Loading...
HomeMy WebLinkAbout0494 ti _ ,1 . ' • 8_ laspeetioa. Leader may make or cause to be made reesonable emtriea upon and inspections of the property, provided that Lender shall give Borrower notice pier to any sash inspection specifying reasonabk cause therefor related to Lender's interest in the Property. 9. The peoceeds d any award or claim for damages„ direct or consequential, in connection with any condemnation or other taking d the property, a part thereof, o: for eooreyarrce in lien of oomdemmation, an hereby assigned and shall be paid to Lender. In the event d a total taking d the Property. the proceeds shall be applied to the rums secured by this Mortgage. with the ezcces, if any, paid to Borrtwer_ In the event d a partial taking o[ the Property. unless Borrower and Ltntder otherwise agree in writing, there shall be applied to the cams sued by this Mortgage such popatioa d the proceeds as is equal to that proportion which the amount of the sums serared by this Iortgage immediately prior to the date d taking bean to the fair market value of the Property immediately prior to the date of taking. with the balance d the proceeds paid to Borrower. U the Property is abantiared by Harrower, or if, after notice by Leader to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fait to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply the peooeeds, at l.errdda option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unkss Lender and Borrower otlre:wise agree in writing, nay sock application of proceeds to principal shall not eztend or postpone the due date d the monthly installment referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10_ Borrnvrer Not Rekaaed. Extension d the time for paymartt or modification of amortization of the sums secured by this Mortgage granted by Lender to any soooessor im interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in wterest Leader shall not be required to oomme~tce proceedings against each successor or refuse to extend time for payment or otherwise modify amortization of the sums aeNred by this Mortgage by reason of any demand made by the original Borrower and Borrower a successors in interest. 1 t. Forbearance 671.errder Not a ~Oaiver. Any forbearance by Lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or prednde the exercise of any such right or remedy. The procurement of inearance or the payment of toes or other liens err charges by Lender shall not be a waiver of Lendei s right to accelerate the maturity of the indebtedness secartd by this Mortgages . 12 Remedies Camalative. AU remedies povided in this Mortgage are distinct and cumulative to any older right or remedy under this Nortcage err afforded by law or equity, and may be exercised eoncarrer,tly, independently or successively. 13 Swoeesaors sad Assipss Bound; ~)oint and Several Liability; Captions. The rnvenanta and agreements herein rnntained shall bind. and the rights hereunder shall lance to, the reapedtve saceessors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof: All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for cavenience Daly and are not to be used to interpret or define the provisions hereof. 1 Notice. Except far any notice regnired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing sack 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 such 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. !a Uniform Morigagr, Governing Law; Severability. Thin form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jarisdictioa to constitute a uniform security instrument rnvering real property. This Mortgage shall be gverned by the law of the jariadictioa is which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, snch coafliM shall not affect other provisions of this Mortgage or the Note which can be given effect w-ithoat the rnnfticting provision, and to this end the Drovisiona of the Mortgage and the Note are declared to be severable. lfi Borrower s Copy. Borrower shall be farniahed ~ conformed rnpy of the Note and of this Mortgage at the time of ezecution or after recordation 6ereoL 17. Transfer d the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Leader's prior written comsent, ezduding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a pnrrhase money aeiurity interest for household appliances, (c) a transfer by devise, deaoent or by operation of law upon the death of a joint tenamt or (d) the grant of any kasd~oid interest of three years or less not rnntaining an option to purchase, Lender may, at Lender a option, declare all the sums se~ure~t by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Linder 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 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 17, and if Borrower s successor in interest has executed a x-ritten assumption agreement accepted in writing by lender, Lender shall release Borrower from all obligations under this Mortgage and the \ ote. If [.ender exercises such option to accelerate. (.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. { much motice shall provide a periodof not less than 30 days from the date the notice is mailed.within which Borrower may pay the soma declared due. If Borrower fails. to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. f 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement otBorrower in this Mortgage, including the covenants to pay when due any soma secured by this Mortgage, Gender prior to aecekration 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 less than 30 days from the date the notice is mailed to Borrower, by which such breach mast be erred; and (4) that faihare to wre such breach on or before the date specified in the notice may result in acceleration of the soma scarred by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall § farther inform Borrowrer of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a defanH 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 ail of We sums secured 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 sash proceeding all ezpenses of foreclosure. including, but not limited to, reasonable attorney's fees, and a costs of documentary evidence. abstracts sad title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the soma secured by this Mortgage, Borrower shall have 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: ter) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Future Advanaw. if any, had no accekration occurred; (b) Borrower cares all breaches of any other covenants or agreements of Borrower rnntained in this Mortgage; Ic1 Borrowrer pays all reasonabk expenses 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 t d ~ Borrower takes sack action as [.etsder may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowei s obligation to pay the sums secured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby ahaU remain in fall force and effect as if no acceleration had occun-ed. ` 20. 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 acceleratiom under paragraph 18 hereof or abandonment of the Property, have the right to collet and retain such rents as they become due and payable. Upon acceleration under paragraph IS hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a mart to inter upon, take possesoon 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 fast to payment of the costa of management of the Property and collection of rents, including, but not limited to, receiver a fees, premiums on rrceiver s bonds and reasonabk attorney's fees, and then to the cams secured by this Mortgage. The n receiver shall be Gabk to aoooant only for those yenta actually received. t ' au0K334 PAGE 494 - -