Loading...
HomeMy WebLinkAbout0202 r 8. laspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or ooneequential, in connection wish any condemnation or other taking o[ the property. ~ part thereof. or for conveyance in lieu of condemnation, an hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the soma secured by this Mortgage, with the excess, if any, paid to Borrower. Ia the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be s applied to the sums secured by this Mortgage such proportion of the proceeds ae is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date o[ taking. with the balance of the proceeds paid b Borrower. ( 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 t claim for damages. Borrower sails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised b collect and ? apply the proceeds, at Lender a option, either 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 appUcation of proceeds to principal shall not extend or postpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inetalhnents. t 10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any auecessar in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's snccrasors 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 sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. I I. Forbearance by Len3er riot a Raiver. Any furi~arw~ce by Lender in Exercising any right or remedy hereunder. or otherw;r~ afforded by applicable law, shall not be a waiver of or preclude.the a:erciae of any each right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may be ezerciaed concurrently, independently or successively. 13 Snecessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein rnntained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph t T hereof. All rnvenanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for rnvenience 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 t h is 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 Ib) 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. I~ 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 rnvering 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 applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting 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 rnnformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. - 17. Transfer of the Property; Asawnption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without I.endei a prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money secyrity interesl for household appliances, le) a transfer by devise. d.~acent orby operation of law upon the death of a joint truant or (d) the grant of any leasehold interest of three years or less not rnntaining an option to purchase, Lender may, at Lender s option, declare all the soma secures 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 such person is satisfactory to Lender and that the interest payable on the sums 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 Borrowers successor in interest has a:scaled a ..-ritten assumption agreement accepted in writing by Lender, I.enderahall release Borrower from all obligations wider this Mortgage and the ~ \ ote. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ such notice shall provide a period of not les.4 than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails 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 paragraph 18 hereof. II 18. Acceleration; Remedies. E:cept 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 sums se~ctrred by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragrap614 hereof specifying: (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 such 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 sums 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 aviceleration 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 otthe sums secured by this Mortgage to be immediately due.and payable without furtherdemand and may forecloaethis Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure. including, but not limited to, rea8onable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender a acceleration of the some 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 g this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurred; (b) Borrowercures all breaches of any othercovenante or agreements of Borrower contained in this Mortgage; (c) Borrower pays al) reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower ' rnntained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and Idl Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Bonrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. i 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 aeeelc7ation under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they 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 enternpon, take poaeession of and manage the Property and to rnllect the rents of the Property, including those past due. All rents eoUected by the receiver shall be applied first to payment of the costa of management of the Property and rnllection of rents, including, but not ' limited to, receivers fees, premiums on receiver a bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aeoount only for those rents actually received. BO~IK PaGE ~2