Loading...
HomeMy WebLinkAbout0288 8. laspectlon. I.ende~ may meke or cauae to be made reawnable entrie~ upon and in~pections of the property, provided ihat [.ender shall give Borrower notioe prior to any such inspection specifying reasonabte cauee therefot related to l.ender's interest in the Property. 9. CoademnatloA.'ll~e proceeds of any award or claim tor damag~, direct or consaquential, in connection with any oondemnation or other teking o[ the property, or part ther~wf, or !or conveyance in lieu of oondemnation, en hereby aseigned and shaU be paid to Lender. ln the even/ of a total taking of the Propeirty, the proceeda ahall be applied to the eums serared by this Mortgage. with the ezcess, if any, paid to Borrower. in the evertt of a partial taking of the Property. unlesa Borrower and Lender otherwise agree i~ writing. there ehall be applied W the aume eecund by this Mortgage euch proportion of the proceeda as is equal to that proportion which the amount of the sums aecured by this Mortgage immediately prior to the daLe of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. ' If the Pcoperty ie abandoned by Borrower, or if, aRer notice by I.ender to Borrower that the oondemnor oPlers to make an award or settle a claim for damages, Borrower feils to reapond to Lender within 30 days after the date such notice ia mailed, Lender ie authorized to collect and ~ app~jr the proceeda. at Lender s option, either to reetoration or repair of the properly or to the sums eecured by thia Mortgage. Unless Lender and Borrower otherwise agree in writing, any auch application of proceeds to prinripal ahall not e~ctend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the umount of auch installmenls. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortization of the sume secured by this Mortgage granted by Lender to any eucceasor in intereat of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower and Borrower e succeseora in interea~ [.ender ahall not be required to commence proceedings againat auch succeaeor or refuse to e:tend time [or payment o~ otherwiae modify amortization of the aums aecared by thia Mortgage by maeon of any demand made by the original Borrower and Iiorrowe' e auccesaors in intereat. 11. Forbearanoe by Let~der Not a Waiver. My forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwiee afforded by applicable law. ehaD no! be a waiver of or preclude the e:eniee of any auch right or remedy. The procurement of ineurance or the ~ payment of tazee or other liens or chargee by Lender ehall not be a waiver of Lender s right to accelerate the maturity of the indebtednesa secured by this Mortgage. 12. Remediea Cumulative. All remediea provided in thia Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and mey be e:erciee~l ooncurrendy, independendy or succeeeively. , 13. 3ucceseote and Aeeigna Bound; Joint and 3everal Liability; Captione. The covenanta and agreementa herein oontained ehall bind, and the righLs hereunder ahaU inure to, the reapective aucceasors and aeeigne of I.ender and Borrower. aubject to the proviaione of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and eeveral. The captione and headinge of the paragraphs of this Mortgage are for covenience only and are not to be uaed to interpret or define the provieione hereof. 14. Notice. Except for any notice required under applicable luw to be given in another manner, (a1 any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower atthe Prope:ty Addresa or at auch other addreae as E3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to Lender's addresa sLated herein or to auch other addreas as Lender may de8ignate by notice to Borrower ae pmvided herein. Any notice provided for in thia Mortgage ahali be deemed to have been given to Borrawer or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. Thia form of mortgage rnmbines uniform oovenanta for nationai uee and non- uniform covenanta with limited variationa by juriadiction to oonatitute a uniform security instrument rnvering real property. Thie Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauee of thie Mortgage or the Note conflicta with applicable law, auch rnnflict ehall not affect other pmviaions of thie Mortgage or the Note which can be given effert without the eontiicting provieion, and to thia end the proviaiona of the Mortgage and the Note are declared to be aeverable_ 16. Borrower'e Copy. Borrower shall be furniahed a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17: Tranefer of the Property; Aesumption. If all or any part of the Property or an interest therein is aold or transferred by Borrower without Lendei s prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money aecurity intereat for household appliances, (c) a tranefer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or leas not rnntaining an option to purchase, Lender may, at l.ender's option, ' declare all the suma secured by this Mortgage to be immediately due and payable_ I.ender ahall have waived anch option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ie to be aold or tranaferred ieach agreement in writing that the credit of auch . i peraon ia satiafaMory to Lender and that the interest payable on the suma secured by this Mortgage shall be at auch rate as L.ender ahall E reyuest. If Lender has waived the option to accelerate provided in this paragraph 17, and if ~3orrower'a euccessor in intereat has e:ecuted a ; written assumption agreement accepted in writing by L.ender, Lender ahall release Bonower from all obligationa under this Mortgage and the ; ~i ote. ; If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ Such notice shall provide a period of not leas thsin 30 days from the date the notice is rr.ailed within which Borrower may pay the aums declared due_ If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ~ ~nvoke any remedies permitted by paragraoh 1R hereof. i 18. Acceleration; Remedies. Ezce t ae rovided in ara ~ p p p graph 17 hereof~ upon Borrower's breach of any oovenant or ~ agreement ot Borrower in thie Mortgage, including t6e covenants to pay when due any eume eecured by thia Mortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as prnvided in paragraph 14 hereof 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 suc6 = breach muat be cured; and (4) that failure to ceire auch breach on or before the date apecifed in the notice may result in ~ acceleration of the sume secured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ahall ~ further inform Borrower of the right to reinBtate after acceleration and the right to aseert in the toreclosure prceeeding the ; non-e:istence of a default or any other detense of Borruwer to acceleration and foreclosure. If the breach ie not cured on or ~ before the date epecified in the notice. I.ender at Lender's option may declare all of t5e eums secured by this Mortgage to be : immediately due and payabte without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be s entitled to collect in such proceeding all ezpenses of foreclosure, including. but not limited to. reasonable attorney's fees. and a costs of documentary evidence, abstracte and title reporta. ~ 19. Borrower'e Right to Reinetate. Notwithstanding Lender's acceleration of theaume secured by this Mortgage, Rorrower ahall have ~ the right to have any proceedinqs begun by L.ender to enforce this Mortgage discontinaed at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes aecuring Future ; Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other rnvenanta or agreemente of Borrower contained in - this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower - rnntai~ed in this Mortgage and in enforcing Lender's remedies as provided in paragraph IS hereof, including, but not limited to, reaaonable attorney a fees; and (d) Borrower takes auch action as Lender may reasonably require to asaure that the lien of this Mortgage, L.ender'a interest in the Property and Borrower'e obligation to pay the sums aecured by this Mortgage ehall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage'and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred. % Aasignment o! Rente; Appointment ot Receiver. As additional security hereunder, Borrower hereby assigns to L.ender the rente ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph IS hereotor abandonment of the Property, have the right to collect and rntain euch rente as they become due and payable. 4 Upon acceleration under paragraph 18 hereof or abendonment of the Property, Lender ahall be entitled to have a receiver appointed by a court to enter ~pon, take possesaion of and manage the Property and to coliect the renta of the Property, including thoee past due. Ail rents collected by the receiver ehall be applied first to payment of the ooata of management of the Property and collection of renta, including, but not limited to, receiver'e feea, premiums on receiver's bonda and reasonable attorney's fees, and then to the auma secured by this Mortgage. 7'he ~ receiver eha11 be liable to account only for those rents actually received. ,s ~ . ~ ~ ~ ~ ~05 : 3~~~ ~a~~E 287 # ~