Loading...
HomeMy WebLinkAbout0094 8. lnepection. :.ender may malce or ceuee to be made reasonable entries upon and in~pection~ uf the property, provided that I.ender ehall Kive fiorrower notice prio~ b any euch inspection apecifying reaaonable cauee therefor relaled to Ixndei s intereet in the Property. ~ 9. Condem~ation. The p~oc.~eeds of any award or claim for damages, direct or conseyuential, in connection with any oondemnatio~ or othe~ taking of the property, ar part thereof. or [or conveyance in lieu oi condemnation, an hereby aesigned and shaU be paid to l.ender. In the event of a total taking of the Property, the proc.~eede ehall be applied co the sume secured by lhie Mortgage, with the excess, it any, paid to Borrower. In the event of a partial taking of the Property, unlees Borrowar and l.ender otherwiee agree in writing, there shall be applied to the aume secured by this Mortgage auch proportion of the proceeds us is equal to that proportion which ihe amount of the aums ~ secured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to tt~e date of ~ taking, with the balanca of ihe pmceede paid to Bor~nwer. [f the Property ia abandoned by Borrower. or if, aRer notice by Lender to Borrower that the oundemnor offere to make an award or setde a . claim for damagee, Borrower fails to reapond to Lender within 30 daye after the date euch notice ie mailed, Lender is authorir.ed to coUect and . apply the proceeda, at l.ender's option, either to ~eatoration or repair of the pmperty or to the sums secured by thie Morigage. Unlese I.ender and Borrower otherwiee agree in writing, any euch application of proceedsto principal ehall note:tend or poatpone thedue date ot the monthly inatallmente referred to in paragrapha 1 and 'l hereof or change the amount of auch installmente. ~ t0. Borrower Not Released. Exteneion of the time for paym~nt or modification of amortization otthe aums secured by thie Mortgage Kranted by l.ender to any succexeor in intereet of Borrower shall not operate to release, in any manner, the tiability of the original Borrower and (3orrower's succeaaora in intereet. Ix~der ahall not be ~yuired to rnmmence proceedings aguinst such successor or refuse to e:tend time Cor puyment or otherwise modify amoKization of the aums aecured by this Mortgage by reason of any demand made by the original Borrowet and Borrow•er'a succesaora in intereat. 11. Forbearance by Lender Not a Waiver. My forbearaace by [.ender in e:erciaing any right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waiver of ar preclude the ezerciee of any auch right or remedy. The procurement of inaurance or the payment of taxes or other liens or charges by l.ender ahall not be a waiver ot L.ender's right to accelerate the maturity of the indebtedneae secured by thie Mortgage. 12 Remedies Cwnulative. All rnmedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under thia 1lortgage or afforded by law or equity, and may be exerciseri concurrendy, independently or suoceasively. 13. Succeaefore and Aseigne Bound; Joint and Several Liabilify; Captione. The rnvenants and agreemente herein contained shell bind, and the righta hereunder ahall inure to, the reapective succeasore and asaigns of l.ender and Bcrrower, aubject to the proviaions of paragraph 17 hereof. All covenanta and agreementa of Borrower ehali be joint and several. The captions and headinge o~ the paragrapha of thia Mortgage are for covenience only and are not to be uaed 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 E3orrower provided for in this Mortgage shall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addresa or at such other addreas as Iiorrower may deaignate by notice to I.ender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt - requeated, to Lendei s address atated herein or to auch other address as I.ender may deaignate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombinea uniform covenanta for national uae and nun- uniform covenanta with limited variationa by jurisdiMion to conatitute a uniform aecurity instrument rnvering rnal property. This Mortgage .hal) be governed by the law o[the jurisdiction in which the Property is located. In the event that any proviRion or clause of this Mortgage or che ~Iote conflicts with applicable law, such conflict shall not af~ect other provisions of this Mortgage or the Note which can be given effect w•ithout the conflicting provision, and to this end the pro~~sions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. ~3orrower shall be furnished a con[ormed copy of the Note and of thie Mortgage at the time of execution or after rcrordation hereof. 17. Trsnsfer of the Ptoperty; Aasumption. lf aU or any part of the Property or an intereat therein ia sold or transferred by Borrower without I.ender's prior written consent, e:cludinq (a) the creation of a lien or encumbrance subordinate to this Mortgage, lb) the creation of a purchase money security intereat for household appliancea, (c) a trsnafer by deviae, descent or by operation of taw upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or lesa not rnntaining an option to purchase. Lender may, at Lender's option, cie.•lare all the sums securcd by thia Mortgage to be immediately due and payable. L.ender shall have waived such option to accelerate if, prior t~~ the sale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of auch person is satisfactory to I.ender and that the interest payable on the suma secured by this Mortgage shall be at auch rate as Lender ahall request. If I.ender has waived the option to accelerate provided in this pazagraph 17, and if Borrower'e successor in interest has executed a ! ~Titten assumption agreement accepted in writing by I.ender, I.ender ahall release Borrower from all obligations under thia Mortgage and the ; \ ote. ~ If I.ender exercises such optiun to accelerate, l,ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ 5uch notice shall provide a period of not less than 30 days from the date the notice is mailed N•ithin which Rorrow er may pay the sums declared ~ due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand un ~3orrower, ~ ~nvoke any remediex permitted by paragraoh 1R hereof. V ; 18. Acceleration; Remedies. F:cept as provided in paragraph 17 hereof, upon Borrower's breach of any eovenant or ~ Hgreement otBorrower in thia Mortgage, including the covenants to pay when due any sumasecured by this Mortgage. Lender € prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure auch breach; (3) a dete. not lesa than 30 days from the date the notice is mailed to Borrower. by which euch ? breach must be cared; and (4) that failure to eure euch breach on or before the date epecified in the notice may result in ? acceleration of the aume secured by this Mortgage. foreclosure by judicial proceeding and ealeof the Property.The notice ehall ~ further intorm Borrower ot the righi to reinatate after acceleration and the rig6t to easert in the torecloaure proceeding the non-e:istence of a defanlt or any other defenae of Borrower to acceleration and forecloaure. (f the breach ia not cured on or ~ t~fore the date apeci6ed in the notice, Lender at Lender'a option may declare all of the auma serured by this Mortgage to be ~ immediately due and peyable without further demand and may forecloaethis Mortgageby judicial proceeding. Lender shall be ; ~~ntitled to collect in auch proceeding ail expensea of foreclosure. including. but not limited to. reasonable attorney's feea. and ~ costs of documentary evidence. abstracta and title reports. ~ 19. Borrower's Right to Reinetate. Notwithstanding I.ender's acceleration of the euma secured by this Mortgage, Borrower ahall have ~ the right to have any proceedinqa begun by I.ender to enforce this Mort~age disrnntinued at any time prior to entry of a judgment enforcing 1 thia Mortgage if: 1a1 Borrower pays I.ender all suma which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; lb) E3orrower cures all breaches of any other covenante or agreements of Borrower contsiined in this Mortgage; (c) E3orrower pays al) reasonable expenses incurred by I.ender in enforcing the covenants and agreementa of Borrower rontained in this Mortgage and in enforcing l.ender'a remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonablP attorney's tees; and I d) Borrower takes such action as I.ender may rnasonably require to assurn that the lien of thia Mortqage, Lender's intereet in the Property and E3orrower's obligation to pay the aums aecured by this Mortqage shall continue unimpaired. tlpon euch payment and cure by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force ana effect as if no acceleration had uecurred. 20. Aaeignment of Rente; Appointment ot Receiver. As additional security hereunder, Borrower hereby assigna to Lender the renis of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such renta as they become due and payable. [Jpon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a - murt to enter.upon, take possesaion of and manage the Property and to coUect the rents of the Property, including thoee past due_ All rents ' collected by the receiver aha11 be applied first to payment of the costa of management of the Pmperty and collection of rentn, including, but not ~ limited to, receiver's fees, premiums on receiver's bonda and reasonable attnrney's fees, and then to the auma secured by this :Vlortgage. The ~ receiver ahall be liable to acoount only for thoae rent8 actualiy received. ~ ~ :7 k - 3~~~ 3U4 ~rf~ 94 ~ _ - - - - ~ - - - ~ i^ .,n . - sY x` -s ~ ~ t ~ } ~ cu -~-'.~p~'-«'~,~,+ „ . _ ~ n