Loading...
HomeMy WebLinkAbout0631 S. Inepection. Lender mny make or cause to be made reaso~able entries upoo and inepectione of the property, p:ovided that l.ender ahall Kive Borrower notice prior to any such inepectiun specifying reaaonable cause therefor related to l.ende~ s interest in the Property. 9. Condemnation.'ll~e procet.de of any award or claim tor damages, direct or cor~aequeatial. in conaectio~ wiih aay oondemnation or other teking of the pmperty, or part thereof, or for cunveyance in lieu ef rnndemnbtion, are htreby easi~nd and sha11 be paid to l.ender. In the eve~t ot a total taking o! the Property, the proceeds ahall be applied to the ~ume secured by thia Mortgage, with the ezcesa, if any, paid to Borrower. In the event of a paetial taking of the Property, unless Borrower and l.ender otherwiee agree in writing, there ahaU be applied to the eums secured by this Mortgage such p~oportion ot the prooeeds as ia equal to that proportion which the amount of the sums eecured by this Mortgage immediately prior to the date oi taking beare tu the fair market value oithe Property immediately prior to the date of taking, with the balance ot the ptoceeds paid b Borrower. If the Property ia abandoned by Borrower, or if, aRer notice by [.ender to Borrower that the a~ndemnor offers to make en uward o: settle a claim for damu~ges. Borrower [aila to reapond to L.ender within 30 deys after the date euch notice is mailed, Lender ia authorised to collect and apply lhe proceede, at Lender s option. either to restoratioa or repair of the property or to the aume secured by this Mortgaga Unlesa I.ender and Borrower otherwise agree in writing, any euch application of proceede to principal shall not extend or postpone the due date of the monthly installmenta referred to in paragraphs I and 2 he~eof or change the amount of euch inatallments. 10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the auma eecured by thia Mortgage qran[ed by I.ender to any auccessor in interest of Horrower ahall not operate to releaae, in any manner, the liability of the original Borrower and Borrower'a auccessora in intereat. l.ender ahall not be required to commence proceeding~ egaipst s~fch auccesaor or refaee to extend time for payment or ottierwise modify amortization of the auma secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower'a auccessora in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in exerriaing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the e:erciae of any such right or remedy.'1!?e procurement of inaurance or the payment of taxea or other liens or charges by Lender ehaU not be a waiver of Lender e right to accele~ate the maturity of the indebtednesa ~ecured by this Mortgage. ~ 12 Remedies Cumulative. All remediee provided in thia Mortgage are diatinct and cumulative to aay other r'rght or remedy under thie Mortgage or af#'orded by law or equity. and may be e:ercise~i ooncurrently. independenUy or eucceseively. 13. Succeesors and Aaeigna Bound; Joint and Several Liebility; Captions. The covenants and agreementa herein oontained ahall bind, and the righte hereunder ehall inure to, the respective succeeeors and asaigna of I.ender and Borrower, eubject to the proviaione of paragraph 17 hereof All covenanta and agreements of Borrower aha11 be joint and eeveral. The captione and headinga of the paragrephe of this Mortgage are for covenience only and are not to be uaed to interpret or define the proviaione hereof. 14. Notice. Except Cor any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Moiigage shall be given by mailing auch notice by certified mail addreased to Borroveer at the Property Address or at such other addreea ae Borrower may designate by notice to I.ender as pmvided hrrein, and (b) any notice to I.ender ahall be g~ven by certified mail, return receipt requeated, to Lender's addreas atmted herein or to such other address as l.ender may deaignate by notice to Borrower as provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thie form of mortgagecombines uniform covenanta for nationai useand non- uniform rnvenanta with limited variationa by juriadiction to rnnstitnte a uniform security instrument rnvering real property.'R~ia Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any provision or clauee of this Mortgage or the Note conflicts with appiicable law, such conflict shall not affect other proviaiona of this Murtgage or the Note which can be given effect without the conflicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. fiorrower shall be[urnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof 1'7. Tranafer of the Property; Asaumption. If all or any part of the Property or an internst therein is sold or tranaferred by Borrower without Lender s prior written conaent, e:cluding la) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security intereat foz houeehold appliances. (c) a tranafer by devise, d~cent or by operation of law upon the death of a joint tenant or fd) the grant of any leasehold intereat of three years or leas not containing an option to purchaee, Lender may, at I.ender's option, declare all the suma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lendet and the person to whom the Property ia to be sold or tranaferred mach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at auch rate as Lender shall request_ If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's aucceasor in interest has e:ecvted a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under thia Mortgage and the Note. If I.ender exercises such option to accelerate, Lender shaU mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of nut leas than 30 days from the date the notice is rsailed within which Borrower may paY the sums declared due. If Borrower fails to pay such sums priur to the expiration of auch period, l.ender may, K~thout further notice or demand on Korrower, s ~nvoke any remedies permitted by paraqraoh 18 hereof , 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof, upon Bor?ower's breac6 of any covenant or ~ agreement of Borrower in this Mortgage, including the covenants to pay when due any snma aecured by this Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereoiepecifying: (1) the breach; (2) the action ~ required to cure euch breach; (3) a date, not lees than 30 days from t6e date the notice ie mailed to Borrower, by which such ¢ breac6 muat be cured: and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the sums secured by this Mortgage. forecloeure by judicial proceeding and eale of the Property. The notice ehall ~ further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the ~ non-ezietence of a default or any other defenae of Borrower to soceleration and forecloaure. lf the breach is not cured on or ~ Fiefore the date epecified in the notice, Lender at Lender's option may decl~re all of t6e sume aecured by this Mortgege to be ~ immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all e:penses of foreclosure. including. but not limited to, reasonable attorney's fees. and ~ coets of documentary evidence, abetrects and title reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender a acceleration of the sums aecured by thia Mortgage, Borrower ahall have the right to have any proceedinga began by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under thie Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; tbT Borrower cures all breaches of any other covenants or agreementa of Borrower contained in this Mortgaqe; (c) Borrower paye all reaaonable expenaea incurred by Lender in enforcing the covenanta and agreementa of Borrower ~ oontained in this Mortgage and in enforcing l.ender's rnmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ; attorney'e fees; and (d? Borrower takea such action as Lender may reasonably require to aeaure that the lien of this Mortgage, Lendet's interest in the Property and Borrower's ob?igation to pay the sums secured by this Mortgage ahall continue unimpaired_ Upon such payment and cure by Borrower, this Mortgage and the obligationa secured hereby ahail remain in full force and effect aa if no acceleration had ocrurred. 20. Aaeignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigne to I.ender the rents of the Property, pr~vided that Borrower ahall, prior to acceleration under paregraph 18 hereof or abandonment of the Property, have the right to collect and retain Buch mnts ae they become due and payable. ~ ~3 Upon acceleration under paragraph 18 hereof or abandonment of the Propetty, Lender ahall be entided to have a reoeiver appointed by a oourt to enterLpon, take poseeaeion of and manage the Property and to rnllect the rents of the Property, including thoee-paat due_ All rents ooUected by the receiver ahall be applied firat to payment of the coets of management of the Property and wllection of rente, including, but not limited to, receiver e feea, premiuma on receiver's bonds and reasonable attomey'a fees, and then to the sums secured by thie Mortgage. The receiver ahall be liabie to acoount only for those rents actually received. ~ ~ ~ ~ ~ p 2gz 63 ~:,c!~ Fac~ 1 ~ - , ~ - - ~ _ - ___z - ~ ~ ~ ~~n~~ ~ ~ r ~ -i ~ ~ s~ ~ ,~."ry~' ~ ~-~v" ~ J ~ ~ , ~ ~sx ~ ~ ~s .a °~.'~'`z ' 3 ~ ~ .~i~ •