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HomeMy WebLinkAbout0615 . 8. Inspection. !.ender may make or cause to be made reasonable entries upon and inspections of the property, provided that !.ender shall Move Borrower notice prior to any such inspection specifying reasonable cause therefor related to l.endei a 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 thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to l.esder. In the event of a total taking of the Property, the proeeeda shall be applied to the sums secured by this Mortgage, with the excess, itany, paid to Borrower. In the event of a partial taking 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 ae is equal to that proportion which the amount of the sums :,enured by this Mortgage immediately prior to the date of taking bears W the fair market value of the Property immediately prior to the date of t:+kinq, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offens to make an award or settle a claim for damages, Borrower fails to respond to Lender within 3U days after the date such notice is mailed, !.ender is authorized to collect and .+pply 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 of proceeds to principal shall not extend or postpone the due ci:+te of the monthly installments referred to in paragraphs !and 2 hereof or change the amount of such installments. I(1. Burrower Not Released. Extension of the time for payment or modification of amortization ottee sums secured by this Mortgage M;ranted by !.ender to any successor in interest of Borrower shall not operate to relea?ae, in any manner, the liability of the original Borrower :?nd Borre+wer's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time f„r payment or otherwise modify amortization of the sums second by this Mortgage by reason of any demand made by the original Borrower and 13??m,wer s sene+s+,n in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by !.ender in exercising any right ur remedy hereunder, or otherwise :+fforded 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 M,:?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 ~crured by this Mortgage. 1'l. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this \,ortrage or affiirded by law or equity, and may be exerciser! concurrently, independently or successively. 1:;. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All nwenants and agreements of Borrower shall be joint ana 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. 1 a. Notice. Except for any notice required under applicable law to be M,tiven in another manner, lal any notice to Bom,wer provided for in this Mortgage shall begiven by mailing such notice by certified mail addressed to Borrower at the Property Addressor at such other address as li„rrow•er may designate by notice to Lender :?s provided herein, and Ib) any notice to !.ender shall br given by certified mail, return receipt n•etuested, to Lender's address stated herein or to such other address as [.ender may designate by notice to Borrower as provided herein. Any n<,tice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. l:i. Uni orm Mortgage; Governing Law; Severability. This form of mortgagecombines uniform covenants for national use and non- uniform c+n•enants with limited variations by jurisdiMion to constitute a uniform security instrument covering real property. This Mortgage shall Ix• governed M the law of the jurisdiction in which the Pn,periy is located. In the event that any provision or clause of this Mortgage or the Nu1e conflicts with :+pplicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect ~+ithout the rnnfli_ ling pnwision, 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 nrordation hereof. N 1 T. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower K-ithout Lender a prior written consent, excluding (al the creation of a lien or encumbrance sut•.ordinate to this Mortgage, lb) the creation of a purchase money security interest for household appliances, (c1 a transfer by devise, docent or by operation of law upon the death of a joint tc=nant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, i?rlare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior ~I t., the sale 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 _ person is satisfacton to !.ender and that the interest payable on the sums secured by this Aortgage shall be at such rate as (,ender shall ~ rc~tuest. It Lender has waived the option to accelerate provided in this paragraph 17, and if I3orn,w•er's successor in interest has executed a L H ritten assumption agreement acc•~pted in writing by Lender, I,endershall rele:+se Borrower from all obligations underthis Mortgage and the ate. j ~ If Lender exercises such option to accelerate, ixnder shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. much notice shall provide a period of not less than a0 da~•s from the date the notice is rr.ailed within which Borrower rosy pay thesums declared glue. If Borrower fails to pay such sums prior to the expiration of such period, lender may, without further notice or demand on Borrower, ~ ,m•okeam• remedies permitted by paragraph Iri heres,f. ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or :+Mgeement of Borrower in this Mortgage. including the covenants to pay when due any sums securerd by thin Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hercofspecitying: (1) the breach;(`l?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 i,reach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in :?c•celeration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property.The notice shat! further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-a:istence of a default or any other defense of Borrower to acceleration and ~oreclosure.l f the 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 immediately due and payable without further demand and may foreclosethis Mortgage by judicial proceeding. Lender shall be entitlerd to collect in such proceeding all expenses otforeclosure. including. but not limited to, reasonable attorney's fees. and costs otdocumentary evidence. abstracts and title reports. l9. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have ' the right to have any pn,ceedings begun by !,ender to enforce this Mortgage discontinued at any Lime prior to entry 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, ifany,hactnoaccelerationoccurred;(b)BorrowercuresallbreachesofanyothercovenantaoragreementsofBorrowercontainedin this Mortgage; tc! Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower a,ntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable 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 Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Korrower, this Mortgage and the obligations 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 i.ender the rents ~,f the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereotor abandonment of the Property, Lender shall be entitled to have a receiver appointed by a po g petty petty, including those past due. All rents ~ rnurt to enter u n, take possession of and mans a the Pro and to co11eM the rents of the Pro collected by the receiver shall be applied first to payment of the cysts oPlnanagement of the Property and collection 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. 8~ 343 P~~E 61 4 - - - . _ _ , ,