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HomeMy WebLinkAbout1183 8. Iaspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Properly. 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 thereof, or for rnnveyance in lieu of rnndemnation, are hereby assigned and shall be paid b Lender. In the event of a total taking of the Property. the proceeds shall be applied to the soma secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, then shall be applied to the auma 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 bears b the fair market value of the Property immediately prior to the date of taking, with the balances of the proceeds paid w Borrower. It the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and - r apply the proceeds, at [.ender a option, either to restoration or repair of the property or to the auma secured by this Mortgage. t llnlesa Lender and Borrower otherwise agree in writing, any such application of proc.~eeda to principal shall not extend or postpone the due date of the monthly installments referral to in paragraphs 1 and 'l hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the auma secured by this Mortgage Kranted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's succeaaora in interest. Lender shall not be required to rnmmence proceedings against such successor or refuse to extend time Gar payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and &+rrower s successors in interest. ! Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereut?der, ar otherwise ~+ftorded 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 (.ender shall not be a waiver of (.enders right to accelerate the maturity of the indebtedness secured by thin Mortgage. 1 Z Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Nortrage or afforded by law or equity, and may be exercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The rnvenanta and agreements herein contained shall hind, and the rights hereunder shall inure to, the respective successors and assigns cf (.ender and Borrower, subject to the provisions of p:+ragraph 1?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 begiven by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as 1;urrower may designate by notice to (.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt r~~ctuested, to lender's address stated herein or to such other 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 (,ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform rnvenanta for national use and non- uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security instrument covering real property. This Mortgage ::hall be governed by the law of the jurisdiMion in which the Property is located. In the event that any provision or clause of this Mortgage or the tiote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect K-ithout the conflicting provision, and to this end the pro~~siona of the Mortgage and the Note are declared to be severable. I fi. Borrower's Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time of execution or after rErords<tion hereof. 1:. Trans#'er of the Property: Asattmption. It all or any part of the Property or an interest therein is sold or transferred by Borrower w•ithoat lender's prior written consent, exdudilrg~) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a _ purc?.:,ae money aeccrity interest for househo~d rjppliances, (c1 a ~tanafer by devise, descent or by operation of law upon the death of a joint tenant-or fcr+ the grant of pry leasehold interest oY th~ee years or leas not containing an option to purchase, Lender may, at Lenders option, d~rlaite all the auma secures by this bortgage to'~e immeediately doe and payable. Lender shall have waived such option to accelerate if, prior u, the Bale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such p+~rson is satisfactory to !.ender and that the interest payable on the auma secured by this Mortgage shall be at such rate as (.ender shall I' rc~yuest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a written assumption agreement accepted in writing by tender, lender shall release Borrower from all obligations under this Mortgage and the \ute. 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 lea_o than :lOdays from thedate the notice is rr ailed within which Borrower may pay thesums declared glue. If Borrower fails to pay such sums prioF to the expiration of such period, lxnder may, without further notice or demand on Borrower, i +m-oke any remedies permitted by paragraph IR hereof. 18. Acceleration; Remedies. Except as 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 sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying: (1)the breach;(2)theaction - 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 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 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. Itthe breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums 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 expenses of foreclosure. including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithatandin q Lenders acceleration of the sums secured by this Mortgage, Borrower shall have ~ the right to have any proceedings began by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ( this Mortgage if: (a) Borrower pays bender all auma which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; Ib) Borrower cures al! breaches of any other rnvenanta or agreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the rnvenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable 999 attorney's fees; and Id? Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such paymentand cure E by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ ~ ~ Z0. Assignment o~Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lenderthe rents of the Property, provided that Borrower shall, prior to acceleration under paragraph I8 hereof or abandonment of the Property, have the right to 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 court to enter-upon, take possession of and manage the Property and to rnllect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the ousts of management otthe Property and collection of rents, including, but not limited to, receivers fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the auma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. enox 342 PaGE 1183 . -