Loading...
HomeMy WebLinkAbout0821 . 8. Iaspection. Lender may make or cauae to be made reasonable entries upon and inepections of the property, provided that Lender ehall give Borrower notioe prior to any such inepection specifying reasonable cauee therefor related to I.ender's interest in the Property. 9. Condemnation.'I1?e pr~ceeds of any award or claim for damages, direct or consequential, in connection with any oondemnation or other tulung oi the pmperly, or part thereof, or for conveyance in lieu of oondemnation, ere hereby assigned.and shall be paid to I.ender. In the event of a total taking of the Property, the proceede ehall be applied to the sums eecured by this Mortgage, with the e:cess, if any, paid to Borrower. In the event of a partial Laking of the Property, unleas Borrower and I.e~der otherwise agree in writing, there ahall be applied to the sume secured by this Mortgage euch proportion of the proceec~s aa ia equal to that proportion which the amount of the aums secured by thie Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceede paid to Borrower. If the Property ia abandoned by Borrower, or if. aRer notice by I.ender to Borrower that the oondemnor oPfers to make an award or eettle a claim for damagee, Borrower faila to reapond to l.ender within 30 daye after the date auch notice ia mailed. Lender is authorized to collect and apply the proceeda, et I.ender e option. either to reatoration or repair of the pmperty or to the auma eecured by thie Morfgage: Unlesa Lende~ and Borrower otherwise agree in writing, any auch appiication of proceede to principal shall noL exfend ot poatpone the due date of the monthly installmenta referred to in paragrapha 1 and 2 hereof or change the amount of euch inatallments. 10. Borrower Not Releaeed. Extenaion of the time for paym~nt or modification of amortization of the auma eecured by thie Mortgage granted by L.ender to any aucceasor in interest of Borrower ehall not operate to release, in any manner, the liability of the original Borrower and Borrower a aucceasocs in interest L.ender shall not be required to oommence proceedinga againet auch aucceseor or refuee to extend time for payment or otherwise modify umortization of the sums secured by this Mortqage by reaeon of any demand made by the uriginal Borrower and Borrower s successors in intereat. 11. Forbearance by Leader Not a R?aiver. My forbearance by L.ender in exercieing any right or remedy hereunder. or otheivviee afforded by applicable law, shall not be a waiver of or preclude the e:ercise of any auch right or remedy. The procnrement of inaurance or the payment of taxea or other liens or chargea by Lender ahall not be a waiver of Lender's right b accelerate the maturity of the indebtedness secured by thia Mortgage. ~ 12 Remediee Cumulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerriaeri ooncurrenUy, independendy or eucceesively. . 13. Succesaors and Aseigna Bound; Joint and Several Liability; Ceptiona. The covenants and agreementa herein contained ehall . bind, and the righta hereundtr shall inure to, the respective aucc.~essors and seaigne of Lender and Borrower, tlubject to the ptoviaions of paragraph 17 hereof. All covenanta and agreements of Borrower ahall be joint and eeveral. The captions and headinga of the paragrapha of this Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereof 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to ~3orrower provided for in this Mortgage shall be given by mailing such notice by certified mail addreae~.~d to Borrower at the Property Addresa or at euch other addrese aa I3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, returt~ receipt requested, to Lender's address atated herein or to auch other addresa s~s Lender may deaignate by notice to Borrower aa provided hetein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability.'ITiie form of mortgage combinea uniform oovenanta for national uae and non- uniform covenants with limited variations by jurisdiction to conatitute a uniform security instrument covering real pmperty. This Mortgage shaii be gaverned by the law of the jarisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note con}licta with appticable law, such conflict ahall not aftect other provisions of this Mortgaqe or the Note which can be given effect without the conflicting provision, and to this end the proviaiona of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer ot the Property; Assumption. If all or any part of the Property or an interest thernin is sold or tranaferred by Borrower without Lendei s prior written consent, excluding la) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purehase money security interest for household appliancea, (c) a tranafer by deviae, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or leas not containing an option to purchase, Lender may, at I.ender's option, declare all the aums securea by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, I.ender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ahall request. If I.ender has waived the option to accelerate provided in thia pazagraph 17, and if Borrowei s successor in interest has executed a w-ritten assumption agreement accepted in writing by I.ender, I.enderahall release Borrower from all obligations under thia Mortgage and the ti ote. If Lender exercises such option to accelerate. Ixnder ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. j Such nutice shali provide a period of not less than 30 days from thedate the notice is ~r.ailed within which Borrower may pay thesums declared due_ If Borr~wer fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Iforrower, ~ invoke any remedies permitted by pazagzaoh 18 hereof. ~ I8. Acceleration; Remediea. F.:cept ae provided ia paragraph 17 hereof. upon Borrower's breach of any oovenant or ~ agreement otBorrower in thia Mortgage. including the covee~.~rta to pay when due any aums aecured by thie Mortgage. Lender ~ prior to acceleration ahall mail notice to Borrower ea provide.: ?n paragraph 14 hereof epecifying: (1) the breac6; (2) the action ; required to cure auch breach; (3) a date, not leae than 30 daye from the date the notice is mailed to Borrower, by which such ~ breach muat be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in ~ acceleration of the sums secured by thie Mortgege, foreclosure by judicial proceeding and sale of the Property. The notice shall ; further inform Borrower of the right to reinatate after acceteration and the right to aeaert in the forecloaure proceeding the ~ non-existence of a detault or any other defense of Borrower to soceleration and foreclosure. If the breach ie not cured on or ~ before the date epecified in the notice, Lender at Lender's option may declare all of the sume aecured by thie Mortgage to bz ~ immediately due and payable withont further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such roceedin all e: ~ , p g penses of forecloaure. including, but not limited to. reasonable attorney s fees, and ' costs of documentary evidence, abstracts and titie reporte. ~ 19. Borrower'e Right to Reinetete. Notwithetanding Lender's acceleration of the sums eecured by thia Mortgage, Borrower shall have ~ the right to have any proceedinge begun by Lender to enforce th~s Mortgage discontinued at any time prior to entry of a judqment enforcing this Martgage if: (a) Borrowe~ pays I.ender all sums which would be then due under thie Mortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred: (b) Borrower cures all breaches of any otherrnvenants or agreementa of Borrowercontained in : thia Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenanta and aqreementa of Borrower ~ oontained in thia Mortgage and in enforcing Lender'e rnmedies as provided in paragraph 18 hereof, including, but not limited to, reasonablP attorney's fees; and (.dl Borrower takea auch action as Lender may reasonably require to assure that the lien of thia Mortgage, I.ender's intereet in the Property and Borrower'a obligation to pay the eums aecured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, thie Mortgage and the obligations aecured hereby shall remain in full force and effect ae if no acceleration had occurred. t 20. Asaignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower ahall, prior to acceleration nnder paragraph 18 hereof or abandonment of the Property, have the right ; to collect and retain such rents ae they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to ha~e a receiver appointed by a ? ooiut to enter-upon, take poaeeseion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta ~ collected by the teoeiver ahall be applied firat to payment of the ooste of management of the Property and rnllection of renta, including, but not ~ limited to, receiver'e feea, premiuma on receiver's bonde and reasonable attorney e fees, and then to the auma secured by thie Mortgage. The ~ receiver ahall be liable to account only for those rente actually received. $ ~ z ~ ' , gooK 310 ~ACE 8,21 ~