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HomeMy WebLinkAbout0356 . • ~ • f i • • - ~ ~ : • • ~ • ' i ~ F 1 8. In~pectloo. Lsndes may make or caws to M msde rauoaabl~ en~rie~ upoa and inipsctiona olthe propsrty, provided tbat Lst?der ~hull ~ ~iw Borrowe~ aotios prior f~o any ~nch uupoctioa ~peci~yin~ reasoaabk cau~e W~refa~ releted b Leader's interest in tbe Ptopecty. ~ 8. Condemaadon.'!Ue prooeed~ oi aay eward or claim for dama~e~. direct ~ oonaequentisl. ia connection ~vith any ooademaation or oth~ takin~ ot tM propKt,y. ar part tberwt~ or fo~ oonveyanoe ia lien of oondemaadoa. ara he:eby aasisned aad ~hall b~ psid b L~de~. ~ IA the event of a toW takin~ of the Propsrty. the proossd~ ~heU be applied to tM ~uau ~ecured by thia Mo~a~a witl~ t1~. s±r._+~..; if aar, paid to Borrowe~. Ia the ever~t of a partial takin~ o[ tM ProqeRy. un1eM Boaower and Lsader oth~wi~e ~ree ia arritin~. there ahall b~ ~ applied to the ~um~ ~erured by t!w Mosf~a~e ~uch p~oportioa of the pwceed~ w u eQual to t2:v proportion which the amonnt ot the ~ums ~ ~ecured by thi~ Mort~a~e immedist~y prior to We dats of takin~ besn w the fiir cnarket valne oithe Property immed'ut~ely prior b We date of t Vkin~. wiW th~ bslance of the ~rooesor p~id to Borroaer: ~ It We Proparty u abandoaed by Barro~rar. or if. atkr aotioe by Leader b Borro~rer thst We ouudemn~ ofYer~ b make an award or aettle a t. claim tor dam+~a. Bosrowsr fails to re~pond to I.ead~r within 30 dsy~ aR~ We date ~uch Aotiae u mailed. Iender ia anthorised to oollect and aPPb? ~ P~. at LeAder's option, eit6er to rastorsdoa or repeir of the paoperty or b tM ~nm~ ~scund by thi~ Most~as~. Ualea Les~dmr and Borrower oWerv~i~e a~ree in writia~, aay such application ot~ooeedi to prindpal ~hall aot e~ctsud o~ pwtpons We dns date ot ehe ~noothly in~Wlmenb referred to in para~rap}u 1 end 2 hereof or chan~e the amount of snch in~tattments. 10. Bocrower Not Relea~ed. Eztendon of the time for patiymant or modibcation of aawrtisatioa of We suma ~ecured by thi~ Mort~a~e ~ranted by Lender to aay succeesor in interest of Borrower shell not operate Zo relea~e. in any manner. the liability of the oriQinal Bore~owes ti and Borrow~ i~noce~aon ia interest. I,endtr shall not be eequired to aou~meace prooeedi~ agauut wch snoce~wr or refwe ta e~end time # for pqyment or othecwise modify~amortization of the sums secured by thu Mortgage by reason of any deonand made by the oriQinal Bormwee ~ nnd Borrower's euccessors in interest. ; 11. Forbear~nos br Leader Not a Waiver. My forbearaaos by Leader in esercisinQ any right or nmedy hrnnndeT. ~ otheewi~s agorded by appficebls law. sl,aall na be a wai~er oco: pnclude ~he eserciss oi any such r~ht or remedy.'tLe procure~neat of insaranos ar We ~ payment oi taue~ or oWar liea~ or charges by Lender shaU not be a waiver oi Lender'~ ri~h! to aooelerate the matnrity of We indebtednew .ec,~rad by chi. Mortgage. 12. Remedie~ Gtimuladve. All renaediea pmvided in thi~ MortQa~e are diatinct end cum~ilative to any other rigbt or remedy ander thi~ Mortaage ur atfoeded by law or eqnit3?. and may be euarcise~l ooncu~er?dY. independently or suooessively. 13 8ucceswrs and Aasi~ns Bound; Joint and Several I.isbility: Caption~.lbe oovenanb and agreemant~ huein watained ahall bind. aad the rights hereunder ~hall iaun to. the respective ~uocasso» and awigas of I.eader and Borrower. subject to the provisioiu ot paregraph 17. hereof. All oovenaats and agreemenfa of Borio~rer shall be joint and severaLThe captions and h~dinga of the paragrapha of thu Mortgage are for oovenieaoe only and are not to be nsed to interpret or de5ne the proviaions henoi . 1~. Notioe. Except for any notice required under applicable law to be given in enother mannez. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notioe by certified mail addre~sed to Boreo~ver at tb~ Prapettq A~dre~s or at snch other addres~ as Borrower may designate by notioe to Lender ea provided hereia, and (b) eny notiae to Lender shaU be given by oertified mail. retnra reoeipt ~ requested, to Lender's addnss aeated herein ar to snch oth~ addresa as I.ender may designate by notioe to Borrow~ as pmvided hezein. My notice provided for in this Mortgege shall be deemed b have been given to Borrower or I.endu when given ia the manner designated hecdin. 1 S. Uaitorm ~ort~a~e; Governing Law; Severab[lity. This form of mortgage combinea ~u?i[orm aoveaants for national use and aon- uaiform oovenanes with limited variations by jurisdiction to oonatitnte a uniform sec~rity instnuumt oovering real property. This Mort~a~e shall be governed by the law of the jurisdiction in ahich the Property is located. In the event that any provieion or clause of this Mary~age ~ tf~e Note contlicte with applicable law, such rnnilict shalt not affect ot!?er provisions of this Mortgage or the Note which can be given etYect i without the oonflictiag pmvision, and to thia end the provisions of the Mortgage and the Note are decland to be severable. 1& Borrow~er's Copy. Borrower shall be furniahed a rnn[ormed oopy of the Note and of this Mortgage at the time of aecution or aft~er ' recordation hereof. } 17. 'I~ansler of the Property; Assumpdon. If all or any part of the Property or an intereat Werein is sold or transferred by Borrowec t without Lendei s prior written rnnsent, ezcluding (e) the creatioa of a lien or encumbranoe aubordinate to t6is Mortgage, (b) the creation of a purchaee money security intEreat for howehold applianoea, (c) a transfer by devise, descent or by operation of la~r upon the deaW of a joint tenant or (d) the grant of any leasehold interPat of three years or less not oontaining an option to parchase, Lender may. at I,ender'a option. declare aU the sums secured by thia Mortgage to be immediately due and payable. Lender ehaq have w+aived such option to aocelerate if. prior to the sale or transter, Lender and the pereon to whom the Property ie to be sold or transferred reach agreement in writing that the credit of auch person is aatisfactory to Lender and that the intetest payable on the sums secnred by thia Mortgege ahall be at such rate ae Leader ahall requeat. If Lender has waived the option to aocelerate pmvided in this saragiraph 17. and if Borrowds auocesaor in intee~est has aecuted a written aasumption agreement socepted in writing by I.ender, I.ender shall release Borrowei from all obligations nnder thia Mortgage and the Note. If Lender ~ercisea such option to accelerate, Lender ehall mail Borro~rer notiee of aooeleration in aoo~rdance with paragraph 14 hereut Sach notice ehall provide a period of not leas than 30 days from the date the notice ie mailed within which Borrowei may pay the eums declared due. If w Borro er fails to such euma 'or to the ac iration of such PaY Pn p penod, Lenaer may, vmthout further not~ce or demand on ~iorrawer, ~ invoEe any remediea permitted by paragraoh 18 hereot I 18. Aoceteration; Remedies. E:cept as ptovided In paragrap6 17 6ereot. npon Borro~ver's breach ot any oovenant or agreement ot Borrower in t6ls Mort~age, inclnding the oovenanta to pay ~v6en dne aey wm~ sewred by t6ls Mort~a~e, Lender ~ prior to acceleration shall ma31 notice to Borrower as pmvtded in paragraph 14 hereotspecityinr: (1) the breach; (2) the adion required to cure sucb breach; (3) a date, not less than 30 day~ from the date t6e notice is mailed to Borrower, b~ ~vhich ~ncb i breac6 must be cured; aad (4) that tailure to care wc6 breach on or betore t6e date apecitied in t6e notioe may re~nlt in aooeleration otthe sums.ecured by thia Mortgage, foreclosure by judicisl prooeedin~ and.sale of the Property.T6e notioe shall ; tnrther inform Borrower of t6e right to reinatate atter aoceleration and the ri~ht to a~~ert in the loreclosure proceedfng tbe non-e:istence ot a detault or any ot6er defense of Borrower to aoceleration and foreclosure. It t6e breach is not cared on or before the date speciRed in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immedietely due and payable without tnrther demand and may loreclose thi~ biort~a~e by jndicial prooeeding. I.ender shall be entitled to ool lect in euch proceeding all expeases o! toreclosure, including. but not limited to, reaeonable attorney's teea; and ooste ot documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinatate. Notwithatanding Lender'~ eoceleration of the sums secnred by this Mortgage. Borrower shall 6ave the right to have any procEedings begun by Lender to enforce th;,i Mortgage disoontinaed at any time prior to entry of a judgmeat enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due nnder this Mortgage, the Note and notes securing Ftitture ~ Advancea, if any. had no aoceleration oo~vrred: (b) Borrower curee a11 breaches of any ot6er oovenanls or agreements of Borrower contained in thia Mortgage; (c) Borrower pays a11 reasonable ~penses incurred by Lender in enforcing the covenants and agreemente of Borrower aontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereo~ including. bnt aot limited to. reeuonabla attorney's fees; and (d) Borrower takes such action as I.euder may reasonably require to assure that the lien of this Mortgage. Lender's intered in the Property and Borrower's obligation to pay the soms secured by this Mortgage shall oonbinue unimpaired. Upoa such payment and cnre ~ by Borrower. this Mortgage and the obligations eecured hereby shal! remain in fiill force and effect ss if no aoceleration had axurred. ~ Z0. Awi~nment ot Renta; Appoiatment of Receiver. As additional security hereunder. Borrower heseby assigna to I,enda the reny ~ of the Propertp. provided that Borrower she11, prior to acceleration under paragraph 18 hereof or abandoament oi the Property, have the right to coUect and retain such~rents as they become due and payable. Upon aoceleration under paragraph 18 hereof or abandonmenL of the Property. I.~nder shall be entided to have a reoeiver appointed by a aourt to entervpon, take possession of and manage the Property and to oollect the rents of the Property. including those past dne. All rents ooUected by the receiver ahall be applied Srst to payment of the cwb of manegeineatof the Property and oollection of rents. inclnding. but not limited to, receiver's tees, premiums on rectiver's bonda and reaaoneble atLomey's fees. and then to the sums secur~ed by this Mort~age. The reoriver shall be liable to aooount only for those rents actually reoeived. ~ - `~v~x 299 PA~ 356 ~ . ~ 'r ~a ~ - _ ~ ~ " . ..ry~ E aa... Kr`~' 'x~.~. t . . . _ .