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HomeMy WebLinkAbout0553 ~ . . . 8. IA~pOM~00. irea~es m~y make or cawe to bs made ewwaabb eatrie~ upon and insp~ceiaa~ oithe propertp. prqvided that Leader ~hall give Borm~v~ notice prior b any ~uch in~Dection ~pecib~ia~ reuonabk causs therafa~ n1aMd ~u T.eade~ ~ iqtis~ in the P~op~ty. 9. Coademnadoa. 7be prooeeds of any aw~ard or claim [or damx~es. direct or oon~equeatial. in conaection with any ooadeainatioa ot other talda~ ot the propaty. or part theeeo~t, or iar ooawyanos in lieu oi aondemnatioa. are hereby as~i~ned and shaU be paid b l.eader. In the eveut oi a toW takin` ot tbe Prop~rtY. tbe pmcaeds shaU be applied b the sums ~scured by thi~ Mort~a~e. with the e:oe~a. ii anY. paid to Borrower. In the eveat ot e partial talun~ of the Pe~op~rt,y. unieM Boemw~ sud l.eader othenviae a~ree ia writir~, there ~hall be applied to tbe sums ~ecurd by thi~ Mo:tse~e sucA p~oportioa c~ the pzoceed~ ~s is eqnai to that pmp~tion which the amonnt o! We ~uuu ~ecured by this Mortgs~a immediatdy p~ior to tbe date o[ takins bean to tbe fwir markd value oithe Property immediatdy prior to the date oi taking. witb tbe bslaaoa ot the praaeds peud ta Bo~ower. ~ If the Property u abaudoaed b~r Bore~o~rer, or i~ aR~er actioe by Lendet to Borrowes that the cot?danno~ offen to make an a~rard or ~ettle a claun for daiaagu, Borrowrer faib to respoad to I.endet within 30 day~ atter the date such notioe u mailed. Let~der is authorir~ed to collect aad BPPII ~ P~~. at I.wder's option. eitha b nrtoratioa a: npsir of the property or to sLe ~um~ ~ecured by this Mort~age. Unlees Lendar aad Borm~rar otherwi~e agree in writins. aay snch applicetion of proceed~ to principal shall aot estend or postpone the due ' date of We monthly inatallmer~tr refe:red to in paragraplu 1 and 2 hereof or change the amaunt of such instalimeats. . 10. Borrower Not Released. Eatensioa of the time tor paymsAt or modification of amortizatioa of the sums secured by this Mortgage granted by I.enda to aay suoceasor in intrrest of Borrower shall not ~operate to releaae. in any manner, the liebility of the original Borrower ' and Borrower's succeesors in intrrest trader ahall not be required b oommence pr~oceedings against such euocessor or refuse to e:tead time for payment or otherwise modify amortization of the aums se~vred by this Mortgage by reaeon of any demand made by theoriginal Borrowa and Borrowar's euccessors ia iutetes~ ; 11. Fotbearanoa bp I.ender Not a Waiver. Any forbearanoe by Lender in Pacerciaing any right or remedy hereunder. or otberwise ~ afforded by applicable law. shali aot be a wraiver of or preciude the ~esci~e of any such right or nmedy.'11ie procurement of insuranoe or the payment of t~e~ or other lieas a charges by I~ende~ ahall not be a svaiver of l.ender's right to accelerate the maturity of the indebtednesa eecured by this Mo~tg~ge. - . , • 12 Remedie~ Gtimnlative. All reaACdiea provided ia ehis Mortgage are distinct and cnmulative b any other right or remedy under this Mortgege or afforded by law or equity. and may be acerci~e~i concurrendy. 4ndependeady or suoceasively. 13. 3ocoeswn end A~si~us Bound; Joint and 9everal Liability; Captions. The covenants and agreementa herein oontained shall bind. and the righta hereunder ahall inure to. We r~spective sneacssors and a~signs of I.ender end Borrower. subject to the proviaioiu o! paragrap6 17 hereof. All oovenanta and agreementa af Borrower shall be joint aad eeveral.lLe captione and headinge of the paragraphs of - thia Mortgage are for oovenienee oaly and are not to be used to interpret or define tha provisions hereof. ' 14. Notice. E:cept for any notice required under applicable law to be given in anoth~ manne~r. (a) any notice to Borrower provided for ia thia Mortgage ahall be given by mailiag ancb aotice by oerti6ed mail addressed to Borrower at the Property Addrees or at such other addreas as Borrower may 3esignate by aotice to Lendu aa provide~ herrin, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to I.endei s addrees stated harin or to sw~ other address aa Lend~ may deeignate by aotice to Borrower as provided herein. Aay - notice provided for in this Mortgage shali be deemed to have been given to Borrow~ or Lender when given in the manner designatsd herein. 15. Uniform Mortga~e; Governin~ Law; 3everability. This form of mortgage oombinea uniform oovenants for national use and non- unifornn covenenta with limited rariationa by jnrisdiction to oonatitutR a nniform eecurity inatruaieat wvering real P~P~Y.'l~is Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or - the Note rnntlicta wit}i applicabk law, such conAict s6a1) not agect other pmvisiona of thia Mortgage or the Note which can be given effect withont the rnntlicting proviaion, and tc~ this end the ,provisions of the Mortgage and the Note are decland to be severable. - 1& Bortower's Copy. Borrower ahall be fnrniahed a conformed oopy of the Note and of Wis Mortgage at the time of ezecetion or after reootdation hereof. 17, 'l~ansfer of the Property; Aasumption. It atl or any part of We Property or an intereet therein is aold or tranaferred by Borrowar withont Lender'a prior written conee~t, aclnding (a) the creatioa of a lien or encumbrance enbordinate t~o thie Mortgage, (b) the creation of a purchase money security interest for howebold applianaea, (c) a transfer by devise, deeoent or by operation of Ia:v upon !he death of a joint tenant or (d) the grant of any leasehold int~er~st ot three yeare or leas not oontaining an option !o purchaee, Lender may, at Lendefs option, " declare all the snma eecurea by this Mortgage to be immediately due and payable. I.ender aha11 have waived anch option to sooelerate if, prior to the eale or transfer. Lender and the person to whom the Yroperty ia to be soW or traneferred reach agreement in writiag that the credit of anch person is aatiafactory to Lender and that the inter~st payable on the sums aecured by this Mortgage ahall be aL auch rate ae I.ender shall request. If Lender hae waived We option to aooelerate provided in this paragraph 17. and if aorrower's succeseor in interest 6as ezecuted a written aaa~mption agreement accepted in writing by I.ender. Lender ahall release Borrower from all obligations ander this Mortgage and the Not~ 'I If Lender e~ercises auch option to acaelerate, L~der ahaU mail Borru~ver notice of aoceleration in aocordence with paragraph 14 hereoL ' Such notice ahall provide a period of not leas than 30 daya from the date the notice ia aailed within which Borrower may pay the auma declared ; due. If Borrower fails to pay auch suma prior to the apiration of such period, Lender may, vrithout further notice or demand on Borrower~ € invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Aoceleratioa; Remedies. Ezcept as provided in paragraps 17 hereof, upon Borrower's breach of any oovenant or ~ agreement ot Borrower in t6is ~Ioetgag~ inclnding the oovenants to pay when due aay sume eecured by t6is Mart~age, Lender prior to aoceleration sbell mail notice to Borrower as provided in paragraph 14 hereof specifyin~: (1) t6e breac6; (2) the action ~ required to care such breach; (3) a date, not less thaa 30 days trom ehe date the notice is mailed to Borrower, by which such ; breach muat be cured; and (4) that tailnre to cnre snc6 breac6 on or before t6e date specified in the notice may result in ( acceleration otthe sume secured by thie 1[ortgage, foreclowre by judicial proceeding and sale of t6e Property. The notice shall ~ further inform Borrower of the risht w reinstate after aoceleration snd the ri~ht to assert in the foreclosure proceeding the ~ non-ezistenoe of a default or aay other defense ot Borrower to aoceleration and foreclosure. If the breach is aot cnred on or before the date specified in tLe noti~x, I.ender at Lender'~ option may declere all of the snme secured by thia Mortgage to be immediately clue and payable without fnrther demend and may toreclase this Mortgage by judicial proceeding. Lender ehsll be entitled to oopect in sacl~ proceediag all e:penses of foreclosure. including, but not limited to, reaeonable attorney'e fees. and costa ot documentary evideace, abstracts and title reports. - 19. Borrower's Right to Reinstate. Not~vi Wstanding Lender's sooeleration of the anms serured by this Mortgage, Borrower shall have ~ the rigt~t to have any prooeedings beg~n by Lender to enforce this Mortgage dieoontinued at any time prior to entry of a judgment enforcing § thia Mortgage if: (a) Borrower pays Lender all sums wluch s?ould be then due under thia Moctgage, the Note and notea securing Future ~ Advances. if any, had no aooeleration xcurred; (b) Borrower cvres all breachea of any other covenantb or agrerments of $orrower oontained in thia Mortgage; (c) Borro~ver pays all reawnable apenses incurred by Lender in enforcing the oovenants and agrcements of Borroaez contained in thia Mortgage and in mforring Lenda's remediee ss provided in paragraph 18 hereof, including, bat not limited to, reasoneble ~ attomey'a fces; and (d) Borrower takes sach action as Laider may reasonably require to sesure that the lie~ of thie Mortgage, Lender'a interesi in the Property and Borrowefs obligation to pay the eams eecured by this Mortgage ehall rnntinue unimpeired. Upon euch payment and care ~ by Bo~rower, thie Mortgage and the obligations secared hereby shall remain in full force and effect aa if no aoceleration had o~cnrred. 20. Assignment of Renb; Appointment ot Reoeiver. As additional eecnrity hereunder~ Borrower hereby asaigna to LeAder the r~ts ~ of the Property, provided that $orrower shall, p~iar to aooekration nnder paragraph 18 hrreof or abandonment of the Property, have the right r to rnlled and retain ancL eents as they become due and payabk. ~ Upon ecoeleration under paragraph 18 hereof or ebandonmeat of the Property. Lender ahall be entided to have a receiver appointed by a " ~ ooart to entera~pon, taice possession of and manage We Property and to oollect the rente of the Property, including those paat due. All renta ~ aollected by the receiver shsll be applied first to payment of tLe oosta of management of the Property and oollection of renta, including. 6ut not ~ ~ limited to, reoeive~ s fees, premiums on t~eoeiver's bonds a~ rearonabk attorney's feea, and then to the suma secured by this Mottgage. The i~eceiver shall be liabk to awount only for t~w~se renb actuelly received. ; ~ - Z ~ ~ ' 600112~ PACE t~,I~ ~ ~ ~ ~ ~ ; ~ ; - - - - _ ~ ~,~4:~.~ ~ ~ ~ ~ ~f ~ `f ~ ~~~,~~'?•~~~~m.SC_, ~ . i'-. .