Loading...
HomeMy WebLinkAbout0811 8. Inspection. Lender may make or cause to be made reasonable entries upon and iwpections of the property.provided Wet Lender shall give Borrower notice prior to say such inspection specifying reasonable cause therefor related to Lendac'~ interest in Ws Property. 9. Condemnation. The proceeds of any award or daim for damages. direct or consequential, in connection wild any eoadsannation oe other taking of the property, or part Wereof. or for conveyance is lieu of ooademaation. an hereby assigned and shall bs paid to Leader. In We event of a total taking of the Properly. We proceeds shall bs applied to We sums secured by this Mortgage, wild the recess, if arty, paid to Borrower. In We event of a partial taking of We Propesgr, unless Borrower and Lender oWeewiss agree in writing, Wars shall bs applied to We sums secured by Wis Mortgage such proportion of the proceeds as is equal to Wat propoction which the amount of We sews secured by this Mortgage immediately prior to the date of taking bean to We fair market vah~e of We Property immediately prior to We date of taking. wild We balance of the proceeds paid to Borrower. I[ We Property is abandoned by Borrower, or if. after notice by Eructs: to Borrower Wet the eopdemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Leader within 30 days after We date such notice is mailed, Lender is authorised b collect and apply the proceals, at Lender's option, eiWer to restoration or repair of the property or to the soma secured by Wis Mortgage. Unless Lender and Borrower oWerwise agree in writing. any such application of proceeds to principal shall note tend or postpone the dw date of the monthly inetalLnents referred to in paragraphs I and 2 hereof or duu~ge the amount of such installments. 10. Borrowor Not Released. Eztenaion of the time for payment or modification of amortisation of the anaos secured by this Mortgage granted byLender to any successor in interest of Borrower shall act operate b rdeaee, in any manner. the liability of We original Borrower and Borrower's aucc~ssors in interest. Lender shall not be required to commence proceedings again.t such suoxesor or refuse to eztertd time for payment or otherwise modify amortization of the sums secured by Wis Mortgage by reason of asyr dprgaed erect- a by the original8orrower and Borrower s successors in interest. 11. Forbearance by Leader Not s Waiver. Any forbearance by Lender in ezerciaiag any right or remedy hereunder, m otherwise afforded by applicable raw, shall not be a waiver of or preclude the exercise of any such right or remedy. The proarremant otinsaranee or We payment of taxes or other liens or d?argee by Lender shall act be a waiver of Lender's right to accelerate We maturity d the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any older right or remedy ender this Mortgage or afforded by law or equity, sad may be ezercisal concurrently, indepwdently or saeoessively. 13. Suecessore and Assigns Bound; Joint and Several Liability; Captions. The covenants sad agreements herein contained shall bind, and We rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, sabjed to the provisions of paragraph 19 hereof. All covenants 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 We~provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in anoW er manner, (a) any notice to Borrower provided for is this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower atthe Property Address or at each older address ea Borrower may desitnate by notice to Lender as provided herein, and (b) any notice to Leader shall be given by certified mail, return receipt requested, u Lender's address stated herein or to such older address sa Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be dcemed to have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage combines uniform covenantsfornational use andnon- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by tine Iaw of the jurisdiction in which the Property is located. In We event that any provision or douse of this Mortgage ar the Note rnnflicta with applicable law, such conflict ahall'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 We Note are dedared 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 ezecation or after recordation hereof. _ - 17. Transfer of We Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender s prior written consent, eicduding (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, descent or by operation of law upon We deaW of a joint tenant or (d) the grant of any leasehold interest of Wree yeah or lees not containing an option to purchase, Lender may, at La?der's option. declare all the sums secures by this Mortgage to be immediately due and payable. Lender shall have waived sack 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 creditof such person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Leader shall f request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowe~a successor in interest has ezecnted 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 aeoordance wild paragraph 14 hereof 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.lf Borrower fails to pay such soma prior to the exp'vation of such period, Lender may. without furWa notice or demand on Borrower, ?nvoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of anp covenant or agreement of Borrower in this Mortgage, including the ooveaante to pay when due any some secured by this Illortgage, Leader prior to acceleration shall mail notice to Borrower se provided In paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than all days from the date the notice is mailed to Borrower, by wrh_ ieh arch breach moat be cured; and (4) that failure to cure sudi 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 W reinstate after acceleration and the right to assert In the foreclosure proceeding the non-existence 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 sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and coats of documentary evidence, abstracts and title reports. 19. Borrower's Bight to Reinstate. Notwithstanding Lenders acceleration of the soma secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a jndgmeat enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be Wen doe under this Mortgage. We Note and notes securing hhtnr+e ~ Advances, if any, had no acceleration occun~ed; (b) Borrower cares all breaches of any oWereovenants or agreemeala of Borrower contained in this Mortgage; (c) Borrower pays all- reasonable expenses incurred by Lender in enforcing We covenants and agreement. of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, redacting, but not limited to, nasoaabla attorney's fees; and (d) Borrower takes each action as Lender may reasonably require to assure that the lien of thin Mortgage. L.eader'~ interest in the Property and Borrower's obligation to pay the auras secured by Wis Mortgage shall continue unimpaired. Upon such paymeatand cons by Borrower. this Mortgage and We obligations secured hereby shall remain in frill force and effect as if no acceleration had oecurr+ed. 20: Assignment of Rents; Appointmentof Receiver. As additional security hereunder. Borrower hereby assigns to Leudertbermts of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of We Props ty, hatc~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 b have a receiver appointed by a court to enter~npon, take possession of and manage the Property end to collect the rents of the Property. inducting Wose past doe. All Teats collected by the receiver shall be applied first to payment of the coats of management of the Property and ooUection of rests, indading, bat red limited to, receivers fees, premiums on receiver's bonds and reasonable attorney's fees, and then to We sums secured by this Mortgage. The receiver shall be liable to aeoount only for those rents actually received. 8341 PEE 811 -