Loading...
HomeMy WebLinkAbout0791 8. lnepection. l.ender may make or cauae to be made reaso~able entriea upon and inepectiueu a~the pn,perty, provided that l.ende~ ehall Qive Rurrower notice prior to any such inspection specifying reaeonable cuuse therefor related to l.ender's intereat in the Property. 9. Condemnation. The proceecla of any nward o~ claim for damngee, direct ot conseyuential, in cunnection with any rnndemnation or other taking of 1he property, or part therec~f, or for conveyance io lieu ot cv~ndemnation, are hereby aseiigned and ehall be paid to l.ender. In the event of a total tuking of the Rroperty, the proceecia shall be applied to the eums aecured by this Mortgage, with the exceae, if any, paid to E3orrower. In the event of a pa~tial taking uf ihe P?operty. unleae I3orrower and I.ender otherwiee agree in writing, there ehaU be applied to ihe sume aecured by lhis Mortgage such proporiion of the proceeds aa ie equal to that pruportion which the amount of t}~e sume secured by this Mortgage immediately prior to the date uf taking bears to the fair market value of the Properiy immediately prior to the date of taking, with the balanc~ of the prt~ceeda paid to Borrower. ~ I f lhe Property ie abandoned by Borrower, or if, after notice by I.ender to E3orrower that the condemnor offera to make an award or eettle a claim for damagea, E;orrower fails to respond to [.ender within 30 days afte~ the date auch notice is mailed, l.ender is authorized to collect and apply the prcx-eeda, at l.ender'a option, either to reatoration or repnir of the property or to the auma srcured by thie Mortgage. l7nlesa I.ender and E3orrower otherwiae agree in writing, any auch application of proceede to principa) ahall not extend or puet{wne thedae d~te uf the monthly instatlmente referred to in parngrapha 1 and 2 heteof or change the amount of auch inetalimente. 10. E3orrower Not Released. Extension of the time for pnym~nt or modification of amortization ottht• sums xecured by thia Mortgage Kri~nted by I.ender to an} sucressor in interest of Borrower shall not opernte to mleuse, in ~in~ manner, the liability of the original Borrower i~nd Korrower's xuccexsors in interest. I.ender shall not be required to commence proceedinKe aKainst such succeasor or rnfuse to extend time tor pu}•mcnt ur otherwisc modify timurtization of the sums scrurcd by this Aiorty~.ige b~~ rrxsun of any demand mi?de by throriginal Borrower :+nd (3orrower's su~Y~es.wrs in interest. 11. Forbearan~~ by I.ender Nul a VVeiver. Any furt,earance by (.ender in exercieing any right or remedy hereunder, or athrrwier a~fforded by applicabie law, ahali not be a waiver of or preclude the exercise of any such right or rnmedy. The procurement of inauranre or the payment of taxea or other liens or chargea b~ I.ender shall not be a waiver of I.ender'a right to accelerate the maturity of the indeb4.~neas secured by thia Mortgage. 12. Remedies Cumulative. All remedies pro~~ded in this Mortgage are distinct and cumulative to any other right or remedy under thie ~lortgage or afforded by law or equity, and may be exercir~l concurrently, independently or auccesaively. - l:i. Succesaors and Aseigns Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall hind, and the righta hereunder ahall inure to, the rnspective successora and aasigna of [.ender and Borrower, subject to the pro~isione of paragraph 17 hereof. All covenants and agreementx of I3onower shall be joint and aeveral.'The captiona and headinga of the parngrapha of this lNortgage are for covenience only and are not to be used to interpmt or define the pn~visions hereof. 1 a. Notice. Exrnpt for an~: noticr rcquireci under applicxble law tu be Riven in anuther mn~ner, lal any notice to I~,rrower provided forin this Morlgage shall be Kiven by mniling xuch notice by certiFed mail addreaged to F3orrower at the Property Address or at auch other addresa as Borrower may desiKnate hy notice to I.ender as provided herein, and (b) nny noticr to l.ender shnil be ECiven by certified mail, return receipt reyuested, to l.ender's address stated herein or to such other fiddress as I.ender may designate by noticr to 13orrower aa provided herein. Any notice provided for in this MortgaKe shall be deemed to have been given to E3orruwer or Lende; when given in the manner designated herein. 1 i. Uniform Mortgage; (:overning [.aw; Severability.l'his form of mortgage combines uniform covenants for national use and non- uniform covenants with limitrd variations by juriadiMion to constitute a uniform security instrument rovering real property. This Mortgage shall be go~ erned by the law of thP juriadiction in which the Pivperty is iceated. (n the er•ent that any proviQion or clause of this Mortgage or the Note conflicts with applirable law, such conflict shall not affect other proviaions of this MorlgaKe or the Note which can be given effect w•ithuut the contlictinK pro~ision, and to this end the provisiuns of the hloriKaKe and the Note are declared to be t?e~•ernble. 16. Borrower's Copy. E3orrvwer shall 6e furnished a conformed copy of the Note and of this I1lortgage at the time of execution or after rc~cordettion hereof. 17. Transfer of the Property: Aasumption. If all or any part of the Property or an interest therein is sold or tranaferred by Borrower ~.vithuut I~ender's prior w~ritten consent, excludinq lal the creation of a lien or encumbrance subordinate to this Mortgaqe, (b) the creation of a purchase money security interest for household appliances; IcYa trunsfer by devise, descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to pumhase, I.ender may, at Lendet's option, dcrlam all the sums secured by this \tortKage to be immediately due and payable_ I.ender shall have waived such option to accelerate if, prior t~~ the sale or transfer, I.ender nnd the person to whom the Property is to be sold or transferred mach agreement in writinR that the credit of such person is satisfactory to I.ender and that the interest papable on the sumg secured by this MortKaKe ahaU t~e at such rate as I.ender shall rtK~uest. If I.endei has waived the uption to accelerate providrd in this par:~Kraph 17, and if Borrower's successor in interest h:~s eaecuted a w•ritten assumption aKreement ~~crepteci in writinK by Ixnder, I.endershall release ~rrower from all obligations underthis A1ortKage and the ~ Aote. . ~ If Ixnder exercise~ such option to accelerate, ~.ender shall mail Rorrower notice of acceleration in accordance ~ ith paraQraph 14 hereof. ~uch nutice shall provide a periud of nut lesc thxn :3(?days frum the d.?te the notice is mailcKl w•ithin which Rorruvicer may pay the sums declared s due_ If f3orrower fails to pay such sums prior to the expiration of such period, I.ender may, without further noticr or demand on Eiorrower, ~ ~nv~fke am• remeclies ~ermitted t»• paraKraoh Its herc,~f. t 18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereof. upon Borrower's breach of any covenant or i agreement ot Borrower in this Mortgage, includinq the rnvenants to pay when due any sums aecured by this Mortgage, Lender prior to acceleration ahall mail notice to Rorrower as provided in paragraph 14 hereofapecifying:ll) the breach; (2?the eMion ~ required to cure such breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower, by which euch ~ 1,reach muat be cured; and (41 thut tailure to cure such breach on or betore the dat~ specified in the notice may reault in acceleration of the sume secured by this Nortgage. toreclosure by judicial proceeding and saleofthe Property. The notieeahall ~ further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ~ non-existence of a detault or any other defenae of f3orrower to acceleration and Coreclosure. If the breach ie not cured on or ; hefore the date specified in the notice. I.ender at I.ender'r~ option may declare all of the aums secured by this :1~fortgage to be ~ immcdiately due and p~yable without turtherdemand and may toreclosethis Mortgageby judicial proceeding. [.endershaU be ~ ~•ntitled to collect in such proceeding all expenses of foreclosure. including. but not limited to, rea~onable attorney's fees, and ~ custs of documentary evidence, abstracts and title reports. ~ 5 19. Rorrower's Right to Reinstate. NotwithstandinR l~ender's acceleration of the sums aecured by this MortgaRe, F3orrawer shall have ~ the nKht to have any proctredinKs begun by I.ender to enforce this lllort.~age discontinued at any time prior to entry of a judqment enforcing ~ this Mort~aRe iF. (a) Bormwer pays I.ender all sums which would be then due under this Alortgage, the Note and notes securing Future Ad~ ancea, if any, had no acceleration uccurrcd; lb) fiormN er cures all breaches of an~• other covenants or agreement~a of F3orrower contained in this Mort~age; !c1 E3orrower pays all reasonable expenses incurred by Lender in enforcing the covenants an~ agreements of E3orrower = contained in this Mort~aRe and in enforcinR I.ender's remedies as provided in paragraph lA hereof, including, but not limited to, reasonable - attorney'e fees; and Id? F3orrower takes auch action as I.ender may reasonably require to assure that the lien of this Mortgage, Lender'a intereat ' in the E'n~perty and Rorrowei s obligation to pay the sums secured by this Mortgnge shall continue unimpaired. Upon such payment and cure by ~3orrower, this ;~1ort~age and the obliQ~tions secured hereby shall remain in full force and effect as if no acceleration had occurred. ~ 20. Assignment ot Rents; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby assigns to l,enderthe ~enta ; ~~f the Property, provided that E3orrower shall, prior to acceleration under paragraph lA hereof or abandonment of the Property, hsve the right to collect and retain such rnnta as they become due and payable. Upon acceleration under paraqraph IS hereof or abandonment of the Property, [.ender ahall be entided to have a receiver appointed by a court to enter upon, take possesaion o[ and manaRe the Property and to collect the rents of the F'roperty, including those paet due_ AU rents _ collected by the receiver shall be applied first to payment of the rnata of manaqement of the Property and collection of renta, including, but not :x lim~ted to, receiver's fees, premiwne on receiver's bonds and reasonable attomey'e feea, and then to the suma secured by this Mortgage. The ~ receiver ahall be liable to account only~ for those rents actually received. ~ a a ~ 5 ~ r ~,~r ~90 ?-ti~i 7~i ~ _ ~ _ - ~ .y~` - t ~ ~ - ~-z. -