Loading...
HomeMy WebLinkAbout0334 ~ 8. Inepection. l.e~der ~nay make or cause to be made reasonableentri~ upon and inepections uf the prupe~ty, provided that l.ender shall Kive Eiorrower notice prior to any auch inapection Bpecifying reaaonable cauee therefor releted to l.ender'e intereet in the Piroperly. 9. Condem»ation. The proceeds of any award or claim [or damages, direct,or consequential, in connertion with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are he~eby aeaigned and ahall be paid to Ixnder. ln the event of a Wta! tttking ot the 1'ropeKy. the proceeda at~all be epplied to the sums eecured by thie Mortgage, with the e:cess, if any, paid to Horrower. In the event of a partial taking of lhe Property. unlesa Borrower and l.ender otherwise agree in writing, then shalt be :?pplied to /he suma eecured by this Mortgage auch proportion of the proceede ae is equal to that proportion which the amount of the aums secured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date uf taking, vrith the balanca of the proceeds paid to Borrower. • It the Property ie abandoned by Borrower, or if, after notice by I~nder to Borrower that the condemnor of~ecs to make an award or setde a clAim tor damages, Bor~ower faile to reapond to I.ender within 30 days after the date auch notice is mailed, Lender ia authorized to collect and ~~pply the p~a.~eeda, at L.ender e option, either to restoretion or repair of the property or to the sums eecured by thia Mortgage. Unlesa Lender and Borrower otherwiee agree in writing, any such application of pra.~ceda to princ ipt?1 ahall not extend or postpone the due ciAte of the monthly inetallmente reternd W in paragraphs 1 and 2 hereot or change the amount of euch ineLaiiments. 10. Borrower Not Releaeed. Extenaion of the time for paymant or modi6cation of amortization of the sume xecured by thia Mortgage krnnted by I.ender to any succeeaor in intereat of E3orrower ahall not ope~ate to release, in any manner, the liability of the original Borirower and Eiorrower e autt~eaeora in interes~. l.ender ahall not be required to commence proceedings againat auch euccesaor or refuae to extend time C~~r payment or otherwise mc,dify umovtization of the suma secured by this Mortga~;e by renson of any demand made by theoriginal Borroxer and t~rrower s sutt~sors in intereat. t i. Forbearance by I.ender Not a Weiver. Any forbearance by I.ender in e:ercising any right or remedy hereunder, or othe~wiee a fforded by applicabie law, ahall not be a waiver of or preclude the exemise of any auch riqht or remedy.'I~e procurement of inaurance or the pnysnent of taxee or other liens or chargee by Lender ahall not be a waiver of Lender s right to accelerate the maturity of the indebtednesa secured by thia Mortgage. 12. Remedies Cumulative. All remedies provided in thie Mortgage are diatinct and cumulative to any other right or remed'y under thia ~tortgage or afforded by !sw or equity, and may be exerciee~i concurrently, indPpendently or succeeaivety. 13. Succeasore and Aeaigne Bound; Joint and Severai Liability; Captiona. The covenants and agreements herein contained shall ` bi~d, and the righta hereunder shall inure to, the reapective auccessore and aseigns of l.ender and Borrower, aubject to the proviaiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and eeve{al, The captions and headings of the paregraphe of this Morigage ace for covenience only and are not to be used to interpret or define the provi'siana hereot. 14. Notice. F.xcept for nny notice required under npplicable law to be given in another manner, (a) any notice to Eiorrower provided for in this Mortgage ahall be given by mailing euch notice by certified mail addresaed to Botrower at the Property Addreea or at auch other addreae as F3orrower may designate by notice to I.ender as provided herein, and (b) any notice W Lender shall be given by certified mail, return-receipt reyuested, to Lender's addtesa stated herein or to such other addreas as Lender may designate by notice to Borrower ax provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrowe-r or I.ender when given in the manner designated herein. 15. Uniform 1Nortgage; Governing Law; Severability. This form of mortgage combinea uniform oovenants for national uae and non- uniform covenants with limited variationa by juriadiction to constitute a unifornn security instnuuent covering real property. Thie Mortgage shall be governed by the law of the juriadiction in which the Property is located, ln the event that any proviiaion or clause of this :Nortgage or the Note conflicts with applicable law, such conflict ahall not aftect other pmvisions of thie Mortgage or the Note which can be given effect w•ithout the rnnflicting proviaic?n, and to this end the proviaions of lhe Mortgage and the Note are declared to be severable. 16. Bortower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17_ 'I~anster of the Property: Aasumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower w~thout l.ender'a prior written conaent, eacluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security intetest for houaehold appliancea, (ci a transfer by deviae, d~soent or by operalion of law upon the death of a joint tenant or (d) the grant ot any leasehold intereet of three yeara or less not containing an option to purchase, I.ender may, at L,endei a option, declare al! the sums secured by this Mortgage W be immedimtely due and payable. i.ender ahall have waived such option to accelerate if, prior tu the sale or transfer, [.ender and the person to whom the Property is to be aold or transferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payabie on the sums secured by this Mortgage ahall be at such rate as I.ender ahall request. It Lender has waivcd the option to accelerate provided in this paragraph 17, and if $orrower's successor in interest has executed a u~ritten asaumption aqreement nccepted in writing by l.ender, Lender shall release Borrower from all obligationa under this Mortgage and the ti ote. If [.ender exercises such option to acceter~te,l.endershaU mail $orrower notice of acceleration in accordance with paragraph 14 hereof. ~uch notice shall provide a period of not leas than 30 days from the date the notire is rr:ailed within which Borrower may pav the sums declared due. If E3orrower fails to pay such sums prior to the expiration of such period. I.ender may, w~thout further notice or demand on Eiorrower, invoke any remedies permitted by paraqraoh 18 hereof. 18. Acceleration; Remedies. EYCept as provided i~ paragraph 17 hereof. upon Borrower'a breach of any eovenant or ugreement of Borrower in this Mortgage, including the oovenants to pay when due any sumeaecured by this Mortgage. Lender prior to acceterution shell mail notice to Borrower ea provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date. not leae than 30 days from the date the notice ie mailed to Borrower, by which euch breach muet be cured; and (4) that failure to cure such breach on or before the date apecified in the aotice may result in acceleration of the sume secured by this Mortgage, foreclosure by judicial proceeding and ealeof the Property. The notice shall further inforrre Borrower of the right to reinatate aRer acceleration and the right to assert in the toreclosure proceeding the non-ezistence of a default or any other defense of Borrower to aceeleration and foreclosure. If the breach is not cured on or . before the date epe~iFed in the notice, Lender at Lender's option may declare all of the eums sc{cured by thiB Mortgage to be immediately due and payable without further demand and may toreclose this Mortgage by judicial proceeding. Lender ahall be cntitled to co!lect in such proceeding all e:penses of foreclosure. including. but not limited to. reasonable attorney's feea. and coats of documentary evidence. abatraets and title reports. 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration of thesume aecured by this Mortgage, Borrower ahaA have the nght to have any proceedinga begun by Lender to entorce this Mortqage discontinued at any time prior to entry of a judgment enforcing ihia Mortgage if: (a) Borrower paya Lender all aums which would be then due under this Mortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenants or agreee~ents of Borrower contained in thia Mortgage; (c) Borrower pays all reasonabte expenaes incurred by I.ender in enforcing the rnvenanta and agreementa of Borrower oontained in this Mortgaqe and in enforcing Lender'a remedies as provided in paragraph 18 hereof including, but not limited to, reasonable attorney'e fees; and Id) Borrower takea such adion as l.ender may reasonabiy require to asaure that the lien of this Mortgage, I.ender's interest in the Property and Borrower'a obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligations aecured hereby shall remain in fu1! force and effect as if no acceleration had occnrred. Z0. Assignmeat of Renta; Appointment of Receiver. As additional secnrity 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, heve the right to collect and retain euch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter-upon, take poaeeasion of and manage the Property and to collect the rents of the Property, including those past due. All rnnta oollected 6y the receiver ahall be applied firat to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's feea, premiuma on receiver's bonda and reasonable attomey's fees, and ihen to the sums secured by thie Mortgage. The receiver shatl be iiable to acoourtt only for those rents actually received. ~92 ~A~~ 334 . r - - - . - ; ~ : ~ s~ ~ ~ ~ ~ ~ _ ; z ' ~ ~ 5 : ~ i ~ 'r-m ~G~Y~j ~ - . . , r~~°~~m ~ -.i -3