HomeMy WebLinkAbout0305 S. IO~pO~.KJOt1. Lead~r m,y make o~ cau~e to b~ mad~ rwoaabb Euutria upon and ieup~ction~ olths prop~rty. pcovided tAat [.e~dec ~h~l!
~iw Borrower notia prio~ to ~nY ~uch irupection ~p~dhiu~ n~so~n~b~ cauN tM»to~ »l~ted to I.end~ ~ interMt In tb~ Prop~ty.
9. Condansasdon. 7!» q~oceed~ ot anY awud os claim for dama~e~. dinct ~ oooasQusatial. in oonnectioa witb W? aaqd~mnatioa or
other tskin~ o~ !he P~D~Y. ae~ part thereof. or fa~ ooawYano~ in lien oi oondemaatioa. an !?arby a~d ~nd sha{f b~ paid to Lsad~r.
I~ tb~ eveat of a total takin~ of tbe Prop~rty~ t!M Pm~wd~ sdaU b~ spplted to t~ sum~ ~ecur~d by this Ma~ts~. witl~ tl~ e~coa~, if aa~?.
paid b Borro~?sr. In th~ event at ~ pertial taldn~ of tM Prop~rt;y~ udas Boerow~s and Leader othanriM ase~es in wriNn~. tlure ~haU b~
appGed to th~ ~uau ~ecured by ihia Ma:t~~e ~rch RoPoNioe? o[ tbe prooeeds as u eqwl M~+st p:oportioA which th~ amonnt d tb~ ~uma
~ecured by thi~ Mo~e~e immediately prior to the date ot takins be~n W the tair muket valus oitbe Peop~rt~? immdiatdY Drbr bo the dab o~
with the balanos of the proosed~ ~id to 8orrowtr.
If the Prop~cty is ~b~ndo~d by Borrow~. a~ if. aMr notios bY Lsnder to 8arow~u that ih~ ooademaa o[tns to make u? award or Nttk a
claim for daao~e±. Borrowror fail~ ta raP~d to Lender.~vitbin 30 day~ aiter tM dste such aotiw is en~ikd, l.ead~r is ~uthoris~d to oolkc!
aPP~Y ~ P~. at [.ead~'~ optioa, ~ither to re~torati~ ar repair oi the proper4y or to the ~ecured by ehi~ Mort~a~s.
Unlea I~ender and 8orwwer o~ a~res in w~ritit~. any ~nch application of pmcaed~ b principal shaU not ~ter~d a pwtpon~ tlw dw . ~
~ dete of the monWy inatallment~ reficred b in Qara~raphs 1 aad 2 hsreot os chan~ the ~monnt of ~nc~h installmenh. ~ ~
10. Barrow+ee Not Relea~ed. Eactensioa ot tM tia4e [or paymaat or naodit9catio~ of aawttisation of the ~uau ~acured by thia Mortsa`e s
aranted by Lender to any succeswr in intere~t of Borm~rer shall not operab to nle~e. in any ananaer. the lirbility oithe ori~inal Borro~rer
and Aorro~'s succe~sor~ in int~est~ [.~?der sheJl no1 be requind to oommence proosedinaa aQairut wch ~uooe~wr or t+~fwe to eYt~nd time
for p+~yment or othecwi~e modify amoittization of the sums ~ecvvred by this Moctgege by reason ot any demand msde by the ori~ind BonoMra~
and Borrowd~ ~uc!~wn in intirest.
11. Forbe~ranoe by I.~er Not ~ Mdver. Aay iorbesranoe by Larder in e~cerasin~ any risht a~ nmedy henunder. or otherwi~s ~
aQorded by applicable law, shaU ~oR be a waiver of or prectuda the ezerci~e ~ eny such ~bt or remedy.'Plie procurea~ent oi in~nranoe a: th~ ~
paytaent of taxe~ or ot1» li~ or charQe~ by Lender shall not be a ~raiver of I.ender'~ riQht to aooelerate the maturity ot Wa iadebtedne~s
secured by thi~ Mort~a~e
t2 Remedtes Cumnladve. All nmedie~ provided in this Moart~aa~s are di~tinct and cnmulative eo aay other ri~6t ~ remedy uwder thi~ 4
iNorfga,gs ~ at~arded b~r lew ~ eqnity. aad aiay be ~erci~erl ooncnrrendY, independendy os snooe~sively. ~
la Snooewor~ aad Aaipu Bound; Jolnt and Sever~i Liabiuty: Captioas. The ooveaaner and sareemente herein ooatainad sball
bind. sud the riRht~ hereunder shall inwre to. the re~pective ~uooes~ors and ~aui~ru of [.s~det aad 8orrower. subject to the pr~wi~ of ~
ParneraPh 17 hereoL All ooveaanta and e~nementa oE Borrower ~hall be ioint and ssveral.'it?s captiow and b~dings ot the pan~rap6r of ?
this Mortgage an for covenieooe only and an not to be uied to interpret or deHne the provision~ hereof. ~
14. Notioe. E:oept for any notice required under applicable law to be given in another maaner. (a) any aotice to Borrower provided for in ;
this Mortgage shall be Qiven by mailina suc6 notioe by oerti5ed wail addrea~ed to Honowrot attbe Property, Addn+s os at such other sddrew as . ~
Borrower may detignate by notioe b L.ender a~ provided hec~ein, aad (b) any aotice Lo Lesder s6all be ~iven by oetti5ed mail. retnru reoeipt ~
reque~ted, to Lender's addrew stated hereia or to ~uch oth~ addre~s aa Lender may de~igaate by notice to Borro~rer as provided hsreia. Any ~
notice pmvided for in thia Mortgage shall be deemed to have been ~iven to Bormwer or I.ender whea giveA in tbe manner de~i~naeed hersin. ~
15. Uniform Mort~a~e; Governin~ l.sw; Severwbility.'Il~is form of mo~tgs~e ownbines nniform oovenant~ for aational nse and aon- ~
uniform covenant~ ~riW limited variatioru by juri~dicaon to oonadtnte a uniform security indcument oovaing rael ptop~ty.'lbis Mart~a~e
shall be go~erned by the law of the juriadiction in ~rhieh the Property is located. In the event Wat any provision or clau~e of tbis Mort~a~e or ~
the Note oontlicta with applicable law, such conllict ahall not a~ect oth~ provision~ of this Mortgege or the Note ~rhich cc~n be Qiven sffect
withont the oonflicting provision, and to thu end the provieion~ of the Mortgage and the Note are declared to be severable.
16. Boreower'~ Copy. Borrower uhaU be fnrniahed a oonformed oopy of the Note and of this Mortgage at the time of e~cecvtioa or atier
recordatioe hereoi
17.'l5ranafer of t6e PropertY; Assampdon. If ali or any par! of the Proyarty or an intereat therein is soW or tranaferred by Borrower
I without Lende~s prior written rnn~en~ eucluding ta) the creation of a lien ~ encumbrance aubordinate to this Mortgage. (b) the cree?tion of a. f
( purchase money security intterest for household appUanoe~, (c) a trander by deviae. de~oent or by operation of law~ upon the deatb of a joint i
i tenant or (d) the graat ot any leasehold interest of three years or le~e not oontaining an option to purchase. I.ender may. at LeAder'~ option, ~
declen all the sums securea by this Mortgage to be immediately due and payable. Lender shal! have waived snch option to soalerate if. prior ;
to the eale or trsnafer, Lender and the penon to ahom the Property is to be sold or tranaferred nach egnement in writing that the credit of snch
prrson is eatiafactory b Lender and that the interest peyable on the suma aecured by thia Mortgage ahall be at euch rate as Leader shaU l
request. If Lender has waived the option to accelerate provided in thir paregraph 19. and ii Borrowd~ sncceseor in intenst ha~ aecuted a ~
written asawnption agreement aocepted in writing by Lender, I.endrr shall relea~e Borrower irom aU obligations under this Morlgage and We t
Note. .
Ii L.ender e~crrcises roch option to aocelarate, Lender ~hall mail Borrower notioe of uoo~leration in aocordance with paragraph 1~ h~reoL '
Such notice ahal l provide a period of not leas than 3Q days fiom !he date the notice is mailed within which Borrower may pay the sums declsred ~
due. If Borrower fails Lo pay such sums prior to the e:piration of such period. Lender may, withwt further notice or demand on ~iorrowe~~
mvoke any reraedie~ permittal by paragraoh 18 hefeof. •
1& Aoceleration; RemedIes. E:cept a~ pmviaed in pasa~raph 17 6ereot, upon Borcower'~ breach of anl? oovenant ~
s~rreement of Bprrower in thb bort~a~e, lnclndin~ t6e oovenaata to pay rv6ea dae any wms secured by thb Mort~a~e. Leader '
prior to acceleration sliail mai! notlce to Boriower as provided in para~rspb I4 hereof specityin~: l1) the breac6; (2) the ~etion
requtred to cure such breac6; (3) a date. aat lew than 30 day~ tFom the date the ootioe i~ mailed to Borrower, by wrhich wcb
breach wwt be cnred; and (4) thst failure to cnre sucb breach on or before the date ~pecitied in the notioe rn~? re~uk in ~
ecceleratbn of the sams rci.~ured by thb A[ort~a~e. foreclo~ure by judlcial prooeedlns ~ad sale of the Property. T6e notloe s6wll
further fnform Borrower o! the rl~ht to reinatate aher aaxlecatbn and the ri~bt to a~aert in the foreclowre proceedie~ the
noa-e:i~tence ot a detault or any ot6er defense ot Borrawer w aoceleraUon and toeeclo~ure. It tbe breach i~ not cured on or #
before the date ~pecified ln tbe notice, Lender at Lender'~ option mey declare aU ott6e snma secured b~? t6b Mort~a~e to be
imraedietely due aad payable without turt6er demand and may torectwe thla Nort~ase by judicial proceeding. Leader ~hall be
~ entitled to oollect jn such proceeding all e:penses ot forectosure, tncludtas. bat aot iimited to, reasonabie ariorney's fee~, and
` cosb o[ documeatsry evidenoet, abstracts and title reports.
~ I9. Borrower's Ri~ht to Rein~tate. Notw~itbstanding Lei?der's aaxleration of the sums ~ecnred by this Mort~age. BorroMrer shaU have
f the right to have any prooeedings begun by Lender to entora this Mortgage di~oontinned at any time prior to mtry of a judgmenl eaforcing
j this Mortgage if• (a) Borrower paya [.ender all sums which wouW be then due undu thi~ Mortgage, the Note aad notes sec~ring I~tnn
; Advances. if anY. hed no acrekration oocurred; (b) Borrower cure~ all breaches otany otber oovenant~ ot agreem~ts of Bormwer ooatained in
tt?is Mortgage; {c) Borrower pays all reasonable e~cpense~ incn:red by Lender in enforring the oovenant~ and agreanenb of Borrowex
~ oontained in this Mortgage and in entorcing Lend~'s remedies as provided in paragraph 18 hereof, inclnding, but not fimited to, rea~onabls ~
I attorney'~ fees: and (d) Borrower takes ~uch action as Lender may rea~onably reqnire to assnn that the lia? of this Mortgage. Lec?dds intet~t ~
, in the Propaiy snd Borrower's obiigation to pay the sums secured by lhis Mortgage shall ooatinue unimpaired. Upon ~nch payment and con #
' by Borro~esr. this Mortgage and the obligationa secured fiereby shali remain in fiill torce and eNect ai i[ no aooeltration had oocnrred. 3
' Z0. Auipiment ot Renb; Appofntment o! Receiver. As _ additional ~ecnriLy hereunder. Borrorrer hereby awi~n~ b Lender the rents ~
of the Property, provided that Borrower ~hall. prior to soceleration under paragreph 18 hereof or abandonment oilhe Prupe:ty, have the ri~ht
to coUed and retain such rent~ a~ they becAme due and peyable. ;
Upon aocelcration under paragraph 18 heceof or abandonment of the ProDerty, Lender aha11 be eatitled to have a reoeiva appointed by a ~
oourt to enter~poa, talce possasion ot and manage the Property and to aollect the rents of the Property, includin~ thwe past due. All rent~
oollected by the receiver shell be apptied Snt to payment of tbe oosb of inenagemen t of the Property and oollection oicenta, inclnding, but not
limited W, reoeiver's fees, premiwns on receivei s bonds and reaaonable atZorney's fees, and then to the sums secured by tbis Mortgage. The ~
reoeiver ~ha11 be liabk b sooount only tor tho~e rents actually received.
80GK ~.~7~ PACE
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