Loading...
HomeMy WebLinkAbout0276 _ i ' ~ ft. Irupection. Lender may make or cause to be made reasonabb entries upon sad insPsctiotu otthe proprrty, Provided that Lender shall give Borrower notice prior to say ouch inspection specifying rwaortable caws therefor related to Lender's interest in the Property. 9. Condemaadon. The proceeds of any award or claim for damages. direct or consequential. in eonnectioa with any ocedemnation or other taking of the propargr, or part thereof, or for ooaveyanoe in lieu of condemnation, are hereby aaaigaed sad shall bs paid to lender. In the event of a total taking of the Property. the proceeds shall be applied to the awns secured by this Mortgage, with the szoess„ if any, paid to Borrower. In the event of a partial taking of the Property, wrlea Borrower and Lender otherwiss agree in writing, there shall bs applied to We soma secured by this Mortgage such proportion of We proceeds as is equal to that proportion which the amount of We 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 taking, with the balance of the proceeds paid to Borrower. f It the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Leader is authorised to collect end apply the proceeds, at Lender's option, ether to restoration or repair of the property or to the soma secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall notestend or patpone dre due date of the mogthly irutallments referred to in paragraphs 1 and 2 hereof or change the amount of such instaWnenta. 10. Borrower Not Released. Extension of the time for gaymsnt or modification of amortisation of We sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrows and Borrower's successors in interest: Lender shall not be required to commence proceedings against such successor or refnee to eztend time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrows and Borrows: a successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in ezerciang any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procaremeat of insurance or the payment of fazes or older liars or charges by Lends shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumuladve. All remedies provided in this Mortgage are distinct and cwmuletive to any other right or remedy under this Mortgage or afforded by law os equity, and may be ezerriserl ooncturent~y, independently or successively. 13.3uooessorsand Assigns Bound; Joint and Several Liability; Captions. The oovataats and agreements herein contained shall bind, and We rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof: All covenants and agreements of Borrower shall be joint and reveal. The captions and headings of the paragraphs of this Mortgage are for oovenience only and are not to be used to interpret or define the provisions hereof. ' 14. Nodce. Except for any notice required under applicable law to be given in another manna, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addresses 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 Lendei s address stated herein or to such olds address as Lends may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrows or Lender when given in~ the manner designated basin. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national use and non- e uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real propsty. This Mortgage shall t s 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 N ate rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or We Note which can be given effect wither}t the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable 16. borrower's Copy. Borrows shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or efts 3 recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrows without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a E purchase money security interest for household appliances, (c) a transfer by devise, descent or by opsation of law upon the death of a joint 2 tenant or (d) the grant of any leasehold interest of three years or less not containing an option to pnrrhase, Lender may. at Lender's option, F declare all the sums secured by this Mortgage to be immediately due and payable. Leader shall have waived arch option to accelerate if,prior i to the sale or transfer, Lends and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of arch ~ person ie satisfactory to Lends and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lends shall request. If Lender has waived the option to aecelaate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lends, Lends shall release Borrows from all obligations under this Mortgage and the Note. 1 f Lender exercises such option to accelerate, Lender shall mail Borrows notice of aeoelaation in aeoordance with paragraph 14 hereoL Such notice shall provide a period of not lees than 30 days from thedate the notice is mailed within which Borrowamay paytheauma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lends may, without Earths notice or demand on Borrows, invoke 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 is this Mortgage, including the rnvenante to pay when due any sums severed by W is )fortgage, Lender E prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action { required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which arch breach rover be cured; and (4) that failure to cure such breach on or before the date specified in the notice may rewlt in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower otthe right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ' non-ezistenee of a default or any other defense of Borrower to acceleration and foreclosure. It the breach is not cured on or ~ before the date speciffed in the notice, Lender at Lender's option may declare all of the sums secured by this Iortgage to be ` ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses otforeclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reporKa. 19. Borrower's Right to Reinstate. NotwithstandingLender aacceleration ofthe soma secured by this Mortgage, Borrows shall have I the right to have any proceedings begun by bends to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lends all arms which world be then due ands this Mortgage, the Note and notes securing ~tture Advances, if any, had no acceleration occurred; (b) Borrows cures all breaches of any orbs covenants or agreements of Horrors contained in { thin Mortgage; (c) Borrows pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrows ~ contained in this Mortgage and in enforcing Lends's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrows takes ench action ea Lends may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon each payment and cure by Borrows, this Mortgage and the obligations secured hereby shall remain in fnU force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. As additional security herennds, Borrows hseby assigns to Lroda the rents of the Property, provided that Borrows shall, prior to aecelaation under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain snch netrta as they become due and payable. Upon acceleration ands paragraph 18 hseof or abandonment of the Propertyr, Lender shall be entitled to have a receive appointed by a court to ents~pon, take poeseasion of and manage the Property and to collect the rents of the Property, including those past due. AU renb collected by the reoeivs shall be applied first to payment of the costs of management of the Propsty 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 sums secured by this Mortgage. The - reeeivs shall be liable to aeoonnt only for those rents actually received. a i'K 315 ~~~E 275 _ 3u~1~'