Loading...
HomeMy WebLinkAbout0386 8. Inepectio~. l.ender may make or cauae to be made reasonable entriee upon and inapectione of the property, provided that Lender ehall give Bortower notice prior W any euch i~epection apecifying reaaonable cauee therefor related to Ixnder'a intereet in the P~operty. • 9. Condemnetio~. The procrede of a~y award ar claim for damages, direct or coneequential, i~ connection wilh any rnndemnation or other taking of the property, or part thereof, or for conveyance in lieu of rnndemnation. are hereby aseigned and ehall be paid to I.ender. I~ the event of a total taking of the Nroperty, the procceda ehall be applied to the aums eecured by lhis Mortgage, with the excees, if any, paid to.Borrower. In the event of a pa?tial taking of the Property, unleae Borrower and I.ender otherwiae agree in wriling, there ehall be applied W the auma eecured by thie Mortgage such pmportion of the proceeds as is equal to that proportion which !he amount of the suma secured by lhis Mortgage immediately prior to the date of takiog bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceede paid to Borrower. If the Property ie abandoned by Borrower. or if, after notice by Lender to Aorrower that the rnndemnor of~ers to make an award or eetde e claim fo~ dam+sgee, Borrower faila to reepond to I.ender within 30 daye after the date euch notic~ ie mailed, l.ender is authorized to collect and apply the proceeds, at I.ender's option, either to reatoration or repair of the property or to the sums aecured by this Mortgage. Unlesa L.ender and Borrower otherwiee agree in writing, any euch application of proc~eeda to principal ehall not extend or poetpone the due date of the monthly instaliments referred to in paragraphe 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Released. Extenaion of the time for paymant or modification of amortization of the sums secund by this Morigage Kranted by [.ender to any eucceaeor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower und t3orrower's succesaora in interest. I.ender shall not be required to commence proceedinga againet such auccessor or refuae to extend time for payment or otherwise modify amortization of the sums secured by thia Mortgage by re~son of any demand made by the original Borrower and I3orrower's succrssora in interest. 11. Forbearance by Lender Not a Waiver. Any [orbearance by Lender in exercising any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the s~e~,ciee of any each right or remedy. The procurement of inaurance or the payment of taxes or other liena or chargea by Lender shall not be a waiver of I.ender s right to accelerate the maturity of the indebtednese secured by this Mortgage. 12 Remediea Cumulative. All remediea provided in thia Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exercise~i concurrendy. independendy or successively. 13. Succeaeors and Aseigne Bound; Joint and Several Liability; Captione. The covenante and agreements herein contained ehall bind, and the righta hereunder shall inure to, the reapective succeasors and asaigne of Lender and Borrower, aubject to the proviaione of paragraph 1? hereof. All covenanta and agreementa of Borrower ehall be joint and eeveral. The captions and headings of the paragraphe of thia Aiortgage are for covenience only and are not to be used to interpret or define the provieions hereof. 14. Notice. Except for any notice required under appiicable law to be qiven in another manner, (a) any notice to F3orrower provided [or in this Mortgage ahall be given by mailing such notice by certified mail addresaed to Borrower at the Propetty Addresa or at such ~ther addreae as tiorrower may deaignate by notice to l.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to I.ender's addrees stated herein or to auch other address as Lender may designate by notice to Borrower ax provided herein. Any no?ice provided for in this Mortgaqe shall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform covenante for national uae and non- unitorm covenants with limited variations by jurisdiction to rnnstitute a uniform security inatrument covering real property.'i1~is Mortgage .hall be guverned by the law of the jnrisdiMion in which the Property is located. In the event~ hat any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other pmviaions of this Mortgage or the Note which can be given effect w•ithuut the conflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be [urnished a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17_ Tranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower without l.ender s prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a F~urchase muney security intereat for household appliances. (c) a transfer by deviae, descent or by operation of law upon the death of a joint trnant or (d1 the grant of any leasehold intereat of three years or lesa not containing an option to purchase, Lender may, at Lender a option, declare all tke sums secured by this Mortgage to be immediately due and payable. Lender ehall have waived euch option to accelerate if, prior to the sale or tranefer, Lender and the peraon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such person is satisfactory to [.ender and that the interest payable un the sums secured by this Mortgage shall be at such rate as I.ender ahall request. If Ixnder has waived the option to accelerate pmvided in this patragraph 17, and if Borrower s successor in interest has executed a w•ritten assumption agreement accepted in writinq by I.ender, I.ender ahall releaae E3orrower from all obligations under this Morigage and the \ ote. If I.ender exercises such option to accelerate, I.ender shall mail Korro~ver notice of acceleration in accordance with paragraph 14 hereof. ~uch notire shall provide a period of not less than 30 days from the date ihe notice is ~r.ailed within which F3~rrower maY pa~• thesums declared ; due. If Borrower fails to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on Iiorrower, ~ ~nvoke any remedies permitted by parxKraoh 1K hereof. f 18. Acceleration; Remediea. F:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ Hgreement of Borrower in thia Mortgage. including the cavenanta to pay when due any aume secured by this Mortgage, Lender ; prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereofspecifying: (1) the breach;(2)the action i required to cure such breach; (3) a date, not lese than 30 daye from the date the notice ia mailed to Borrower. by which such ~ breach muat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may reeult in ° xcceleration of the suma seeured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice~hall ~ further inform Borrower of the right to reinatate aRer acceleration and the right to aeaert in the forecloaure proceeding the ' ~ non-ezistence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach ie not cured on or before the date specified in the notice. Lender at Lender's option may declare aU of the suma secured by this Mortgage to be immediately due and payable without furtherdemand and may toreclosethis Mortgage by judicial proceeding.l.ender shall be entitled to collect in such proceeding all expenses of foreciosure. including. but not limited to. reasonable attorney's fees. and costa of documentary evidence. abatractrf and title reports. 19. Borrower's Right to Reinatate. Notwithstanding I.ender's acceleration of the sums secured by this Mortgage, Rorrower ahall have the right to have any proceedings begun by Ixnder to enforce this MortECage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: la) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notea securing Future ~ Advances, if any, had no acceleration occurred; (b) Bormwer cures all breachesof any othercovenante or agreements of E3orrowercontained in ~ this Mortgage; (c) I3orrower pays all reasonable axpenses incurred by Ixnder in enforcing the covenants and agreementa of I3orrower contained in this Mortgage and in enforcing I.ender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's fees; and td1 Borrower takes such action as Lender may reasonably require to asaure that thelien of this Mortgage, l.endei a intereet in the Property and f3orrower's obligation to pay ihe sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure ; by Borrower, this MortgaRe and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occurred. a 20. Aeeignment of Rente: Appointment of Receiver. As additional security hemunder, E3orrower hereby assiqna to I.ender the renta ; of the Property, provided that f3orrower shall, prior to acceleration under paraqraph 18 hereof or abandonment of the Property, have theright to collect and retain auch rents as they become due and payable. _ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ court to enter.upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All renta ~ collected by the receiver shall be applied first to payment of the costs ot management of the Property and collection of rente, including, but not ~ limited tu, receiver's fees, premiums on receiver's bonds and reasonable atk~rney's feea, and then to the aums secured by this Mortgage. The # receiver shall be liable to acc~unt only for those rents actually received. ~ ~ ~ ~ ~ 4 3~y 386 :r, ~n~z ~ •V ~ ~ ~ ~ °:r - - s ~ { ~~~~~"~:~~~~'~•fcu~ : ~ ~c^~~~~^r7.-:. .