Loading...
HomeMy WebLinkAbout2483 8. Inspection. Lender may make or cause to bs made reasonable entries neon and inspections of the property. provided that Leader shall give Borrower notice prior to aqy such inorpeciion specifying reeaoaable caws therefor related to Lender's interest is the Properkj?. 9. Condemnatlon. The proceeds of any award or claim for damages. direct or consequential. in connection with any condemnation ar other taking of the property, or part thereof. or for conveyanos io lieu of condemnation, are hereby assigned and orbaU bs paid to I.ender. Ia the event of a total taking of the Proper4jr, the preoeeda shall bsa~plied to the auras aecnred by this Mortgage. with the excess, if any, paid to Borroeer. In the event of a partial taking of tlfe Propsrty.:anleas I~oerower end Lender otherwise agree irr writing. there ahaU be applied to the sums secured by thin Mortgage such proportion of the proceeds as is equal to that proportion which We amount of the sums secured by thin Mortgage immediately prior to the date of taking bean to the fair market valor of the ProP~Y immediately? Prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Propeety is abandoned by Borrower, or ii, after notice by Lender to Borrower that the condemnor offer to make an award or settle a claim for damages, Borrower fails to respond to Leader within 30 days after the date such notice is mailed. Lender is authorised to collect and apply the proceeds, at Lender's option, either to natosatioa or repair of the propa=q? or to the orunu secured by this Mortgage. Unless Lender and Borrower otherwise ague in writing. any such application of prooeeda to principal shall not estend or postpone the dne date of the monthly installments referred to in paragraphs 1 and a hereof or change the amount of each inatallmenta. 1D. Borrower Not Released. E:tension of the time for paym~rrt or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's suoceeaon in interest. Lender shall not be required to commence proceedings against such successor or refine to ezfand time for payment or othe:rise modify amortisation of the soma secured by this Mortgage by mason of any demand made by the original Borrows and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising nay right or remedy her+e~mder, oe otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of inoruranca or We payment of fazes or other liens or charges by Lendw shall not be a waive: of Lender's right to accelerate the maturity of the indebtednew secured by thin Mortgage. 12 Remedies Cumnlatlve. All remedies provided in this Mortgage an distinct and cumulative to any older right or remedy node: this Mortgage or afforded by law or equity. and may be ezercise~l wncurrently, independently or snocessively. 13.8uooeseors and Assigns Bound; Joint and Several Liabiliq; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective aueceeson and assignor of Lender and Borrower, subject to the provisions of paragraph 17 hereof All covenantor and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for oove~nience only and an not to be need to intarpret or define the provisions 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 arch notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and (b) any native to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to arch older addreea as Lender may designate by notice to Borrower as provided herein. Aqy 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. This form of mortgage combines uniform covenants for national use and non- - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This~Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such wnfiict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thin end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed espy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. U all or any part of the Property or an interest thereir? is sold or transferred by Borrower without 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 aecnrity int~ereat for household appliances, (c) a transfer by devise,-descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived arch option to accelerate if, prior to the sale or transfer, bender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest. has executed a written asanmption agreement accepted in writing by Lender, Lender shall release Borrower fiom all obligations under this Mortgage and the Note. If Lender a:erciaes such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails to pay arch sums prior to the expiration of arch period, Lender may, without further notice or demand on Borrower, ?nvoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when dne any sums secared by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragrap614 hereof specifying: (1) the breach; (2) the action required to cure each breach; (8) a date, not leas than 30 days from the date the notice i. mailed to Borrower, by which such ~ breach must be arced; and (4) that failure to arcs such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial prooeedingand.ale of the Property.The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to aoceleratlon and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all otthe sums warred by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in each proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney'8 fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lendefa acceleration ofthe sums secured bythis Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thin Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Fbture Advances, if any, had no acceleration occurred; (b) Borrower cures al l breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:pensea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes arch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest • in the Property and Borrower's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. g 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna to Lender the rents 0 of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property,have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonmtnt of the Property, Lender shall be entitled to have a receiver appointed by a Y court to enter.npon, take possession of and manage the Property and to collect the rents of the Property, including thae~e past due. All rents L collected by the receiver shall be applied first to payment of the rnsb of management of the Property and oollcction of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. - U R 310 2481 - soar. PacE t~