Loading...
HomeMy WebLinkAbout0955 . ~ ~ ~ 8. ln~pectioa. Gender msy make or cause to be made reasonnble antries upon and inspectioni of the property, provided that Lender shall ~ ti~ve Borrower n~dce prior w any such inspection specifying rearonable cawe therefor related W Lender'~ intereat in the Property. ~ 9. Condemaadon. 'I~e prooeeds of any award or claim for damagea, direct or con~equential, in connection with any oondannation or ~~ther taking ot the property, or part lhereof, or for conveyance in lieu ot oondemnation, are hereby assigned and ~hall be psid Lo Lender. ~ In the event of a total taking of the Froperty, the proceeds shall be applied to the sume secured by this Mortgage, with the e:cess, if any, ~ G~?d to Borrower. [n the event of a partial taking of the Yroperty, unleea Borrower and I.ender otherwise agree in writing, there shall be applied to the eumf+ secutrd by this Mortgage euch proportion of the proceeds as ie equal to that proportion which the atnount of ihe eums ~n ured by thia Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior W the dete of taking, with the balanca of the proceecis paid to Borrower. If the Property ie abandoned by Borrower, or if, aRer notice by Lender to Borrower that the rnndemnor offere to make an award or settle a :?aim for damagee, Borrower fails W respond to Lender within 30 daye after the date euch notice is mailed, Lender ia authorized to collect and apply the proceeds, at Lender'e option, either to teatoration or repair of the property or to the eume eecured by thia Mortgage. Unleae Lender and Borrower otherwiae agree in writing, any auch apFlication of proceede to principal ehall not e:tend or postpone thedue date of the monthly inatallmenta referred to in paragrapha 1 and '2 hereof or change the amount of eu..h installments. 10. Borrower Not Releaeed. Extension of the time [or paym ~nt or modification of amortization of the nums aecured by thie Mortgege ~;ranted by Lender to any succesaor in interest of Born,wer ahall not operate to release, in any manner, the liability of the original Borrower ' ;~s~d E3orrower's succesaora in intereat. l.ender ehall not be required to commence pr:,ceedinga againat auch succesaor or refuee to extend time i~ ~r payment or otherwise modify amortization of thr sums secured by this MortgaKe hy re.~son of any demand made by the original Borrower :ind E3orrower'e successors in interest. 11. ForDearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiee a fforded by applicable law, ehall not be a waiver of or preclude the ezerrise of any auch riRht or remedy.;~~aT ~_q~u~t of ineurance or the payment of taxes or other liene or chargea by Lender ahail not be a waiver of Lender'a right to accelerL~~e2Ae r~at~rity of the indebtedneae ~ecured by thia Mortgage. ~ 12. Remediee Cumulative. Afl remedies provided in this Mortgage are diatinct and cumi:lative to any other right or remedy under thie \tuztrage or afforded by law or equity, and may be exemiseri concurrendy, independently or succesaively. 13. Successore and Aseigns Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained aha? i~ind, and the rights hereunder shxll inure to, the reapective succeseors and aeaigns of Lender and Rorrower, subject to the provisione of ~ p~~ragraph 17 hereof. All covenants and agreements of Borrower ahall be joint and several. The captions and headinga of the paraqraphs of ct~is :1'[ortgage are for covenience only and are not to be used to interpret or define the proviaions hereof. I-~. Notice. F.xcept for any notice requimd under applicable law tu be Kiven in anoth ~r manner, lal any notice to Borrower provided for in t h is ~lortgage shall be given by mailing such notice by certified mail addresaed to Bormwer at the Property Address or at such other addresa as t~urrower may designate by notice to Lender as pmvided herein, and (b) any notice to l.ender ahall be jCiven by certified mail, return receipt _ rry uested, to [.eader's address atated herein or to such other address as i.ender may deaignate by notice to Borrower ax provided herein. Any rn,tice provided for in thia Mortgage ahall be deemed to have been given to Borro~rer or I.ender when given in the manner deaignated herein. 1~. Uniform Mortgage: Governing Law; Severability. Thie form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variationa by jurisdiMion to conatitute a uniform security instrument covering real property. Thia Mortgage ~h<~!! be R~~verned by thelaw of the jurisdiction in which the Properly is located. ln the event tha! any proviaion or clause of this Mortgage or ! hr tiote conflicts with applicable law, such conflict shali not affect other provisior~s of this Mortgage or the Note which can be given effect •.~~ithuut the conflicting provision, a~d to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrawer ahall be fumished a confor:ned copy of the Note ar.d of thia Mortgage at the time of execution or after ~ recurdation hereof. 17. Transfer of the Property: Aseumption. If all or any part of the I'roperty or an interest therein ie sold or tranaferred by Borrower ~«ithout I.ender'e Qrior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the createon of a au rchase money security intereat for houaehold appliances, tc) a tranafe* by deviae, descent or by operation of law upon the death of a joint cenant or (d) the grant of any leasehold inteeest of three years or lesa not containing an option to pumhase, Lender may, at Lender'a option, declare all the sums securea by thia biortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior ~ t~ ~ the sale or transfer, I.ender and the person to whom the Property is to be aold or transferred reach agreement in w-riting that the credit of such ; ;,~•rs~~n is satisfactory to Lender and that rhe interest payable on the suma secured by this Mortgage shall be at such rate as Lender shall E rryuest. If I.ender has waived the option to accelerate provided in thia pazagraph 17, and if Borrower's successor in interest has executed a ~ ritten assumption agreement accepted in w~riting by Ixrtder, [.ender shall releaae Borrower from all obligationa under thia Mortgage and the ~ ~~~te. ~ I f Lender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. t uch notice shall proeide a period of not less than :~O days from the date ihe noEice is mailed within which Borrower may pay the sums declared ~.iue. [f Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ im•oke any remediea permitted b~• paraQta~h lA hereof. 18. Acceleration: Remedies. Except se provided in paragraph 1? hereof, u;~on Bonower's breach of any covenant or a~reement of Borrower in this Mortgage, includinq the covenanta to pay when due any eums eecured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure auch breach: (3) a date. not leae than 30 daya from the date the notice ie mailed to Borrower, by which auch ~ breach must be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in acceleration of the sume secured by thie Mortgage, torecloeure by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinatate after acceleration and the right to esaert in the foreclosure proceeding the non-e:ietence of a default or any other defenee of Borrower to acceleration and forecloeure. If the breach ie not cured on or ~ before the date specifled in the notice, Lender at Lender's option may declare all of the aume secured by this Mortgage to be immedietely due and payable without further demand and may forecloae thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to colleM in such proceeding all expenses of torecloeure, including, bvt not limited to, reasonable attorney's fees. and costs of documentary evidence. abstracta end title reports. t9. Borrower's Right to Reinatate. Notwithstanding Lender'a acceleration of the auma eecured by this Mortgage, Bonower shall have the righi to have any proceedinga begun by Lender to enforre thie Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya Lender all auma which wouid be then due ~nder thie Mortgage, the Note and notes eecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenanta or agreemente of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenaea incurred by Lender in enforcing the covenante and agreementa of Borrower ~ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 herecf, including, but not limited to, reseonable ' a!torney's fees; and (d? E3orrower takea such action sa Lender may reasonably require to aseure that the lien of thie Mortgage, Lender's intereet r i n the Property and Borrowei s obligation to pay the euma eecured by thia Mortgage ehall continue unimpaired. Upon euch payment and cure by Borrower, thi8 Mortgage and the obligationa eecured hereby ehall remain in full force and effect as if no acceleration had occurred. 's 20. Asaignment of Rente; Appointment of Receiver. Ae additional security hereunder, Borrower hereby aseigns to Lender the renta a ~~f the Froperty, provided that Borrower shall, prior W acceleration ander paragraph 18 hereof or abandonment of the Property, have the right ~ tc coUect and retain auch rente as they beceme due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by e rourt to enter upon, take possesaion of and manage the Property and to collect the renta of the Property, including thoee paat due. A11 renta ~ cnllected by the receiver shall be applied firet W payment of the coata of management of the Property and collection of rente, including, but not ~ limited to, receivei s fees, premiuma on receiver'e bonds and reaaonable attorney's feea, and then to the eume secured by thie Mortgage. The rxeiver ahali be liable to account only for those rents actually received. ~ ~ ~ 409 P~E ~5 ~ z ~ - ~ ~ x x. ~ ~