Loading...
HomeMy WebLinkAbout0657 Bch r. ,ie t der ehr . • , .i. • 8. Inspection. 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 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 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. if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the prc,ceede as is equal to that proportion which the amount of the sums secured 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 balance of the proceeds paid to Borrower. I[ 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 tails to respond to Lender within 30 days after the date such notice is mailed, Lender 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 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 payrnant or modification of amortization of the sums secured by this Mortgage t,~ranted by Lender to any auccexsor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower :?nd Korrower's successors in interest. (.ender shall not be required to commence proceedings against such successor or refuse to extend time fur payment or otherwise modify amortization of the sums secured by this Mortgage by re.•uwn of any demand made by the original Korrower and Borrower's sucY•ess+,rs in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or 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 inauranoe or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender a right to accelerate the maturity of the indebtedness secured by thin Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this tiioric'age or afforded by law or equity, and may be exercised rnncurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. Tl+e covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of p:+ragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Morigage are for covenience only and are not to be used to interpret or define the provisions hereoL 14. Notice. Except for :+ny notice required under applicable law to he given in another manner, la) any notice to Korrv,wer 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 address as Borrower may designate by notice to Lender as provided herein, and Ib) any notice to Lender shall be given by certified mail, return receipt re•+lueated, to Lender's address stated herein or to such other address as Lender may designate by notice to Korrower 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. I i. t!niform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national useand non- uniform covenants with limited variations by juriadiMion to constitute a uniform security instrument covering real property. This Mortgage ,hall be goy erned by the law of the jurisdiMion in which the Property is located. In the event that any provision or clause of this Morigage or the Note conflicts v+•ith applic:~ble law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect ~•ithout the n,ntlicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. Ifi. Borrower's Copy. Borrower shall be furnished a cronformed copy of the Note and of this Mortgage at the time of execution or after r+rordation here+?f. 17. Transfer of the Property; Assumption. If all or any part of the 1'roperiy or an interest therein is sold or transferred by Borrower w•ithoul I.endcr s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, Ib) the creation of a purc!~ase money security interest for household appliances, Ic) a transfer by devise, d.°scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, [.ender may, at Lender's option, dfti•lare all the sums secured by this Mortgage to be immediately due and payable. (.ender shall have waived such option to accelerate if, prior j to 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 ~ p~•rson is satisfactory to lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall ~ n•r;asst. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed s w•rittenassumptionagreementacceptedinwritingbylxnder.LendershallreleaseKorrowerfroma11ob1igationsunderthiaMorigageandthe \ute. If Lender exercises such option to accelerate, lender shall mail Korrower notice of acceleration in accordance with paragraph 19 hereof. >uch notice shall provide a period of not less Than a0 days from thedate the notice is mailed within which Borrower may pay theaums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may without further notice or demand on Korrower, ,nvoke any remediex permitted by paragraph 1R here.,f. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement otBorrower in this Mortgage. including the covenants to pay when due any soma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofapecifying: (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 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 otthe sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property.The noticeahall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the nun-a:istence 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 all of the soma secured by this Mortgage to be i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. (.ender 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. Notwithstanding Lender's acceleration of theaums secured by this Morigage, Borrower shall have the right w have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this blortgage if: lal 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; ib? Borrowercures all breacheaof anyothercovenanta or agreements of Borrower contained in this Mortgage; (c) Korrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower rnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to. reasonableL attorney's fees; and Idl Korrower takes such action as Ixnder may reasonably require to assure that the lien of this Mortgage, Lender a interest in the Property and Borrower's obligation to pay the sums secured by this Morigage shall continue unimpaired. Upon such paymentand cure by Borrower, 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 Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right to collets 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 collect the rents of the Property, including those past due. Al) rents collected by the receiver ahali be applied first to payment of the wets of management 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 sums secured by this Mortgage. The receiver shall be liable to acwunt only for those rents actually received. 3~OK 343 ~ecE 656 1