Loading...
HomeMy WebLinkAbout0689 . i . 8. la~pection. Lender may make o~ cawe to be made reawnable entrier upon and inapectione of the pmperty, provided that Lender shall give Borrower ~otice prior to any such inspection specifying reasonable cawe thecefor relat~ed W Le~dei s iaterest it~ the Ptoperty. 9. Coademnation. The proceeda of any award or claim for damage~, direct or rnnseQuential, in connection with any oondemnation or other taking of the property. or part thereof. or for oonveyanee in Geu of oondemnation, are hereby assigned aad shall be pe?id b Lender. In the event of s total takin~ of the Property, the proceedi shall be applied to the sums socured by thie Mortgage, with the euoe~s. if any. paid to Borrower. I~ the event of a partial taking of the Property. unleas Borrow~ and Lender otherwiss agree in writing, then shsll be applied to the eums secund by this Mort~a~e ~uch proportion of the proceeds aa ia equal to thet proportion which the amout~t of the sum~ eecured by this Mortgage ianmediately prior b fhe date of taking bears to the fair market value of the Property immediately prior to the date of t,aking. with the balanoa of the proceeds paid to Borrower. If the Property is abandoned by Borrower~ or if. aRer notice by Lender to Borrower that the oo~demnor oFfere to make an award or setde a claim for damag~. Borrower fails to respond to Lender within 30 days aft~ the date such aotioe is mailed. Lender is authorired to collect and apply the pmceeds, at Lendez s option. either b restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Bormwer otherwise agree in writing. any ~uch applicatioa of penceeds to priacipal shall not ~tead or postpone the due date of the monthly iastallments re[errad to in paragraphe 1 and 2 h~eof or change the amount of such installments. 10. Borrower Not Iteleased. E:teneion of the time for paymsnt or modification of amortization of the suma eecured by thia Mortgage granted by l.ender to any eucceaeor in intereet of Borrower ahall not operate to release, in any manner. Lhe liability of the original Borrower and Borrower'a eua~eseora in interes~ I.ender ahall not be required to oommence proceedings againat auch auocesaor or refuee to e:tend time for payment or otherwiae modify amortization of the suma secvred by thia Mortgage by rnaeon of any demand made by the original Borrower and Borrower s aucceeaore in intereat. 11. Rorbearanoe by Lender Not s R?siver. Any torbearance by Leader in exercising any right or remedy hereuader. or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the e:ercise of any such right or remedy. T~e procurement of insuranoe or the payment of ta:ee or olher liens or chargea by Lender ahaU not be a waiver of Lender'e right to aocelerate the maturity of the indebtedaess aecured by this Mortgage. ~ 12 Remedies Cumulative. All remedies provided 'w thia Mortgage are distinct and cumulative to any other right or remedy uader this Mortgage or afforded by taw ot equity. and may be ea~erciee~t ooncurrently. independendy or suoceesively. 13. 3ucceesors and Aseigna Bound; Joint and 3everal Liability; CapUons.'ILe oovenant8 and agreemente herein oontained ahall bind, and the righta hereunder ehall inure to, the respective auccessore and essigne of Lender and Borrower. eubject to the proviaions of paragraph 17 hereof. All covenante and agreements of Borrower shall be joint and eeveral. The captions and headinge of the paragraphe of thia Mortgage are for covenience only and are not to be need to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in thia Mortgage ahall be given by mailing ench notice by certified mail addreaeed to Borrower atthe Property Addreee or at auch other addreea ae Borrower may deaignate by notice to Lender as pmvided herein, and (b) any ~otice to I~ender shall be given by certified mail, return receipt requeated, to Lender's addreee etated herein or to such other addreea as Lendet may designate by notice to Borrower aa provided herein. Any notice pmvided for in thia Mortgage ehall be deemed to have been given to Bbrrower os Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combinea uniforan oovenanta for national uee and non- uniform covenante with limited variationa by jurisdiction to oonetitute a uniform eecurity instrument oovering real property.'1l~is Mortgage shali be governed by the law of the jurisdiction in which the Property ia located. In the event that any pmviaion or clause of this Mortgage or the Note conflicte with epplicable law, auch rnnflict shall not af~ect other pmvisions of thia Mortgage or the Note which can be given effect without the rnnilicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be eeverable. 16. Borcower'e Copy. Borrower ehall be furniahed a rnnformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. - 17. 'l~anafer ot the Property; Aesumption. If all or any part of the Property or an intere8t therein ia sold or tranaferred by Borrower without Lendei s prior written coneent, ~cluding (a) the creation of a lien or encumbranoe aubordinate to thia Mortgage. (b) the creation of a purchaee money eecurity interest for household appliancea, (c) a tranafer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three years or lesa not oontaining an option to purchase. Lender may, at Lender's option. declare all the auma eecured by this Mortgage to be immediately due and payable. Lender shall have waived euch option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ia to be eold or traneferred reach agreement in writing that the credit of auch person ia satiafactory to Lender and that the intereat payable on the auma secared by thie Mortgage shall be at auch rate as Lender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower a sueceasor in interest has e:ecuted a I w~ritten assumption agreement accepted in writing by E,ender, Lender shall release Borrowet from all obligationa under this Mortgage and the ~ Note. - ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL E Such notice shall provide a period of not lesa than 30 daya from the date the notice is ~siled within which Borrower may pay the sums declared _ i due. If Borrower faila to pay such suma prior to the expiration of such period, L.ender may, without further notice or demand on Eiorrower, ~ mvoke any remedies permitted by pazagraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept as provided in paragtaph 17 hereof, upon Borrower's breac6 of any oovenant or ~ agreement of Borrower in thia Mortgage, including the oovenante to pay when due any sums secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereof apecifying. (1) the breach; (2) the actioa required to cure such breach; (3) a date, not lese than 30 daye from the date the notice is mailed to Borrower, by which euch [ breach must be cared; and (4) that tailure to care such breach on or before the date specified in the notice may result in ~ acceleration of the aums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall ~ furt6er inform Borrower of the right to reinetate after acoeleration and the right to aseert in the foreclosure proceeding the ~ non-ezistence of a default or any ot6er defense of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ before the date epecified in the notice. Lender at I.ender's optioa may declare all of the aums secured by this Mortgage to be immediately due and payabie without further demsnd and may torecloae thie Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in euch proceeding all e:penses of foreclosure. including. but not limited to, reasonable attorney's teee, and ~ costa of documentary evidence, abstracts and title reporte. ' ~ 19_ Borrower's Right to Reinetate. N~twithatanding Lender's acceleration of the auma eecured by thie Mortgage, Borrower ahall have the right to have any proceedinge begun by Lender to enfome this Mortgage disoontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paye Lender all auma which would be then due under this Mortgage, the Note and notea securing Future ~ Advanoes, if any, had no aoceleration occurred; (b) Borrower cures all breaches of any other rnvenants or agreements of Borrower contained in ~ thie Moxtgage; (c) Borrower pays all reaeonable e:pensea incurred by Lend~r in enforcing the covenants and agreements of Borrower ~ contained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ; attorney e fees; and (d) Borrower tal~ea such sction as Lender may reasonably require to aeanre that the lien of thia Mortgage, Lender'a interest r in the Property and Borrowe~e obligetion to pay the aums secured by thia Mortgage ahall continue unimpaired. Upon auch payment and care by Borrower, this Mortgage and the obligationa secured hereby aha11 reonain in full force and effect as if no ac~eleration had occurred. _ _ 20. Aseignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby seaigne to Lender the rente of the Property. provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rente as they become due and payable. ~ ' Upon acceleration und~ paragraph 18 hereof or abandonment of the Pro perty, Lender shaU be entided to have a receiver appointed by a court to enterupon, take poseesaion of and manage the Property and to collect the rents of the Froperty, including thoee past due. All rente ~ collected by the receiver ahall be applied 5rat to payment of the oosts of managementof the Property and collection of renta, including. but not limited to, receiver'a fees, premiuma on receiver's bonds and reasonable attorney e fces, and then to the aums aecured by thia Mortgage.'I7~e R~: receiver shall be liable to aooount only for those renta actually received. . ~ ~ F .?E ~ r3 s; e ' ~ BoRK c~~1 ~~;._r.E 689 ~ a ~ - ~ _ - r ~ -°"~'~~~'`.s v~~-.~':R ~ / K _ r,Y~ ...~cY.~ ` „r ,P : : l - -X.~,"' ' ' _ . . _._,.ar_.. . . . - ...w "t` .