Loading...
HomeMy WebLinkAbout1216. . ~ : ~ 1 . - 8. Inepection. L.e~der may make or cauee to be made reasonable entries upon and inspections otthe property, pmvided that [,ender shall give Borrower notice prior tn any euch inspection specifying masonable cauee there[or relnted to l.ender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or rnneequential, in connection wilh a~y oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of oondemnalion, are hereby assigned and ehall be paid to I.ender. In the eve~t of a total taking of the Property. the ptviceede shall be applied to the suma secund by this Mortgage, with the excees, if any. paid to Borrower. ]n the event of a partia! taki~g o! the Property. unleas Borrower and I.ender otherwiee agree in writing. there shall be applied to the sums aecured by this Mortgage auch proportion of the pra~eede ae ia equal to that proportion which the amount o[ the sume secured by thie Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balanc~ of the proceede paid to Borrower. _ {f the Property ie abandoned by t3orrower, or if, aRer notice by l.ender to Borrower that the condemnor o~ere to make an award or eetde a claim for damagea, 8orrower faila to respond to I.ende~ within 30 days after the date auch aotice is mailed, l.e~der ia aulhotized to collect and r~pply the proceede, at l.ender's option. either fo reatoration or repair of lhe pruperty or to the auma secured by thie Mortgage. Llnleea l.ender and I3orrower otherwise agree in writing, any auch application of proceeda to principal ehall not extend or postpone the due date of the monthly inatallmenta referred to in paragrapha 1 and 2 fiereoi ot change the amount of euch instaUmenta. l0. Borrower Not Released. Exteneion of the time for paymant or modificatiun of amortization o[the aumsaecund by this Mortgage Kranted by I.ender to any sarcesaor in intereat of liorrower ahnll not operate lo relexxe, in any manner, the linbility of the oriqinal E3orrower .ind Rorrower's successsora in intereat. l~ender ahaU not be required tu cummence proceedings nqainst such aucceasor or refuse to extend time fur payment ur otherwise me-ciify nmortization uf the wuma aecur~d by this MoriKaKe b~ rru~-n of i~ny demand made by theoriECinai 13orrower and 13orrower's successors in interext. 1 l. Forbearanee by I.ender Not a Waiver. Any forbearnnce by I.ender in exercieing any right or remedy hereunder, or otherwiae utforded by applicnble law, shall not be a waiver of or preclude the eaercise of any auch right or remedy. The procurement of insurance or the payment of taxea or other liena or charqea by lrender ehall not be a waiver of l.ender'e right to accelerate the maturity of the indebtedneaa ~ecured by thie Mortgage. 12 l~emedies Cumulative. A11 rnmedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under this :Nortc-age or at[orded by law or equity. and may be exercised concurrently, independently or successively. i:i. Succegaora and Aaeigna ~iound; Joint and Several Liability; Captione. The covenanta and agirementa herein contained ahall t~ind, and the rights hereunder ahall inure to, the reapeetive succesaors und asaigna of l.ender and F3orrower, aubject to the proviaiona of paragrapfi 17 hereof. AI1 covenants and agreements of F3orrower ahall be jaint and eeveral. The captiona and headinge of the paraRraphs of this Mortgage are for covenience only and are not to be used lo interpret ur define the pruviaio~s he[eof. 14. Notice. l:xcept for any notice reyuired under applicnble law to be Kiven in anoth ~r manner, l~l nny notice to 13orrower provided for in this Mortgage ahaU be given by mailinK such notice by certified mail pddressed to F3ortower al the i'roperty Addreae or at auch other addreas ae fiorrower may_desiRnate by notice to Irender a~s provided herei~+, and (b) any notice to I.ender ahaU be given by certified mail, return receipt requested, tu l.ender's addreeis stated herein or to such other addteae as t.ender may designate by notice to E3orrower c~x provided herein. Any nntice provided for in this Morigage ahnll be deem.-d to have been given to Borrower or I.ender when given in the manner deaiqnated herein. t 5. Uniform Mortgege; Governing [.aw: Severability. Thia form of mortgaqe combines uniform oovenanta for national use and non- uniform covenants with limited variationa by jurisdiction to oonstitute a uniform xecurity instrun-ent covering real property. This Morigage .haU be Kovemed by the law of the jurisdiction in which the F'roperty is located• In the event that any proviRion or clauae otthis Mertgage or the Nute conflicts with applicable inw, such conflict shuU not aftect other provisions of this Mortgage or the Note w hich can be given effect w•ithout the conflictinR pruvic~ion, and to thia end the provisionx of the Morigage and the Ihote am declared to be severable. l fi. 13orrower's Copy. Borrower shall be fumishrd a confortne~f copy of the Note and of this Mortgage ut the time af execution or atter recY,rdatiun hereof. 17. 'I'ranafer of tl~e 1'roperty; Aasumption. lf nll or any~ part of the Property or an intereat therein is aold or tranaferred by l3orrower withuut l.ender'F prior written consent, excludinq !n1 the creation oFa lien or encumbrancr subordinate k- this Muriqaqe, lb) fhe crnatim of a purch:~se money security intereat for houaehold appliances, (c) a tranafer by devise, d.^scent or by operatiun of law upon the death of a joint tc•nant or id) t~E~ grant of any Ielsehold interest af three yeara or leas not con4~ining an option to pumhase, Lender may, at l.ender's option, cieclare al! the sums securec~ by this Mortgaqe to be immediately due and payable. l.ender ehall have waived such option tu accelerate if, prior tn lhe e;ale or trunsfer, Lender and the pereson to whom the Property is to be sold or tranaferred mach aQ~eement in writing that the creditof such pc•rson is xatisfactory to I.ender and that the interest payable an the sums securecl by this blortKaKe sh~ll i~e at such rate as l.ender shall reyuest. If Ixndrr hus vraived the option to ucmlerate providrd in this paraQraph S 7, and if I~~rrower's auccessor in interest has executed a w•ritten asaumption aRrc~ment accepted in writinK hy I.ender, l.ender shall re{eaxe Borrower from all obliKatiuns underthis;4tortgaKe and the \ ote. If Ixnder exereixes auch option to acreterate, I.ender shaU mail Rormvrer notice of acrnleration in accordance with paragraph 14 hereof. tiuch notice shall provide a periud ~~f noL leas than :i0 d.~ys fmm the d ~te the nutim is rr..tilcd within which Bormwer m:~y pav the sums declared due. I[ Borrower fails to pay such sumx prior t~~ the expiraliun of such {xriuci, lA:nder may. without further n~tice or demand on Korrower, ~nvoke any remedies permiLtM1 by par:-Rraoh :y hercY~f. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereot. uNon Borrower's breach of any covenant or agreement of Borrower in thia Mortgage. including the covenants tu pay when due any eume aecured by this Mortgage. Lender prior to acceleration sfiall mail notice to Borrower ae provided in par~graph 14 hereotspecifying: (1) Ehe breach; (2) the action required to cure auch breach; (3) a date, not less than 30 days from the date the notice ia mailed to Borrower. by which auch breach muet be cured; and (41 that failure to cure such breach on or betore the date apeciCed in the notice may reault in acceleration of the suma secured by thix Mortqage. foreclosure by judicial proceeding and ealeotthe Property. The notice ahall further inform E3orrower ot tfie right to reinetate after acceleration and the right to eaeert in tbe foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. ltthe breach is not cured on or before the date apecified in the notice. Lender at Lender's option may declare all ot the auma secured by this Mortgage to be immediately due and payable wilhout furtherdemand and may forecloee this Mortgage by judicial proceeding. Lender ahap be entitled to collect i~ such proceeding all expensex of forecloaure. ineluding. but not limited to, reaaonable attorney's fees. and <•osta otdocumentary evidence. abstracts and titlc reports. 19. Borrower'e Right to Reinstate. NotwithatandinR I.ender s acceleralion of theeuma eecured by this MortgaQe, I3orruwershal) have the right to have any proceedings beQun by l.ender to entorce this Mort~aRe discontinued at any time prior to entry of a judgmenl rnforeing thia Mortgage if: (a) Eiurrower pays l.ender atl auma which would be then due under this Mortgaqe, the Note and notes eecuring I~uture rldvancea, if any, had no acceleration occurred: ( b) E3orruwer curea all breachea of any other coven ants or agreemente of Borrower contuined in this Mortgage; Ic) t3orrower pays all reasonable expensrs incurred by Ixnder in enforcing the rnvenants and aRreements of Korrower contained in this Mortgage and in enfoming [.endei e mmedies as provided in paraqraph 18 hereof, including, but not limited to, reasonable attomey e fees; and (d) Borrower takes auch aMion as I.ender may masonably require to assure that the lien of this Mortgage, I.Endei a intereet in the Properiy and Borrower's obliKation to pay the aums aecured by this Mort~age shal) rnntinue unimpaired. Upon euch payment and cure by Aorrower, this Mortgvge and the obligatiuns secured hereby ahall remain in [ull force and eftect as it no acceleration had occurred. 20. Aeeignment of Renta; Appointment of Receiver. As additionai security hereunder, f3orrower hernby esaigna to Lender the rente r,f the Property, provided that F3orrower ahall, prior to accelerAtion under paragraph iF? hereof or abandonment of the Property, have theright to collect and retain auch rente as they become due and payable. Upon acceleration under paraqraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a court W enter upon, take possession of and manage the Property and to coUect the renta ot the Property, including thoee past due. A11 rents collected by the receiver shall be applied first to payment of the rnata of management of the Property and collection of renta, including, but not limited to, receiver'e fees, premiuma on receivrr's bonds and reasonable attomey's feee, and then to the aums sec~red by this Mortgage.l'he receiver shall be liable to aca~unt only for those rents sctually received. B~'~34~ P~~E121fi ~ . ~~ ~~.`~i.s3r ~_iCC_: h .~~,.. . ... ... `.i -.