Loading...
HomeMy WebLinkAbout0113 ~ ' 8. Inspectioa. l.ende~ may meke o~ cauee to be made reasoaable entnes upon and inepections of the property, provided that I,ender ehall give Borrower notice prior to any such inepectio~ specifying reaaonable cauee therefor related to l.ender'~ iqtereet in the Property. 9. Condemnatloa. 'I1~e procceds of any award or claim for damages, direct or consequential, in connection with any oondemnation or other taking of the property, or part thereof. or for conveyance in lieu of candemnation, are hereby asaigned and ehall be psid to Lender. In the event of a eotal taking ot the Property, tl~e proceede ahall be applied to the eums aecured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partiai taking ot the Propetty~ unleea Bortower and Lender otherwiee agree in vvriting, there shsll be pplied to the sume eecured by this Mortgage such proportion of the proceeda aB is equal to thet propo'on which the amount o! the eums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeda paid to Bon~ower. If the Property ia abandoned by Bormwer, or if, aRer notice by [,ender to Bor~rower that the rnndemnor offere to make an award or setde a claim [or damages, Borrower faile to respond to I.ender within 30 dgya after the date auch notice is mailed, L,ender is authorised to co!lect and apply the proceeda, at [.ender'e option, either to reetoration or repair of the property or to the aume eecured by this Mortgage. Unless Ixnder and Borrower otherwiee agree in writing, any euch application of proceede to principal ehell not e:tend or poetpone the due date oi the monthly inatallmenta referred fo in peragrapha 1 and 2 hereof or change the amount of such inetallmenta. 10. Borrower Not Released. Exteneion of the time for paymant or modification of amortization of the euma secured by thie Mortgage granted by Gender to any aucceeaor in intereat of Borrower ehalt not operate to release, in any manner, the liability of the original Borrower r~nd Borrower's aucceasore in interest. I.ender ahall not be required to rnmmence proce,~edings againet auch succeeeor or refuee to e:tend time for payment or otherwise modify amortization of the suma secured by thie Mortgage by reaeon of any demand made by theoriginal Rorrower xnd Borrower's auccessore in interest. 11. Forbearance by Lender Not a Waiver. My forbearance by L.ender in exerciaing any right or remedy hernunder, or otherwise aPforded by applicable law, ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of insurance or the payment of ta:es or other lieas or chargee by Lender ehall not be a waiver of Lendei e right to accelerate the maturity of the indebtedneae secured by thia Mortgage. , 12 Remediee Cumulative. All remediee provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by Iaw or equity, and may be exerciee~l rnncurrently. independently or eucceeeively. ; 13. Succeaeore and Aeeigne Bound; Joint and Several Liability; Ceptione. The rnvenante and agreemente herein oontained ehell I bind, and the rights hereunder shall inure to, the reapective auccessora and aae;gne of Lender and Borrower, eubject to the provieione of I paragraph 17 hereof. All covenanta and agreements of Borrower shall be joint and eeverel. The captiona and headings of the paragraphe ot ~ thie Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. - i 14_ Notice. Bxcept for any notice required under applicabie law to be given in ariother manner, (a) any notice to Horrower provided for in ~ this Mortgage shall be given by mailing such notice by certi6ed mail addreseed to Borrower at the Property Addreas or at auch other addreae ae Borrower may deaignate by notice to l.ender ae provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt req uested, to Lendei a address stated herein or to such other addrees as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the mannec deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombines uniform rnvenante tor national naeand non- uniform covenanta with limited variationa by juriediction to rnnstitute a uniform security inetrument rnvering real property_ This Mortgage shalt be govemed by the law of the jurisdiction in which the Property is located. In the event that any provieion or clauae of this Mortgage or the Note conflicts with applicable taw, such conflict ahall not aftect other provisiona of this Mortgaqe or the Note which can be given effect K~thout the conflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be aeverahle. 16. Sorrower'e Copy. Borrower ahall be furnished a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 'l~anafer o! the Property; Aseumption. If all or any part of the Property o~ an intereat therein is aold or lranaferred by Borrower ~ without Lender'a prior wtitten consent, excluding (a1 the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purehase money security interest for household appliances, (c) a tranafer by devise, deacent or by operation of law upon the death of s joint tenant or (d) the grant of any leasehold internat of three yeara or less not containing an option to purchase, l,ender may, at Lender's option. declare al) the aums secnred by this 111ortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the aale or tranafer, Lender and the peraon to whom the Property is to be sold or tranaferred reach egreement in writinq that the credit of euch person is satiafactory to Lender and that the intereat payable on the aums aecured by this Mortgage shall be at such rate as Lender shall request_ If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's successor in interest has executed a w-ritten assumption agreement accepted in writinq by I.ender, l.ender shall release Borrower from all obligations under this Mortgageand the `ote. ' ~ If Lender exercisea such option to accelerate, I.ender shall mail Fiorrower notice of acceleration in accordance with ara Such notice shall provide a period of not less than 30 days from the date the notire is rr.~iled within which Borrower ma P ~aph l4 hereof. ~ due. If Borrower fails to pay such aums prior to the ex iration of such Y Paythesumedeclared ~ invoke any remediea P Penod. [.ender may, withnut further notice or demand on Iiorrower, permitted by pazagraoh 1R hereof. ~ 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or aBreement of Borrower in thia Mortgage, including the covenante to pay when due any aume secured by this MoKgage, Lender a prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereofspecifying: (1)the breac6;(2) theaction ~ required to cure auch breach; (3) a date. not lesa than 30 days from the date the notice is mailed to Borrower, by whic6 euch ~ breach muat be cured; and (4) thet failure to cure auch breach on or before the date apeciCed in the notice may result in , acceleration of the aume eecured by thie Mortgege. foreclosure by judicial proceeding end eale of the Property. The notice ehall ~ further inform Borrower of the right to reinatate aRer ecceleratioa and the right to aesert in ihe toreclosure prceeeding the ! ' non-ezietence of e default or any other defenee ot Borrower to acceleration and foreclosure. If the breach ie not cured on or ` before the date specited in the notice. Lender at Lender's option may declare all of the suma secured by this Mortgage to be I immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ehall be c~ntitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's (eea, and costa otdocumentary evidence. abstracts and title reports. 19_ Borrower'e Right tb Reinatate. Notwithstending I.ender'a acceleration of the auma secured by thie Mortgage, Borrowerahall have the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing this btortgage if: (a) Borrower pays i.ender all sums which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration occurred; ~b) f3orrower curex all breaches of any other covenante or agreementa of Borrower contained in thie Mortgage; (c) E3orrower pays all masonable expenses incurred by Lender in enforcing the covenante and agreementa of Borrower contained in thie Mortgaqe and in enforcing Lender'a remedies as provided in paragraph lA hereof, including, but not limited to, reasanable attorney's fees; and (d) Borrower takes such action as Lender may rnaaonabiy require to assure that the lien of thia Mortgage, Lender'a intereat in the Property and Borrower's obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations aecured hereby ehall remain in full torce and effect as if no acceleration had occarred. 20. Asaignment ot Rente; Appointment of Receiver. Ae additional security herennder, E3orrower hereby asaigns to Lender the rQnte uf the Property, provided that Borrower aha11, prior to acceleration under paragraph 18 hereo[orabandonment of the Property, have the right to collect and retain auch rents as they become due and payable. I Upon acceleration under paragraph 18 hereof or abandonment of the Property, I,ender ahall be entided to have a receiver appointed by a I court to enter.upon, take poaseasion of and manage the Property and to collect the rents of the Property, including those past due. All rente co~~ected by the receiver ahall be applied firet to payment of tlie ooate of managementof the Property and cotlection of rente, including, but not ~~mited to, receivei e fees, premiume on receiver e bonds and reasonable attorney'e feee, and then to the sums secured by thie Mortgage. The receiver ahall be liable to acaount only for thoae rente actually received. ' r, k soc~ ~5 ;a~E e7 _ , .