Loading...
HomeMy WebLinkAbout0919 8. l~apection. I.ender may make ur cauee to be made reasonable entriea upon and in~pections oithe p~operty, provided that l.ender shall give Borrower notice prior to any euch inapection specifying reasonable cauae therefo~ related to Lender'e i~tereet ia the Property. 9. Condemnstlon.'ll~e prooeeds of any award or claim tor damages, direct or consequentiel, in co~nection with any condemnation or other taking of the property, or part thereol, or for conveyance in lieu of oondetnnation, are hereby asaigned and shall be paid to L.ender. In ihe event of a total taking of the Property, the proceeds shall be applied to the aums secured by thie Mortgage, with the exceas, if any, ~ paid to Borrower. In the event of a pa'al taking of the Property. unlese Borrower and Lender otherwiee agree in writing, there shall be applied to the sume eecured by this Mortgage euch proportion of the proceede as ie equal to that pmportion which the amount of the suma eecured by this Mort~tage 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 Borrower. If the Property ia ebaadoned by Borrower, or if, aRer notice by l.ender to Borrower that the wndemnor otTera to make an award or settle a claim fo~ damagea, Borrower faila to reapond to I.ender within 30 daye after the date euch notice is mailed, Lender ia authorized to coUect and apply the procceds, at I.ender'a option, either to restoration or repair of the pmperty or to the aum~ eecured by thia Mortgage. Unleae l.ender and Borrower otherwiee agree in writing, any euch application of proceede to principal sheU not e:tead or poatpoae thedue , date of the monthly inetallments referred to in paragraphs 1 and 2 hereof or change the amount oi auch installmenta. 10_ Borrower Not Releaeed. E:tension of the time for paymant or modification of amortization of the aums eecured by thie Mortgege ~anted by Lender to any aucceseor in intereet ot Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower's succesaore in intereet. Lender ahall not be required to oommence proceedings againat auch successor or ref~ae to extend time for payment or otherwise modify amortization of the sums secured by thie Mortgage by reason of any demand made by the original Borrower and Borrower'a successora in interest. I 1. Forbearance by Lender Not a Waiver. My forbearance by Lender in exercising any right or remedy hereunder. or otherwise af~orded by applicable law, ahall not be a waiver of or preciude the e:ercise of any such'right or remedy. The procurement of inaurance or the payment of ta~cee or other liena or chargee by Lender ahall not be a waiver of I.ender'e right to accelerate the maturity of the indebtedneas secured by thie Mortgage. 12. Remediee Cumulative. All remediea provided in thie Mortgage are dietinM and cumulative to any other tight or remedy under thie :~lortgage or afforded by law or equity. and may be exercia~i rnncurrendy, independently or aucceesively. 13. Succesaore and Aaeigne Bound; Joint and Several Liability: Captione. The oovenant8 and agreementa herein c~ntained ahall bind, and the rights hereunder shall inure to,-the respective succeaeora and assigna of Lender and Borrower, eubject to the provieiona of paragraph 17 hereof. All covenants and agreements of Borrower ehall be joint and severel. The captions and headings of the paragraphs of thia Mortgage are for covenience only and are not to be uaed to interpret or define the provisione hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in • thia Mort{sage ehall be given by mailing auch notice by certified mail addresaed to Bortow er atthe PropeKy Addrese or at euch other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail. return receipt requeated, to Lender's addresa atated herein or to auch other addreas as Lender may designate by notice to Borrower aa provided herein. My notice pro~~ded for in thia Mortgage shail be deemed to have been given to Borrower or I.ender when given in the manner designated ~erein. 15. Unitorm Mortgage; Goveruing Law; Severability. Thia form of mortgage rnmbinea uniform oovenants for national uae and non- uniform covenants with limited variations by juriadiction to rnnstitute a uniform aecurity instrument covering real property_ This Mortgage shall be governed by the luw of the jurisdiction in which the Property is located. In the event that any proviaion or clauee of this Mortgage or the Note conflicta with applicable law, such rnnflict ahall not affect other provisions of this Mortgage or the Note which can be given efTect without the conllicting proviaion, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Rorrower'e Copy. Borrower shall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after rPcordation hereof. I7. 'Iti-anster of the Property; Assumption. If all or any part of the Property or an interest therein ia sold or tranaferred by Borrower a~thout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purehase ?ncmey security interest for household appliancea, (c) a transfer by devixe, drsoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intemat of three years or less not rnntaining an option to purchase, I.ender may, at Lender's option, ! declare all the suma secured by thie Mortgage to be immediately due and payable. Lender shall have waived euch option to accelerate if, prior ! to the eale or transfer, Lender and the peraon to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of such i peraon is astiefactory to Lender and that the interest puyable on the sums xecured by this Mortgage shall be at such rate as Lender ahall ~ request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower'a successor in interest haa executed a ' written asaumption agreement accepted in writing by Lender, Lender ahall release Borrower from allobligations underthis Mortgage and the ; ti ote. ~ [f Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleratior. in accordance with paragraph 14 hereof. ~ ~uch notice shall provide a period of not less than 30 days from the date the notice ia mailed within which Borrower may pay the sums declared p ciue. lf Borrower fails to pa~ such sums prior to the expiration of such period, Lender muy, without further notice or demand on E3orrower, ~ ?nvoke any remedies permitted by paragraoh IR hereof. ( ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 6ereof, upon Borrower's breach of any oovenant or ~ aqreement of Borrower in thia Mortgage. including the covenants to pay when due any aume eecured by this Mortgage. Lender ~ prior to acceleration ehaU mail notice to Borrower as provided in paragreph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not leas than 30 daya from the date the notice ie mailed to Borrower. by which euch ~ breach muet be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may result in = acceleration of the sums secured by this Mortgage, forecloaure by judicial proceeding and eale of the Property.The noticeahail ~ further intorm Borrower of the right to reinatate after acceleration and the right to sesert in the foreclosure proceeding the ~ non-e:ietence of a default or any other detenae of Borrower to acceleration and forecloeure. If the breach ia not cured on or r before the date specified in the notice. Lender et Lender'e option may declare all of the sums secured by this Mortgage to be ~ i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ c•ntitled to collect in auch proceeding all expenses otforeclosure. including. but not limited to. reasonabie attorney's tees, and ,s costs ot doeumentary evidence, abstracta and tiUe reports. . ~ 19. Borrower's Right to Reinetate. Notwithstanding [.ender's acceleration of thesums secured by this Mortgage, BorrowerahaU have the right to have any proceedinge begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays I.ender all aums which would be then due under this Mortgage, the Note and notes securing Future ' Advances, if any, had no acceleration occurred; lb) Borrowercures a11 breaches of any other rnvenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreemente of Borrower = contained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney e feea; and (d) Borrower takea such action as Lender may reaxonabiy require to assure that the lien of thia Mortqage, Lender a interest in the Property and Bormwer's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon euch payment and cure I " by Borrower, this Mortgage and the obligationa secured hereby ahall rnmain in full (orce and effect as if no acceleration had occurred. , ~ 20. Aaeignment of Rente; Appointment of Receiver. As additional e~ecurity hereunder, Borrower hereby assigna to Lender the renta of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18hereof or abandonment of the Property, have theright to collect and retain auch rents ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shail be entitled to have a receiver appointed by a court to enter-upon, take poesesaion of and manage the Property and to coilect the rents ot the Property, including those past due. All rents 3; collected by the receiver ahall be applied firat to payment of the costa of management of the Properly and collection of rente, including, but not limited to, receiver's feea, premiuma on receiver's bonds and reasonable attorney's fees, and then to the auma secured by thie Mortgage.'The receiver ehall be liable to acoount only [or those rents actually received. ~ ~ k ~ 3~~~ 3U5 ~18 ~ ~ :;.5