Loading...
HomeMy WebLinkAbout0221~~ :, ~r ;.,s 8. Inepectlon. I.ender may make or cauae to be made reasonable e~tries upun and inepectiuna of the property, provided thet I.ender ehnU give Bor~ower notice prio~ to any euch inapection epecifying reaaonable cauee thecefor related to l.ender'a iMereet i~ the Property. 9. Co~demnution. The procecds of any award or claim for damages, direct or conseyuential, in connectio~ with any oondemnation or other taking of the property. or part thereof, or fo~ conveyance in lieu ot eondemnatiun, are hereby asaigned and shall be paid to I~ender. In the eve~t of a wtal taking of the Property, the proceeda ehall be applied to the aume aecured by thie Mortgage, with the excees. itany, paid to Aor~ower. In the e~•e:~i u[ a partial taking of the Property. uoleae Bo~wer and l.ender otherwiee agree io writing, there ehall be applied W the sums aecured by thie Mortgage auch propor:ion of the proceede as is equal to that proportion which the amount of the aume eecured by this Mortgage imme.iiately prio~ to the date of taking bears to the fair market value of the Property immediately prior to lhe date of taking, with the balance of the proceede paid to Borrower. 1 f the Property ia abandoned by Borrower, or if, after notice by I.ender to F3orrower that the rnndemnor of'Fera to make an award or settle e claim for damages, liorrower fails to reapond to l.ender within 30 daye after the date auch notice is mailed. I.ender is authorized to rnllect and apply Ihe proceede, at [.ender's option, eithe~ to reatoration or repair of the property or to the aums secured by thie Mortgage. Unleae l.ender and Borrower otherwiee agree in writing, any such application of proceeda to principal shall not extend or post{wne the due date of the monthly inetallments referred to i~ paragrapha 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Released. F.xtension of the time for paym=nt or modification of amurtization of the aums aecered by thia Mortgaqe Kranted by lrender to any succesaor in intemst of Borrower ahail not operate to release, in nny manner, the liability ot the original Borrower :-nd Borrower's sutt~easors in interest. l.ender shnll not be required to commence proreedings againat such succeasur or refuae tu exlend time for pu> ment or otherwise mociify amortizntion of the sums xc~rured by this ~tortgaKe by muwm of .~ny demtind made by theuriginnl Borrower xnd Borrower's succes.gora in intercwt. 1 l. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiae ~~fforded by applicable law, ahall not be a waiver of or preclude the exerciae of any such right or remedy. The pr<-curement otinsurance or the payment of taxes or other liena or chargea by Lender ahall not be a waiver of t.ender'a right to accelerste the maturity of the indebtednesa secured by this Mortgage. 12 Remedies Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this 1lortrage or afforded by law or equity, and may be exercise~i concurrently, independently or suc~.~easively_ la Succeseore and Asaigna Bound; Joint and Several Liability; Ceptions. The covenanta and agreements herein contained ahall bind, and the rights hereunder ahall inure to, the respective aucceasors and asaigna of I.ender and Borrower, aubject to the provisions of par~graph 17 hereof. All covenanta and agreementa of Borrower shall be joint and aeveral. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the pr~visions hereof. 14. Notice. F:xcept for nny notice reyuired under applicable law to he Riven in another manner, (al any notim to F3orrower provided for in this Mo~age shail be given by mailing such notice by certified mail addressed to E3orrower at the Property Addresa or at such other addreas as t;orrower may designate by notice to Lender as provided herein, und (b) any notice W l.ender ahall be given by certified mail, return receipt requested, to t.ender's address stated herein or to such other address as I.ender may designate by notice to Eiorrower ax provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to [3orrower or l.ender when given in the manner designated herein. 15_ Uniform Mortgage; Gover~ing Law: Severability. This form of mortgage combines uniform cvvenants for national use and non- uniform covenants with limited variAtions by jurisdiction to rnnatitute ~+ uniform security instrument cr,vering real property. This Mortgage shall be Ruverned by the law of the jurisdiclion in which the E'roperty is located. In the event that any provision or clause of this iNortgage or the Note conflicis with applicable law, such conAict shall not aftect other pm~ isions of this Mortgaqe or the Note which can be given effect without the conflicting pn~vision, and to this end the pmvisions of the Mortgage and the Note are declared to be severable_ 16. Borrower'e Copy. Borrower shall be furnished a conformed copy of the Note and of this Mottgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Asaumption. If all or any part of the i'roperty or an interext therein ia sold or tranaferred by E3orruwer without I.ender s prior written conaent, excluding (a) the creation of a lien or encumbrance sutwrdinate to this Mort~age, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, d~scent or by operation of law upon the death of a joint trnant or (d) the grant of any lea~hold interest of three yesira or lesu not containing an option to purehase, Ixnder may, at I.ender's option, dPCiare all the sums secured by this Mort{taqe to be immediately due and payable. l.ender shall have waived such option to accelerate if, prior t~ ~ the sale or transfer, l.Ender and the person to whom the i'roperty is to be sold or tranaferred mach aQreement in writinQ that the credit of such person is satisfactory to [.ender and that the interest pay able on the sums secured by this MortKaRe shaU be at such rate as Lender ahall rryuept. If [.ender ha.g waived the option to accelerate provided in this paraKraph 17, and if &~rruwer's success~r in interest has executed a written xsaumptien a~rerment accepted in w~ritinK by I.ender, l,ender shaU release Borrower frum all obliKations underthis Mortgage and the \ ute_ If I.ender exercises such option to accelerate, Ixnder shall mail F3orrower notice of accrleration in accordance with paragraph 14 hereof tiuch notice shall provide a periud of not less than 30 days from the date the noti~e is mailed within which Bormwer may pay the sums declared due_ If Borrower fails to pay such sums prior tu the expiration uf such periud, lxnder may, without further notice or demand on Eiorrower, ~nvokeany remedies permitted by paraKraoh lri hercrof. 18. Acceleration; Remedies. E:cept as provided in paraqraph 17 hereof. upon Borrower's breach of any covenent or aareement of Rorrower in this Mortgage, including the covenants to pay when due any euma eecured by this Mortgage. Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure auch breach; (3) a dete. not lesa than 30 days from the date the notice is mailed to Borrower, by which euch breach must be cured; and (4) that failure to cure such breach on or betore the date apecified in the notice may reault in Ficceleration otthe sums secured by this Mortgage. [oreclosure by judiciel proceeding and eale of the Property.The noticeehall further inform Borrower of the right to reinatate after acceleration and the right to ssaert in the foreclosure proceeding the nort=e:iatence of a default or any other defense of Borrower to acceleration snd forecioaure. If the breach ie not cured on or tx~fore the date specified in the notice, Lender at Lender'e option mey declare all of the suma secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgegeby judicial proceeding. l.ender shall be entitled to collect in such proceeding all e:pensea of forecloAUre. including. but not limited to. reasonable attorney's fees. and c•nsts of documentary evidence. abatracts and title reports. 19. Bonower's Right to Reinetate. Notwithstanding l.ender's acceleration of thesums secured by this Mort~tage, Fiorrowershall have the right to have any proceedinqs begun by l.ender to enforce thia Mortgaqe diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: la) [3orrower 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; l b) Borrower cures al l breachea of any other covenanta or agreemente of Borrower contained in this Mortgage; Ic) ~3orrower pays all reasonable expenses incurred by I.ender in enforcing the covenants and agreementa of Borrower contained in this Mortgage and in enforcing Lender's rnmediex as pro~~ded in paragraph IS hereof, including, but not limited to, retieonable attorney a fees; and (d) E3orrower takea auch adion as Lender may reasonably require to asaure that the lien of thia Mortgage, I.ender e interest in the Property and Borrower s obliRation to pay the aums secured by this Mortgage shall continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20_ Aeeignment of Rente; Appointment of Receiver. As additional security hereunder. Borrower hereby assigna to Lender the rents of the Property, provided that Borrower ahall, prior to acceleration under paraqraph 18 hereof or abandonment of the Property, have theright to collect and retain auch rente as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a court to enter-upon, take poseeasion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta collected by the receiver ahal) be applied firat to payment of the rnata of management of the Property and oollection of renta, including, but not limited to, receiver's fees, premiume on receiver e bonds and reasonable attorney's fees, and then to the auma eecured by this Mortgage. The receiver ahall be liable to acrnunt only for those rents actually received_ I:h 6~;~c 5 P:t~f ~