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HomeMy WebLinkAbout0736, •~~ : i y .. ; ,.~ , t . ~fI)t ~~~ .. 8. Inspection. Lender may make or cause to be made reasonable entrice upon and inspections of the property, provided that Lender shall give Borrower notice prior b 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 soma secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the soma secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Properly immediately prior to the date of coking, with the balances of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or it, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within :30 day a after the date such notice is mailed, !.ender is authorized to collect and :+pply the proceeds, at !.ender s option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless !.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue 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 paym ant or modification of amortization of the sums secured by this Mortgage granted by !.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability ottee original Borrower and Borrower's successors in interest. !.ender shall not be required to commence proceedings against such successor or refuse to extend time ti+r payment or otherwise m+xiify amortization of the scans secured by this Mortgage by reason of any demand made by the original Borrower :+nd l;<+rmwer s successors 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 insurance or the t+ayment of taxes or other liens or charges by !.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. - 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this ~lortrage or afforded by law or equity, and may be exercised rnncuerently, independently or successively. 1:3-Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein rnntained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of Er:+ragraph 1? 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 t-e given in anoth•~r manner, la) any notice to Borrower provided for in this Mortgage shall begiven by mailing such notice by certified mail addressed to Borrower at the Property Address oral such other address as iinrrower may designate by notice to (.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt n•+tuested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any +u~tice provided for in this Mortgage shall be deemed to have been given to Borrower or !.ender when given in the manner designated herein. 3 ~. Uniform Mortgage; Governing Law; Severability. This form ofmortgagecombinesuniform eovenantatornational useand non- uniform coven:ants w•ilti limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage :hull be governed by the law otthe jurisdiction in which the Property is located. In the event that any pro~~sion or clause of this Mortgage or t he• tiote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effeM ~~ rthuut the rnnflicting pro~~sion, and to this end the provisions of the Mortgage and the Note are declared to he severable- iti. Borrower's Copy. Kotrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after nrordation hereof. l7. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower ~•ithout l.ender'~ prior written consent, excluding tat the creation of a lien or encumbrance sot,ordinate to this Mortgage. (b) the creation of a ;+urchase money security interest for household appliances, Ic1 a transfer by devise, descent or by operation of law upon the death of a joint t+•nant or Id) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, cl+~•lare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior t., the sale or transfer, Lender and the person to whom the Property is to he sold or transferred reach agreement in writing that the credit of such n~rson is satiwfactory to lender and that the interest payable on the sums secured by this Mortgage shall beat such rate as lender shall r«tuest. If Lender has waived the option to accelerate provided in this paragraph t T, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, (.ender shall release Borrower from al! obligations underthis &tortgage and the \ide. 1 f Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~uc•h notim shall provide a period of nut les_4 than act days from the date the notice is Trailed within which Borrower may pay the sums declared Niue. If Borrower fails to pay such sums prior to the expiration of such period, !.ender may, without further notice or demand on Borrower, snvoke any remedies permitted by paragraph IK here++f. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, uNon 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 I~rior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1)the breach; (2)the aMion 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 uc•celerat ion 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 aRer acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or Ix fore 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 toreclosethis Mortgage by judicial proceeding. Lender shall be +•ntitled 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. l9. Borrower's Right to Reinstate. Notwithstanding I.endei s acceleration of the sums 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 of a judgment enforcing this Mortgage if: la) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, it any, had no acceleration occurred; Ib1 Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; lc) Burrower pays all reasonable expenses incurred by tender in enforcing the eovenantB and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable :+ttorney'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 Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents ~+f the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment otthe 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, Lender shall be entitled to have a receiver appointed by a rnurt to enter-upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents rnllected by the receiver shall be applied first to payment of the rnsts of management of the Property and collection of rents, including, but not limited to, receiver's fees, premitims 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. 8344 Pa~E ?36