Loading...
HomeMy WebLinkAbout2927 • • ~ i ~ ~ 8. Inspection. Lender may make or cause b be made reasonable entries upon and irupectioru of ths~, provide ~j shall } give Borrower notice prior b any such inspection apecibriag seasonable cause tharttor related b Lenders interest is the Prppsrty. 9. Conderasratioa. The proceeds of any award or claim for damages, direct or ooassqusntial. in connection with aglr ooadsmaatioa oe ~ other taking of the property. or part thereof. or far ooawyaace in lien of oondemru?tioa, are hereby assigned and shall bs paid to Leader. In the event of a total taking of the Property. the proceeds shall bs applied b the sums secured by this Mortgage, wiW the e:oess, if nay. paid b Borrower. In the event of a partial taking of tM Property. unless Borrower and Leader otherwise agree in writing. there shall bs applied b We sums secured by thin Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the rams secured by this Mortgage immediately prior b the date of taking bean b the fair market value of the Feoperty immediately prior b the date of taking, wiW We balarae of the proceeds paid b Borrower. U the Property is abaadoaed by Borrower, ar ~ afle~r notice by Leader b Borrowror that the ooademnor offers b make an award or settle a claim for damages. Borrower fails b respond b Lender within 30 days after the date such notice is mailed. Lander is authorired b collect and apply the proceeds. at Lender's option, either b redoration or repair of the property or b the sums secured by this Mortgage Unless Lender and Borrower otherwise agree in writing. any arch application of proceeds b principal shall rat sztend a postpone the due date of the monthly installmenb referred b in paragraphs 1 and 2 hereof or ~ the amount of such instsllmente 10. Borrower Not Released. Eztensiotr of the time for payment or modification of amortisation of the soma secured by this Mortgage I granted by Lender b any successor in interest of Harrower shall act operate b release. in any manner, the liability of the original Borrower and Borrower's suooessors in interest. Leader shall not be required b oommeaee proceedings against such snoceesor or refuse b estesrd time for payment or otherwise modify amortisation of the sums se~vred by this Mortgage by reason of any demand made by the original Borrower and Borrower s auooesson in interest. ' 11. Forbearanos by Lender Not a Waiver. Aqy forbearaaoe by Lender is eseraing any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the e:erciss of any such right or s+emedy. The procnremeat of irrsnsance a the payment of ts>tes oe other lieru or charges by Leader shall not be a waives of Lender's right b accelerate the maturity of the indebtedness ! secured this Mortgage. 12a roadies Cumulative. All remedies provided is this Mortgage are distinct and cumulative b any other right or remedy Hader this Mortgage or afforded by law or equity, and may be ezercise~i concurrently, independently or snooessively. 13. Suooessors and Assigns Bound; Joint and Several Liibility; Captions. The ooveaants and agreements herein contained shall bind, and the rights hereunder shall inure b, the respective snecesson and assigns of Lender and Borrower, subject b the provisions apt # paragraph 17 hereof. All covenants and agreements of Borrower ahaU be joint and several The captions and headings of the paragraphs of ~ this Mortgage are for oovenieace only and are not b be used b interpret or define the provisions hereof 14. Notice. Ezeept for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addnased b Borrower at the Propertyr Address or at each other address as ' 13o:rower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, b Lender's address stated herein or b arch other address as Lender may designate by notice b Borrower as provided herein.Any t notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin foam of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b oonstitate a uniform security inettument covering real property.Thin Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that arty provision or clause of thin Mortgage or the Note contlicta with applicable law, such conflict shall not affect older provisions of this Mortgage or the Note which can be given effect without the oontlicting provision, and b thin end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion or after i recordation hereof. - i 3 17.1~ansfer of the Property; Assumption. ff all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, e:cinding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or less not containing an option b purchase, Lender may, at Lender's option, declare all the rams secured by this Mortgage to be immediately due and payable. Lender shall have waived such option b aeoelerste if, prior to We sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the creditof such person is satisfactory b Leader and that the interest payable on the name secured by this Mortgage shall be at such rate sa Lender shall request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecnted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. , If Lender ezercises such option b accelerate, Lender shall mail Borrower notice of aeoeleration in aeoordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails b pay such Hama prior b the e:pvation of such period, Lender may, without further notice or demand on Borrower, If invoke any remedies permitted by paragraph 18 hereof. ' 1 18. Acceleration; Remedies. E:oept as provided is paragraph 17 hereof, npoa Borrower's breach of any covenant or ` agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereotapecifying: (1) the breach; (2) the action s required to core arch breach; (3) a date, not lean than 30 Jaya from the date the notice is mailed to Borrower, by which such ~ breach mast be cured; and (4) that failure to care arch breach on or before the date specified in the notice may result in acceleration of the soma secured by this lldortgage, torecloaure by judicial proceeding and sale otthe Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezistence of s default or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cared on or i before the date specified in the entice, Lender at Lender's option may declare all of the soma secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and l costa of documentary evidence, abstracts and title reports. € 19. Borrower's Right to Reipstate. Notwithstanding Lenders soceleration ofthe samasecured by WiaMortgage, Borrower shall have ' the right b have any psooeedinge begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a jadgmeat enforcing ' this Mortgage ifi (a) Borrower pays Lender all name which would be then due under this Mortgage, the Note end notes securing Fhture i Advances, if any, had no acceleration occurred; (b) Borrower cvrres all breaches of any other eovenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the oovenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bat not limited b, reasonable attorney's fees; and (d) Borrower taken such action as Lender may reasonably require b aware that the lien of this Mortgage, Lenders interest in the Property and Borrower's obligation b pay the soma secured by thin Mortgage shall continue unimpaired. Upon such payment and care by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aeoeleratioa had ocxarred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b bender the rents of the Property. provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the to collect and r+etairr such rents as Way become due and payable. Property.have Weright Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a 1 court b enterarpon, take possession of and manage the Property and b collect We rents of the Property, including those past due. All rents collected by the receiver shall be applied first b payment of We costs of management of the Property and collection of rents, including, bat not R limited b, receiver's fees, preminnu on reeeiver'a bonds and reasonable attorney's fees, and Wen b the soma secured by Win Mortgage. The receiver shall be liable b aoeourrt only far Woes rents actually received. ~ a € Boor ~