Loading...
HomeMy WebLinkAbout0823 8. Inspection. l.ender may make or cauee to be made reasonable entries upon and in~pections of the property. Pmvided that l.ender ehall Kive Fiorrower notice prio~ to any euch inepection specifying ~easonable cause theretor related to [.ender i interest in the Property. 9. Co~demnation. The procreds of any award or claim for damages, direct or consequential, in connection with any oondemnation or other taking uf the property, or part thereof, or for conveyance in lieu of condemnation, are hereby seaigned and shall be paid to Lender. In the event of a total taking of the Property, the proceede ahall be applied to the euma secured by thia Mortgage, with the excess, if any, paid to Aorrower. In the event ot a partial taking of the Ptoperty, unless Borrower and Lender otherwiae agree in writing, there shall be applied to the aums secured by this Mortgage auch proportion of the proceeds as is equal to that proportion which the amount of the eume aecured by thie Mortgage immediately prior to the date oi teking beare to the fair market value of lhe Property immediately prior tfl the date of taking, with the balanca of the procceds paid to BorroweT. If the Property is abandoned by Borrower. or if, aRer notice by I.ender to Borrower that the rnndemnur ot~ers to make an award or setde a claim tor damagee, Borrower fails to reepond to Lender within 30 daya after the date euch notice ie mailed, Lender ia authorized to collect and npply the proceeda, at I.ender'a option, either to reatoration or repai~ of lhe property or to the sums eecured by this Mortgege. Unleae l.ender and Borrower otherwise agree in writing, any such application of proceeda to principal ahall no1 extend or postpone the due date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of such inetallmenta. 10. Borrower Not Released. Extenaion of the time for paymant or modification of amortization of the auma secured by thia Mortgage granted by Lender to any aucceseor in intereat of Borrower shaU not operate to releaee, in any manner. the liability of the original Borrower <?nd E3orrowei s aucceasors in intereat. Lender ahall not be required to oommence proceedings againat euch auccessor or refuee to extend time ' for payment or otheM ise madify amortization of the aums secured by this Mortgage by reason of any demand made by the original Borrowet :ind Rurrower'e succeasors in interest. 11. Forbearance by I.ender Not a Waiver. My torbearance by [.ender in e:ercieing any right or remedy hercundeT. or otherwiee afforded by applicable law, aha11 not be a waiver of or preclude the exerciae of any euch right or remedy. The procurement of insurance or the payment of taxee or other liens or chargea by Lender shall not be a waiver of Lendei e right to accelerate the maturity of the indebtedneaa secured by thie Mortgage. 12 Remediee Cumulative. AU remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under this titortgage or afforded by law or equity, and may be exerciae~i concurrently, independently or eucceesively. 13. Succeeeore and Aeaigne Bound; Joint and Several Liability: Captione. The covenants and agnrmenta herein contained shall bind, and the righta hernunder shall inure to, the respective aucceasora and easigna of Lender and Borrower, subject W the provisione of Raragraph 1T hereoL All covenanta and agreements of Borrower ahall be joint and aeveral. The captions and headings of the paragrapha of this Mortgage are for covenience only and are not to be uaed to interpret or define the provieions hereof. 1~i. Notice. Except for any notice required under applicable law to be gi~~en in another manner, (a) any notice to Ronower provided for in this Mortgage ahall begiven by mailing auch notice by certified mail addreased to Borrower at the Property Addreasor at auch otheraddreas aa Korrower may designate by notice to Lende~ as pro~ided herein, and (b) any notirn to I.ender ahali be given by certified msil, return receipt reyuested, W Lender'a address atated hernin or to such other addreae as Lender may deaignale by notice to Borrower as provided herein. Any notice provided for in this MortgaQe shall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. I:i. Uniform Mortgage; Governing Law: Severability. This form of mortgc+gecombines uniform covenants for national uae and non- uniform covenants with limited variations by juriediction to mnatitute a uniform security instrun?ent oovering real property_ Thia Mortgage ,hall be Qoverned by the law of the juriadiction in which the Property is located. In the event that any provision or clauae of this Mortgage or the Note conflicts with applicable Inw, such conflict shall not affect other provisions of this Murtgage or the Note which can be given effect w•ithuut the conflictinQ provision, and to this end the proviaions of the Mortgage and the Note arn declared to be severable. 16. Rorrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If ali or any part of the Property or an intereat therein is soid or tranaferred by E3onower ~•ithout I.ender'a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliancea, (c) a transfer by devise, d.scent or by operation of lavr upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeare or lesa not containing an option to purchase. Lender may, at I.ender'a option, declare all the aums secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior i to the sale or transter, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such ~ person ie satiafactory to [.ender and that the interest payable un the sums secured by this Mortgage shall be at auch rate as Lender ahall rcqure~t. tf lwrnder has wai~ ed the option to accelerate provideci in this pazaRraph 17, and if ~rrower's successor in interest has executed a j K•ritten assumplir,n aKreement accepted in writin~r by I.ender, [.ender shall relesye Borrower from all obligations under this Mortgage and the ~ Vote. If Lender ezercises such option to accelerate, I.ender s6a11 mail Korrower notice otacceleration in accordance with paragraph 14 hereof. ~ ~uch notice ahall pro~•ide a period of not le.~ than :i0 days from the date the notice is mailed within which Borrow~er may pav the sums declared ~ due. tf Borrower fuils to pa~ such sums prior to the expiration of such period, I.ender may, ~cithout further notice or demand nn Korrower, ~ invoke any remedies permitteci by paraECr~oh 1R hereof. ~ 18. Acceleration; Remediea. Except as provided in paraqraph 17 hereof. upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage, including the covenants to pey when due any sums secured by this Mortgage, Lender z prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifyin~: (1) the breach: (2) the action ~ required to cure such breach: l3) a date, not lese than 30 daya from the date the notice ie mailed to Borrower. by which auch ~ breach must be cured; and (4) that failure to cure such breach on or betore the dete apecified in the notice may result in ~ arceleration of the aums aecured by thie Mortgage. foreclosure by judicial proceeding and eale of the Property. T6e notice ahall further inform Borrower of the right to reinetate efter acceleration and the right to esaert in the foreclosure prceeeding the ~ non-e:ietence of a default or any other defenee of Borrower to acceleration and foreeloeure. If the breach is not cured on or before the date apecified in the notice. Lender at Lender'e option may declare all of the euma aecured by thie 1'Iortgage to be ~ immediately due and payable without furtherdemand and may toreciose thia Mortgage by judicial proceeding. Lender shall be ~ t~ntitled to collect in such proceedinq aH e:penses otforecloaure. including. but not limited to. reasonable attorney's fees. and ~ c~oate of documentary e~ idence. abstract~c and title reporte. 19. Borrower's Right to Reinstate. NotwithatandinR Ixnder's accelerstion of thesuma secured by this Mortgage. Horrowershall have ~ the right to have any proceedings begun by t~nder to enforce thia Mortgaqe discontinued at any time prior to entry of a judgment enforcing r this Mortgage if: fal Borrower pays Lender a11 aums v~hich would be then due under thia Mortgage, the Note and notea securing Future ~ Advances, i£ any, had no acceleration occurred: (b) Bormwer cures all breaches of any other covenanta or agreements of Borrower contained in ~ thie Mortgage; (c1 Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreementa of E3onower - contained in this Mortgaqe and in enforcing Lendei s remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable attorney's feea; and (dl Borrower takei+euch aMion aa I.ender may reasonably require to assurn that the lien of this Mortgage, I.endei a interest in the Property and E3ormwer's obliQation to pay the suma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, thie Mortgage and the obligations aecured hereby ahall remain in full force and effect as if no acceleration had occurred. _ 'l0. Aesignment of Rente; Appointment of Receiver. As additional eecurity hereunder. Borrower hereby assigna to Lender the renta ~ of the Property, provided that Borrower ehall, prior to acceleration under paragraph lA hereof or abandonment of the Property, have the right to collect and retain such rents aa they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ehall be entitled to have a receiver appointed by a - crourt to enter-upon, take posaesaion of and manage the Property and to collect the rente of the Property, including those past due. All renta _ oollected by the receiver ahali be applied first to payment of the coata olmanagement of the Property and collection of renta, including, but not limited to, receiver's fees, premiuma on receiver'a twnda and reasonable attorney's fees, and then to the auma eecured by thie Mortgage. The ;f: receiver ahall be liable to acoount only for those renta actually received. ~ y:s ~a U k 5ocK3U4 ~~c~ ~ ~ . ~ . .