Loading...
HomeMy WebLinkAbout2277 ~ 8. IA~p8C~~0O. LeAder msy make or cause to be made reasoaable entrie~ upoa and inspections of the property, pmvided that Leader shall give Borrower ~otice prior to any such inspection specifying n+asonable cause therefor related to l.ender's intetest in the Property. 9. Coodemnation. The proceeds o[ any awaid or claim for damages, direct or consequential, in connection with any oondemnation or othe~ taking of the pmperty. or part thereof. or for conveyance in lieu of coademnation. are hereby aeaigned a~d ahall be paid to Leader. In the event of a btal taking of the PropeKy, the pmoeeds shall be appiied to the sume secured by this Mortgage, with the auoesa. if any. paid to Borrower. In the event of a partisl taking of the Property. unlees Borrow~ and Lender otherwise agree in writing~ there shall be applied to the aums eecured by thie Mortgage such proportion of the prooeede as is equal to that proportion which the amouat of the suma eecvred by this Mortgage immediately prior to the date of Lalcing bean to the fair market value of the Property immediately prior to the date of taking, with the balanca of the prooeeds paid to Borrower. , If the Property ia abandone~! by Borpower, or if. aRer notice by Lender to Borrower that the rnnd~nnor ogers to make an awrard or settle a ! claim for daineges. Borrower [ails to nspond to Lender within 30 days atter the date such notice is mailed. I.ender ie authoriza: to coUect and apply the pmceeds. at I.end~'s option. either to restoration or repair of the. property or to We aums secured by this Mortgage. Unleea I.eader and Borrower otherwise agree in writing, any such applicatioa of proceeda to principal ehall aot e:tend or poetpone tl:e due date of the monthly installments referred to in paragraphs 1 aad 2 hereof or change the amount of such inatallmenta. 10. Borrower Not Releaeed. Extension of the time for paym:nt or modification of amortization of the suma eecured by thia Mortgege granted by l.ender to any eucceaeor in interext of F3orrower shall not operate to releaBe, in any man~er, the liability of the original Borrower and Borrower'a aucc~easore in interest I.ender ahaU not be required to oommence proceedings againet such succeseor or refuse to eactend time for payment or otherwise modify amortization of the aums secured by thie Mortgage by reason of any demand made by the original Borrower artd Borrower a successors in intereat. 11. Forbearance by I.ender Not a Waiver. My forbearance by Lender in ezercising aqy right or nmedy 6ereunder, or otherwise afforded by spplicable law, nhall not be a waiver of or preclude the e:ercise of aay such right or remedy. The procurement of inauranoe or the payment of t~ee or other liene or cha~gee by Lender shall not be a waiver of Lender's right to aocelerate the maturity of the indebt~edness secured by thie Mortgage. 1'l. Remedies Cutnulative. All remediee provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or eqaity, and may be pacercise~l ooncurrendy. independeady or euooeeaively. 13. Succeseors and Aesigne Bound; Joint and Several Liability; Captions. The oovenante and agreements herein oontained shall bind, and the rights hereunder ahall inure to, the reapective aucceeeore and aseigne of Lender and Borrower, subject to the pmviaiona of paragraph 17 hereof. All covenanta and agreements of Borrower ehaU be joint and eeveral. The captione and headings of the paragraphs of thie Mortgage are for covenience only and are not to be ueed to interpret or define the provieions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage ehall be given by mailing such notice by certified mail addreased to Borrower at the Property Address or at euch other addreea as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, r~eturn receipt requested. to Lender's addrees atated herein or to auch other addre~ss as Lender may deaignate by notice to Borrower se pmvided herein. My notice Qrovide~ for in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability.'l7~is form of mortgage combinea uniform oovenanta for national ueeand non- uniform covenants with limited variations by juriediction ta constitute a uniform security instrument oovering real property_'l1~ia Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any. proviuion or clauee of this Mortgage or the Note rnnflicte with appiicable law, auch rnnflict xhall not efTect other proviaions of this Mortgage or the Note which can be given effect without the contlicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be aevetable. ~ 16. Borrower's Copy. Borrower ahall be furniahed a rnnformed .oopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17.1`ranefer of the Property; Aeaumption. If all or any part of the Property or an interest therein is eold or tranaferred by Borrower without Lender's pnor written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the cceation of a purchase money security interest for houaehold appliancee, (c) a tranafer by deviee, descent or by operation of law upon the death of a joint , tenant or (d) the grant of any leaeehold intereat of three years or leae not oontaining an option to purchase, l.ender may, at Lender's option, declarn all the auma eecured by this Mortgage to be immediately due and payable. Lender shall have wsived auch option to accelerate if. prior ~ to the sale or transfer, I.ender and the person to whum the Property is to be sold or transferred reach agreement in writing that the credit of euch I person is aatisfactory to Lender and that the interest payable on the aums aecured by this Mortgage shall be at such rate as Lender ehall re~uest. If Lender has waived the option to accelerate provided in this paragtaph 17, and if E3orrower's aucceasor in interest has executed a ; written asaumption agreement accepted in writing by I.ender, I.ender ahall release Borrower from all obligations under thia Mortgage and the Note. ; If Lender eaercises auch option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. E Such notice shall provide a period of not less than 30 days from the date the notice ia mailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such sum$ prior to the expiration of such period, l.ender may, without further notice or demand on fiorrower, ! mvoke any remedies permitted by paragraoh lA hereof. ~ 18. Acceleration; Remediea. Ezcept ae provided in patagraph 1? hereof. upon Borrower'e breach of any oovenant or ~ agreement ot Borrower in thie Mortgage, including the oovenante to pay when due any euma secured by this Mortgage, Lender prior to aoceleration ehall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure such breac6; (3) a dete, not lese than 30 daye from the date the notice ie mailed to Borrower, by which suc6 breach muet be cnred; and (4) that failure to cure auch breach on or before the date apecified in the notice may result in acceleration ot the euma secured by thie Mortgage. torecloaure by judicial proceeding and eale of the Property. The notice ehall ~ further inform Borrower of the right to reinatate after acceleration and the right to easert in the torecloBUre proceeding t6e ~ non-e:iatence ot a default or any other defense ot Borrower to acceleretion and forecloeure. If the breach is not cured on or ~ before the date epecified in the notice, Lender at l.ender's option may declarsall of the auma secured by this Mortgege to be , immediately due and payable without furtherdemand and may foreclosethie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all ezpenaes ot forecioaure. including, but not limited to, reasonable attorney'8 feea. and costs of documentary evidence, abstracts and title reporta. ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender'x acceleration of theaums secured by this Motrtgaqe, Borrower shall have ~ the right to have any proceedinga begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Bormwer paya Lender all aums which would be then due under this Mortgage, the Note and notea securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures al l breaches otany other covenants or agteements of Borrower contained in A this Mortgage; (c) Borrower paya all reasonable expenses incurred by I.ender in enforcing the covenanta and agreementa of $orrower ~ contained in this Mortgage and in enforring Lender's remedies ae provided in paraRraph 18 hereof, including, but not limited to, reaaonable g attorne e fees; and Id) Borrower takes such action as [.ender ma reaeonabl r uire to aseure that the lien of thia Mo Y Y Y e9 rtgage, Lender ainterest ; in t:~e Property and Borrower's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure ~ by Burrower, this Mort~age and the obligatione secured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aeeignment of Renta; Appointment ot Receiver. As additional security hereunder, Borrower hereby aseigns to Lender the renie f of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property~ have the right F to coilect and retsiin such renta as they become due and payable_ ~ Upon ace:eleration under paragtaph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a rnurt to enter.upon, take posseaeion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta ~ collected by the receiver ehall be applied first to payment of the coste of manaqement of the Property and colleMion of rente, including, but not ~ ~ limited to, receiver's fees, premiuma on receiver e bonda and reasonable attorney'e fees, and then to the sums aecured by thie Mortgage. The ~ receiver ahall be liable k~ acoount only for those renta adually received. ~ ~ i ~ ; a~~,311 ~a~:2276