Loading...
HomeMy WebLinkAbout18978. Inspection. l,ender may make or cauae to be made ~eawnable entries upon and i~epectione of the pmperty, provided that Lender shall Rive Borrower notice prior Lo any such inspection epecifyi~g reasonable cauae therefor related to l.ende~ s intereat ia the Piroperty. 9. Condemnatlon. The proceeda ot any award or claim for damages. direct or consequential. in rnnnection wilh any oondemnation or other taking of the property. o~ part thereof, or for conveyance in lieu of ooadem~ation, are hereby aeaig~ed and shall be paid b I.ender. In the eve~t of a btal taking of the Property, the proceede shall be applied b the eume secured by thie Mortgage, with the escess, if any, paid to Botrower. In the event of a partial taking of the Properiy. ur-lexa Borrower and I.ender otherwiee agree in writing, there ehall be applied to the eums secured by thie.Mortgage euch pmportion of the proceede se ia equal to that proportion which the amount of the sumu secured by this Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of taking. with the balanca ot the proceeds paid to Borrowe~. I[ the Property ia abandoned by Borrower, or if, efter notice by l.ender to Borrower that the rnndemnor offera to make an award or setUe a claim for damagea, Borrower faila to reepond to l.ender within 30 daye afte~ the date euch notice ia mailed. I.ender ia authorised to collect and xpply the proceede. at I.ender s option, either to restoration or repair of the property or to the suras secured by thie Mortgage. Unleae l.ender and Borrower otherwiee agree in writing, any such application of pmceeds to principal ahall not e:tend or poatpone thedue date of the monthly inetallmente referred to in paragraphe 1 and 2 hereof or change the amount of such inatallmente. 10. Borrower Not Released. Extenaion of the time for paymsnt or modification ot amortization of the aums secured by this Mortgage Kranted by l.ender to any aucceaeor i~ intereat of Fiorrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Borrower s succeasora in intereat. [.ender ahall not be required to commence proceedinga against such succeasor or refuae tu extend time for payment or otherwise modify amortization of the sume secured by this Mortgage by reason of any demand made by theoriqinal Borrower :ind [3orrower a succrsaors in interesl. 11. Forbearance by Lender Not a Weiver. Any forbearance by I.ender in exenising any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or preclude the exerciee of any such right or remedy. The prc~curnment of insurance or the payment of taxea or other liena or chargea by I.ender ahall not be a waiver of I.ender a right to accelerate the maturity of the indebtedneae secured by thie Mortgage. 12 Remediea Cumulative. All remediea provided in this Mortgage are diatinct and cnmulative to any other right or remedy under this Mortrage or af~orded by law or equity, and may be exerciee~l rnacurrently. independently or aucceasively. 13. S4cceasore and Aaeigne Bound; Joint and Several Liability; Captione. The rnvenanta and agreemente herein contained ehall bind, and the rights hereunder shall inure to, ihe reapective auccessors and aseigns ot l.ender and Borrower, aubject to the proviaiona of paragraph 17 hereof. All rnvenants and agreements of Borrower ahall be joint and several. The captions and headinga of the paragrapha of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. F.xcept for unv notice required under applicable law to be given in another manner, la) any notice to E3orrower provided for in this Mottgage shall be given by mailing auch noticeby certified mait addresaed to Botrower at the Property Addresa or at auch other addreas aa Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be qiven by certified mail, return ~eceipt requested, to L.ender's address stated herein or to auch other address as Lender may deaignate by notice to Borrower ax provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender wheo given in the manner designated herein_ 15. Uniform Mortgage; Governing Law; Severability. Thia form of mor[gage combinea uniform rnvenan fs for n ational use and non- uniform covenanta with limited variationa by jurisdiclion to constitute a uniform aecurity instrunient wvering real property. This Mortgage shall be governed by the law of the jurisdiMion in which the Property is located. In the event that any proviaion or clauae of thia Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Murtgage or the Note which can be give~ effect K-ithout the conflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be fumished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ j 17. Tranefer of the Property; Assumption. If all or any pa~t of the Property or an intereat therein is aold or transferred by Borrower '~ ~ without i.endei a prior written conaent, eacluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money aecurity interest for houeehold appliances, (c) a transfer by devise, d.~ecent or by operation of law upon the deaih of a jo~nt ~ tenant or (d) the grant of any leasehold intecest of three yeara or leae nut containing an option to purchase, Lender may, at Lender's option, ~~ declare all the aums securea by this Mortgage to be immediately due and payable. Lender ahaU have waived auch option to accelerate if, prior to the sale or transfer, L.ender and the person to whom the Pmperty is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intereat payable on the sums secored by this Mortgage ahall be at such rate as Lender ahall request. If I.ender has waived the option to accelerate pmvided in lhia paragraph 17, and if Borrower s successor in interest has executed a wTitten assumption agreement accepted in writinR by I.ender, l.ender shall release I3orrower from all obligations under this Mortgage and the ~iote. If Lender exemises such option to accelerate, Ixnder sha11 mail Rorrower notice of acceleration in accordance with paragtaph 14 hereof Such notice shall pmvide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on t3orrower, ~nvoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. F.zcept as provided in paragraph 17 hereof, upon Borcower's breach of any covenant or agreemenE of Borrower in this Mortgage. including the covenanta to pay when due any eume aecured by this Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereotspecifying. ( l) the breach; (2) the action required to cure such breac6; (3) a date. not leae than 30 daya from the date the notice is mailed to Borrower, by which euch breach muet be cured; and (4) that fa~lure to cure auch breach on or before the date epecified in the notice may result in acceleration of the aume secured by this Mortgage. foreclosure by judicial proceeding aad sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to essert in the foreclosure proceeding the non-exiatence of a default or any other detenee of Borrower to aoceleration and forecloeure. If the breach ie not cured on or before the date epecified in the notice, Lender at Lender'e option may declare aU of t6e sums aecured by this Mortgage to be immediately due and payable without furtherdemand aed may foreclose this Mortgage by judicial proceeding. Lender shall be entiUed to coileM in Buch proceeding all expenaea of foreclosure. including, but not limited to. reesonable attorney's feea. and costs of documentary evidence, abetracts and title reporta. 19. Borrower'e Right to Reinetete. Notwithatanding Lender's acceleration of the aums eecured by thia Mortgaqe, Borrower ahall have the righf to have any proceedings begun by I.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under thie Mortgage, the Note and notea securing F~ture Advances, if any, had no acceleration occurred:lb) Borrower cures all breaches of any other covenants or agreements of Borrower contained in thie Mortgage; (c) Borrower pays all reasonable e:penses incurred by I.ender in enforcing the covenante and agreementa of Borrower oontained in this Mortgage and in enforcing Lender's remedies as ptovided in paragraph 18 hereof, irfcluding, but not limited to, teasonabl~ attorney a feea; and (d) Borrower takes euch aMion as Lender may reasonably require to assure that the lien of thie Mortgage, Lender's interest in the Property and Borrower s obligation to pay the same aecured by this Mortgage shall continue unimpaired. Upon auch~psyment and cure by Borrower, this Mortgage and the obliqations aec~ured hereby ahall remain in full force and effect as if no acceleration had occurred. ZO_ Aesignment ot Renta; Appointment of Aeceiver. As additional eecurity hereunder, Borrower hereby asaigna to Lender the renta of the Property, provided that Borrovrer shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch renta 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 oo~ut to enter.upon, trike poseession of and manage the Property and to collect the rente of the Property, including thoee past due. All rente collected by the receiver ahall be applied first to payment of the oosts of management of the Property and oollection of rente, including, but not limited to, receiver a feea, premiuma on receiver's bonda and reseonable attorney'e fees, and then to the aums secured by thia Mortgage. The receiver ahall be liable to aooount only for thoee renta actually received. ' E ~ ~ ~~.~:~.. ..~ _ - ~. _ : A~~~ 3~8 FacE~$9S ~ - =. _ ..~