Loading...
HomeMy WebLinkAbout0865 8. Inspectioa. Ixnder may make or cause to be made tbawaaDl~ enlriae upon and inspection. of ?he property, provided that I.ender ehall give Borrowe~ notice prior to any such inapertion apecifying reasonsble cauee tl~eretor relatrd to l.ender i intereat in the Property. 9. Condemnatlot~.'IT~e procecds of any award or ciaim for damage~, direct or con~quential, in connertion with any oondemnation or other taking of the property, or part thereof, or for rnaveyance in lieu oi rnndemnation, are hereby aasigned and ahall be paid to Lender. In tha event of a btal taking of the Property, the proceeds ahaU be applied to the euma eecured by this Morfgage, wi,th the e:cees, if any, paid w Borrower. In the event of a partial taking of the Property, unlea Borrower and I.ender atherwiee agree in writing, then ahaU be applied to the sums secured by this Mortgage such proportion of thc proseede aa is equal to that ptoportion which the amount of the sums eecured by this Moetgage immediately prior to the date of taking beare to lhe fair market value of the Property immediately prior to the date of taking. with.the balan~ of the pruceeds.paid to Borrowe~. I f the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor ofters to make an awatd or aettle a claim for damages, Borrower fails to reapond to I.ender within 30 days after the date such notice is mailed, Lender ie authorized to collect and apply the proceeds, at Lender'a optio~, either to reetoration or rep~ir of the property or to the eume eecured by thia Mortgage. . Unleae Lender and Borrower otherwiee agree in writing. any such appGcation of prooeeds to principal ahall not extend or postpone the due date of the monthly inatallmente refernd to in ps~ragrapha.l aad 2 hereof or change the amount of such instaliments. • 10. Borrower Not Releaeed. E:tension of the time for paym~nt or modification of amortization of the aume eecured by thie Mortgage granted by Lender to any succesaor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Rortower and Borrower's succeaeors in interesk I.e~der ahall not be required to commence proceedings againet such aucceseor or refuse to e:tend time for payment or otherwiee modify amortization of the auma secured by this Mortgage by reason ot any demand made by the original Borrower and E3orrower a succeaeors in interest. i l. Forbearapce by Lender Not a Walver. My forbearance by I.ender in e:erciaing any right or remedy hereunder. or otherwise aPforded by applicable law, ehall not be a waiver of or preclude the e:erciBe of any euch right or remedy. The procnrement of ineurance or the payment of taxes or other liena or chargee by Lender ehall not be a waiver of I.ender'e right to aocelerate the maturity of the iadebtedneea - secured by thia Mortgage. 12. Remediee Gtimulative. All remediea provided in this Martgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e=ercised concurreatly. independeatly or eucceeaively. 13. Suceesaore and Aseigne Bound: Joiat and 3everal Liability; Captione. The covenaats and agreemente herein rnntained ahaU bind, and t}~e righte hereundez shal! inure to, the respective succeasore and sssigne of Lender and Botrower. aubject to the provisiona of paragraph 17 hereof All covenants and agreements of Borrower ahall be joint and eeveral. The captions and headings of the paragraphe of this 1liortgage are for rnvenience only and are not to be ueed to interpret or define the proviaions hereof. 14. Notice. Except [or any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shail be given by mailing such notice by certified mail addressed to Borrower at the Property Addreae or at auch other addrees as Borrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requested, to I.ender'a addresa stated hernin or to auch other address as Lender may deaignate by notioe to Borro~ver ea provided herein. My - notice pro~~ded for in this Mortgage shall be deemed to have been given to Borrower or Lender when give~a in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability.'lbia form of mortgage combinea uniform oovenants for national we and noa- uniform covenants with limited variations by juriadiction to constitute a uniform security inatrument wvering real pmperty. This Mortgage shall be govemed by the luw of the jurisdiction in which the Property is tocated_ In the event that any proviaion or clause of this Mortgage or the Note conflicta with applicable law, such conflict shall not affect other prnvisions of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the pmviaione of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ahall be furnished a confotmed rnpy of the Note and of thia Mortgage at the time of execution or after rerordation hereuf. 17.1~ransfer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower without Lender'a prior wntten conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgaqe, (b) the crestion of a ' purchase money aecurity interest for houaehold appliancea, (c) a transfer by devise, deecent or by operation of Iaw upon the death of a joint . tenant or (d) the grant of any leasehold interest of three years or lese not containing an option to purchase, Lender may. at I.ender's optioa, declare aH the anms secured by this Mortgage to be immediately due and payable_ Lepder ehall have weived aueh option to accelerate if, prior to the sale or tranefer, I.ender and the person to whom the Property ie to be aold or transferred reach agreement in writing that the credit of such peraon is satiafactory to Ixnder and that the intereat.payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in interest has e:ecuted a written asaumption agreement accepted in writing bv Lender, Lender shall release Borrower from ali obligations under this Mortgage and the i Note_ . : If Lender exercises auch option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof , ~ Such notice shal l provide a period of not less than 30 days kom the date the notice ie rr.ailed within which Borrower may pay the suma declared E due. If Borrower fails to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrowe~, i ~ invoke any remedies permitted by pa-ugraoh 18 hereof. I 18. Aceeleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ? ~ agreement of Borrower in thie Mortgage. including the oovenanta to pay when due any eums secured by thie Mortgage, Lender 3 prior to acceleration shall mail notice to Borrower as provided in paragraph 14 6ereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not lesa then 30 daye from the date the notice ie mailed to Borrower, by which euch ~ breach must be cured: and (4) that failure to cure such breach on or before the date epecified in the notice may reault in acceleration of the euma secured by this Mortgage, forecloaure by judicial prooeeding and sale of the Property.T6e notice ehall further inform Borrower of the right to reinatate af'ter acceleration end the right to assert in the foreclosure proceeding the non-e:iatence of a default or any other defenae of Borrower to aoceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender'B option may declare all of the sume aecured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judiciel proceeding. Lender ahall be entitled to collect in such proceeding all expenaes ot forectosure, including, but not limited to. reaeonable attorney's fees. and coats of documentary evidence. abatracts and title reports. 19. Horrower's Right to Reinetate. Notwithetanding Lender's acceleration of the aums secured by this Mortgage, Borrower ahall have ; the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing F ~ this Mortgage iC: la) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notea securing Future F Advances, if any, had no acceteration occurred; (b) Borrower cures all breaehes of any other covenants or agreementa of Boaower contained in ~ thia Mortgage; Ic1 Borrower pays all rnasonable e:penses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgaqe and in enforcing I.ender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney a fees; and (d) Borrower takes auch action as Lender may reasonably require to seaure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligations secured hereby shaU remain in fnil force and effect aa if no acceleration had occarred: ~ 20. Aesignment of Rente; Appointment of Receiver. As additional secarity hemunder, Borrower hereby assigna to L.ender the rents ~ o(the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right _ W collect and retain such 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 ~ court to entera~pon, take posaession of and manage the Property and to collect the rente of the Property, including those past due. All rents ~ rnllected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rente, including, but not limited to, receiver's fees, premiuma on receiver's bonds and resaonable attomey's fees, and then to the auma secared by this Mortgage.'I~e receiver shall be liable to acoount only for thoae rente aMually received. ~ ~ ~ t!_k ~i~ S~Gr ~ ~hGf ~UJ ~ ~ Y~;;,_ : ~ ~ ~ - _ ~ ~ ~ , . " ~