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HomeMy WebLinkAbout0148 8. Inspection. Lender may make or caws b be made reasonabb entries upon and inspections of the property,provided that Leader shall giw Borrower notice prior to say such iaapectioa specifying reasonable caws therefor related b Leader's interest in tbs Prapsefy. 9. Coademuation. The proceeds of any award or claim for damages, direct a coasequeatial, itt oounection with any ooadsmaatioa a other taking of the property, or pact Wereof, or for oDnwyanos in lieu of oondemaatioa, are herby wigned sad shall bs paid b Leader. Ia the event of a bW taking of tM Property, tM proceeds shall be applied b Ws arms secured by this Mortgage, wild the excess. itany, paid b Borrower. la the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing. there shall be applied b We sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount otter sours secured by this Mortgage immediately prior b the date of taking Beare b the fau market value otWe Property immediately prior b the data of 41dng, with the balance of We proceeds paid b Borrower. If the Property i. abandoned by Borrower, or itafter notice by Lender b Borrower Wet the condemnor olfer~ b make an award or setW a claim for damages. Borrower fails to r~sspond to Lender within 30 days aRer We date such aotioe is mailed. Lender is authorised b cdlect and apply We poceeds, at Lender's option. eiWer b restoration or repair of the property or b We arms secured by this Mactgage. Unless Leader and Borrower oWerwise agree in writing, any such application of proceeds b principal shall not eztend or pwtpone tM dw date of the monthly irutallmentr referred b in paragraphs 1 and 2 hereof or change the amount of such iastallmenta. 10. Borrower Not Released. Factension of the time for payment or modification of amortisation of the soma secured by this Mortgap granted by Lender b any successor in interest of Borrower shall not operate b release, in any manner, the liability of the origind Borrower and Borrower's successore in interest. Lender shall not be required to commence proceedings against such suocessos or refuse b extend time for payment or oWerwise modify amortization of the sums secured by this Mortgage by reason of any demand made by thaoriginal Borrower and Borrower's successors in interest. ' ' .d i. 11 11. Forbearsnoe by Lender Not a Waiver. Any forbearance by Lander in exercising any right,or ramedybereunder, oroWerwiss afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insnrenee ce the payment of fazes or older liens or charges by Lender shall not be a waiver of Lender's right b accelerate We maturity of the indebtedness secured by Wis Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any older right or r+emedy~ this Mortgage or afforded by law or equity. and may be exerciser! concurrently. independently or snooessively. - 13 Snoeessors and Assigns Bound; Joist and Several Liability; Captions. The covenants and agreements herein contained shall bind. and We rights hereunder_shall inure to, We respective successors and assigns of Lender and Borrower, subject b the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and eeverel. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used b interpret or define We provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in anoWer manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower atthe Property Address or at arch other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, to ;.ender s address stated herein or b such older address as Lender may designate by notice b Borrows as provided herein.Any notice provided for in W is Mortgage shall be deemed b have been given to Borrower or Lsender.when given in themanne~ designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgageoombines uniform covenants for national nee and non- uniform covenants wild limited variations by jurisdiction b eonstitnte a uniform security instrument covering real property. Thin Mortgage shall be governed by' W e law of the jurisdiction in which We Property is Located. In We event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect older provieioaa of this Mortgage or the Note which can be gives eSed without the conflicting provision, and b this end We provisions of the Mortgage and We Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a rnnfonned Dopy of the Note and of Wis Mortgage at the time of execution or after recordation hereof. ~ ~ ' 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower wildcat Lenders prior written consent, e:cluding_(a) We creation of a lien or encumbrancesubordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) 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 Wree years or lees not containing an option b purchase, Lender may, at I.endels option, ~ declare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option b accelerate if, prior ~ 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 creditof sndr person is satisfactory to Lender end Wat We interest payable on the sums secured by Wis Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph I7, and if Borrower's successor in interest has ezewted a written assumption agreement accepted in writing by Lender, l.enderahall release Borrower from all obligations under this Mortgage and We Note.. - IfLender exercises such option to accelerate, Lender shall mail Borrower notice of aooeleration in accordance wild paragraph 14 hereof: Such notice shall provide a period of not leas than :ill days from the date the notice is mailed within which Borrower may pay We sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without furWer notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach o[ 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 eball mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas than 30 days from the date We notice is mailed to Borrower, by which such breach moat 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 sums 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 be the foreclosure proceeding the non•ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not erred on or before the date specified in the notice, Lender at Lender's option may declare all of the suns secured b~- thL Mortgage to be immediately due and payable without furtherdemand and may toreclosethis Mortgageby judicial proceeding. Lendershall be entitled to collect in such proceeding all ezpenses of foreclvsure, including. but not limited to, reasonable attorney's tees, and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have We right to have any proceedings begun by Lender to enforce Wier Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then dne under Wis Mortgage, We Note and notes secsring P1~tnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants oragreemmts of Borrower contained in this Mortgage; (c) Borrower. pays all reasonable e:peneea incurred by Lender in enfnrcing We covenants and agreements of Borrower contained in this Mortgage and in enforc~g bender's remedies as-provided in paragraph 18 hereof, including. Bret not limited b, ressonabls attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage. Lender's interest in We Property and Borrowei s obligation to pay the soma secured by Wier Mortgage ahaU continue unimpaired. Upon arch payment end care by Borrower. this Mortgage and We obligations secured hereby shall remain in full force and effect as if no acceleration bad occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lenderthe rants of the Property. provided that Borrower shall, prior to acceleration under Inragraph 18 hereof orabandonmentof the Property, have theright to tolled and retain such rents as Wey become due and paysblr. ~, Upon acceleration under paragraph 18 hereof or abandonment other Propert~*, Lender shall be entitled to have a receiver appointed by a oonrt to enter~rpon, take possession of and manage the Property and to rolled We rents of the Property, including Wore past dne. All rents collected by the receiver shall be applied first b payment of the costs of management of the Property and eollerrtion of rents. including, bat not limited to, receiver's fees. premiums on recxiver's bonds and reasonable attorney's fees, and Wen to the sums secured by this Mortgage. The receiver shall be liable to account only fa those rents actually received. X344 P,~ 148 =~~ ~~ ,., _ - ~~~. ~. u ~ == ~:~ ~M.