Loading...
HomeMy WebLinkAbout0371~ ," . ' . 8. Inapectlon. l.ender may make or cauee to be made reasonable entriee upon and inepectione of the pmperty, provided that l.ender ehall give Borrower notice prior to any such inepection epecifyi~g reasonable cauee lherefor related to l.ender's intereat in the Property. 9. Condemnation. The pmceeds of any award or claim for damages, direct or rnneequential, in connection with any condemnation or other taking of the pmperty, or part thereof, or for conveyance in lieu of condem~ation, are hereby aesigaed and ahall be paid to l.ender. In the event of a total taking oi iha Property, the proceedB ehall be applied to the auma eecured by thia Mortgage, with the exceea, if any, paid to Borrowes. ln the eve~t of a pertial takir~g of the Property, urtlees Bormwer and I.e~der otherwiee agree in writing, there ehall be applied to the eume eecurcd by this Mortgage euch proportion of the proceeds ae ie equal to ihat proportio~ which the amount of the eume secured by this Mortgage immediately prior to the date of taking bears to the fair market value otthe Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Propetty ie abandoned by Bormwer, or if. after notice by I.ender to Borrower that the condemnor ofters to make an award or eettle a claim for damages. Borrower faila to respond to l.ender within 30 daya after the date auch notice is mailed, Lender is authorized to collect and npply the proceede. at l.ender s option, either to reatoration or repair of the property or to the eums aecured by thie Mortgage. Unlesa Lender and Borrower otherwiee agree in writing, any such application of proceeda to principal ahall not extend or poelpone th° ~~~~ date ot the monthly inatallmenta referred to in paragirapha 1 and 2 hereof or change the amount of auch inetallments. 10. Borrower Not Releaeed. F.xtenaion of the time for paym ~nt or modification of amortization of the eums secured by thie Mortgage Krante~i by i.rnder to any sucressor in intere~t of liorrower shall not operate to mlease, in any mpnner, the liability of the original E3orrower :-nd Borrower's aucceasora in intereat. I.ender shall not be required to mmmence p~oceeclinga againat such succeasor or refuse to extend time fiir payment or otherwise modify amortization otthe sums secured by this hlort~age by reason of any demand mude by the original Borrower .-nd Eiorn-wer's successura in intert~xt. ' 11. Forbearance by Lender Not a Waiver. Any torbearance by t.ender in exercieing any right or remedy hereunder, or otherwiee aifforded by applicable law, ahall not be a waiver uf or preclude the exercise of any such right or remedy. The prc-curement of insurance or the payment of tuxea or other liens or chargea by I.ender shall not br a waiver of I.ender s right to accelerate the maturity of the indebtedneas secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are dietinct and cumulative to any other right or [emedy under thia 1lortrage or aftorded by iaw or equity, and may be exercise~ concurrently, independently or succeesively. 13. Succesaors and Assigne Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained ehall bind, and the righta hernunder shall inure to, the reapective successors and aseigns of I.ender and Borrower, aubject to the provisions of paragraph 17 hereof. All covenants and aqreements of E3orrower shall be joint and aeveral_ The captions and headinga of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. I 4. Notice. F.xcept for any notim required u~der appGcnble law to be Kiven in another m:~nner, i ai uny notice tu I3orrower provided forin this Mortgaqe shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at auch other addreas as t3orrower may designate by notice to Lender as provided hemin, and Ib) any natice to I.ender ahall be given by certi6ed mail, return receipt requested, tn I.ender's address stated herein or to such other address as I.ender may designate by nutice to Borrower ax provided herein. Any notice provided for in this Mortgage ahall be decmed to haee been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mort~tage combines uniform rnvenants for national use and non- uniform covenants w~th,limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage ~hall be governed by ttie law of the jurisdiction in which the E'roperty is located. In the event that any pmvision or ciause of this Mortgage or the Note contlicts with applicable law, such conflict shaU not aftect other provisions of this blortKaRe or the Note which can be given effect without the conilicting provision, and to this end the pmvisiona of lhe Mortgage and the Note are declared to be severable. 16. Sorrower'B Copy. E3orrower ahall be fbrnished a conformed rnpy of Lhe Note and of this Mortgaqe at the time of execution or atter recrordation hereof. 17. Trana[er of the Pcoperty: Asaumption. 1f all or any part of the Hroperty or an intemst therein is sold or transferred by [3orrower without l.ender's prior written consent, excluding (a) the rreation of a lien or encumbrance sut-ordinate to this Mortgage, (b) the creation of a purchase money sccurity intereat for household appliances, Ic) a transfer by devise, d~scent or by operation of law upon the death ota joint tenant or (d) the grant of any leasehold internst of three years or leas not containing an option to purchase, l.ender may, at Lender s option, declare al) the sums securea by this Mortgage to be immediately due and payable. l.ender shall have waived such option to accelerate if, prior tu the sale or transfer. [.ender and the person to whom the Property is to be sold or tranaferred mach agreement in writing that the credit of such person is satisfactory tn Ixnder and that the intenwt payable on the sums secured by this MortgaKe shatl be at such rate as [.ender ahail reyuest. If I.ender has waived the uption to accelerate provided in this paraQraph 17, and if Korrower a successor in interest has executed a w•ritten assumption a~reement accepted in vvritinK by ixnder, I.endershall releaxe Borrower from all ubligations underlhis Mortgage and the V ote_ . I[ l.ender exercises such optiun to accelerate, I.ender shall m~il Korn~wer notice ot acceleration in accordance with paragraph 14 hereof. tiuch notice shall provide a period of not less than :~O dat s from the date the notice is mailEd within which Born-wer may pav the sums declared due. If Burrov~er fails to pay such sum~ prior to the expiratiun of such period, Ixnder may, without further notice or demand on ~3orrower, ~nvoke any remedies permitted by paraQraoh 1'i hereof. 18. Acceleretion; Remedies. Except as pruvided in paragraph 1? hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenanta to pay when due any sums eecured by this Mortgage.I.ender prior to ecceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifyiag: (1) the breach; (2) the action required to cure such breach; (3) a date. not leas than 30 daya from the date the notice ia mailed to Borrower. by which euch breach must be cured: and (4) that failure to cure such breach on or before the date epecified in the notice may reault in acceleration of the aums aecured by this Mortgage, torecloeure by judicial proceeding and eale of the Property. The notice shall further inform Borrower of the right to reinatate aRer acceleration and the right to assert in the forecloaure proceeding the non-eziatence of a default ar any other defense of Borrower to acceleration and foreclusure, If the breach ie not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of the suma secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judiciel proceeding. l.ender ahall be en[itied to coilect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's fees. and costs of documentary evidenee. abstracts and title reports. 19_ Borrower's Right to Reinstate. Notwithatanding I.ender's acceleration ottheaums aecured by this Mortgage, E3orrowerahall have the right to have any proceedings begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) E3orrower pays [.ender all sums which would be then due under this Mortgage, the Note and notes securing F uture Advancea, if any, had no acceleration occurred; lb) Borrower cures all breaches of any other covenante or egreements ot Borrower contained in this Mortgage; (c) t3orrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in en(orcing l.ender's remedies as pruvided in paragraph IS hereof, including, but not limited to, reasonable attorney's feea: and Id) Borrower takes such action ae Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest • in the Property and E3orrower's obliqation to pay the aums aecured by this Mortgage shall continue unimpaired. Upon such paymentand cure by Borrower, this Mortgage and the obligations secared hereby shall remain in full force and effect as if no acceleration had occvrred. 20. Asaignment of Renfs; Appointment of Receiver. As additional aec~rity hereunder, Borrower hereby aseigna to Lendertherente of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rents as they become due and payable_ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a court to enter upon, take posaession of and manage the Property and to collect the rents of the Property, including thoee past due. All renta collected by the receiver ahal) be applied first to payment of the rnate o[managementof the Property and collection of renta, including, but not limited to, receiver a feee, premiuma on receiver's bonda and reasonable attorney's feea, and then to the aume secured by thie Mortgage. The receiver shall be liable to acoount only for thoae renta actually received. 5:t'iK,,4i7 YaGE .~ 1 ~ . ,~ .. . ..:.-f a_ ...._ . . .r. ...~_,..- .. ... - _ -Y._:.Y'!n~