Loading...
HomeMy WebLinkAbout0753 , 8. Iasp~ctioa. I.ender ~nay ~nake or causc to lx. i?~nde itit?sonui~le entrieb u~wn uncl ins{~e~tions ot the Prop- . erty, provided thut I.ender shall give I3orrower notice ~~rior to auv suci? inspectian s~~ecifying reasonable cauae ' , • therefor related to Lender's interest in the Pmpert~ . 8. Coudeainatioa. The procceds of uny awarct or clain~ for dan~ages, direct or coi~sequential~ in conneation with an~r conderanation or other tuking o( the Propert}~, or part thereof, or for conveyance in lieu of condemna- tion, ai~e hereby assigned and shall be paid to I.ender. Itt the event of a total taking of the Praperty, tl~e proceed~ sLall l~e ap~~lieci to the xutns secured by this isort- gage~ with the excesa~ ii any, ~~aid to Borrower. In tl~e event of a partial taking oi the Ptopert,y~ unless Borrower aad Lender otherwise agree in ivriting, there shall l,c a>>~~lic~l to the sun~s secureci I~y this \iortgage such propor- tion of the proceeds as is equal to that proportion wliich the Amount. of the sun~s secured by this 1liortgage imme- diately prior to tlie date of taking bears to the fair mArkct valuc of tlie Property imn~ediately prior to the date of iaking, wifi~h the baIance oi ihe proceeds paid fo Borrower. . ~ If the Property is abandonecl by Borrovver or it atter noiice by i.e~ider to Borro~ver that tl~e condemnor o~'ers to make an award or settle a claim for damages, Borron er fails to respond to I.ender within ~30 days of the dai~e of such notice, Lender is authorised to collect and apply the proceeds at I.ender's option eiU~er to. restoration or repair of the Pro~~erty or to the suit~s secured by this \tortgage. ~ Unless Le~der and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly instnllments referred to in paragra~~hs 1 und 2 hereof or change the amount of suoh installments. 10. Bortower Not Released. Extension of the ti~ne for puvment or modification of amortisation oi the sums secuted Uy this 141ortgage granted by I.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borroner's successors in interest. I.ender shall not be required to commence proceedings ugai~st such successor or refuse to extend time for pavment or otherwise modify nmottisation of the sums secured by this \4ortgage by reason of uny demand madc by` the orig'inal Borrower and Borrower's successore in interest. 11. Forb~mraace bp Leader Not a Waiver. Any forbearai~e by Lender in exercising ~any sight or remedy hereunder, or otherwise anorcleci by appiicable iaw, shaii noi. i~c n~vaiver oi or preciude ine exercise oi any rigut or remedy hereunder. Thc procurement of insurance or thc payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelernte the maturity of the-indebtedness secural by this Mortgage. ~ 12. Hemedies Cumulative. All remedies.provideci in this liortgage are distinct and cumulative to eny other right or remedy under this 11Sortgage or aRor~ed by lan or equity, and may be exercised concurrently, independ- ently or successively. ~ - 13. Successora ~d Assigns Bound: Toint cmd Several Liability; Captions. The covenants and agreements herein contsined shall bind, and the rights hereunder shall inurc to, the respectiv~ successors and assigns of Lender and Borro~rer, subject to the provisions of puragraph l7 l~ereof. all covenants ancl agreements of Borrower shall be joint and several. The captions and headings of the ~~arage~~~hs of this ~tortgage are for convenience only snd ~ are not to be used to interpret or define the provisions hereof. - 14. Notice. Any notice to Borrower provided for in this ~Iortgage sl~all be given by mailing such notice by - , , . , . . , , ~ ~ - - • - - cenined ma~i anareas~,~ci co j3orru~ver a~, ti~ ri°vE,en~ :~l1Ul'Ca~ ,iultiti vi:iiiii ~ CIiI:C~iL avi iiiiY uvuaV~ i~iiilt~i iiaaia-a.a - paragraph 18 1?ereof to be given to Borrower in the n~anner pt~escribeci by applicable laa. Any notice provided for in this ~iortgage shall be deemeci to have heen given to Borro~ver ~vhen given in the manner designated herein. 15, Uaitorm Mortgage; Governinq I.aw; Severability. This form of mortgage combines uniform covenants tor national use and non-uniform covenants with limited variations Uy ju~isdiction to constitute a uniform secu- rity instrument covering real pmperty. This 3lortgage sh~?ll be governed by the law of the jurisdiction in which the Property is IocatecI. In the event that any' provision or clause of this vlortgage or the Note con8icts with applicable law, such:conflict shall not uffect o~her provisions oi this ~io~~gage or the Note which can be given ~ efiect without the conflicting provision, and to this end the pro~ isions of the liortgage and the Note are declared to be severable. E 16. Borrower's Copy. Botrower shall be furnished a conformed copy of this Mortgage at the titne of execu- ~ tion or after recordation hereof. ~ 17. Trcrosfes of the Property; Assumption. If nll or uny part of the Property or an interest therein is sold ~ or transferred by Borrower without Lender's prior written consent•, excluding (a) the creation of a lien or encum=• ~ brance subordinate to this 1~Iortgage, (bl the creation of n ~iurcha_~e money security interest for household appli- ~ ances, (c) a tranafer by devise, descent or by o~~eration of la~r upon the death of a joint tenant or (d) the grant of - , any leasehold interest of three years or less not containing an option ta purchase, Lender may. at Lender's option, ~ declare all the sums secureci 1,~ this MortgAge to be im~ueciiately clue and ~ayable. T.ender shall have waived such ~ option to accelerate it', prior to the sale or transfer, Lender ~ud tl~e ~ierson to whom the Property is to be sold or { transferred reach agreement in writing that t.he credit oi sucl~ ~~eison i~ satisfactory to I.ender and that the interest - ~ payable on the sums secured by this ~iortgage shall bc ut sucl~ ratc a.5 I.ender shall request. If Lender has waived ~ the option to accelertite ~~rovided in tl~is paragrapl~ 17 and if Borro~ver's successor in interest lias executed a writ- ~ ten assumption agreement accepted in writing by I.ender, I.ender sl~all release Borrower from all obligations under ~ this Mortgage and the I~Tote. If Lender exereises such option to accelerate,l.ender shall ~nail Borrower notice of acceleration in accordance ' with paragraph l4 hereof. Such notice shall provide a periai oi not lers than 30 days from the date the notice is mailed ~rithin which Borrower may pay tl~e sums declared du~. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or ~iemand on Borrower, invoke any remedies per- mitted by paragraph 18 hereof. i YON-UNIFOAM COVENAXTS. Rorrower aud Lend~i• furtl~er covenant and agi•ee as follows: 18. Acceleration; Remedies. Except as ~~m~•ideci in paragrApl~ 17 l~ereof, upon BorroKer's breach of any covenant or agreement of Borrower in this \Iortgage, including tl~e covenants to pay when due any sums secured by this ~~lortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifyiug: (1) the breach; (2) the ~ction rc~ryuimcl to cure sucl~ breacl~; ~3) a ciate, not less than thirty days from the date the notice is mailed to Bormwer, I,y al~icl~ sucl~ I~reacl> >nust Ue cured; and (4) that failure to cure such breach on or before the date specifiecl in the notice may result in acceleration of the sums secured by this Mortgege and sale of the Pmperty. If the breach is not cure~n on or I~efore the date specified_ in the notice, Lender at Lender's - option may declare all of the sums secured by this ~Iortgage to be imu~ediately due and payable without further demand and may foreclose this ~lortgage by judicial ~~roceeciing. I.ender sl?all be entitleci to collect in such proceed- ing all ex~icnses of foreclosure, including, but not limiteci to, reasonablc attorney's fees, and costa of documentsry evidence, abstracts and title reports. _ , • . ~ . . gppK~ P11~E I~ ~ s"r, ~ ~ ~ ` . i*; ,~,e"°'s'~.Y~*~' ,~~v ~ : ~ ~s~' -z-- a~-~ ~.~s. .i ' r..r . . _ _ ~ ' . - - ~ -5' :?d..: ' . _ . _ . .