Loading...
HomeMy WebLinkAbout0210 8. I~speMioa. Lender may make or cause to be made ceaaonable entries upon and 'uupections of the property, pmvided thet Leader ahall give Borrower notioe prior W eny such inspection specitying reasonable cawe thenfos nlated to Lender's interest in the Property. 9. Condemnation.'ll~e prooeeds oi aay award or claim for damages. direct or consequential, ia connection with any oondamnation or other talring of the property, or part thereof, or f~ conveyance in lieu of oondannatioa, are hereby assigned and ahaU be paid Lo Lender. In the eveat of s total taking of the PropertY. the prooeeds shell be applied to the sums eecured by thia Mort8eS0. wi W the eseea~. if anY~ paid to Borrower. In the event of e partial taking of the Property, unless Borrower and Lender otherwi~s agree ia writing. there ehaD be applied to the suau ~ecured by Wis Mortga~e such proportion of the prooaeds as ia equal to Wat proportion which We amount of We sums secured by this Mortgage immediately prior to the date of taldng bears to the fair market value of the Properiy immediately prior to the date of talriag, with the balanca of the pmceed~ paid to Borrower. If the Proparty is abandoned by Borrower. or if,-aRer aotioe by Lender to Borrower Wat the aondemnor offere to make an award or aettle a claun tor damages. Borrower fails to respond to I.ender aiLhin 30 daye after the date sach aotice is mailed. Lender is authorised to collect and apply the prooeede. at Lender's option. either to restoration or repair of the propezfy or to the sums secnred by this Mortgage. Unlesa Lender aad Borrow~ otherwise agree in writing, any such application of proceeds to principal shaU aot e:tend or postpone the due date of the moathly installmenb nfeired b in paragraphs 1 and 2 heseof or change the aawnnt of such inatallments. 10. Borrowee Not Released. E:teneion of the time for paym:at or modification of amortization of the eums eecured by this Mortgage granted by I.ender to any aucceseor in intereat of Borrower ehall not operate to release. in any,manner, the liability of the original Borrower and Borrower'a euei.~essors in interes~ Lender ahall not be required to oommence prooeedinga egainet auch suoceasor or refuee to eztend time for payment or otherwiae modify amortization of the suma eecured by thia Mortgage by reason of any demand made by the original Borrower and Borrower a aucr.~eseore in intereet. . 11. Forbearanoe by I.ender Not a Waiver. Any forbearance by Lender in ~errieing any right or remedy heraunder. or otherwiee afforded by appHcable law, shall not be a waiver of or preclude the exerciee of any a~tch tight or remedy. The procu~ement of inauranoe or the payment of teues or other liene or chargeu by Lender ehall not be a waiver of Leadet's right to aocelerate the maturity of the indebtedness eecured by chis Mwrcgage. 12 Remediea Cumulative. All remediee pmvided in thia Mortgage are distinct and cumulative to any other right or remedy undar.this Mortgage or afforded by law or eqnity. and may be eacerciee~l ooncurrently, iadependently or eucceesively. 13. 3uccessors and Aseigne Bound; Joint and Several I.iability; Captioae. The oovenanta and agreemente herein oontained ehall bind, and the righta hereunder ehall iaure to, the respective aucceesore and aesigns of I.ender and Borrower, eubject Lo the proviaiona of paragraph 17 hereof. All covenaat8 and agreements of Borrower ehall be joint and eeveral. The ceptions and headings of the paragraphs of thia Mortgage are for covenience only and are not to bc ueed to interpret or de5ne the proviaione hereof. ' 14. Notice. Eacept for any notice required under applicable {aw to be given in another manner, (a) any noUce to Borrower provided for in this Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreea or at such other addreea as Borrower may deaignate by notice to Lender as provided herein, and (b~ any noticP to Lender ahall be given by certified mail, return reoeipt requested, to Lender'e sddresa atated herein or to such other addrese 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 Lender when given in the mannez desigaated herein. 15. Uniform Mortgage; Goveraing I.aw; 3everability.lbis form of mortgage oombinea uniform oovenants for national uee and non- uniform covenanta with limited variationa by juriediction to oonstitute a unifor~n eecurity instnuueat oovering real property. 77tis Mortgege ehall be governed by thE law of the jurisdiction in which the Propedy is located_ In the event that any proviaion or clauae of this Mortgage or the Note oonflicts with applicable law. auch confliM shall not affect other proviaione of this Mortgage or the Note which can be given effect without the oontlicting pmvision, and to thia end the provisions of the Mortgage and the Note are declared to be eeverable. 16. Borrow~er's C.opy. Borrower shall be furniahed a rnnformed aopy of the Note and of thia Mortgage at the time of ezecution or after recordatioa hereof. 17. 'l~nna[er of the Property; Aaeumption. If all or any part of the Property or an intereat therein is eold or traneferred by Borrower without I.ender s prioi writi,en conaen~ e~cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purcheae money eecurity intereat for houeehold appliancea, (c) a transfer by deviae. deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or lesa not oontaining an option to purchaee. Lender may. at L.ender a option, declare aU thc suma eecurea by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to sooelerate if, prior ~ to the eale or tranafer, Lender and the pereon to whom the Property ia to be eold or transferred reach agreement in writing that the rredit of such ~ person ia eatisfactory to Lender and that the interest payable on the aums eecured by this Mortgage ahall be at such rate as Leader ehall ~ request_ If Lender has waived the option to accelerate provided in thia paragraph 17. and if Borrower s auccesaor in intereet has e:ecuted a ~ written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligations under this Mortgage and the i Note_ - f If Lender exerciaes such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice ahall provide a period of not less than 30 daya fmm the date the notice ie mailed within which Borrower may pay the aums declared due. If Borrower fails to pay auch aums prior to the expiration of auch period, Lender may, without further notice or demand on ~3orrower, ~ invoke any remedies permitted by pazagraoh 18 hereof. ' 18. Aoceleration; Remedies. E:cept as prnvided in paragraph 17 hereot, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage, including the oovenanta to pay w6en due any sums secured by thie Mortgage, Lender ~ prior to aoceleration shall mail notice to Borrower es provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lesa than 30 daye from the date the notice ie mailed to Borrower, by which euch ~ breach must be cured; and (4) that lsilure to cure such breach on or before t6e date epecified in the notice may result in accele-ation ot the aume secured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall [ further inform Borrower of the rig6t tu reinstate after acceleratioa and the right to esaert in the foreclosure proceeding the S non-ezietence ot a default or any other defense of Borrower to acceleretion and foreclosure. If the breac6 ie not cured on or ~ beforte the date specified in the notice, Lender at Lender's option may declare all of the eume eecured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose t6is Mortgage by judicial proceeding. Lender shall be ~ entitled W collect in aucli proceeding all ezpensea of foreclosure, including, but not limited to, reasonable attorney's fees, and ~ coste of documentary evidence, abatracte and title reporte. ~ 19. Borrower'e Rig6t to ReinBtate. Notwithatanding Lender's acceleration of the sume aecured by this Mortgage, Borrower shall have ; the right to have any proceedinge begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya Lender all aums which would be then due under thia Mortgage, the Note and notes aecuiing Future a Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenants or egreements of Boaower contained in this Mortgsge; (c) Borrower pays all reaeonable expeneea incurred by Lender in enforcing the oovenants and.agreements of Borrower ~ aontained in thia Mortgage and in enforcing Lender's remedies as provided in paragraph 28 hereof. including, but not limited to, reaaonable - attomey'a feea; and (d? Borrower takea such action ae Lender may reasonably require to asaure that the lien of thia Mortgage, Lender'a intereet 5 in the Property and Borrower e obligation to pay the aums eecared by this Mortgage ehall continue unimpaired_ Upon auch payment and cure by Borrower, thia Mortgage and the obligations eecured herehy ahall remain in full foroe and effect se if no acceleration had occurred. ; Z0. Aseignment of Rente; Appointment of Receiver. AB additional aecurity hereunder, Borrower hereby assigna to Lender the rente ~ of the Property, provided that Borrower ehall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to coUect and retau? euch renta ae they become due and payable. ; Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a reoeiver appointed by a oourt to enter.upon, take posaeasion of and manage the Property and to coltect the renta of the Property, including those peat due. All renta ~ oollected by the receiver shall be applied firet to payment of the ooete of management of the Property and rnllection of rente, including, but not limited to. receiver e feea, premiums on receiver'e bonds and reasonable attorney'e fees, and then to the suma eecured by thie Mortgage. The ~ receiver ahall be liable to account only for thase rents actually received. ~ ~ ~ . E~kK3lG F~~~ 210 ~ I