Loading...
HomeMy WebLinkAbout0253 8. Inepection. Lender may make or rnuse to be made ~eaeonable entriex upon and inepections of the property, provided that l.ender ehall give Borrower notice pi~ur to any euch inapection epecifyi~g reaaonable cauae therefor related to I.ender'a interest irt the Property. 9. Coademnation. '11~e p~oc~eeda of any award o~ claim for daniageo, direct or conseqUettial, in connection with any condemnation or uther taking of the property, or part thereof, or for conveyance in lieu of condemnation, are~?ereby aseigned and shall be paid to Lender. In the event ot a cotal taking of the Property, the proceede ahall be applied to the suma secured by thie Mort~age, with the exceae, i[ any, paid to Borrower. In the event of a partia) taking of the Prope~ty, unlees E3orrawer and L.cnder otherulae a~Tree in writing, there ehall be applied W the aume eecured by thia Mortgage such proportion of the proceede xe ia equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking beara to the fair market value otthe Property immediately prior to the date of taking, with the balanc~ of the proceede paid to $orruwer. If the Property is abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnor offera to malce an award or settle a claim for damt?ges, Botrower fails to reapond to Lender within 30 daye after the date auch notice ie mailed, Lender ie authorized to collect and apply the proceeda, at Lendei e option, either to reetoration or rcpnir of the property or to the auma ~ecured by thia Mortgage. Unleae Lende~ and Borrower otherwiae agree in writing, any auch application of proceeds to principxl ehall not extend or poetpone the due date of the monthly installmente referred to in paragraphe 1 and 2 hereof or change the amount of euch installmente. 10. Borrower Not Releaaed. Extenaion of the time for paym~nt or modification of umorlization of the auma secured by this Mortgage granted by l.ender to any succesaor in interest of Borrower ehaU not operate to mlease, in an~ manner, the liabiiity of the original Bortower and E3orrower's successors in intereat. l.ender aha11 not be required to commence proceedings againat such successor or rnfuae to extend time Cor payment or other~vise mudify amortization of the sums secured by this ~tortquge by reason of any demf~nd made by the original Borrower and E3om~wer's succes~rs in interest. 11_ Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercieing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any auch right or rnmedy. The procurement of insurance or the payment ot ta:ea or other liens or charges by l.ender ehall not be a waiver of Lender'a right to accelerate the maturity of the indebtednesa secured by this Mortgage. 12. Remedies Cuatulative. All remedies provided in thia Mortgage are distinct and cumulative to any other right or remedy under thia Morigage or afforded by law or equity, and may be exemiee~l concurrently, independently or aucceeaively. 13. Succesaors and Aasigne Bound; Joint and Several Liability; Captions. The rnvenanta and agreementa hernin contained ahaU bind, and the righta hereunder ahall inure to, the respective aucceseors and assigne of'Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragrapha of thia Mortgage are for cove~ience only and arn not to be used to interpret or define the pmviaione hereof. 14. lVotice. Except !or any notice reqyired under applicnble law to be ~even in another mflnner, (a) any notice to Borrower provided for in this Mortgage ehall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addreas or at such other addrese as Borrower may deaiqnate by notice to Lender as provided herein, and Ib) any notice to I.ender shall be given by certified mail, return receipt requested, to Ixndei s addresa stated herein or to such other address as I.ender may designate by notice to Borrower aa provided herein Any notice pro~zded for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the mannet designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mort{zage combinea uniform covenants for national use and non- uniform covenanta with limited variations by jurisdiction to constitute a uniform security instrument covering rnal property. This Mortgage shall be govemed b~ the lan of the jurisdiction in which the Property is located. In the event that any proviQion or clauae of this Mortgage or the Note conflicts with applicable law, such contlict shall not affect other provisions of this Mortgage or the Note which can be ~riven effect without tne conflicting provision, and to this en3 the provisions of the Mortgage und the I~ote are declared to be severable. 16. Borrower's Copy. F3orrower ahall be furnished a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 7'ransfer of the Property; Aasumption. If all or any part of the Property or an intereet therein is sold or tranaferred by Borrower w~thout Lender a prior written consent, excluding (a1 the creation of a lien or encumbrance subordinate to thia Mortgage, ~'b) the crnation of a ~ purchase money security interest for household appliances, (c) a tranafer by devise, deacent or by operation of lav? upon the death of a joint ~ tenant or (d) the grant of any leasehold internst of three years or leas not containing an option to purchase, I.ender may, at Lender's option; j declare all the aums securea by this Mortgage to be immediately due and payable. l.ender shall have waived such option to accelerate if, prior C to the sale or transfer, Lender and the pereon to whom the Property is to be sold or transferred mach agreement in writing that the credit of such ~ person is satiafactory to l.ender and that the interest payable on the sums secure~ by this Mortgage shall be at such rate as Lender shall ; request. lf Lender has waived the option to accelerate provided in this pazagraph 17, and if E3orrower s aucceasor in interest has executed a s w~ritten assumption agreement accepted in writing by [.ender, [.ender shall release Borrower fram all obligations under this Mortgage and the ; i`ote. ~ If I.ender exercises such option tn accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ Such notice shall pro~•ide a period of not less than 30 days from thedrate the notice is rr.ailed within which Bonower may paY the sums derlared ~ due. If Borrower fails to pay such sums prior to the expiration of such period. I.ender may, without further notice or demand on f3orrower, invoke any- remedies permitted b~ para~Crauh IR hereof. ~ ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay when due any suma eecured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower. by which such breach muat be cured; and (41 that faiiure to cure such breach on or before the date specified in the notice may reault in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and saleof the Property. The notice shall A further inform Borrow er of the right to reinatate after acceleration and the right to assert in the foreclosure proceeding the ~ non-ezistence of a default or any other defense of Borrower to acceleration-and foreclosure. If the breach ia not cured on or ~ before the date specified in the notice. Lender at Lender's option tt?ay declare all of the aums secured by this Mortgage to be x; immediately due and payable without furtherdemand and may toreclosethis Mottgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding aU e:penses of fa~reclosure, including. but not limited to. reasoneble attorney's fees, and ~ coats of documentary evidence~ abatracts and title reports. 19. Borrower's Right to Reinstate. iYotwithstanding [.ender's acceleration of the sume secured by this Mortgage, ~3orrower shail hare ~ the right to have any proceedinge begun by l.ender to enforce this Mortgage diacontinaed at any time prior to entry of a judgment enforcing ~ rtgage, the Note and ~otes aecuring Future this Mortgage if: (a) f3orrower pays I.ender all sums which would be then due under this Mo LL'~ Advances, if any, had no acceleration occurred; (bl Borrower cures aU breaches of any other covenanta or agreements of Borrower contained in = this Mortgage; (c> Borrower pays all reasonable eapenses incurred by Lender in enforring the covenante and aqreements of Borrower contained in this Mortgage and in enforcing Lender's remediea as Provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and Id) Borrower takes such action as I.ender may reasonably require to aasure that the lien of thia htortgage, Lender's intereet : s in the Property and Borrower's obligation to pay the sums secured by thia Mortgage ahall continue unimpaired. Upon such payment and cure - by Borrower, this Mortgaqe and the obligations secvred hereby shall remain in full force and effect ae if no acceleration had occurred. 20. Asaignment of Renta: Appointment ot Receiver. As additional aecurity hereunder, Borrower hereby assigna to Lender the renta - 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 _ oourt 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 by the receiver ahall be applied first to payment of the rnsts of management of the Pmperty and collection of rnnta, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums aecured by this Mortgage. The w•3 receiver ahall be liable k? acoount only for those renta actually received. .x~ = _r y~H 1`~ _:3 g~`'N 2&6 ~~cE 253 - :