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HomeMy WebLinkAbout0208 ~ _ ~ - _ -r.3e: s::::.'! TAe~.~~~CZI. w i~u~t"iu' i~y Iuu~~: J~ ~.3uoi: w~3i.' wM3~ r.,: ~c2 ~$~tI::.B :tj`•c^.~ .^.A I:23T~2C:, .::lE j..V`.. j.'.;.~j . T~F~ J~ i~-'~` L.: ~r:r, give Borrower notice prior to any auch inspection specifying reasonable cauee therefor related to Lender'a intereet ia the Property. 9. Condetnnatioo. The proceeda o[ any award or claim tor damages, direct or conaequential. in connection with'any ooademnntion or othe~ taking of the pmperty, or part thereof. or fo~ conveyaace in lieu of eondemnation. an hereby asaigned and shall be paid to Lender. In the event of a toLal laking of the Property, the proceeda shall be applied to the sume eecured by thia Mortg~ge, with the e:ceee, i! any, paid to Borrower. In the event of a partial taking uf the Property, unleea Borrower and Lender otherwise agree in writing, there ehaU be applied to the sums secured by this Mortgage euch proportion of the proceede ae is equa~l to that proportion which the amount of the sums eecured by thia Mortgage immediately prior to the date of taking beare to the fair muket value of the Property immediately prior to the date of talting. with the balanc~ of the proceeds paid to Bocrowcr. . Ii the Property ia abandoned by Borrower. or if. aRer notice by Lender to Borrower thet the oondemnor ogers to raake an award or settle a claim for damages, Borrower fails to reapond to Lender within 30 days aRer the date euch notice is maited, Lender ia authorized to collect and apply the proceeda, at L.ender s option, either tu restoration os repair of the property or to the eume secured by this Mortgage. Unlees I.ender and Borrower otherwise agree in writing, any auch appGcation oipmceeds b principal shall not ~tend ur poetpone the due date of the monthly instaUmente referred to in paragraphs 1 and 2 hereof or change the amount of such instaUmenta. 10. Borrower Not Released. E:tenaion of the time for paymant or modification of amortization of the auma secured by this Mortgage granted by lrender to any eucceaeor in intereat of F3orrower ahaU not operate to release, in any manner. the liebility oithe original Bortower and Borrower'e auccessora in interest. l.ender ahall not be required to commence proceedinga againat such succeaeor or refuee to eatend time for payment or otherwiae modify amortization of the sums aecured by this Mortgage by reason of any demand made by the original Borrower and E3orrawer a succeaeora in interest_ 11. Rorbearance by Lender Not a Waiver. My forbearance by I.ender in e:erciaing any right or nmedy hereunder, or otherwiee af'forded by appGcable law, ehall not be a waiver of or preclude the e:ercise of any euch right or remedy. The procurement of inearance or the payment of t~ee or other Uena or chargea by l.ender ehall not be a waiver of Lender's right to accelerate the maturity of the indebtednese secured by thia Mortgage. ~ ' - 12 Remedies Cumulative. AI! remedies provided in this Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be e:ercieevi ooncurrently, independently or eucceseively. 13_ Succeeaors and Aseigaa Bound; Joint and 3everal Liability; Captione. The covenante and agreemente herein oontained ahall bind, and the righta hereunder ahall inure to, the respective aucceseors and aeeigna of I.ender and Borrower, eubject to the provisiona of paragraph 1? hereof. All covenante and agreemente of Borrower ahall be joiht and eeveral. The captions and headinge of the paragrapha of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaioas hereof. l4_ Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to E3orrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addreesed to Borrower at the Property Addrese or at auch other addreea ae E3orrower may deaignate by notice to Lender se provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeaied, to Lender 8 addreas atated herein or to auch other addrees as Lender may designate by notice to Borrower se provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender whee given in the manner deaignated herein. 15. Uaiform Mortgage; Governing Law; 3everability.'l~ia form of mortgage combines uniform oovenants fo~ national uee and non- uniform covenanta with limited variatione by juriadiction to oonatitute a uniform aecurity inatrument oovering real property. This Mortgege shall be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgage or the Note conflicts with applicable law. such conflict shall not affect other proviaions of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to thia end the provisions of the Mortgage and the Note are declared to be severable_ 16. Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. Tranefer ot the Property; Aasumption. If all or any part of the Property or an intereat therein ia sold or transferred by Barrower without Lender'a prior written conaent, e:cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security intereat for houaehold appliancea, (c) a transfer by devise, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lese not oontaining an option to purchase, Lender may, at Leader e option, declare sU the sums secured by this Mortgage b be imin tely due and payable. I.ender shall have waived auch option to socelerate if, prior to the aale or transfer, Lender and the petson towhum tlie~perty ia to be sold or tranaferred reach agreement in wr.ting that the credit of euch person is satiafactory to Lender and that the interest payable on the aums secured by this Mortgage shall be at such rate as Lender ahall request_ If Lender haa waived the option to accelerate pmvided in thia paragraph 17, and if Borrower s succeaeor in interest has ezecuted a written assumption agreement accepted in writing by C.ender, I.ender shall release Borrower from all obligations under thia Mortgage and the ti ote. ' If Lender exercisea auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. t tiuch notice ahall provide a period of not leas than 30 daya from the date the notice is ~nailed within which Borrower may pay the auma declared = due_ If E3orrower fails to pay such sums prior to the expiration of such period, Lender may, without futther notice or demand on tiorrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. 18. Aoceleration; Remedies. E:cept ae provided in paragraph 1? 6ereof, upon Borrower'e breach of any covenant or `r agreement of Borrower in this Mortgage. including the oovenants to pay when due any sumsaecured by this Mortgage, Lender ~ prior to ecceleration ehaD mail notice to Borrower es providgd in paragrap614 hereof epecifying: (1) the breac6; (2) the action ~ required to cure such breach; (3) a date, not lese than 30 daye from the date the notice is mailed to Borrower. by which euch ~ breach must be cured; and (4J that tailure to cure auch breach on or before the date specified in the notice may result in ~ acceleration of the suma eecured by thie Mortgage, toreclosure by judicial proceeding and sale of the Property. The notice shall ~ further intorm Borrower of the right to reinetate after acceleration and t6e right to aaaert in the toreclosure proceeding the ~ non-e:iatence of a detault or any other defense of Botrower to acceleration and forecloaure. If the breach is not cured on or ~ before the date apecified in the notice. Lender at Lender's option may declare all of the eume eecured by t6is Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in euch proceeding all e:penses of foreclosure, including, but not limited to, reasonable attorney's feee, and ~ coets of documentary evidence, abstracte and title reporta. ° 19. Borrower'e Rig6t to Reinatate. Notwithstanding Lender'e acceleration of the sums secured by thia Mortgage, Borrower shall have ~ the ri ht W have an roceedin a ~ g y p g begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enfotcing ? thia Mortgage if: (a) Borrower paya Lender all suma which would be then dne under this Mortgage, the Note and notea securing Future ' Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanfs or agreemente of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reaeonable ezpenaes incurred by Lender in entorcing the rnvenanfs and agreemente of Borrower oontained in this Mortgage and in enforcing Lender's remedies aa provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fee~s; and (d1 Borrower takee euch action as I.ender may reasonably require to asaure that the lien of thie Mortgage, L.ender e interest ~ in the Property and Borrower s obligation to pay the aume aecured by this Mortgage shali continue ununpaired. Upon such paymentand cure ' .~3~ ALLSTIa~L7~ t:fis Morlgage and the ahligoL^viaS ^d'c~.^ilTCii ~SfiE~'ij S~i8ii tcinniii ITi ~di{ iviCl2 aTi(~i Eii^~ 88 i~ ii0 SCC8i8YilLivii ~ina itii:iil[C~. 20. Asei~ment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aasigns to Lender the rente of the Property. provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents aa they become due and payable. - ~ Upon acceleration ynder paragraph IS hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a ~ court to enter~upon, take poeseasion of and manage the Property and to collect the renta of the Property, including thoae past due. All renta collected by the receiver shall be applied firet to payment of the o~te of management of the Property and rnllection of rente, including, but not limited to, receiver'a feee, premiums on receiver's bonda and reasonable attorney'a fees, and then to the suma eecured by this Mortgage. The ~ receiver ahall be liable to aooount only for those renta actually received. ~ -~s ~ ~ ~ souN 2~ FaCE 2~8 ~ ~ _ L ~ - - - - - - ~ _ - . _ - "°'°;`~i~,~'~>a~...c W,~t/...