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HomeMy WebLinkAbout2367 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall Kive Borrower notice prior to any such inapeMion specifying reasonable cause therefor related to Lendei a 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 rnndemnation, 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, i[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 some secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the soma secured by Chia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of taking, with the balance of the proceeds paid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a 1 aim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to rnllect and apply the proceeds, at [.ender s option, either to restoration or repair of the property or to the Bums sec~+red by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Bxtenaion 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 Borrower shall not operate to release, in any manner, the liability of the original Borrower :+nd llunrower's succeasora in interest. Lender shall not be required to rnmmence proceedings against such successor or refuse to extend time fi,r payment or otherwise mortify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and liorn,wers successors in intercwt. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise :+ffurded 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 I,ayment of taxes or other liens or charges by Lender shall not be a waiver of I.ender'a right to accelerate the maturity of the indebtedness sf•cured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumclative to any other right or remedy under this 11urt~~age or af[orded by law or equity, and may be exercised concurrently, independently or successively. l3. Successors and Aasigna Bound; Joint and Several Liability; Captions. The rnvenants 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 p:+r:-graph 17 hereof. All covenants and agree,nenta of Borrower shall be joint and several. The captions and headings ottee paragraphs of this bortgage are for covenience only and are not to be used to interpret or define the provisions hereof 14. Notiee.l•:xcept for any notice required under applicable law to be given in anothzr manner, tat any notice to Born,wer provided for in t h is Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as f :,,rruwer may designate by notice to Lender as provided herein, and Ibl any notice to Lender shall be given by certified mail, return receipt r,•+tuested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any n„lice provided for in this Iortgage 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 mortgagecombinesuniformcovenants for national use and non- e niform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or t t,+• tints conflicts with applicable law, such conflict shalt not affect other provisions of this Mortgage or the Note which can be given effect ++ ithuut the conflicting 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 rnnforned copy of the Note and of this Mortgage at the time of execution or after re•+•ordation 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 ++~ithuut Ixnder's prior written consent, excluding la) the creation of a lien or encumbranm subordinate to this Mortgage, (b) the creation of a {>u rchase money security interest for household appliances, (c1 a transfer by devise, d-•scent or by operation of law upon the death of a joint t+•nant or (d- the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender s option, ~i,•clare all the sums aecureu 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 be sold or transferred reach agreement in writing that the credit of such E„•rs+,n is satisfactory W Ixnder and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall n,tuest. If Ixnder h:u;waived the option to accelerate provided in this paragraph 17, and if Korrower's successor in interest has executed a +ritten assumption agreement accepted in writinK by Lender. Ixnderahall release Borrower from allobligations underthis Mortgageand the ute. 1 f Ixnder exercises such option u, accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. uch notice shall provide a period of not less than all days from the date the notice is mailed within which Korrower may pay thesums declared ~iue•. If Korrower fails to pay such sums prior to the expiration of such period. Lender may without further notice or demand on Borrower, ,m•okeany remedies permitted by par.,graoh !K hereof. I K. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any rnvenant or :-Kreement of Borrower in this Mortgage, including the rnvenanta to pay when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofsperifying: (1) the breach;(2)theaction required to cure such breach; (31 a date, not less. than 30 days from the date the notice is mailed to Borrower, by which ouch t,reach moat be cured; and (41 that failure to cure such breach on or before the date specified in the notice may result in ricceleration 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 in the foreclosure proceeding the nun-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or ht•fore the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be i mmediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lendershall be Entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's tees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of thesums secured by this Mortgage, Borrowershal) 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; (a) Borrower pays (.ender all soma which would be then due under this Mortgage, the Note and notes securing Future Ad vances, if any, had no acceleration occurred; lb) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c> Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Ixnder a remedies as provided in paragraph 113 hereof, including, but not limited to, reasonable :, ttorney's fees; and (d 1 Bonrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender a interest i n the Property and Korrower a obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such paymentand cure },y Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as it no acceleration had occurred. 'l0. 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 of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph IS hereof or abandonment of the Property, (.ender shall be entitled to have a receiver appointed by a court to enterLpon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents ,Y,Ilected by the receiver shall be applied first to payment of the costa of managementof the Property and rnllection of rents, including, but not rmited to, receiver's fees, premiums on receiver's bonds and reasonable attorney a fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. B~K344 PaGE2,~u~