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HomeMy WebLinkAbout1482 8. InspeMlon. Lender may make or cause to be made reasonable entries upon and inspections othhe property, provided that Lender shall Kive 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 rnnsequential, in cannectian 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 Martgage, 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 otthe proceeds 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 balancY of the proceeds paid b Borrower. It 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 days after the date such notice is mailed, Lender ie authorized to collect and apply the proceeds, at Lender a 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 otproceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs l and 2 hereof or change the amount of ouch installments. 10. Borrower Not Released. F.:tension of the time for payment or modification of amortization of the auma secured by this Mortgage Kranted by Lender to any auttessor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against ouch successor or refuse to extend time G,r puyment ar otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theorigina) Borrower and Born,wers suttrsaora 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 p:,yment of taxes or other liens or charges by Lender shall not be a waiver of bender a 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 ~iortrage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Lia'Itility; Captions. The covenants and agreements herein contained shall t,ind, and the rights hereunder shall inure to, the respective auci~.~asora and assigns of Lender and Borrower, subject to the provisions of p:rragraph 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 covenirnce only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except far any notice required under applicable law to be given in another manner, {a) any notice to Borrower provided for in t hi s 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 n~ nested, to Ixnder's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice pro~~ded for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform rnvenanta fur national useand non- u niforr:t covenants with limited variations by jurisdiction to mnatitute a uniform security instrument covering real property. This Mortgage mall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviRion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the rnnflicting 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 rt•cordation hereof l7. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Harrower ~~ithout Lender's prior written consent, excluding Ia1 the creation of a lien or encumbrance subordinate to this Martgage, (b) the creation of a purchase money security interest for household appliances, lc) a transfer by devise, descent or by operation of law upon the death of a joint ter:ant or Id- the grant of any leasehold interest of three years or less not rnmtaininq an option to purchase, Lender may, at Lender s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior tr, the sale or transfer, Lender and the person tt- whom the Property is to be sold or transferred reach agreement in writing that the credit of such t„•rson is satisfa.tory to Lender and that the interest pay able on the sums secured by this Mortgage shall be at such rate as Ixnder shall r«-ctuesi. If Lender has waived the option to accelerate provided in thin paragraph !7, and if Horrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, !.ender shall release Borrower fn,m all obliKationa under this Mortgage and the ute. If !.ender exercises such option to accelerate, !.ender shall mail Horrower notice of acceleration in accordance with paragraph 14 hereoL much notirn shall provide a period of oat les.R than :30 day s from thedate the notice is mailed within which Borrower may pay the sums declared glue. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice ur demand on Borrower, ,evoke any remedies permitted by paragraph 1K hereof. I8. Acceleration; Remedies. I::cept as provided in paragraph 17 hereof. upon Borrower's breach of any rnvenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereotepecifying:ll) the breach; (2) the action required to cure such breach;l3) a date. not leas than 30 days from the date the notice is mailed to Borrower. by which such t,reach 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 auma 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 nan-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 otthe sums secured by this Mortgage to be immediately due and payable without turtherdemand and may forecloaethis Mortgage by judicial proceeding. !.ender shall be eat itled to collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's fees. and cotita of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding l.ender'sacceleration piths auma secured by this Mortgage, Horrower shat l have t he right to have any proceedings begun by !,ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) 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; tb) Horrower cures all breaches of any other covenants or agreements of Borrower con tained in this Mortgage; Ic) Horrower pays all reasonable expenses incurred by Lender in enforcing the mvenanta 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 attorney a fees; and (dl Horrower 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 it no acceleration had occurred. 20. Assignment otRents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lenderthe Hants of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof 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, Lender shall be entitled to have a receiver appointed by a court to enter upon, take possession of and manage the Property and to rnllect the rents of the Property, including those past due. All rents rnllected by the receiver shall be applied first to payment of the casts of management ottee Property and collection of rents, including, but not I imited to, receiver a 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. 3~ 4 P~~i4~32 f :C~sS,d~'~8r