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HomeMy WebLinkAbout0995 8. lnepection. Lender may make or cause W be made reasonable entries ulwn and inspections of the property, provided that Lender shall Kive Borrower notice prior W 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 connecliun with any oondemnatiun or other taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby assigned and shall be paid to !.ender. 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 !.ender otherwise agree in writing, there shall be :+pplied W the sums secured by this Mortgage ouch proportion of the proceeds as is equal to that proportion which the amount of the euma rcecured by this Mortgage immediately prior W the date of taking bears to the fair market value of the Proprrty immediately prior to the date of taking, with the batanct of the proceeds paid to Borrower. It the Property is abandoned by Borrower, or if, after notice by !.ender to Borrower that the condemnor offers W make an award or nettle a ~•laim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, !.ender is authorized to collect and +pply the pra~eeda, at I,ender'e option, either to restoration or repair of the property ur W 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. !0. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the sums secured by this Mortgage ~;r:+nted by Lender to any successor in interest of Borrower shall not operate W release, in any mannet, the liability of the original Borrower .:nd Borrower's auceessore in interest. !.ender shall not be required to rnmmence proceedings against such successor or refuse W extend time f..r payment or otherwise modify amortization c?f the sums secured by this Mortgage by reason of any demand made by the original Borrower :uui Borrower's successors in interest. 1 1. 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 insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of bender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 1'l. Remedies Cumulative. All reredies provided in this Mortgage are distinct and cumulative W any other right or remedy under this `fortgage 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 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 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, lal any notice to Borrower provided for in this M~rigage shall be given by mailing such notice by cecified mai! addressed to Borrower at the Property Address or at such other address as Fiorruwer may designate by notice to Lender as provided herein, and (b) any notice W i.ender shall be given by certified mail, return receipt r.~cluested, W Lender's address stated herein or to such other address as [.ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgagr shall be deemed to have been given to Borrower or (.ender when given in the manner designated herein. lf,. Uniform Mortgage; Governing Law; Severabilily. This form of mortgage combines uniform rnvenants for national use and non- unifornr covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage :;hall be governed by !hr law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note ~ron(licts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect µ-ithout 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 recordation hereof. t-!, y ~T. Transfer of the Property; Assumption. 1f all or any part of the Property or an interest therein is sold or transferred by Borrower ~vjthout lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ;'~'~~urchase money security interest for household appliances, Ic) 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 or less not containing an option to purchase, bender may, at Lendei a option, declare all the euma secured by this Mortgage to be immediately due and payable. bender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and :he 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 euma secured by this Mortgage shall be at such rate as lender shat! request. !f [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a ~~-ritten assumption agreement accepted in writing by Lender, Lender shall release Burrower from all obligations underthis Mortgage and the f \ote. ~ If !.ender exercises such option tc, accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. E tiuch notice shall provide a period of not less than :i0 days from thed:+te the notice is mailed within which &?rrc?wer may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, f +nvoke any remedies permitted by paragraph lfi hereof. t 18. Acceleration; Remedies. E:cept 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 4 prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action i required to cure such breach; (3) a date. not less than 30 days from the date the no_ lice 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 of the euma secured by this Mortgage. foreclosure by judicial proceeding and sale otthe Property.The noticeshall 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 aceeleration 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 sums secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender sha116e entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender a acceleration of theauma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry ota judgment enforcing this Mortgage if: la) Borrower pays Lender all euma 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 other rnvenante or agreements of Borrower contained in this Mortgage; Ic) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower 3 contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph lA hereof, including, but not limited to, reasonable n ( 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 a obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 1 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to !.ender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph I ti hereof or abandonment of the Property, have the right ~ tc; 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 rnuri to enter.upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents rnllectod by the receiver shall be applied first to payment of the mats 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 account only for those rents actually received. Bn`iK 343 ~uf 9y4 - - _ .y