Loading...
HomeMy WebLinkAbout1011 8. la~pection. Lender may make or cause to be made reawnable entrie~ uport and inspections of the pmpe~ty, provided that Lender ~hall give Borsower notice prior to any such inepection specitying reasonable cause therefor nleted to I.endet's inter~t in the Property. 9. CoAdemnaUon. The proceeds oI any award or claim foT damages, direct or consequential. in connection with any oondemnation or other taking oi the property. or part thereof, or for conveyance in lieu of oondemnation, an hereby assigned and ehaU be paid to Lender. In the event of s total taking of the Property. the proceeds shall bo applied to the sums securod by this Mortgage. with the e:oass, if any, paid to Horrower. In the event of a partial taiung of the Property. unleea Borrower and I.ender otherwise agree in writing. then shaU be epplied b the sums eecured by this Mortgage such proportio~ of the proceede as is equal to that pmportion which the amount of the sume secured by this Mortgage immcdiately prior b the date of taking bears b the fair market value of the Property immediately prior to the date oi taking, with the balanoa of the proceads paid to Borrower. IE tha Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the eondemnor offers to make an awerd or settle a claim for dataages, Borrower fails to respond to I.ender within 30 days atter the date such notice is mailed, Lender ie authoriied to rnllect and apply lhe prooeeds, et I.ender s option, either to reaWration or repair of the property or to the aums secured by thia Mortgage. lJnleea Lender and Borrovver otherwiee agree in writin~r, any euch application of proceeds to principel ehall not e:tend or poetpone the due date of the monthly instwllments referred to in paragraphe 1 and 2 hereof or change the amount of such inetaWaenta. 10. Borrower Not Released. Exteneion of the time for paymant or modi6cation of amortization of the auma eecured by this Mortgage granted by Lender to any euccesaor in intereat of Borro~uer ehaU not operate to relesae, in any manner, the liability of the originai Borrower and Borrower'e eucceseore in interea~ I.ender shall not be required to oommence proceedings againet auch sacceseor or nfuee to extend time for payment or otherwiae modify amortization of the aums eecured by this Mortgage by reason of any demand made by the original Borrower and Sorrower s succesaora in intereat. 11. Forbearance by Lepder Not a Waiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise af~'orded by applicable law, ahall not be a waiver of or preclude the e:erciee of any euch righ! or remedy. The procurement of:neurance or the payment of ta:ee or other liens or chargee by Lender shall not be e waiver of Lender's right to aaxlerate the maturity of the indebtedness eecured by this Mortgage. 12 Remedies Cumulative. All remediee provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or aftorded by law or equity, and may be exerciee~l eoncurrently, independently or euccessii~ely. 13. Succeseore and Aeeigne Bound; Joint and 3everal Liability; Captione. The covenante and agreemente herein oontained ahall bind, and the righte hereunder ehall inure to, the reapective eucceseors and aeeigne of Lender and Borrower. subject to the provieiona of paragraph 1? hereof. All covenanta and agreements of Boreower ahell be joint and several. The captioas and headinge of the paragraphs of thin btortgage are for covenience only and sre not to be ueed to interpret or define the proviaione 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 shaU be given by mailing such notice by certified mail addreeeed to Borrower at the Property Addresa or at euch other addrees aa . Borrower may deeignate by notice to Lender as provided herein, and (b) any notice to I.ender ehall be given by certified mail, rewrn receipt requeated, to Lender e address atated herein or to such other addreas as Leqder may deaignate by notice to Borrower a8 pmvided herein. Any notice provided for in this Mortgage shall be deEmed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing I.aw; SeverabiliEy. This form of mortgage combinea uniform oovenants for national use and non- uniform covenants with limited variations by juriadiction to oonstitute a uniform aecurity instrument oovering real property. Thie Mortgage ahall be governed by the law of the juriadiction in which the Property is located. In the event thet any pmvi8ioa or clauae of thie Mortgage or the Note contliete with applicable law, such rnnflict shail not afTect other proviaions of this Mortgage or thg Note which can be given eff'ect without the rnnflicting provieion, and to thia end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'8 Copy. Borrower shall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. Tranefer of the Property; Aseumption. If all or any part of the Froperty or an interest therein ie sold or tranaferred by Borrower without Lender s prior avritten conaent, excluding (a) the creation of a lien or encumbrance aubordinale to thie Mortgage, (b) the creation of a purchase money security interest for household appliancea, (c) a transfer by devise, dc:ecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leea not oontaining an option to purchase, Lender may, at Lender'e option, declare all the aums secured by thia Mortgaqe to be immediately due and payable. Lender shall have waived such option to accelerate if, prior ~ to the sale or tranefer, Lender and the person to whom the Property ie to be sold or transferred reach agreement in writing that the credit of euch person is satisfactory to Lender and that the interest payable on the eums aecured by this Mortgage ahall be at such rate as Lender ahall ~ requeat.lf I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower s eucceseor in intereat has e:ecuted a ` written sesumption agreement accepted in writinq by Lender, Lender ahall release Borrower ftom all obligationa under thia Mortgage and the i Note. ~ If Lender exerciaes auch option to accelerate, Lender ahall mail Borrower natice of acceleration in accordance with paragraph l4 hereof. ~ Such notice shall pmvide a period of not leas than 30 days from the date the notice ia mailed within which Borrower may pay the suma declared : due. It Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ ~nvoke any iemedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage, inclading the oovenante to pay when due any sums secured by this Mortgage, Gender ~ prior to acceleration ehall mail notice to Bonower as provided ia paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date. not leae than 30 daye from the date the notice ie mailed to Borrower, by which euch breac6 must be cured; and (4) that failure to cure euch breach on or before t6e date epecified in t6e notice may reault in acceleration of the sume aecured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the rig6t to reinstate aRer aoceieration and the right to assert in the forecloeure proceeding the ~ non-eYiatence of a default or any other defense ot Borrower to acceleration and forecloaure. If the breach ie not cured on or ~ before the date apecified in the notice, Lender at Lender's option may declare all of the auma secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may forecloae thie Mortgage by judicial proceeding. Lender ehall be ~ entitled to colJei.K in auch proceeding all e:penaea otforeclosure. including, but not limited to. reaeonable attorney's fees, and ~ coats of documentary evidence, abstracte and title reporte. ~ 19. Borcower's Right to Reinetate. Notwithstanding Lender's acceleration of the suma eecured by this Mortgage, Borrower shall have ~ the right to have any proceedings bequn by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ; thia Mortgage if: (a) Borrower pays I.ender all aums which would be then due undar this Mortgage. the Note and notes securing Ftituie Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreementa of Borrower contained in - this Mortgage; (c) Borrower pays all rnasonable expenees incurred by Lender in enforcing the covenante and agreemente of Borrower ~ oontained in this Mortgage and in enforcing Lendet e remediee as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e fees; and (d) Borrower takee auch action se Lender may reasonabty require to assure that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrower'a obligation to pay the suma secured by this Mortgage shall continueunimpaired. Upon euch payment and cure - by Borrower, thie Mortgage and the obligationa eecured hereby ehall rnmain in full force and effect ae if no acceleration had occurred. Z0. Aseignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigne to Lender the rente of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or ebandonment of the Property, have Lhe right to collect and retain euch renta ae th become due and a able. ~ eY P Y . ~ Upon acceleratiun under paragraph 18 hereotor abandonment of the Property, Lender shall be entitied to have a receiver appointed by a oourt to enter-upon, take posaeeaion of and manage the Property and to rnil~ct the rente of the Property, including those past due. All rente ~ ~ collected by the receiver shall be applied 6ret to payment of the coete of management of the Property and collection of rents, including, bnt not ~ limited to, receiver'e feea, premiuma on receiver'a bonda and reasonable attomey's fees, and then to the aums eecured by thia Mortgage. The ~ receiver ehall be liable to acoount only for those renta actually received. ' ~ ~ • ~ ~ ~ `'~,k: 310 ; ,,.E 101~ . ~ ~