Loading...
HomeMy WebLinkAbout0594 ' _ ~ } 8. Inspection. Lender may make or cause to be made reasonable entries upon and itupections of the property. provided that Leader shall give Borrower notice prior to any such inspection specityring nssonable cause therefor related b Lender's interest in the Property. 9. Co~ndemaatloa.ll~e proceeds of any award or claim for damages, direct or consequential. is connection wiW any ooademnatioa or other taking of the property, or part thereof, or for conveyance is lien of oondeenaatioa, are hereby assigned and shall be paid to Leader. In We event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. wiW the esoess, if any. paid to Borrower. Ia the event of ~ partial taking of the Property. unless Borrower and Lender otherwise agree in writing. there shall bs applied to the sums secured by thin Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to We date of taking bean to the fair market value of the Property immediately prior to the date of f taking, wiW the balance of the proceeds paid to Borrower. j If the Property is abandoned by Borrower, or ~ alter notice by Leader to Borrower that the condemnor offers to make an award or settle a ~ claim for damages. Borrower fail to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option. either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Leader and Borrower otherwise ague in writing. any such application of proceeds to principal shall not extend or postpone the due date of We monthly installments refereed to in paragraphs 1 and Z hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage ~ granted by Lender to any snooesaor in interest of Borrower shall not operate to please, in any manner, the liability of the original Borrower and Bonower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time ? for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower's succeason in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezeraaing aay right or remedy hereunder, or otherwise afforded by applicable law. obeli not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or othm liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies CnmuLtive. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciseii. ooncarrendy. independently or successively. 13 Suooessors and Assigns Bound; Joint and Several Liabiligr; Captions. The covenants and agreements herein contained shall s f bind, and the rights hereunder shall inure to, the respective aua~easors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for eovenience only and are not to be used to interpret 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 thin Mortgage shall be given by mailing such 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 notice to Lender shall be given by certified mail, return receipt ~ requested, to Lender's address stated herein or to each other address as Lender may designate by notice to Borrower as provided herein. Any ; notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. S 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 rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the wnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 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 of the Property; Assumption. if all or any part of the Property or an interest therein is sold or ttansferred 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 security interest for household appliances, (c) a transfer by devise, decent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leas 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 such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest payable on the soma 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 1?, and if Borrower s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises 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 sums declared due. If Borrower fails to pay such sums prior to the expiration of arch period, Lender may, without further notice or demand on Borrower, i mucks any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any some secured by this Mortgage,I.ender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lees than 30 days from the date the notice is mailed to Borrower, by which such E breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale 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-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the some secured by this Mortgage to be . immediately due and payable without further demand end may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all e:peasea of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding lenders acceleration ofthe aumssecured bythis Mortgage, Borrower shall have i the right to have any proceedings begun by Lender to enforce this Mortgage disrnntinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing l~ture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (cj Borrower pays all reasonable expenses incurred by bender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lenders 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 Chia Mortgage, Lender's interest in the Property and Borrower's obligation to pay the soma eecur~ by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. - Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents 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 arch rents as Way become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the property, Lender shall be entitled to have a receiver appointed by a court to enterupon, take posseeaion of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. l 8(i0K 314 ~~~E 592