Loading...
HomeMy WebLinkAbout0504 8. Iaepection. l,ender may make or cauee to be made reasonable entrie~ upan and inspectioni of the property, provided that Lender ehall give Horrower notice prior to any auch inepection specifying reasoneble csuss therefor relate~ to I.endei s intereat in the Property. 9. Condemnation.'11~e prooeeds of any award or claim for damages, direct or consequential, in connection with any oondemnation or other taking of the pmperty, or part thereof, or for conveyance in lieu of condemnation, are hereby aaeigned and shall be paid to I.ender. In the event of a total taking ot the Property, the proceede shall be epplied to the eums secured by thie Mortgege, with the eucesa, if any, paid to Borenwer. In the event of a partial taking of the Property. unleas Borrower and Lender otherwiee agree in writing, there ehall be apptied b the sums eecured by thie Mortgage euch proportioa oi the proceeda ae ie equal to that pmportia~ which the amount of the sums eecured by this Mortgage immediately prior to the date of taking 6ears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the ptoceede paid to Borrower. lf the Property ie abandoned by Borrower, or if, eRer notioe by l.ender b Borrower that the oondemnor of[era to make an award or eettle e claim for demagee, Borrower faile to respond to I.ender within 30 days after the date euch notice ia mailed, Lender is authorized to collect and apply the proceeds, at I.ender e option, either to restoration or repair of the pmperty or to the auana eecured by thia Mottgage. • Unlese Lender and Be~rrower otherwise agree in writing, any such application of proceeds t~? principal ehall not e:tend or postpone the due date of the monthly installmante ceferred to in paragraphe 1 and 2 hereof or change the amount of auch inetallmente. 10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the aums secured by thia Mortgage granted by I.ender to any aucceaeor in interegt of Borrower ahall not operate to release, in any mannec, the tiability of the original Borrower and Borrower's succeaeora in interes~ Lender ahall not be required to oommence proceedings againat such auccesaor or cefuae to extend time for puyment or otherwise modify amortization af the suma secvred by this Mortgs?ge by reason of any demand n~ade by theoriginal Borrower and Borrowei s auccesaors in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in e:erriaing any right or remedy hereunder. or otherwiee afiorded by applicable law, ahall not be a waiver of or preclude the exercise of any such right or remedy. The procureinent of ineurance or the payment of taxes or other liena or chargee by Lender ehall not be a wa~ver of Lender's right to accelerate the maturity of the indebtedneae secured by this Mortgage. 12 Remediee G~mulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be eaerciserl ooncurrently. independently or euccesaively. 13. Succeseore and Aseigne Bound; Joint and Several Liability; Captions. The oovenante and agreemente herein contained ahall bind, and the righta hereunder shall inure to, the reapective succeasors and aesigne of Lender and Borrower, subject to the provieione of patagmph 17 hereof. All ~covenants and agreementa of Borrower ahall be joint and aeveral. The captions and headings of the paragrapha of thia Mortgage are for covenience only and are not to be uaed W interpret or define the proviaione hereof. lA. Notice. Except foi any notice required under applicabte law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing such notice by certified mail addressed to Borrower at the Ptoperty Addreas or at such other addrese as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender'a addresa stated herein or to such other addrees as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uaiform Mortgage; Governing I.aw; Severability. This form of mortgage combinea uniform oovenanta for national use and non- uniform covenanta with limited variadona by juriadiction to constitute a uniform security inetrument covering real property. This Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provieion or clause of thie Mortgage or the Note contlicts with applicable law, such conilict shall not atiect other provisions af this I1lortgage or the Note which can be given effect w-ithout the con!licting provision, and to this end the proviaions of the Mortgage and the Note are declared to be severable. 16_ Borrower's Copy. Borrower ahall be fumished a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17_ Tranafer of the Property; Aseumption. If all or any part of the Property or an interest therein is aold or trar?sferred by Borrower without I.ender a prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliancea, (c) a tranafer by~deviae, descent or by operation of law upon the death of a joint tenant or (d) the grent of any leasehold intereat of three years or leas not containing an option to purchase, Lender may, at Lender'a option, declare all the sums eec~red by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be sold or traneferred reach agreement in writing that the credit of auch '~i person is satisfaMory to Lender and that the interest payable on the suma secured by this Mortgage sha11 be nt such rate as Lender shall ' request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a I written assumption agreement accepted in wtitinq by L.ender, Lender shall release Borrower from all obligations under this Mortgage and the E Note. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared ~ due. If Borrow~ fails to pay euch sums prior to the expiration of such period, I.ender may, without further notice or demand on $orrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. i ~ 18. Acceleration; ftemedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in thia Mortgage, including the oovenanta to pay when due any sume aecured by thie Mortgage, Lender prior to ecceleration ahall mail notice to Borrower as provided in paragraph 14 hereof apecifying. (1) the breach; (2) the action required to cure such breach; (3) a date. not lesa than 30 daya from the date the notice ie mailed to Borrower. by.which such breach must be cured; and (4) that failure to cure euch breach o~ or before the date apecified in the notice may reault in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ahall ~ further inform Borrower of the right to reinstate after acceleration and the rig6t to aseert in the foreclosure proceeding the non-ezietence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or , before the date specif ed in the notice, Lender at Lender's option may declare all of the euma aecured by thie Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch proceeding all e:penses of foreclosure. including, but not limited to, reasonable attorney's fees, and ~ coats ot documentary evidence, abetracta and title reporta. - ~ 19. I3orrower'e Right to Reinstate. Notwithatanding Lendei s accelerauon of the sums aecured by thia Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing _ this Mortgage if: (a) Borrower pays Lender all aums which would be then due under thia Mortgage, the Note and notes securing Future ~ Advanoea, if any, had no acceleration occurred; (b) Borrower curee ali breaches of any other covenanta or agreements of Borrower contained in _ ~ this Mortgage; (c) Borrower paya ull reasonable expenses incnrred by Lender in enforcing the covenants and agreemente of Borrower oontained in this Mortgage and in enforcing Lendei s remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey'e fees; and (d) Borrower takea auch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, thie Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aesignment of Renta; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby asaigns to Lender the rents ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to rnllect and retain auch rents es they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Gender shall be entitled to have a reoeiver appointed by a ooiut to enterapon, take posaesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta ooUected by the receiver ahall be applied firat to payment of the coata of management of the Property and collection of rnnte, including, but not limited to, receiver e fees, premiuma on reoeiver's bonds and reasonable attorney e fees, and then to the sums aecured by thie Mortgage. The _ receiver ahall be liable to acaount only for those renta actually received. ~ eocK C~ ~ ~ ~ ~~s _ _ _ v ~ r ° ' 3 _ : a, '~K . _ ~ ~~4~ ~a f ~ ' ~ k~ ~ ~ : ' " : J . - . _ Y ~ ~-,..'~'R~',m.~ ~'~';c"~3.~~.~n:~:: ~ .~.s.~