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HomeMy WebLinkAbout1713~ v • '( . . 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that !.ender shall give Borrower notice prior to any such inspeNion 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 other 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 proceeds shall l,e 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 applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sumo 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 o! taking, with the balance of the proceeds paid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by Ixnder to Borrower that the rnndemnor offers to make an award or settle a cl:+im fur damages, Borrower tails to respond to !.ender within 30 days after the date such notice ie mailed, Lender is authorized to collectand ;+pply 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 ouch application of proceeds to principal shall not extend or postpone the due +iate of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of•the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Iorrower shall not operate to release, in any manner, the liability of the original Borrower ;u+d Borrower's sucresaora in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time Gar payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower :u+d tiorn-wer's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise otany such right or remedy. The procurement of insurance or the I,;+yment of taxes or other liens or charges by Lender 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 cum+:lative to any other right or remedy under this ~tortrage 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 rnvenanta and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject W the provisions of I,:+r:+graph 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this hlortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 1.1. Notice. Except for:+ny notice required under applicable law to be given in another manner, (a1 any notim to ltorn-wer provided for in t h i s hlortgage shall be given by mailing such notirn by certified mail addressed to Borrower at the Property Address or at such other address ss tiorruwer may designate by notice to Lender as provided herein, and (b) any notice to Lendet shall be given by certified mail, return receipt r~•ctuestrd, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any n~ Mice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1 S. Uniform Mortgage; Governing Law; Severability. This form of morigagecombinesuniformcovenants for national use and non- e niform covenants with limited variations by jurisdiMion to cY,nstitute a uniform security instrument covering real property. This Mortgage ;hall be governed by the law of the jurisdiction in which the Property is located. In the event tha! any provision or clause otthis Mortgage or t ttc• \ote cc,nflictg with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect «ithout the rnnilictinq provision, and to this end the pmvisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of tl+e Note and of this 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 therein is sold or transferred by Borrower without Fender's prior written consent, excluding la) the creation of a lien or encumbrance subordinate to this Mortgage, (b- the creation of a t,u rchase money security interest for household appliances, (c) a transfer by devise, d.°scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years qr leas not containing an option to purchase, Lender may, at Lender's option, .1c•c•lare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior a ~ the sale or transfer, !.ender and the person to whom the Pmperty is to besold or transferred reach agreement in writing that thecredit ofsuch t~erson is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall r~•ctaest. If !.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement ac•ceptcd in writing by Lender Lc•ndershall rele.u>e Borrower from all obligations underthis lltortgageand the ate. If Lender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. such notice shall provide a period of not Icsti than all days from the date the notice is Trailed within which Born,wer may pay the sums declared <iue. if Borrower fails to pay such sums prior to the expiration of such peri+xl. Under may, without further notice or demand on Eorrower, im-oke any remedies t-ermitted by paragraph 1H henof 18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or :+greement of Borrower in this Mortgage, including the covenants to pay when due any sumssecured by this Mortgage, Lender I,rior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifyinq: (1)the breach; (2) theaMion required to cure such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such F-reach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in :+cceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale ofthe Property. The noticeshall further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-existence ota default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or tx•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 furtherdemand and may foreclose this Mortgagebyjudicial proceeding. Lender shall be 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 s acceleration of the soma secured by this Mortgage, Borrowershall have the right W have any proceedings begun by [.ender to enforce this Mortgage discontinued at any time prior to entry of a ]udgment enforcing this btortgage 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 Deco reed; Ih) Borrower cures ail breaches of any other covenants or agreements of Borrower contained in this Mortgage; Ic) Borrower pays all reasonable expenses incurred by !.ender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing I.ender'e 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 obligatic-n 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. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereoforabandonment 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 collect the rents of the Property, including those past due. All rents collected I:y 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 sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. - ~_.~r ..~ .. __. a~344 P~Ei713 _~~~~: