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HomeMy WebLinkAbout0060 ~ ' • - . ~ . 8. In~psctlon. I.eAdes may make or cawe b bs made reawnabl~ ~nhrie~ upoa and'uupectioas oithe property. provid~d that Lsnder ~haU ~ Qivs Borrower notica prior to aay ~uch iu~pection specifyin~ iee~oaabk c~ws tberefas ~elated to I,st~t'~ iatere~t in fiu;Proper~y. u ~ 9. Condemnwtion.l~e p:ooeed~ o[any ~ward or claim for damaQe~, direct or oo~uequer~tial, in od~i~tion with uiy oondemnatioa or otl~e~ tskins of ehe pmpecty. ar part thereof. or for ooawyance in Uw o[ oondemnatioa. ars hereby assisaed aad ahell be paid eo L~der. In the eveat of a btal takin~ oi the Prope~ty, the prooseds sball bs applied b tbe snms ~ecured by thia Mo~aQa wi@+ We esoas. ii e~q~?. psid to Bore~ower. Ia the event of a parsial talrin~ of the Propab?. unlen BoYrowes and Lender oW~ a~roe in writia~, thers shsU bs applied to ehe ww~ ~ecured by thi~ Mo~a~e wch propostioa at the pe~ooeed~ a~ ia equsl to that proportioa which the amount ot the ~nm~ secvred by this Mortgage iiamediately pari~ to We date of takin~ beun to the fair market value of We Property immediately prior to the date of ~ takin~. wiW the balanoa of the pe~ooeed~ peud to Borrower. ~ I[ We Propscty u sbendoned by Boaower, o~ if, aRar aotioe by Lender to Borrower that the oondemnor offen to make an award os iettle a clsim for darnage~. Hosrower fails Lo re~poad to Lei?der within 30 day~ atter the date ~nch notice ia mai1~1, Leade: iu authorised ~o oollect and ~ aPP1Y ~ P~~. at I.endd~ option. eiWe~ to redoration o~ repair oi We propsrty oz to the secured by tbis Mact~aga • i Uden I.ender and Borrow~ otherwise a~ree in arituyt. snr.nc~ appGcaaon oiprooeeds b principal shall noc est~end a posywne ~t,e due ~ date oi tbe monthly in~tallments referred to in para~rsdu l.+nd 2 b~eof or chan~e We amonnt of snch inatallaoents. ; 10. Borro~rer Not Released. Esteaaion of the time for p~y~ouusnt or modificatioA of amortisatioa of the aums aecured by thi~ Mort~ege j granted by I.ender to aay suoceewr in interest of Borrower ehall not operate to release. in any mann~. the liability of the original BorroNror and Borrower s succ~wrs in intere~~ Lender shall not be required to oommence prooeedinBa againat snch sua~eaor ar refuas to ester?d time for payment or otherwise modity amortisation of the sums secured by thia Mwrtgage by reaeon of any deinand made by the original Borro~ver ~ and Borrowe~s suooessors in interest. 11. Forbearwaoe by Leader Not a Waiver. My forbearanoe by Leude~ in ~erctieing any ~riBht or nmedy heranader, ~ otherwi~s afforded by appticabk law. shall not be a waiver of os preclade the e~ca~cise of any snch right or remedy. The procnre~eat of insaranoe oT We payment of tauces ar other liens or charges by I.ender shsll aot be a waiver of Leader's right to aooelerate the matnrity of the indebtedne~s secnrad by t6is Mott~age. 12 Remedies Gtimuletive. All remediea pro~-ided in this MostgeBe are diatinct and cmm~lative to any otber right or nmedy ander this Mortgage or aft'aa~ded by law or eqnity. and mayr ba ~ercise~l concnrrently. independendy or auooessively. 13. Saooessors and Aesi~ns Bo~ad: Joint end Several Liabilit~?: CaPdon~. The oovenants and agreementa herein oonteined ahall bind. and the rights her~under shall innre to. the reaPeetive auooesaors and esai6us of Lender and Borrower. subject b the proviaions a~ paragraph 17 hereof All rnvenants and egreementa of Bon~ower ehall be join! and seve:al.lLe ca~iona and headings of the paragraphs of this M~tgage are f~ covenienoe only end are not to be used to interpret or defiae the provisions hereof. ~ 14. Nodce. Exoept for any notioe required uader applicaWe law to be given in another manner. (a) any notice to Borrower provided for in i th;e Mors~aee ehall be ~iven by mailing euch noace by oe~tified mail adde~essed co Boaowej at We Property Address or ac anch aher address as ~ Borrower may designate by notioe to Lender ae provided herein. and (b) any notioe to Lender shall be given by certified mail. re~rn reoeipt reqnested. to Leader's addnse stat~d hesein or to ench other addnss es I.ender may designate by notioe to Borrower as provided herein. Any ~ notice provided for in thie Mortgage shall be deemed to have been givea to Bo:rower or Lender when Qiven in We mannei desigaated herein. 15. Uniform Mortasage; Governin~ Law; 3everabili~j?. 71~ia form of mortgage oombines uaiform aovenanta far national use and non- uniform cov~anta with limited variatioas bY lu:iediction to oonstitute a unifozm security inatrument oovering teal prop~ty. This Morteage ahall be gover~ed by the law of the juiisdiction in ahich the Property is l~ted. In the event that any provision or clavee of this Mortgage or ~ the Note rnnilicta with applicable law, such coaflict shall not affect other provisiona of this Mortgage or the Note wtuch can be given egect f without the oonflicting proviaion. and to thie end the provisiona of We Mortgage and Lhe Note are declared to be sevezable. ~ 16. Borrower's Copy. Borrower shall be fiuniahed a contormed oopy of the Note and of this Mortgage at tbe time of ~ecution or atter reoordation hezeof. 17. Tranafer of the Propertq; A~sumption. If all or any part of the Property or an intereat Werein ia eold or tran~ferred by Borrower withont I,ender's prior written consent, e~tclading (a) the creation of a lien or encumbrance subordinate to this Mortgagq (b) the creation of a purchsse money eecurity intereat for honeehold appliances, (c). a trensfer by devise. descent or by operation of law npon the death of a joint tenant or (d) the grant of any leseehold intereet of three yeare or lees not oontaining an option to purrhaee, Lender may, at I.ender's option, declare all the suma eecurea by thia Mortgage to be immediattly dne and payable. Lender shall have waived wch option to aocelerate if. prior to the eale or tranafer. Lender and thepersoq to whom the Propert~y ie ~o be sold or tranBferred reach agreement in writing that the credit of such person is satiafactory to Lender ~d that the intered payable an the sume secured by this Mortgage shall be at such rate aa I.ender shall request. If I.ender haa waived the optioa to aooelerate pro~?idefl in thid~araBraPh 1T. and if Bortower's snoceseor in intereat has ~ecuted a written assumption agreemeat accepted in writing by I.ender, Lender ehall release Borrower 5rom all obligations under thia Mortgage and the Note. tf Lender ezerciaes auch option.to aocelerate, Lender ehall mail Borrower notiae of acoeleration in accordance with paragraph 14 hereoL i Snch notice shall provide a period of not lesa than 30 days from the date the notice is mailed within which Borrower may pay the snme declared j due. If Borrower fails to pay auch sums prior to the e:piration of ench period, L.ender may, without further notice or demand on $orrowa. ( invoke any remediea pe:mitted by paragraoh 18 hereoL E 18. Aoceleration; Remediea. Ezcept es provided in peragraph 17 hereof, npon Borrower's breach of any oovenant or ~ agreement of BorroweT in this Mortgage, including the oovenants b pay when due any sums secnred lry tLie Mortgage.I.eader ~ prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 bereof specifying: (1) the breach; (2) the adion required to cure sucb breach; (3) a date, not leee than 30 days from the date the notice is mailed to Borrower, !ry which sach ~ bre8ch must be cured; and (4) t6et failnre to enre wch breach on or before the date specified in the notioe may reault in acceleration of the sume secured by t6ie Morigage, forecloaure by judicial prooeeding and sale of the Property. The notke ahall ~ further inform Borrower of the right to reinstate atter acceleration and the riaht to seeert in the foreclosure proc.eedjng the non-ezietence of a default or aay other defenae of Borrower to aoceleratioa and toreclosure. If tbe breach is not cured on or before the dste specified in the notice, Lender at Lender's option may declare all of the sums secnred by this Morigage to be immediately due and payable without further demand and may foreclose thie Yortgase bq jadicial pmc~eeding. Lender shall be entitled to collect in suc6 prooeeding all ezpensea of foreclosure, including, but not limited to, reasonable attorney's tees. and coats of documentary evidence, abetracte and title reports. 19. Borrower'e Right to Reinstate. Nofwiihstanding Lende~e aoceleration of the aume eecured by thia Mortgage, Borrower ehall have the right to have any prooeedings begun by I.ender to enforce thia Mortgage discontinued st any time p~ior b entry of e judgment enforcing ' this Mortgage if: (a) Bonower pays Lender ali auma which would be then due nnder this Moztgege, the Note and notes eecuring I~tnre'- ~ Advanoea, if any, had no aoceleration oocurred; (b) Borrower caree all breachee of any other oovenanta or agnemente of Borrowez oontained in ~ this Mortgage; (c) Borrow~ paye all reasonable ~pensea incurred by I.ender in enforcing the oovenants and agrcementa of Borrow+er oontained in thie Mortgage and in enforcing Lendde remediea aa provided in paragraph 18 hereof, iacinding. but not limited to, reaeonable ~ attorne~e fees; and (d) Borrower tal~ea such action sa I.euder may reasonably require to esanre that the lien of thia Mortgage. Lender'e interest - in the Property and Borrawei s obligation to pay the suma secured by thie Mortgage ahall continue unimpaired. Upon euch paym~t and cnte by Borrower. this Mortgage and the obligatioas aecured hereby ahall remain in fall force and effect as if no aoceleration had oocurred. r 20. Asaignment ot Rents; Appointment of Receiver. Ae additional eec~rity herennder, Borrower hereby aseigna to I.ender the r~te ~ ' of the Property, provided that Borrower shall, prior to soceleratioa under paragraph 18 hereof or abandonment of the Property, have the right ; to oolled and retain such rents as they become due and payable. . ~ ~ Upon aoceleration under paregraph 18 hereof ot abandonment of the Property, Lender ahall be entitled to have a r~eiver appoiated by a } ~ oonrt to enterupon. tal~e posseasion of and manage the Property and to coUect the renta of the Property, inciuding Wose paet due. All rents ~ oollected by the receiver ahall be applied firsi to payment of t6e oosts of management of the Property and oollectioa of t+eata, inclnding. bnt not ~ limited to, receiver's fces, p~remiuma on receiver's bonda and reaeonabte attorney'a fcea, and then to the sume secured by thia Mortgage. The • ~ reoeiver shall be liable to aooonnt only for those renta actually received. ~ ~ i 1 ~n ~ 80~K JV~ PACE 60 ~ ; ~ t ~ ~w~~~ ~ , : - _ _ - _ _ . I - ~r: ~x,w j ~ ~ i , a ~ r ~ _ _ .