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HomeMy WebLinkAbout0388.. ,... t ~.; ~~Y 1 .~ •~ 8. lnepection. Ixnder may make or cause to be made reasonable entries upon and inapectione 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 rnndemnation or +•ther taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to !.ender. In the event of a total taking of the Property, the pra>eeda shall be applied to the auma atr:ured by this Mortgage, with the excess, it 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 applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums s+•c•ured by this Mortgage immediately prior to the date of taking bears tv the fair market value ottee Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. I f the Property is abandoned by Borrower, or if, alter notice by Lender to Borrower that the rnndemnor offers to make an award or settle a c•I:-im for damages. Borrower fails W respond to Lender within :10 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 auma secured by this Mortgage. ilnlesa Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due +1:-te of the monthly installments referred W 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 MortKaKe ,;ranted by Lender to any successor in interest of borrower ahc111 not operate W release, in any manner, the liability of the original Borrower :+nd Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse W extend time t..r payment or otherwise m+,dify amortization of thc• sums second by this Mortgage by reason of any demand made by theoriginal Borrower :+nd Itc,rn,wer's sun•esw,rs in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by !.ender in exercising any right or remedy hereunder, or otherwise :+fforded by applicable law, shall not be a wt-iver of or preclude the exercise of any such right or remedy. The procurement of insurance or the t,:-yment of taxes or other liens or charges by bender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness :c•cured 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 '11+,rtrage or afforded by law or equity, and may be exercise,! concurrently, independently or successively. l:i. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall t+inci, and the rights hereunder shall inure to, the respective successors and assigns of !.ender and Borrower, subject to the provisions of par,-graph 1? hereof. All rnvenunts 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 t,e used to interpret or define the provisions hereof. 1 a. Notice. Exmpt foram nc-tim required under applicable law to be given in another manner, (a1 any notice to Rorn,wer provided for in this 1lortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as li~,rrower may designate by notice to !.ender as provided herein, and (b) any notice to Ixnder shall be given by certified mail, return receipt n•y uestcd, to Lender's address stated herein or to such other address as Lender may designate by~notice to Borrower as provided herein. Any ru,t ice provided for in this Mortgage shall be deemed to have been given to Borrower or !.ender when given in the manner designated herein. I:i. Uniform Mortgage; Governing l,aw; Severability. This form of mortgage combines uniform covenants for national useand non• :niG,rm covenants with limited variations b_r• jurisdiction to constitute a uniform security instrument covering real property. This Mortgage ~h all tx• governed by the law of the jurisdiction in which the I'n,perty is located. In the event that any provision or clause of this Mortgage or t h+• tote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect ~ti~ithout the c+-nflicting provision, :-nd to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. born,wer shall be furnished a conformed rnpy of the Nnte and of this Mortgage at the time of execution or after n•corclation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by borrower ~.~i thout Lender': prior written consent, excluding lal the creation of a lien or encumbrance suM,rdinate to this Mortgage, Ib1 the creation of a purchase money security interest for household appliances, Ic1 a transfer by devise, docent or by operation of law upon the death of a joint t+•nant or Id1 the grant oC any leasehold interest of three years or less not containing an option to purchase, Lender may, at [.ender s option, ri+•clare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior t~ ~ the sale or transfer, Ixnder and the person to whom the Property is to he sold or transferred reach agreement in writing that thecredit of such kip rson is satisfactory to lender and that the interest payable on the sums sec•urerl by this Mortgage shall bc• at such rate as Lender shall r~ytucst. If Ixnder has waived the option to accelerate provided in this paragraph 17, and if borrower s successor in interest has executed a •.+ ritten :i+sumption agreement accepted in writing by Ixnder, Ixndershalt release borrower from all obligations underthis Mortgageand the \~+te. If Lender exere•ises such option to accelerate, Ixnder sh:+11 mail born,wer notice of acceler:+tion in accordance with paragraph 14 hereof. much notice shall pnn•idc• a peri+,d of not less than a0days from thedate the notice is rr.ailcd within which borrower may pay thesumsdeclared ~iuc. If Born,wer fails G, pay such sums prior to the expiration of such peri+,d• Lender may, without further notice or demand on Borrower, utv+:ke am• remedies permitted t-y par.Igraoh 1>; herc•+,f. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. uaon 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, !.ender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereotapecifying: (1) the breach; (2) the action required to cure such breach; (31 a date, not less than 30 days from the date the notice is mailed to Borrower. by which such i,rc•ach must be cured; and 141 that failure to cure such breach on or before the date specified in the notice may result in :-c•eeleration otthe sums secured by this Mortgage. foreclosure by judicial proceeding and saleof 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 nc,n-existence of a default or any other defense of borrower to acceleration and foreclosure. If the breach is not cured on or -,e•fore the date specified in the notice. Lender at Lender's option may declare all of the auma secured by this Mortgage to be i mmediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceedinq.l.ender shall be entitled to collcK•t in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees, and cowls of documentary evidence, abstracts and title reports. 19. borrower's Right to Reinstate. Notwithstanding Fender's acceleration of the auma secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender W enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: tat Burrower pays Ixnder all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; Ib/Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c1 borrower pays all reasonable expenses incurred by Ixnder in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Ixnder's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and 1d1 Borrower takes such aMion as Fender may reasonably require toassure 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 Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 'L0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns G, Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18hereof 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, Ixnder 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. All rents collected by the receiver shall be applied first to payment of the costs 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 auma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. so~X~4~ Puf ~$$