall not operate to mlease, in any manner, the liability of the original Borrower - and 13orrower's successors in interest. Ixnder shall not be required to commence proceedings against such successor or refuse to a:tend time f..r payment or otherwise modify amortizatiai of the sums secured by this Mortgage by reason of any demand made by the original Borrower ` 3 ::^d I;orratYeY 3 SucccssY,rs to [ntCre'st. r 1). Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise :afforded by applicable law, shall not be a waiver of or preclude the exercise otany such right or remedy. The prucurementof insurance or the p:?yment 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 .ecvred by this Mortgage. i 2 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumclative to any other right or remedy under this ~tort~-age or afforded by law or equity, and may be a:ercise~l concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Severs! Liability; Captions. The rnvenants and agreements herein contained shall t,ind, and the rights hereunder shall inure to, the respective successors and assigns of [xnder and Borrower, subject to the provisions of tr?r:egruph 17 hereof. A!1 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 t h i s Hlortguge shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as R„rrower may designate by notice to Lender as provided herein, and Ib) any notice to !.ender shall be given by certified mail, return receipt rc•,t nested, to Ixnder's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any i n. rtice 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. This form of mortgagecombincsuniformcovenant~ for national useand non- . uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage ~h all be governed by the law of the jurisdiction iti which the Property is located. In the event that any provision or clause of this Mortgage or the 1`ote cortlicts 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 execution or after rc•.•urdation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower F without Ixnder': prior written consent, excluding (a) the creation ota lien or encumbrance subordinate to this Mortgage, (b) the creation of a ,urchase more sexurit interest for household a !sancta, (c) a transfer b devise, d.scent orb o ~ ! Y Y PP ~ Y y Aeration of law upon the death of a joint - te•nant or (d) the grant of any leasehold interest of three years or less not containing an option to. purchase, [xnder may, at Lender's option, ~1,•c•lare all the sums secured by this Mortgage to be immediately due and payable. Ixnder shall have waived such option to accelerate if, prior to t he sale or transfer, [.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such s p~•rson is satisfactory to Ixnder and that the interest ayable on the sums secured b this Mo P y rtgage shall beat such rate as Ixnder shall r,•el nest. It Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a .•rittenassumptionagreementacceptedinwritingbytxnder,IxndershallreleaseRorrowerfromallobligationsunderthisMortgageandthe E \ute. If Ixnder exercises such option to accelerate, Ixnder shall mat! Borrower notice otacceleration in accordance with paragraph 14 hereof. much notice shall provide a period of not less than :10 day s from thedate the notice is mailed within which Borrower may pay thesums declared slur- If Bc?rmwer fails to pay such sums prior to the expiration of such period. Lender rosy- without further noti~r nr dPmancl ~n Ihrr~wer, ~m•oke any remedies permitted by paragraph ltt hereof. i 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or r+y,*reement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Lender E prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereotspexifying: (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 t,reach moat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in ` ,tees~erationotthesumssecuredbythisMortgage,forecloaurebyjudicialproceedingandsaleoftheProperty.Thenoticeshall further inform Borrower otthe right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the ~ non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or { i tx~fore the date specified in the notice, Lender at Lender's option may declare all of the sums 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 expenses of foreclosure, including, but not limited to, reasonable attorney's fees. and rusts of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender's accelerationofthesumaeecured by this Mortgage, Borrowershall have ~ the right to have any pnxeedings begun by Ixnder to enforce this Mortgage discontinued at an time riot to en j y p try of a judgment enforcing 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 acceleration occurred; (b) Borrower cures all breaches of any otherrnvenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower a,ntaincd in this Mo ~ rtgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ttorney's fees; and Idl Borrower takes such action as Ixnder may reasonably require to assure that the lien of this Mortgage, Lender's interest 5 i n the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obtigationa secured 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 l.enderthe rents ~,ftheProperty,providedthatBorrowerahall,priortoaccelerationunderparagraph i8hereoforabandonmentoftheFroperty,havetheright } a, collect 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 rnurt to enter-upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and rnllection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 800K PACE ~ - .