Loading...
HomeMy WebLinkAbout0044 8. In~pectioa. Lender may make or cawe b be made ree?wnsble entries upon and inapections of the property, pmvided that I.ender ehall give Borrower notice prior to any such inapection ~pecifyinQ reasonable cauae thenfor celated to Lendei a intere~t in the Property. 9. Condetnaatloa. The pmoeeds of any award or claim fos damaQes. diraK or consequential. in rnnnection with any ooAdemnation or other takin8 of the propertY. or Part th~reoi, or for conveyance in lieu o! oondemaatioa, are henby assigned and shall be paid to Le~der. In the event of a eotal takinB of the Property, the pmceeda aha11 be aPPlied to the suma secured by this Morlgage, with the exceas, ii any. paid to Borrower. In the event of a partial takin8 of the Proper~y. unless Borrower and Lend~r otherwise agree in writin~. there ahaU be applied to the eums eecured by this Mort~age auch proportion of the pra.~eeds as is equal to that pmportion which the amount of the suma ~ r se~vred by this Mortgage immediately prior b the date of taking bears b the fair market value of the Propedy immediately prior b the daLe of ; takinB. with the balaaca of the pmceed~ Peud to Borrower. If the Property ia ebandoned by Borrower. or if, aRer notice by Lender to Borrower that the oondemnor o~ers to make an award or settle a claim for damages. Bot~e'oN?er fails b reepond to Lender within 30 daye after the daLe such ~otice ia mailed, Lender is authorised to coUect and apply the prooeeds. at I.ender's optio~, either to rest~oration or sepair of the prope~rty or to the sums secured by this Mortgage. Unl~s Lender and Borrower otherwiee agree in writin8. anY such apptication of proceede to princ~pal shall not ~tendor pwtpone We due date oi the monthly inataliments referred to ia paragraphs 1 and 2 hercof or change the amount of such initaWnenta. 10. Borrower Not Released. E:tenaion of the time for paymsnt or modification of amortization of the euma secured by this Mortgege , granted by Lender to any aucceaeor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower ~ and gorrormer's suceeasore in interea~ Lender ehall not be required to commence proceedings against euch succeasor ot refuee to extend time for payment or otherwise modi[Y aR?ortization of the sums securcd bY this Mortga~e by reaeon of any demand made by the original Borrowa and Borrower'e auccesaotra in i~terest. 11.~ Forbearanoe by Lender Not s Waiver. My forbearance by Lender in e:erciaing any rieht or remedy henunder. or otherwise afforded by applicable Iaw, ahall not be a waiver of or preclude the e:erciee of any auch right or remedy.'l~e procurement of ineuranoe or tha payment of ta:ea or other liens or chargea by Lender shall not be a waiver of Lender's right to aocelerate the matutity of the iadebtedness eecured by thie Mortgage. 12 Remedies Gtimulative. All remedies pcovided in this Mortgege are di~tinct snd ~vmulative to any other right or remedy nnder this Mortgage or afforded by law or equity, and me~y be ezercieevi ooncurrendy, indepeTdendy or suooeesively. ; 13. Sua~eaeors and AselBns Bound+ Joint and 3evetal Liability; Captions. The oovenanta and agreemente herein oontained shall ; bind, and the righta hereunder ahall inure to. the respective succeeeors and aesigna of I.ender and Borrower, eubject to the pmviaiona of ; paragraph 17 hereof. All covenanta and agreementa of Botrow~ shaU be joint and eeveral. 71?e captione and headings of the paragrapha of j thie MortgaBe are for covenience only and are not to be used to int~erPret or de6ne the pioviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in ~ this Mortgage shall be given by mailing such notice by certified mail addreseed to Borrower at the Property Addrese or at euch other addrees as ~ Borrower may deaignate by notice to Lender as provided herein. and (b) any notice to Lender ahall be given by certified mail, retura receipt ~ reqneated, to Lender'a addresa staLed herein or to auch other addreea ae Lender may deaignate by notice to Borrower ae pmvided herein. My s notice provided for in this Mortgege ahall be deemed to have been given to Bormwer or Lender when given in the manner desigaated hezein. # 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage oombinea uniform oovenanta for national uee and non- uniform covenante with limited variationa by juriediction to oonstitute a uniform eecurity iastrument oovering real property. Thie Mortgege ahall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaioa or clause of thia Mortgage or ? the Note ronilicte with applicable law, such conflict ehaU noL affect other pmviaione of this Mortgage or the Note which can be givea effect without the conflictiiig provision, and to this end the proviaions of the Mortgage and the~Note are declared to be eeverable. 16_ Borrower's Copy. Bori'ower ahall be fwmiahed a confomned wpy of the Note and of thia Mortgage at the time of e:ecutioa or after recQrdation hereof. 17. Tra~ster of the Property; Aesumption. If aU or any part of the Property or an intereat therein is eold or tranaferred by Borrower wiWout I.ender s prior written conaen~ e:cluding (a) the creation of a lien or encumbrance aubordinate to.thia Mortgage, (b) the creation of a purchaee money aecurity intereat for houeehold appliancea, (c) a transfer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or less not oontaining an option to purchaee. Lender may. at Lender's o~ion, declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the pereon to whom the Property ia to be aold or tranaferred reach agreement in writing that i,he credit of euch p~son is satisfactory to Lender and that the intereat payable on the suma secured by this Mortgege ahall be at auch rate as Lender ehall request. If Lender has waived the option to accelerate provided in this paraSraph 17. and if Borrower's succeasor in intereet haa executed a written assumption agreement accepted in writing by Lender, Lender ahall reiease Borrower from all obligationa under thia Mortgage and the Note. . . y ~ If I.ender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ehall provide a period of not leas than 30 days from the date the notice ie mailed within which Borrower may pay the auma declared due. If Borrower fails to pay auch sums prior to the e:piration of such.period, Lender may, without further notice or demand on Borrower, { inv~ke any retnedies permitted by pazagranh 18 hereof. ~ 18. Acceleration; Remediee. Ezcept as prnvided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thia Mortgage, including t6e oovenante to pay when due any eame secured by this Mortgage, Lender prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not lees than 30 days from the date the notice ie mailed to Borrower, by which such ~ breach muat be cured; and (4) that failure to cure auch breach on or betore the date specified in the notice may reault in ~ acceleration oit6e suma eei.-ured by thie Mortgage. foreclosure by judicial proceedin8 and eale of the Property. The notice ehall ~ further inform Borrower of the right to reiaetate after acceleration and the right to e8eert in the forecloeure proceeding t6e non-e:istence of a default or any other defense of Borrower to aoceleration and foreclosure. If the breac6 is not cured on or before the date specified in the notice, Lender at I.ender's option may declare all of the euma aecured by this Mortgage to be ~ iromediately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Lender ehall be entitled to collect in such proceeding ail e:pensea of foreclosure, including, but not 1[mited to. reasonable attorney's feea. and ~ oosts of documentary evidence, abatracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender a acceleration of the sums eecured by this Mortgage. Borrower ahall have ~ the righ! to have any proceedings begun by Lender to enforoe this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya Lender all sums which would be then due under thie Mortgage, the Note and notes eecoring Fnture Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other oovenante or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expei~ses incurred by Lender in enforcing the covenants and agreemente of Borrower ~ contained in this Mortgage and in enforcing Lendei a remedies as pro~?ided in paragraph 18 hereof, including, but not limited to, reasonable attorney e feee; and (d) Borrower takea such action as Lender may reasonably require to seanre that the lien of thia Mortgage, Lendei a interest ~ in the Property and Borrower s obligation to pay the aums eecured by this Mortgage ahall oontinue unimpaired. Upon auch payment and enre ' by Borrower, thie Mortgage and the obligations eecvred hereby ahali remain in fiill force and effect as if no acceleration had occurred. 20. Asaignment of Rents; Appointmeat of Receiver. As additional security hereunder, Borrower hereby assigne to Lender the rents , - of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the. Property, have the right I to rnlleet 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 reoeiver appointed by a oourt to enter-upon, take poeaeaeion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta ~ oollected by the receiver ehall be applied firat to payment of the oosts of management of the Property and collection of renta, including, but not ; limited to, receiver's feee, premiuma on receiver's bonde and reasonable attorney e feea, and then to the aums eecured ~y this Mortgage. The ~R receiver ahall be [iable to acoount only tor those renta actually received. ~ ~ ~ ~ B00!! 301 FACE ~ . ~ - ~ _ _ _ , . ~ ~ ` s _ _ ~ _ : -