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HomeMy WebLinkAbout0927 . 'I~i 8. Iaspe~tloa l.end~r may make or cawe to be m~de ~e~onabk aatrie~ upua and iaapectio~?s o!t!?e property. Pcovided thst Lender shslf ~ive Hormwer aotioe prior to any ~uch in~pectioA ~peci(yin~ reasonsbls caure therefor relsted to l.e~der i intere~t in ths P~opaTty. 9. Coademnatioa. The proceed~ of any award or claim fo~ deme~a, ditect or ooa~eqwntial, in conneMiou with at~y oondemn~tioa or othar takityt P~P~'~Y. oc put the:eot~ or for ooavayanos in lieu oi oondemaation. are hereby s~si~ned and she11 bs paid to Leader. I~ the event ot a Wtal takin~ of the PropertY. the procesd~ aha11 be epplied to the rum~ ~ecured by thi~ Mort~e~~, with the ea~ce~~, ii snY. paid eo Borrower. IA eh~ event ot a partial takic~ at the P~operty. unle~ Ba~o~ar and i.eader othenri~s eQres io writin~c. there ~hall bs spplied to the ~ua~s ~ecured by thu M~a~te snch p~op~tion oi the procesds as u equel to that pwportion which the iunouut ot the ~uuur ~ecured by thu Mo~a~e immediately priot b the date of talrin~ bean to the fair market valua of the Propetty imaaediately Prior to the dat' of tnkin~. with the balanca oi the proeeed~ paid b aorrowes. If ths Peoperty iu abandoaed by ~3orro~ver. or ii. atl~er aotioe by Lsnder to Borwwer that the oondemnor ot~ers to make an awud os ~ettle a claim for deu~age~. Bore+ower taib ta cespond w Lender withiA 30 day~ sfl+er the d~te ~nch notios u oaaikd. Iend~ i~ authorised tu~ ooUect and spply the pmoeeda. at I.ender'a option. either to t^e~toratioa or repait o[ the properf,y oe b the ~uau ~ecured by tbi~ Mwt~a~e. Ualew I~nder and Borrower oth~wise aQres iu writin~. sny ~uch epplicetioa of penceeds b principal shaU aot est~end or pwtpone the dne date of the monthi~+ in~taUments nierted t~o in para~raphs 1 and 2 hereof or chan~s the e~mount of ~uch uutalLne.nta. 10. Borrowrer Not Retea~ed. Extension of the time for paya~snt or modificatioa otaa~w~tisetioa of the sums secured by this Mort~a~e granted by I.enddr to any succeseur in intenst of Borrower shell not operute to release. in any maaaer. the liability ot ehe original Bormw+er and Borrower'~ suoc~sson in intereat l.ender ~hall not be required to c~ommenee Proc~edin8~ eSainat such ~uoceewr or refuse to eYtead titne for pa~yment or otherwiae modity amortization of the sums secured bY this MoA~ege by raason of any demend made by the oriQinal Barower and Borrow~'s succeason in intereat. 11. Rorbeannce by I.ender Not a Wsiver. My forbearence by Lender in exerciring any right or nmedy hereunder. or otherwi~e aftorded by applicabk {aw. ~haA nd be a waiver oioY proclude the ~erci~e of aay iuch righe or nmedy. The procvrement of ins~ce or the payment of tase~ o: othez Gen~ or charges by Lender shal! not be a waivet of Lende~~ riBht to aooeterate the maturity ot the indebtedness secured by this Mortgage. 12 Remedie~ Cwnulative. All remedie~ provided in this Mortgage are diatinct aad cumulative to eny other right or remedy nnder thi~ Mortgage ~ af[orded by law os equity. af?d caay be asercise~l oencurnndy. indepeadeatly ot snocasiveiy. 13. Suooeswn and Assigna Bouad; Joint and Severwl Li~bilitp; Captionr. The oovenanta and agrcementa herein aontained ahall bind. and the righta hereunder ahall inun to. the re~pective succeswrs and aa~ign~ oi I.ender and Borrower, subjoct to the provisions of para~raph 17 henot. All rnvenante-and egre~emenb of 8orrower ~hall be joint snd several.'tha captions and heedings of the paragraphs of this Mortgage are for covenienoe only and an not W be wad to intetpret ot define tha pc~owions he:eof l~. Notice. Except tor any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing euch notioe by certified mail add S~wer the Property Addrees or ae such other addres~ as Borrower may designabe by notice to L.ender aa~provided her+ein. and (b) an~~~~ 10 ~r shali be given by certified mail. return reoe~pt requeated. to l.ender's addrsas atated herein or to iuch other sddress ae Lender may designate by notice to Borrower as provided herein. My notice provided for in this Mortgage shall be deemed to have been givea W Borrower or Let~der when given in the manner designated herein. 15. Unitoraa ll~ort~ag~; Govarning f.~w; Severabjlity.'11iis form of mortgage oombines uniform oovenente for national use and non- uniform covenants with limited variations by jnrisdiction to wnatitute a unitorm security instrument aovering real property.77~ia Mort{~a~e shaU be govemed by the law of the juriadiction in which the Property ie located. In the eveat that any pmvisioa or clause of this Mortgage or the Note contticts with applicable law, such rnnflict shall not aftect other provisions of thia Mortgage oc the Note virhich cen be given ef~ect without the oontticdng provision, and to lhia end the provisione of the Mottgage and the Note are declared to be severable. 16. Bocrower'~ Copy. Borrower shall be fumiahed a rnnformed oopy of the Note and of thia Mortgage a! the time otea~ecutioa or aEt~er recordatian hee+eof. 17. Transfer ot the Property: Assumption. If all or eny part of the Property or an intenst therein u soW or transfcrnd by Borrower without I.ender'a prior written rnnaent, excluding (a) the creation of a tien or encumbrance subordinsta tfl thia Mortgage, (b) the creation of a purchase money security interest tor houeehold appliances. (c) a transfer by devise, desant or by operation of law upon the death ota joint tenant or (d) the grant of any leasehold interest of three years ot leaa not wntaining an option to pnrr.haee, Lender may, at Lender'~ optioa. declare all the aums secured by tl~is Mortgage to be immedialely due and payabfe. I.ender shall have wraived such option to aocelerate it. prior to the sale ar transfer, I.ender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that fhe creditof snch ~ pereon is eatiefactory w Lender and that the interest payeble on the eume eecured by thia Mortgage shall be at auch rale sa I.ender ahall ~ requeat. If Lender has waived the option to accelerate provided in thia paragraph 1T, and if Borrower's aucceasor in intereat has ezccuted a. written aesumption agreeme~t accepted in writing by I.ender. I.ender ehell release Borrower fr4m all obligationa underthis Mortgage and the ;~iote. 'i I t l.ender e:ercisea such option to accelerate, I.ender shall mail Borrower notice of aoaeleration in accordance with paragraph 14 6ereof. Such notice shall provide a period of not less fhan 30 days from the aate the notice ie ir,ailed within which Borrower may pay lhe aums declared ~ due. If Borrower feile to pay euch aums prior to the e:piration of euch period, Lendrr may, without turther notice or demand on Korro~rer, ` ~nvoke any remedies permitted by paragraoh 18 hereof. F . 18. Aoceleration; Remedies. E:cept as provided in peragraph 17 hereof. upon Bornower'~ breach of any oovenant ar ! agreemeet ot Borrower ia t6is blortgage, including the oovenanta to pay w6en due any wms secured by this Mortga~e, Leader ° prior to ecceferetion sball mait notice to Borrower as provided in paragreph 14 bereof spec:ifping: (1) the breach; (2) tbe actlon ~ ~ required to cure wch breach; (3) a date, not lese thaih 30 deys trom the da!te t6e aotice is mailed to Borrower. b~ which anch i ~ breach must be cured; and (4) thst [atlure to cure such breach on or beton the date spectfied in t6e notioe may res~lt in ~ ~ acceleratioa of the sume se~sured by thie Mortgage, toreclwure by judicid proceedin~ aad sale otthe Property.T6e notice shall ; fuRher inforoi Borrower of tbe right to reinstate aRer acceleration aad tbe ritht to a~aert in tbe toreclosure proceeding the ; ac non-e:istence of a deteult or any ot6er detease of Borrower b aoceleration and toreclosare. I[ t6e brea~c6 is not cared on or ; ~ betors the dat,e specitied in the notice. Lender at Leader'~ opUon may declare aU of t6e sume secnred by this ~lort~age to be - ~ immediately due and payable without further demand and may torectose thie Mortgase by judicial proceeding. Lender shall be ~ entitled to oollect in euch prooeeding all expenses of foreclosure. including, but not limit~d to, reasonable attorney'e fees, and ` coats of documentary evidence. abstracts-and title reports. ~ ~ 19. Borrower's Right to Reinotate. Notwithatanding Lender s ecceleration of the sums secured by this Mortgage, Borrowa ahal! have ~ the right to have any prooeedings begun by I.ender to enforoe this Mortgege discwntinued et any time prior to entry of a judgment enforcing ~ ~ thie Mortgege if (a) Bormwer pays Lender all sums which wouid be then due under this Mortgage. th~ Note and notes securing F~tnre Advances, if any, had no aoceleration occurred; (b) Borrower curee a11 breaches of any othtr oovenantw or agreemente of Borrower oontained in ~ ~ thia Mortgag~; (c) Bonower pays all re~onable e~pena~ incurred by Lender in enforcing the oovenants and agreements of Borrower 3 oontained in thia Mortgage end in enforcing Lender's remedies as provided in pareereDh 18 fiereof, including, but not limited to, reasonable ~ ettorney'~ fees; and (d) BoTrower takea each action es Lender may reaaonably reqnire W assune that the lien of this Mortgage, I.ender's intend ~ ~ in the Property and Borrowe~s obligation to pay the auma s~cured by this Mortgage shall rnntinue unimpaired. Upon auch payment and c~ure ~ ~ by Borrower, this Mortgage and the obligations secured hereby ahall remain in full foroe and effect aa if no acceteratioa had axvrred. _ 20. As~ig~nment ot R.enta; Appointment ot Iteoetver. As edditional sscurity hereunder, Borrowez hereby assigns to Lender the reata ~ oitheProperty,providedthatBarrowershall.priortoaocelerationunderparagraphl8hereoforabandonmentofthePropezty,havetheright f 3 to coUed and retain such rents as they become due and payable. t ` Upon acceleration under paragraph IS htreof or abendonment of the Property, Lender ahall be entitled to have a reoeive: appointed by s # ~ oourt to enter.~pon, take possession of and manage the Property and Lo oollect the rente of the Property, including those paat due. A11 renta ~ oollected by the noeiver ihall be applied Srst to payment of the ooete of managementof the Property and oollection of rents, including. bnt not ~ ~ iimited w, receiver'e fees, preminms on reoeiver's bonda and reasooable attorney'~ fua, and then to the sums secured by thia Mortgage. The ~ ~ ~ reoeiver shall be liable to aco~unt only fo~ thoee rents actuslly r~ceived. } ~ ~ ~ ; ~ Ok ; ~ ~ socK299 ~E 927 ~ ' ~i ~ . k ~ ~ - - ' ` - ~ ~ ~ ~=,~~~z;.~ t. ;