Loading...
HomeMy WebLinkAbout0979 ~ • ' ` N 8. Inspection. Lender may make or cauae to be made rearonable entries upoa snd inspectiona of the property, provided that Lender ahsll give Borrower notice prior to any such inspection specifying nawaaDle cause therefor related co Lender i interest in tha Property. 9. Coademnatioa. The proceeds of any award or claim fos dama~e~, direct o~ con~equential, in connection with any eondemnntiea or ~ ucher taking of the property, or part thereof, or for conve,yanoe in lieu of oondemnation, are hereby assi~ned and ~hall be psid W Lender. In the event of a total taking of the Property, the proceeds shall be apQlied to the sums secured by this Mortgage, with the exoe~s, if any, paid to Borrower. In the event of a partial taking of the Property, nnleea Borrower and I.endez otherwise egree in writing, there ~hall be applied to the aume eecured by thia Mortgage such proportion of the proceede as ia equal to that proportion which the amount of tha aume secured by thie ~'lortgage immediately prior to the date of taking beare to the fa'u market value of the Property immediately prior to the date of caking, with the balancY of the proceeds paid W Borrowe:. If the Property ie abandoned by Eorrower, or if, after notice by I.ender W Borrower that the condemnor oPfers to make an award or setde a claim tor demagea, Borrower faile to reepond to I.ender within 30 days aRer the date euch notice is mailed, Lender ia authorized to coAect and apply the proceeda, at Lender'e option, either ta reetoration or repair of the property or to the euma eecured by thie Mortgage. Unlese Lender and Borrower otherwiee agree in writing, any euch application of proceeda to principa] ehall not e:tend or postpone thedue ~iate of the manthly inetallmente referred to in paragrapha 1 and 2 hereof or change the amount of auch inatnllmenta. 10. Borrower Not Released. Exteneion of the time for paymant or modification of amortization of the eums secured by thie Mortgage ti~ranted by Lender to any auccesaor in intereat of Iiorrower ahall not operate to relexae, in any manner, the liability of the original Borrower and Borrower's auccessaors in interest. I.ender ahall not be required to rnmmence proceedinge againat auch succeasor or refuse to extend time f~~r payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and E3orrower's successors in interest. 11. Forbearance by I.ender Not a Weiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiee afforded by applicable law, ehati not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of inaurance or the pxy~ment of ta=ee or other liena or chargea by Lender shall not be a waiver of l.ender'e right to accelerate the maturity of the indebtedneas secured by thie ~lortgage. 12. Remediee Cumulative. All remediea provided in thia Mortgage are dietinct and cume; lative to any other right or remedy under this ~tortrage or afforded by law or equity, and may be e~tercieed concurrendy, independently or aucceesively. 13_ Succeesors and Asaigme Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained shall hinci, and the riqhta hereunder ahall inure to, the respective succeasors and asaigns of Lender and Rorrower, subject to the proviaions of paragraph 17 hereof. All covenants and agreements of Borrower shal! be joint and aeveral. The captions and headinga of Lhe paragraphe of thie Mortgage are for covenience only and are not W be uaed to interpret or de5ne the provisions hereof. I 4. Notiee. Except for any notice required under applicable law to be Riven in anoth~r manner, la) any notice to Borrower provided for in chis Mortgage ahall be Etivett by mailing such notice by certified mail addtessed to E3orrawer at the Property Addreas or at auch other addreee ae I~orrower may deaignate by notice to Lender se provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt rrq ueated, to Lender's addreas etated herein or to such other address as [.ender may designate by notice to Borrower aa provided herein: My notice provided for in this Mortgage ahall b2 deemed to have been given to Borro~ver or Lender when given in the manner deaignated.herein. ~ 5. Uniform Mortgage; Governing Law; Severebility. This form of mortgage combines uniform covenants for nationai use and non- uniform covenants with limited variations by juriadicEion to conatitute a uniform security instrunient covering real pmperty. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any pro~laion or clause of this Mortgage or ~he Note conflicts with applicable law, such conflict shall not affect other proviaions of this Mortgage or the Note which can be given eNect without the conflicting pmvision, and to this end the provisions of the Mortgage and the Note are declared to be severable. I6. Borrower'a Copy. Borrower shatl be furnished a confot:ned copy of the Note ar.d of thie Mortgage at the time of execution or after rvcordation hereof. . 17. Transfer of the Property: Aeaumption. If all or any part of the Property or an interest therein ia sold or tranaferred by Borrower ~''Y ut I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage, (b) the creation of a ~ pu aae money aecurity interest for household appliances, (c) a tranafer by deviae, deacent or by operation of law upon the death of a joint x` t n! or (d) the grarY. of any leasehold intereat of three yeara or lese not containing an option to purchase, Lender may, at Lender's option, eclare all the sums eecurecl by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior (;,y to the sale or tranafer, Lender hnd the person to whom the Property is to be sold or tranaferrecl reach agreement in writing ihst thecredit of auch person is satisfactory to Len~er and that +he interest payable on the sums secured by this Morigage shall be at such rate as L.ender shall ` request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succesaor in intereat hae executed a ritten assumption agreement accepted in writing by L.ender, Lender shall release Bortower ftom ali obfigations under this Mortgage and the \ ~ ~te. If Lender exercises such option to accelerate, l.ender ahall mail $orrower notice of acceleration in accordance with paragraph 14 hereof. ~uch notice shull provide a period of not less than :~0 days from the date the notice ia mailed within which Borrower may pay the suma declared ~iue. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Eionower, imoke any remedies permitted by para~raoh IK hereof. 18. Acceleration; ftemedies. E:cept ae provided in paragraph 17 hereof. upon Borrower's breach of any coveaant or h~reemerit of Borrower in this Mortgage, including tt~e covenants to pay whete due any sumasecured by thie Mortgage, Lender prior to acceleration ahall mai! notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action reyuired to cure euch breach: (3) a date. not leae than 30 days from the date the notice is mailed to Borrower, by which such hreach must be cured: and (4) that failure to cure such breach on or before the date apecified in the notice may result in Hcceleration of the euma secured by thia Mortgage. foreclosure by judicial proeeeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate aRer acceleration and the right to eaeert in the foreclosure proceeding the t,on-e:ietence of a default or any other defenae of Borrower to aoceleration and foreclosure. If the breach ie not cured on or beforp the date epecified in the notice. Lender at Lender's option may deciare all of the aume aecured by thie Mortgage to be immediate~y due and payable witt~out further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reaaonable attorney'e fees, and ~•~,sts of documentary evidence, abatracia and tiite reports. 19. Borrower'e Right to Reinetate. Notwithstanding I.ender's acceleration of the aums aecured by this Mortgage, Borrowerehall have t ne right to have any proceedings begun by Lender to enforce thes ~iortgage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Bortower paya Lender all auma which would be then due under this Mortgage, the Note and notea securing Future ~d~• ancea, if any, had no acceleration occurred; lb) Borrowez cures ali breaches of any other covenants or agreementa of Bonower contained in !his Mortgage; (c) Borrower paya all reasonable expensea incurred by I,ender in enforcing the covenants and agreements of f3orrower ~~~ntained in thia MortRaqe and in enforcing Lender'e zemedies as pro~~ded in paragraph 18 hereof, including, ~ut not limited to, reasonable .3 ttorney's fees; and 1 dl Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender'e intereet i n the Property and Bonower's obligation to pay the sums secured by thie Mortgage ahall continue unimpaired. Upon euch payment and cure hy E3orrower, thie Mortgage and the obligations aecured hereby shali remain in full force and effect as if no acceleration had occurted. `lQ. Aesignmeat of Rente; Appoitttment of Beceiver. As additional aecurity hereunder, F3orrower hereby aseigne to Lender the renta ~~f !he Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ro collect and retain euch rents as they become due and payable. Upon acceieration under paragrap6 I8 hereof or abandonment of the Property, Lender shall Le entitled to have a receiver appointed by a court to enter.upon, take posaeasion of and manage the Property and to collect the renta of the Property, including thoae past due. All renta ~-ollected by tt?e receiver ahall be applied first to payment of the costa of management of the Property and collection of rente, including, but not iimited to, receiver's fees, premiums on receiver'a bonda and reseonable attorney's feea, and then to the auma secured by this Mortgage. The receiver shal( be liable to account only for those rente aMualiy received. so~i ~ Pnc~ _ _ . _ r.. ~ . ~ , >~..3 ~ s~