Loading...
HomeMy WebLinkAbout1910 8. Inspection.Lendermaymake orcaws to bemade reawnabk entrkaupon sad iaspsctions ofthe propsrt<y,providedthatLeadershall - give Borrower antics prior to aqy each iaspsdion spedfying reawaabk cause therefor related to I.gnder'e interest is the Property. 9. Coademaadoa. The proceeds of any award or Maim for damages. direct err oonsegnwttial, in connection with nay ooademoation or other taking of the property, err part thereof, or for oonveyanoe is lieu of condemnation, are hereby assigned and shall bs paid to Lspder. In the event of a total taking of the Propergr, the proceeds shall be applied to the wnsa secured by thin Mortgage, with the s:oess, ff nay, pai3 to Borrower. Ice the event of a partial taking of the Property, unless Borrower and Leader otherwise agree is writing, there shall bs applied to the sums secured by this Mortgage arch pepporiion d the proceeds a• is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking henry to the fair market veins of the Property im~osediatehr prior to the dots of - taking, with the balance of the proceeds paid to Borrower. - If the Propsrq? is abandoned by Borrower, or ~ aRer notice by Leader to Harrower fiat the oaademnor offento make an award or settle a claim for damages, Borrower faik to respond to Leader within 30 days after the date such notice is mailed, Lender is suthori:edto oolkct and apply the prpoeeda, at Lender's option, either to adoration or repair of the property or to the sums secured by this Martgags Unlea Leader and Horeower otherwise pgres is writing, any such application a~f prooesdsto pri:;~psl shall aoteztaad oe postpo~as thsdns date of the monthly installments referred tD in parageaplu 1 sad 2 lTateof or change the amount of such installments. 10. Borrower Not Released. gctension of the time for payment or u+odification of amortisation of the rams secured by Chia Mortgage granted by Leader to any saoceasor in interest of Borrower shall rat operate to release. is any manner, the liability of the original Borrower and Borrower's snooesaora is interest. Lender shall not bs required to oommeace proceedings against arch snaoesaor or refuse to extend time for payment or otherwise modify amortisation of the some secured by this Mortgage by reason of any demand made by the original Borrower and Borrpwer's successors in interest. 11. Forbearance by Lewder Not a Waiver. Any forbearanos by Leader is ezer+dsing any right oe remedy hereunder, a otherwise afforded by applicable law, shall not be a waiver of or pr+eclnde the exercise of any such nigh: or remedy. The ~ocnremeat of inanranoe or the payment of tares or other liens err charges by Lender shall aotbe a waiver of Leader's right to accelerate the maturity of the indebtednep secured by this Mortgage. 1Z Remedies ~m>,latie. AU r~nediea provided in Chia Mortgage are aiatincc area ~ ~ igany other right or remedy ender this Mortgage err afforded by law or equity, and may be ezerossd eoncurreaW?. indepeade~y 8rRS~a~isdvdy 13. Sacoessoe: s and Assigns Hound; Joint and Several Liability; Captio:,s. The oovnnants and agreements herein contained shall bind, and the rights hereunder shall roan t0. the respective snacessore and aasigns.of Leader and Borrows, sabjed to the provisions of paragraph 17 hereof: AU ooveaanta and agreements of Boaower shaD bs joint and several. The captions and headings of the paragraphs of this Mortgage-are for oovenienoe only and are not to be used to interpret ce define the provisions hereof: 14. Nodoe. E:Dept for any notice required under applicable law to be given in another meaner. (s) any notice to Borrower provided for in this Mortgage shall begivea by mailing such notice by certified mail addressed to Borrower atthe Property Address or at ands 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, r+etmr? receipt requested, to Lenders 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 gives in the manner designated herein. lti~ Uniform D[ortgagc; Governing Law; Severability. This form of mortgage combines uniform covenants for national nee end non- nniform eovenanta with limited variations by jurisdiction to ooaatitnte 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 app~icabk law, each conflict shall not affect other provisions of this Mortgage or the Note which can be given effect wiWont the wnflictiag provision, and to this sad the provisions of the Mortgage and the Note are declared to be severable. 18. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of esecatioa or after recordation hereof: - - 17.1`ranafer of the Property; Aseumptlon. If all or say part of the Property or an interest therein is sold or transferred by Harrower witl~ont Lender's prior written consent, ezdnding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money aecnrity interest for honsehoM appliances, (c) a transfer by devise, desoeat or by operation of Iaw upon the death of a joint teaaat or (d) the grant of any leasehold interest of three years or lees not containing an option to purchase, Lender may, at Leader's option, declare all the sums secured by this Mortgage to be immediately doe and payabk. Leader shall have waived arch option to aeoelerate it; prior to the sak or transfer, Lender and the person to whom the Property is to be sold err transferred reach agreement in writinig that the credit of each person is satisfactory b Leader and that the interest payable on the rams secured by this Mortgage shall be at each rate as Lroder shall request. If Lender has waived the option to aooelerate provided in this paragraph I?, and if Borrowers snoceeaor in interest has assented a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations ender thin Mortgage and the ~ Note. If Lender ezerciaes such option to socelerate, Lender shall mail Borrower notice of acceleration in ecoordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from thedate the notice is mailed within which Borrower may pay the sums declared doe. If Borrower fails to pay each lama prior to the expiration of.such period, Lender may, without fnrthe~ notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereoL 18. Acceleration; Remedies Ezcept as provided in paragraph 17 hereof, upon .Borrower's breach of say covenant or agreement of Borrower in this If[ortgage, including the oovenante to pay when doe any sums secured by this 1ortgage, Leader prior to acceleratia~n shall mail notice to Borrower ss provided in paragraph 14 hereof spe!dfying: (1) the breach; (2) the action required to case such breach; (S) a date, not less than SO days from the date the notice is mailed to Borrower, by which such breach must beiarred; and (4) that failure to care such breads on or before the date speciRed in the notice may result in eooeleration of the soma secured by thk Illortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall farther inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proeeediag the non-ezideace 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, Leader at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by jndicisl proceeding. Lender shall be entitled to collect in such proceeding all ezpenaee 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 aoceleratioa ofthe soma secured by this Mortgage, Borrower shall have the right to have any prooeedinga began by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which world be then doe ender Chia Mortgage, the Note and notes aecnring l?hture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other oovenaats or agr+etments of Borrower contained in this Mortgage; (c) Borrower pays all reasonabk expenses incurred by Lender in eaforc3ng the covenants and agreemeata of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; including, bat not limited to, rsaaonabls attorneys fees; and (d) Borrower takes such action as Lendermay reasonably regain toaaemrethatthelien of this Mortgage. Lender'sinterest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall oontinne unimpaired. Upon each payment and co:+e by Borrower. this Mortgage and the obligations secured hereby shall remain in fall force and effect as if ra aooeleration had occarred• Zl). Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leader the yenta of the Property, provided that Borrower shall, prior to aooeleratioa under paragraph 18 hereof a abandonment of the Property,have the right to Dolled and retain and, rents as they become doe and payabk. Upon aooeleration ender paragrap618 hereof err abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to eater.npon, take possession of and manage the Property and to collect the rents of the Property, inducting those past due..1U rents collected by the receiver shall be applied first to payment of the costa of managemeatof theProperty and collection ofr+eate, including, batnot limited to, receiver's fees, premiums on rsoeiver's bonds and reasonable attorney's fees, and then to the sums secured bq this Mortgage. The receiver shall be liabk to aooonnt only for those rents adnauy ncaived. BOOR cif / PAGE1~7