Loading...
HomeMy WebLinkAbout0936 8. Inspectlon. Lender may make o~ cause to be made reasonable entrie~ upon and irupertiona of the property, pmvided the! l.ender ~hall give Borrower notice prior to any such inspection specifying reasonable cause thenfor related w I.ender'e intereat in tha Property. ~ 9. CondemnatioA. The proceeds of any award or claim for dama~ee, direct or con~equentiel. in connection with any ooademnation or 3 other taking of the pmperty, or part thereof, or for rnnveyaace in lieu of condemnation, are hereby asaigned and shall be paid to Lender. `s In the event of a total taking of the Property, the proceeda shall be applied to the sums secured by this Mortga~e. ~rith the esoess. if any. paid to Borrower. In the event of a partial taking of the Propaty. unleea Bosrower and Lender otherwiee agree in writing,lhen shall be ; applied W the sums secured by this Mortgage such proportion of the proceeds as ia equal to that pmportion which the amount of the s~nu ; eecured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediatdy prior to the date of ~ taking, with the balancv of the proceeds paid to Borrower. ~ If the Property is abandoned by Borrower. or if. aRer notice by Lender to Borrower that the oondemnor ofiera to make an award or settle a ~ claim for damages, Borrowe~ fails to respund to I.ender within 30 days after the date such notice is mailed. Lender is authorized to coAect and apply the prooeeds, at Lender's option, eith~ to restoration or repair of the properqr or to the sums eecured by thia Mortgage. Unlees L,ender and Bormwer otherwiee agree in writing, any auch application of pmceeds to principal shall not extend or poetpone the due ~ date of the monthly inetallmenta referred to in paragraphe 1 and 2 hereof or change the amount of such ineLallments. 10. Borrower Not Relessed. Extenaion of the time for paym=nt or modification of amortization of the suma secured by thia Mortgage granted by Lender to any eucceaeor in intereat of Borrower ehall not operate to release, in any manner, the liability of the original Borrower and Borrower'a eucceaeors in interea~ l.ender shall not be required to oommence proceedings againet auch auoceaeor or refuae to extend time , for payment or otherwiae modify amortization of the aums aecured by thia Mortgage by reaeon of any demand made by the original Borrower and Borrower s auccessore in interest. 11. Forbearance by Lender Not a V1laiver. My forbearance by Lender in e:ercieing any right or nmedy hereunder, or otherariee sPforded by applicable law, shall not be a waiver of or precinde the exerciee of any auch~right or remedy. The procurement of insusance or the payment of ta=es or other liene or chargee by Lender ahal! not be a waiver of I.ender's right to aocelerate the maturity of the indebtedneae sec~urd by thie Mortgage. 12 Remediea Gtimulattve. All remediea pmvided in thia Mortgage are distinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be ezercieert ooncurrendy. independently or anccessively. 13. 3ucceseors and Aseigae Bound; Joint sad Severa! Liability; Captions.'[T~e rnvenant8 and agreementa herein oontained shall . bind, and the rigAte hereunder ahall inure to. the reapective eua.~eseore and aasigns of Lender and Borrower, aubject to the provisions of paragreph 17 hereoL All covenants and agreement8 of Borrower ahall be joint and eeveral. The captions and headinge of the paragraphs of this Mortgage are for covenience only and are not to be used w interpret or define the proviaione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addresaed to Borcower at the Property Addrees or at euch other addreee ae Borrower may deaignate by notice tn ~I.ender as pmvided herein, and (b) any notice to l.ender shall be given by certified mail, return receipt requeated, to Lender's addreea atated herein or to auch other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uniform oovenante for national uee and non- uniform covenanta with limited variations by juriadiction to conetitute a uniform eecurity inatruruent covering real property.'IT~is Mortgage shall be governed by the 1aw of the jurisdiction in which the Property ia located. In the event that any provision or clauee of this Mortgage or the Note conflicta with applicable law, such conftict ahall not affect other provieions of this 111ortgage or the Note which can be given ef~ect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a rnnformed oopy of the Note and of thia Mortgage at tbe time of e:ecution or after recordation hereof. 17. Tranater of the Property; Aeeumption. If all or any part of the Property or an intereet therein ie eold or tranaferred by Borrower without I.e~der'a prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchsse money aecurity interest for houaehold appliancea, (c) a transfer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the qrant of any leseehold intereet of three years or lesa not oontaining an option to purchase. I.endet may, at Lender's option, declare all the swns aecured by this Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior ` to the sale or tranafer, L.ender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing that the credit of anch ; person is aatisfactory to L.ender and that the interest payable on the aums aecured by this Mortgage ahall be at auch rate as Lender ahaU rrqueat. If Lender 4~a~ waived the option to accelerate provided in thia paragraph 17, and if Borrowei a successor in interest has executed a l written asaumption agreement accepted in writing by L.ender, Lenderahail releaae Borrower from all obligations underthia Mortgage and the ~ Note- : If Lender exercises such option to accelerate, Lender shall mail Borrower notice ot acceleration in accordance with paragraph 14 hereof. ~ Such notice ehall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the eums declared ~ due. If Borrower fails to pay such sums prior to the expiration ot such period, Lender may, without further notice or demand on ~iorrower, ~ mvoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof, upon Borrower's breac6 of any oovenant or s agreement of Borrower in thie Mortgage, including the oovenants to pay when due any euma eecured by thie Mortgage, Lender ~ prior to acceleration ehall mail notice W Borrower as provided in paragraph 14 hereof epecifying: (1) the bre~c6; (2) the action ~ required to cure euch breach; (3) a date, not less than 30 daye from the date the aotice ie mailed to Borrower, by whic6 euch breach muet be cvred; and (4) that failure to cure euch breach on or before the date specified in t6e notice may res~lt ia ~ acceleration of the eume secured by this Moctgege, foreclosure by judieial proceeding and eale of the Property. T6e notiee ahall ~ further inform Borrower of the right to reinetate after acceleration and the right to easert in the foreclosure proceeding the non-eziatence of a default or any other defenee of Borrower to aoceleration and forecloaure. If the breach ie not cured on or ~ before the date epecified in the notice, Lender at Lender's option may declare all of the aume eecured by thie Mortgage to be ~ immediately due and payable without further demaad and may foreclose this Mortgage by judicial proceeding. Lender ehall be ` ~ entitled to collect in such proceeding all e:penseH of foreclosure. including. but not limited to, reesonable attorney's fees, and ~ costs of documentary evidence, abstracta and title reporte. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lendei a acceleration of the aums eecured by thie Mortgage, Borrower shall have ~ the right to have any proceedings begun by Lender to entorce thia Mortgage diecontinued at any time prior to entry of a judgtnent enforcing thie Mortgage if: (a) Borrower paye Lender a11 sums which would be then due under thie Mortgage, the Note and notee eecuring Future ; Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreemente of Borrower containe~ in thie Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenante and agreements of Borrower - oontained in this Mortgage and in entorcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable attorney e feea; and (d) Borrower takee such action as Lender may reaaonably require to aasure that the lien of this Mortgage, I.ender e intereet _ in the Property and Borrower s obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~i by Borrower, this Mortgage and the obligations aecured hereby shall remain in fall force and effect aa if no acceleration had occvrred. ~t 20. Aseignment of Rents; Appoiotment of Receiver. As additional security hereunder, Borrower hereby seaigns to Lender the renta ~ of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such renta as they become due and payable_ ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed by a ~ oo~ut to enter~pon, take possesaion of and manage the Property and to collect the renta of the Property, including thoee past due. All rents Y collected by the receiver ahall be applied first to payment otthe ooete of management of the Property and oollection of rente, including, but not ~ limited to, receiver's feea, premiuma on receivei a bonda and reasonable attorney e fees, and then to the auma eecured by this Mortgage_ The ~ receiver ehall be liable to acoount only for those renta actaally received. ~ ~ ~ ~ ~ ~5 ~5 - 30GK rALF ' < ~ , _ ~ -