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HomeMy WebLinkAbout0090 s t 8. In~psction. Leader msy make or ceiwe to be made re~waable eatrie~ upon snd 'uupectioiu of the propert~y. p~ovided that Lender shall f giw Horrower aotica prior fo aqy nuh uupectioa ~pscil~rin~ rea~onable cauas the[efor nlated b Lender'~ interat in the Pmpert,y. } 9. Condemnatloa.lLe proosed~ of eqy award or claim fos dama~e~, direct or coa~equentisl. ia oonnectioa witb aoy ooudemnation or ot2~er taldn~ ot ths prop~ty, a~ part thersof. or fa ooaveyanos ia Gen of coademnaacn. ue !?~eby aai~oed .nd .hall bs paid ~o LwQder. In the sveat of a total takin~ of the ProPerRY. tl~ prooeed~ ~haU bei?ppN~d to t~€ ~um~ by thi~ Mo~a~e. wiW the eacoea. it eW?. w? paid b Borrower. In the eveat d s paitial takin~ of ths ProPerty?. naler BoQOwee aad otbes~.i~e a~res in writic~~ there shsll be appliod ~o the suma ~scured by t1?i~ Mart~a~ wch proportion ut the prooeed~ aa u equal to thst proportion which t6e amouat of tbe suma ~ ~ecured by thi~ Most~aae immediately prior b the dete of talrin~ bsare fo~ We [uir market value oiWa PropertY immediatelY P:ior to the de~ts of taldn8. with the balanos of We pracaed~ paid to Borrower. If the ProperRj? ia abandoned by Barower. or i~ aRer notios by Leader to Botmw~ Wat tl~s oondemaor otfer~ to make aa ~wvard or ~ett{s a claun for damage~„ Horrowrer fails to respoad to I.~dar within 30 day~ after tl~e date ~uch notioe u meuled. L~dar u snthorired to oollect and aPP1Y ~ P~'~s. st Lender'~ optioq either ~u ratoration ~ repair of the pe~opeity or to the ~uaas secured by thi~ Mast~e~e. Ualess Lend~ and Bo:rowee otherwi~e a~ree ia aritia~. any ~uch app}icatioa of pmceed~ to principal sball not estend ~ po~tpone the due ~ date of the montWy iastsllments referred ~o in paregrap~u 1 and 2 hereof or change the amonnt of such uutnllments. ~ 10. Borrow~er Not Rslea~ed. Eutenaion of the time for paymsat or modification of aawrtization of the sums secured by thia Mortgage ~ granted by I.ender to any suooeswr in interest of Bormwer shaU aot operate to release. in any manne~. the liabitity of the original Borrower and Borrower's suocesson in interes~ I.ender shall not be required to o~mmenoe prooeedinQs againet such suoce~wr or refuse to e:tend time ~ for p~yment or otherwise modi$r amortization of the euma secured by this Mortgage by reaeon of any d~aaad made by the original Borrower ~ and Borrowda suocessors in inteses~. ~ ' 11. Forbearanos by I.eader Not ~ Waiver. Any forbearaaoe by Leod~r in ~GinB ~Y rSht or remedy herennder. or otherwi~e ~ affQrded by applicable law. ahall not be a waiver of or preclude the e~cercise af any snch tight or remedy. The procnrement of insuranoe or the ~ paymeat of taues or other lieas or charges by I,ende: ahall not be a~+siver of L~der'~:ight ~o sooelerate the matnrity of the indebtedne~s secarad by this Mo~tgage. edy ander this ~ 12 Remedie~ Gtimalative. Ail nmedies ~ovided in this Mortgage are distinct and camnlative to aqy other dght or rem Mortgage ~ a~ee~ded by law or eqaity. aad msy be ezezciec+l ooncnn~ent~y. independ~?dy or snooessivdq. ~ 13. Suooes~ar~ and Aa~ians Bound: Joiat apd Several Liabilihri Captiona.'!Ue oovea~ats and agreemeiats herein oonleined shall bind, and the rights hee+ennder shall innre to, the respective euc~sors and esaigns of I.eader and Borrowa, sabject to We provision~ of ~ paragraph 1? hereoL All wvenants and agreemeata of Borrow~ shall be joint and sev~al. The captions and headings of the paragrapha of ~ thia Martgage are far oovenienoe only and are not to be used to interpnt ordefine !he provisions hereof. ~ ~ 14. Notioe. Ezcept for any notioe required und~ applicable law to be given in aaother mannEr. (a) any notice to Borrower provided for in ~ this Mortgage ahall be given by mailing snch notiee by oerti5ed mail addrened to Borro~rer at the Property Addrees or at such other addrees as Borrower may desi~nase by notioe to I.ender as pmvided berein, aad (b) any naRice to I.ender shall be givea by oerci5ed mai1. ntn:n reoeipt ~ requested. to I.ender's addrees stated herein or to such otber addrees se I.mder may designate by notice to Borrowez as provided herein. Any ; notioe pmvided for ia tbis Mortgage ehall be deemed to have been given b Borrower or Lender when given in the mann~ designated her~in 15. Uniform Mort~age;~vernin~ I.avq; Severabilitp. Thia form of mortgage combinee uniform o~venants far aationel use aadnon- uniform covenants ~rith limi variations by jnrisdidioa to oonstitute a uaiform security inatrnment oovering real prop~ty.l~is Mortgage shall be governed by the la~v of the jnrisdiction in which the Pe+opecty is located. In the eveat that any provision or claoee of this Mortgage or ~ the Note rnnflicfa with applicable law, anch oonflict shall not affect othet p~oviaions of thia Mottgage or the Note which can be given egect withont the oonflicting prnviaion, and to this end the proviaions of the Mortgage and the Note are declared to be aeve~abla 16. Borrower's Copy. Bormwer ahall be fnrn.ished a oonformed oopy of the Note and of t6is Mortgsge at the time of aecution or after ~ recordation hereoL { 17. '15ranst~ of the Property; Assnmpdon. If all or any part of the Property or sn intereat th~rein ia sold or tranaferred by Borrower ~ witliont I.ende~s prior written consent, aclnding (a) the creation of a Hen or encumbranoe subotdiriate to this Mortgage~ (b) the creation of a purcheee money security intdrest for household appliances. (c) a transfer by devise, deaoent or by operation of law npon the death of a joint # tenant or (d), the grant of any leaeehold interest of three years or less not oontaining an option to purchase, Lender may. at Leade~a option. ~ dedare aA the e~ima eecure~by this Mortgage to be immediately due aad peyable. I~ender ahall have waived sacb option to aocelerate if. prior ; to thesale or transfer. I,endez and the pe:son to whom the Propaty is to be soid or tranaferred reach agreem~t in writing that the credit of euch . peraon is satiafactory to I.ender and that the interest payable on the anme aecured by thia Mortgage ehall be at euch rate as I.ender ahaU • requeet. If I.ende: hae waived the option to ac~oelerate pmvided in thia paragraph 17, and if Borrowa'e saa~eeeor in intereet haa esecuted a written assnmption agreement aocepted in wsiting by Lender. I.~der shall rdease Borrower from all obligations under this Martgage and the Note. • 'i If Lender exerciees anch option to aooelerate, Leader ahall mail Borrowu notioe of accele~ration in acxordance with paragraph 14 hereoL ; ; Sneh notice shaU provide a period of not lese than 30 daya from the date the notice ia mailed within which Borrower may pay the sums declared ; ' due. If Borrowe: fails to pay such snma prior to the ezpiratioa of such period, I.ender may. withont furth~ notice or de~nand on Botrowa, y ~ invol~e any remedies permitted bY Paragre~h 18 hezeoL ' i j 18. Aoceleration; Aemedies. Ezcept as prov~died in paregraph 17 bereof, npon Borrower's breach of ? ` agreement of Borrow~ in this D[o enY oovenant or ~ ~B~Se. inclnding the oovenants w pay whea due any sums secured by thie A[ortBeBe. Leader ~ prior to aoceleratton ehall meil notice to Borrower as provided in peragraph 14 hereof epecitying: (1) the breach; (2) tbe action _ ~ requiied to care sncL breach; (3) a dete, not leae than 30 daye irom the date the notice is msiled to Borrower, by which such bresch must be cured; and (4) that lailnre to care such breac6 on or before the dste specified in the notioe may rewlt in ~ ~ acoeleration of the eums secured by thia Mortgage, foreciosure by judicial prooeeding aad sale of the Property. The natice ahall - further inform Borrower of the right to reinstate aiter acceleration and tLe right to asaert in the foreclosure prooeeding the~ non-ezistenoe of a defanlt or any other defense oi Borrower to soceleratton and foreclosure. If the breach is not cured on or before t6e date specifled in the notice, Lender at I.ender's option mar declare all of the wma secared by this ~ortgage to be immediately due and payable without fnrt6er demaad aad may foreclose this Mortgage by jndicial proceeding. Lender shall be ~ entitled to oollect in such proceeding all espeases of forecloenre, including, bnt not limited to, reseonable attorney's tees, and ~ ~ costs ot documentary evidence, abstracts and title reporte. ~ 19. Borrower's Hight to Reinstate. Notwithatanding Lender's aoceleration of the sume secured by thia Mortgage, Borrower shall have ~ the right to have aay peooeedings begun by Lender to enfarce thie Mortgege disoontinued at any time prior to entry of a jndgment enforring this Mortgage if: (a) Bon+ower pays Lender all aums which would be then due nader this Mort8e8e, the Note and notes secnring Phture ~ Advanoes. if any. had no aoceleration axvrred: (b) Borrower cur~ all breaches of any other oovenants or agreemeata of Borrower contained in - ~ this Mortgage; (c) Borrowez pays all reasonable ~pens~s incurred by I~nder in enforcing the oovenants and egreementa of Borrower = ~ oontained in this Martgage and in enforcing Lender's remedies aa provided in paragraph 18 hereof, inclndiag, but not limited to. reasonable ; atta~ne~s fees; and Borrower takes snch adion as Leader may reasonably require to aseure Rhat tbe lie~ of thie Mortgage, I.ender'e interest ~ "e in the Property aad Borrowet's obligatioa to pay tbe aums secared by this Mortgage ahall continne unimpaired. Upon sach payment and c~re i ' by Boaowe~r, thia Martgage and the obligations sewred henby ahall nmain in full force and eftect aa if no aoceleration had oocari^ed. ~ ~ 20. Aasignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower henby assigna b L~der the reata ; ` of the Property, provided that Borrower shaU, prior to aoceleration nnder paragraph IS hereof or abandonment of the Property, have the right ~ ~ to oolled and ntain anch rents as tbey beoome due and payable. ~ ~ Upon sooeleration nnder paragraph 18 hereof ~ abandonment of the Prope:ty, Lender ehall be entitled to have a receiver appointed by a ~ coiut to enternpon. taice poseeasion of and manage the Pcoparty and to oollect We rente of the Property, includiag those paat dne. All rents ~ ~ oollected by the reaiver ehall be applied fiist to payment of the oosts of manageanent of the Property and wllecti~ of rents, inclnding. bnt not ~ S limited to. receiver's fees, peeminma on receivds bonds end reasonable ettorae~s fcea. and then to the suma secnred by U~is Mortgage. T6e ~ ~ reoeiver ehall be liable to aooonnt only for those renta actuaUy received. ; ~ . ~ ~ ~ € ~ . 0 R 2ST 89 ~ ~ 60o!t PAGE ~ ~ - ~ ~ ~ - ~ _ ,;4.. ~T~ ~~~'C~~,.j~~ ~.i A% F i: S _ ~ ' ' ~ . . -r - - r'i ~~f,a. ~'"'Mr`$5.+~'i,"~q'~v.-; ~A ~ - ~ S ~ °.~~,...~~~-+3~`~~ ~ an . ~ u.