Loading...
HomeMy WebLinkAbout0113 - - ~ 8. Itupsctlon. Leadar aa~y make or cawe b be made rea~onable eattie~ upon aad iaspections oithe prope+rty. provided tbat Leader ahaU ~ ~ive Bormwer aotice prior b e~ay such iaapectioa specifyin6 rsaaonabk caws therefa related to Lender's iatere~t in the Property. _ 8. Condemaadon.'lUe prooesda of aay award or claim for dama~a. direct or oon~equeatial. in connection aith any oondemaation or ~ other talring of ths propesty, or past theraof. or for conveyancs in lieu of oondemnation, are hereby aasigned and shall be paid to Lendes. ' In the event of a toW takini oi We Propstly. the procesd~ shall be applied to We sums ~ecured by thia Mort~a6e, wiW the e:oe~a. if aU?. paid to Borrower. In the event of s paitial taivnQ of the Property. ualea Borw~rer snd Leade~ otberwi~e aBree ia writir~~ there shall be ~ appUed to the sums secured by this Mw~t~e~e ~ach PrnPortioa ot the proceeds as is equal to Wat proportion which the amount of We ~nms secured by thi~ Mortga~e immediately prior to We date of taking bears ~o the fair market value oithe Property immediately prior to the date of takinB. with the balanoa of the proceeds paid b Borrower. If the Proper~y u abandoned by Borro~, ~ if. aRer notioe by Lender to SarmWer that the oondaanor offers b make an award or ~ettk a clsim fos damaQes. Borrower fsils to respond to Lender withit~ 30 daYt aRer the date snch aotioe is mailed. Lend~ is authorised to oollect and ~ apply the prooeeds. at Lend~'~ option. either to restoration or repair of the property or to We ~ums secured by thi~ Mortgage. Unless Leader and Borrower otha~wise aQree in writin8. eny such eppfication of pmceeda to principal ahall aot eztend or postpone the dus ~ date of the monthly inatallments nferred to in peragraphs 1 and 2 h~eof or change the amonat of auch inatallmenb. _ 10. Borrower Not Released.•E:tenaioa of the time for paymant or modification of amortization of the sume eecured by this Mortgage granted by I.endez to any euoceaaor ia interest of Borrower ahall aot operate to nlease. in any manner. the liability of the original Borrower ~ and Borrower'a succeesors in interest Lender shaU not be required to oommence proo~eding~ s8ainat snch suooesaor or refuse to eztend time • for payment or otherwise modify amortization of the sums eecured bY this Mortgage by reason of any d~and made by !he original Boreovrat ~ and Borrowei s succeeaora in interest. i 11. Forbearanoe by I.ender Not a R?aiver. Any forbearanoe by Lend~ in ezercising any right or remedy hereunder. ~ otbervise afforded by applicable law. shall not be a waiver of or preclude the es~rcise of any snch right or nmedy. The procnrement of insuraaoe or We { paymeut of teuces ~ other liens or charges by I.end~ shall aot be a waiver of Lender'a right b aaoelerate the maturity of the indebtedne~a ! eec~u~ed by this MortaaBe- . ' 12 Remedies Gbmulative. All remedies provided in thia M~tgage are distinct and cumulative to any other right or remedy under ihis ~ Mortgage or at'forded by law or eqniqr, and may be ~erciee~t ooacurrendy. ind~pendendy or suacessively 13 3noceasors and Aasigns Boand; Joint snd Several I.iability; Caption~. The oovenanta and agrcementa herein oontained shall ' bu?d, and the rights hereuadet shall inure to. the respective succeesora and asaigns of I.ender and Borrower. snbject Lo the pmvisions of paragraph 17 hereoL All covenaata and agreements of Horrower ahall be joint aad several. The captions nnd heedings of the paragraphs of ~ thie Mortgage are for covenienoe oaly aad an not to be wed to inte:pnt or define We provisions hereoL r 14. Notlce. E:cept for any notice required under applicable law to be given in aaother manner. (a) any notice to ~3orrowez provided for in ± thia Mortgage shall be givea by mailing sn~ notice by certified mail addreseed to Borrower ~t ~be Propsty Ad~irees or at auch other eddr~es aa ; Borrowa may designate by aotioe to I.ender as provided herein. and (b) any notiae to Lender shall be given by certi5ed meil. rewrn reoeipt requested, to Lender's address stated herein or to aach other address aa I.endrr may designate by aotioe to Bo:rower ae provided heiein. Any i notice provided for in this Mortgage shall be dcemed to have been given to Borrowrr or I.eader when givea in the manner designated hereia. i 15. Uniform Mortgage; Governing Lsw; 3everability. This form of mortgage oombines uniform oovenants for national uee and non- ~ uniform oovenanta with limited variationa by jurisdiction to oonstitute a aniform eecnrity inatrument oovering real pmperty. Thia Mortgege ~ ahall be governed by the law of the juriadiction in which the Property is located. In the event that any provision or clanse of this Mortgage or t the Note conflicts with applicable law, anch oonAict ahall not agect other pmvisions of this Mortgage or the Note which can be give~ effect ~ without the oonflicting proviaion, and to thie end the proviaiona of the Mortgage and the Note are declared to be aeverable. } 1& Borrower's Copy. Borrower shall be furnished a oonformed oopy of the Note and of this Mortgage at We time of esecution or after reoordation hereof. 17. Tranefer of the Property; AssumpNon. If all o~ any part of the Property or an interese therein ia sold or transfernd by Borrower ~ without Leader'e prior wtittea rnneent, ~cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a i purchase money eecurity interest for houaehold appliances, (c) a tranefer by devise, descent or by operation of law upon the death of a joint 3 tenant or (d) the grant of any leaeehold interest of three yeara or lees not oontaining an option to parchaae, Lender may. at Lende~a option~ z declare all the suma eecured by thia Mortgage to be immediately due and payabie. Lender ahall have waived auch option to aooelerate if. prior j to the sale or tranefer. I,ender and the pereon to whom the Property ia to be sold or traneferred reach agnement in writing that the creditof auch ~ pezson ia eatiefactory to I.ender end that the intereat peyable on the suma secured by thie Mortgage ehall be at such rate aa I.ender shall ~ requeat. If Lender haa waived-the option to aooelerate provided in this paragraph 17, and if Borrowe~s auoceeaor in interest has ezecuted a ; written aasumpdon agreement aocepted in writing by Lender, Lender ahall release Borrowez from all obligatione under thia Mortgage and the ~ Note. I If Lender e~cercises snch option to accelerate, I.ender ahall mail Borrower notioe of aocele~ation in acoordance with paragraph 14 hereoL 2` ~ Such notice ahall provide a period of not leas than 30 days from the date the notice ia mailed within which Borrower may pay the sume declared ; due. If Borrower faila to pay such sama prior to the e:piration of such period, Lender may, without further notice or demand on Borrower, ~ E invoke any remediea permitted by paragraoh 18 hereof ' r 18. Aooeleration; Remedies. E:cept as provided in paragraph 17 hereof, apon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mortgage, inclnding the oovenants to pay when due any sume secured by this Yortgage, I.ender• ~ prior to aoceleration ahall mail notice to Borrower ae provided in paragrapb 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lees than 30 daye from the date the notice is mailed to Borrower, by which snch ~ breach muet be cured; and (4) that failure to cure such breac6 on or before the date specified in the notice may result in acceleration of t6e sume secnred by thie Mortgage, foreclosure by judiciai prooeeding and sale of the Property. The not~ce shall further intorm Borrower of tbe right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the noa-ezistence of a default or any ot6er defenae of Borrower to aoceleration ahd forecloeure. If the breach ie not cnred on or before the date specified in the notice, I.ender at Lender'e option may declare all of t6e sume eecured by this Mortgage to be immediately due and payable without further demand aad mey foreclose this Mortgege by judicial proceeding. Lender ahall be Pntitled to collect in euch proceeding all e:penaee ot foreclosure, including. bnt not limited to. reseonable attorney's fees. and coeta of documentary evidence, abstracts and title reporte. ~ 19_ Borrower's Right to Reinetate. Notwithetanding Lender a acceleration of the suma secured by thie Mortgage, Borrower ahall have = the right to have any pioceedinge begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower pays L.ender all aums which would be then due under thie Mortgage. We Note and notea eecuring l~ture ~ Advancea, if any, had no soceleration occurred; (b) Borrower cures all breaches of any other oovenanta or agreementa of Borrower contained in this Mortgege; (c) Borrower pays aq reaeonable e:peneee incurred by Lender in enforcing the oovenante and agreements of Borrower , ~ oontained in thia Mortgsge and in enforcing Lender a remedies aa pmvided ia paragraph 18 hereof, including, but not limited to, reaaonable , - attorneyb feea; and (d) Borrower takea euch action ea Lender may reasonably require to sesure that the lien of thia Mortgage, Lender's interest in the Property and Bonower'e obligation to pay the aums eecured by this Mortgage eha11 oontinne animpaired. Upon euch payment and cnn : ~ by Borrower. thia Mortgage and the obligations eecured hereby ahall remain in fiill force and e~fYect as if no soceleration had occurred. ~ Z0. Aasignment of Rents; Appointment of Receiver. Aa additional eecurity hereunder, Borrower hereby aseigns to Lender the renta g of the Property, pmvided that Borrower ahaU, prior to aaoeleration under paragraph 18 hereof or abandonmeat of the Proprrty. have the right • ~ to collect and retain such rente as they become due and payable. ' ~ Upon aoceleration unda paragraph 18 hereof or abandonment of the Property, Lender shall be entided to have a reoeiver appointed by a ; ~ aourt to enter.upon, take poeeeasion of and manage the Property and to collect the rents of the Property, including those past due. All rente ; ~ oollected by the receiver shall be applied firet to payment of the oosta of management of the Propaty and collection of rente, iacluding, bat not ~ limited to, reoeiver's fces, premiume on receivei e bonds and reaeonable attorney'a feee, and then to the evma secured by this Mortgage. The ' ~ receiver aha11 be liable to aooount only for thoee rents actually received. ~ t ~ t ~ 3 t. e ~ } ~ $Lk! ~O~ i13 ~ _ ~ _ :ri ~ u . .