Loading...
HomeMy WebLinkAbout0054 ~ ~ . 8. laspection. l.ender mey malce or cauee to be made reawnable entriee upon and inspectione of the property, provided that I.ender shall give Borrower notioe prior to any such inepection specifying teaeonable causp therefor related to I.eader's interest in the Property. 9. Copdemnatloa. 7~e proceeds of any award or claim [or damages. direct or consequential, in connection with any oondemnation or other taking of the property. or part thereof, or for conveyance in lieu of oondemnation, are hereby aeeigned and shall be paid b Lender. In the event of a btal taking of the Property, the proceeds shall be applied to the euraa eecured by thia Mortgege. with the ezceaa. ii any. paid to Bormwer. In the event of a partial taking of the Property, unleea Borrower and Lender otherwiee agtee in writing. there ehall be applied to the eums secured by this Mortgage such pmportion of tt,e proceeds ae is equal to that pmportion which the amount of the aume aecured by this Mortgage icnmediately prior to the date of taking bears b the fair market value of the Property immediately prior to the date of taking, with the balanoa of the prooeeda paid to Borrower. If the Property is abandoned by Horeower, or if, aRer notioe by Lender to Borrower that the oondemnor offers to make an award or'eettle a claim for damages, Borrower fails to respond to Lender within 30 days aRer the date euch notice ia mailed. Lender ie authorized to collect and apply the proceeda. at I.ender's option. eith~ to reetoration or repair of the property or to the suma secured by this Mortgege. Unleee Lender and Borrower otherwiee agree in writing, any such appUcalion of prooeede to principal ahall not estend or postpone the due date of the monthly inetallmente referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallments. 10. Borrower Not Releaeed. E:tension of the time tor paymant or modification of amortization of the auma eecured by this Mortgage granted by Lender to any aucceaeor in intereat of Borrawer ehall not operate to release~ in any manner. the liability of the original Borrower and Borrower e aucceaeore in interea~ Lender shall not be required to oommence proceedinge againet auch auc~essor or refuee to e:tend time [or payment or otherwise modify amortization of the aums aecured by thie Mortgage by reaeon of any demand made by the original Borrow~ and Borrower a succeaeora in interest 1 l. Forbearance by I.ender Not a Waiver. My forbearance by L.ender in ezercieing any right or remedy hereunder. or otheerwiee aPforded by applicable Iaw, ehall not be a waiver of or preclude the exerciee o! any auch ri~ht or t~emedy. The procurement of inaurance or the payment of taxes or other Gene or chargea by [.ender ehall not be a waiver of Lender'a right to aocelerate the maturity of the indebtednees secured by thie Mortgage. 12 Remediea Gtitmulative. All remediea provided in thia Mortgage are dietind and camulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezercise~l eoncwe~ently. independendy or auoceasively. 13. Succeaeore and Aseigne Bound; Joint and 3everal Liabilily; Captions. The covenants and agreements herein oontained ahall bind, and the righta hereunder ahall inure to, the respective aucceeaors'and aasigne of Lender and Borrower. subject to the provieiona of paragraph 17 hereof. Al! covenanta and agreements of BoTrower ahall be joint aad eeveral. The captione and headinge of the paragraphe of thia Mortgage are for rnvenience only and are not to be used to interpret or define the proviaions 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 this Mortgage shall be given by mailing such notice by certified meil addreseed to Borrower at the Property Addrees or at euch other addreea ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return reoeipt requested, to Lender's addreas atated herein or to such other address as Lender may design8te bq notice to Borrower aa provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated hernan. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenante for netional uee and non- uniform rnvenants with limited variationa by jurisdiction to conatitute a uniform security instrun~ent covering real property. This Mortgege shall be govemed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clauee of this Mortgage or the Note conflicts with applic~tble law, auch conflict sha11 not affect other provisiona of this Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17. 'l~anefer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia eold or traneferred by Borrower w~thout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tranafer by devise, d~scent or by operation of law npon the deattf of a joint tenant or (d) the grant of any leaeehold intereat of three yeara or lesa not oontsining an option to purchase, Lender may, at Lendei a option, ' declare all the aums secnred by this Mortgage to be unmediately due and payable. Lender ehall have waived such option to accelerate if. prior ~ to the sale or tranafer, Lender and the person b whom the Property is to be sold or transferred reach agreement in writing that the credit of auch ~ peraon is satistactory to Lender and that the interest payable on the suma secured by this Mortgage ahall be at auch rate as Lender ahall ~ request_ If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei s succeesoT in interest has executed a written assumption agreement accepted in writing 6y Lender, Lender ahall release Borrower from all obligations under this Mortgage and the ~ Vote. ~ k If Lender exercisex such option Lo accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ' Such notice shall provide a period of not less than 30 days from the date the notice is rr,ailed within which Borrower may pay the sums declared i due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without farther notice or demand on f3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. 9 E j 1$. Acceleration; Remediee. Ezcept es provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Borrower in thia Mortgage, including the covenants to pay when due any aume eecured by thia Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower se provided in paragraph 14 hereof epecifying: (1) the breac6; (2) t6e action ~ required to cure sach breach; (3) a dete, not lese than 30 days from the date the notice is mailed to Borrower. by w6ich such ~ breach must be cnred; end (4) that failure to cure euch breach on or before the date epecified in the notice mey result in ~ acceleration of the sums eecured by thie Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice shall ~ further inform Borrower of the right to reinstate aEter acceleration and the right to aeaert in the forecloaure proceeding the } non•e:istence of a default or any other defenae of Borrower to soceleration and foreclosure: If the breach ie not cured on or before the date specified in the notice, Lender at Lender'e option may declare all of the aums secnred by thie Mortgage to be ~ immediately due and payable without further demand and may forecloae thie biortgage by judicial proceeding. Lender ehall be - F entitled to callect in auch proceeding all e:penaes of loreclosure, including. but not limited to. reasonable attorney's feea, and ~ coata of documentary evidence, abatracte and title reports. ; 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration of the euma eecured by thia Mortgage, Borrowershall have z the right to have any proceedinga begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing x thia Mortgage if: (a) Borrower pays Lender all aume which woutd be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration oc.~curred; (b) Iiorrower cures ali breaches of any other covenante or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expensea incurred by I.ender in enforcing the covenants and agreements of Bonower o~ntained in thie Mortgage and in enforcing Lender e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e feea; and (d? Borrower takea auch adion ae Lender may reseonably require to asaure that the lien of this Mortgage, Lender'e intereet ~ in the Property and Borrower's obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cute ; by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occnrred. = 20. Aseignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the renta of the Property, provided that Borrower ahall. prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ' to collect and retain auch rents as they become due and payable. : Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ~ oourt to enter-upon, take possession of and manage the Property and to collect the renta of the Property, including thoee past due. All tenta = oollected by the receiver shall be applied firet to payment of the coats of management of the Property and eollection of rente, including, but not ^ limited to, receiver'e feea, premiuma on receiver e bonda and reaaonable attorney e feea, and then to the auma secured by this Mortgage. The receiver ahall be liable to acoount only for those renta actually received. ~ ~ ~ ~ 3~~~3U8 54 3 ~ _ - ~ ..~.W__~. . . _ . - f ~