Loading...
HomeMy WebLinkAbout0254 S. Inspection. Lende~ may make or cauee W be made reawnable entries upon and iaspectio~a of the property, provided that I.ender ehall give E3orrower notice prior ta any euch i~apection apecifying ceasonable cauee therefor related W[.ead~ i inte~eat in the Property. 9. Condemnation. The proceeda of any award or claim for damages, direct or conaequential, ir? connectio~ with any oondemnetion or other taking of the property, or part thereof, or for conveyance in lieu o[ condemnation, are hereby aasigned and shall be paid to l.ender. I~ the event of a totel taking oi the Property, the proceeds ehall be applied to the sums eecured by thie Mortgage, with the exceas, if any, paid to Bortower. In the event of a partial taking of the Property, unleas Borrower a~d l.ender otherwise agree in writing, there shall be applied to the sums aecurerl by thie Mortgage such pmportion of the proceede aa ia equal to that proportion which the amount of the eums arcured by this Mortgage immediately prior b the date oI taking beare to the fair market value oithe Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Property is ebandoned by Borrower, or if, aRer notice by Lender to E3o~ower that the condemnor oKere to make an eward or eettle e claim for damages. Borrower fails to reepond to l.ender within 30 days after the date auch notice ie mailed. I.ender is authorized to coUect and apply the proc~eeds, at Lender e option, either to restoration or repair of the prope~ty or to the sums eecured by this Mortgage. Unleas l.ender and Horrower otherwise agree in writing, any euch application of ptoceede to principal ahaU not extend or postpone the due date of the monthly inatallmenta referred to in paragrepha 1 and 2 hereoi or change the amount of euch inatallments. 10. fiorrower Not Released. Exteneion of the time for paym ~nt or modification of amortization of the auma secured by thie Mortgage granted by l.ender to any eucceasor in intemat~of ~3orrower ahaii not operate to release, in any manner, the liabili?y of the original E3orrower and E3orrowei s succeaaora in intereat. l.ender ahail not be required to rnmmence proceedings againet such succeasor or refuee to extend time for payment ur otherwise modify amortization otthe eume aecured by this Mortgage by ~2ason of any demand made by theotiginal Borrower and Borrower's aucceasora in intere8t. 11. Forbearance by I.ender Not a Walver. M~ ::::bcazancr by i.ender in exerciaing any right or remedy he~eunder, or otherwise af[orded by applicable law, ehall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of inaurance or the payment oi taaee or other liene or chargea by [.ender shall not be a waiver of l.ender e right to accelerate the maturity of the indebtednees aecured by this Mortgage. 12 Remediee Cumulative. All remediea provided in thia Mortgage are diatinct and cumu~ative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exercisevi ooncurrently, independently or aucceasively. 13. 3uccessore and Aesigae Bound; Joint and 3everal Liability; Captions. The covenante and agreemente herein rnntained ehall bind, and the righte hernunder ahall inure to, the reepective aucceseors and aseigne of Lender and Borrower, eubject to the proviaiona of paragrsph 1? hereof. All covenanta and agreementa of Borrower shall be joint and aeveral. The captions and headings of the paragrapha of thia Mortgage are for covenience only and are not to be nsed W interpret or define the proviaione hereof. 14. Notice. Fxcept for any notice required under applicable law to be given in another manner, (a) any notice tu Borrower provided for in this Mortgage shall be given by mailing auch notice by certifi~d mail addreased to Borrower at the Property Addreas or at such other addreae as Botrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requested, to Lender's addresa atated herein or to euch other addrese as I.ender may deaignate by notice to Borrower as provided hetein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or l.ender when given in the manner designated herein. Ib. Uniform Mortgage; Governing Law: Severebility.l'his form of mortgage combines uniform covenants for national uae and non- uniform covenanta with iimited variationa by juriediction to rnnstiW te a uniform aecurity instrument rnvering rnal property_'Il~is Mortgage shali be governed by the law of the jurisdiction in which the Property ia lceated. In the event that any provinion or clause of thie Mortgage or the Note conflicta with applicable 1aw, auch conflict shall not af1'ect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the prnvisions of the Mortgage and the Note are declared to be severable. 16_ Borrower'e Copy. Borrower ehall be fumished a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 'IY~ne[er of the Property; Aseumption. If all or any part of the Property or an intereat therein is eold or tranaferred by Boaower without I.ender'a prior written consent, e=cluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage. (b) the creation of a purchase money security interest for houaehold appliances, (c) a transfer by deviae, deacent or by operation of law upon the death of a joint tenant or ld) the grant of any leasehold interest of three years or less not oontaining an option to purchase. Lender may, at Lender's option, declare aU the sums secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or tranafer, Lender and the peraon to whom the Property ia to be sold or transferred rnach agreement in writinq that the credit of auch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ahall requeat. If Lender has wa'lved the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in interest has executed a j written assumption agreement accepted in writing by Lender, Lenderehall release Borrower from all obligations under thia Mortgage and the ~ 'Vote. If Lender exercisea such option to accelerate, [.ender ahall mail Borrower notice of acceleration in accordance with pazagraph 14 hereof. ~ Such notice shaU provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay thesums deciared ; due. If Bonower fails to pay such sums prior to the expiration of such period, Lender may, w~thout further notice or demand on 13orrower, ~ ~nvoke xny remedies permitted by paragraoh 1K hereof. • ~ ~ ~ I8. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage. including the oovenanta to pey when due any auma eecured by thie Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specitying: (1) the breac6; (2) the action ~ required to cure such breach; ~3) a date, not lese than 30 days from the date the notice ie mailed to Borrower. by which euch x breach muet be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may resnlt in ~ acceleration of the euma secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ahall ~ further inform Borrower of the right to reinetate atter acceleration and the right to sasert in the forecloaure proceeding the ~ non-e:iatence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cure~ on or ~ before the date apecified in the notice. Lender at Lender's option may declare all of the eums aecured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to co11eM in such proceeding atl expenses of foreclosure. including, but not limited to. reasonable attorney's tees. and G cuats of documentary evidence~ abstracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithatanding I.ender'a acceleration of the aums aecured by this Mortgage, Borrower shall have ~ the right to have any proceedinga begun by l.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ - thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and not~s securing Future ~ Advancea, if any, had no acceleration occurred; (b? Borrower cures all breaches of any other covenants or agreementa of Borr~wer contained in ~ this Mortgage; Ic) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenante and agreements of Borrower ~ contained in this Mortgage and in entorcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonabla attomey's feea; and Id) Borrower takes auch action as Lender may rnasonably requirn to assure that the lien of this Mortgage, Lendei s interest in the Property and Borrower's obliqation to pay the suma secured by this Mortgage shail rnntinue unimpaired. Upon such payment and cure ; by Borrower, this Mortgage and the obligationa eecured hereby ahall remain in full force and effect as if no acceleralion had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aaeigns to Lender the renta ~ of the Property, provided that Borrower shall, prior to acceleration under paragtaph 18 hereof or abandonment otthe Property, have the right ? to collect and retain such rente as they become due and payable. Upon acceleration under paragraph IS hereof or abandonment of the Property, [.ender ahall be entitled to have a receiver appointed by a court to enterLpon, take posseasion of and manage the Property and to collect the renta of the Property, including those paat due. All renta ~ ~i rnllected by the receiver ahall be applied first to payment of the rnsta of manaqement of the Pmperty and collection of rents, inciuding, but not ~ limited to, receiver e feea, premiums on receiver's bonds and reasonable attorney's feea, and then to the aums secured by thie Mortgage. The receiver ahall be liable to acoount only for those rents aMually received_ ~ , ~ : x N t (,A ~ 3L~G~ VZ 'n~t ~54 i ~ - - - - - - - - - ~ F -E~ . ~ ~