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HomeMy WebLinkAbout0081 ~ P i • . ~ _ ; 8. In~pectioa. Leader m~y maice or cau~e to be made rea~onabb ~atrie~ upoa and inapecti~ oitha p~op~r~y. ~ovided ti~?t Lead~r shall Qivs Borwwer notios prior to aqy such uupectioa ~Pecibrin~ reaaonabb cawe th~reta~ related to Lsnd~'~ iatera~t in the Prope+rty. 9. Condea~tion.lU~ prooeeds of any sward or claim for da~aa~a~. direct or oon~equential. in ooaaection witlr any aoadernnetioa or other takic~ of the prope~ty. or part or fo: oonveyanoe in lie~ of ooademnation, us bereby aai~ed and ahall be paid b Lsnder. Ia We eveat of s total takin~ of We~Piop~rtY. ths p~xe~d~ ~hall be applied to the sum~ ~scared by thia Mat~~~. with We asce~a, if aay, paid to Borro~var. In the weat at a partial tal~it~ oi the ProPa'U?. unleM Borrower and I.euder othes~vi~s a~ree ia writin~, tbere ~hall bs applied to the wuw ~scured by thi~ Mort~~e sucb poopostion af the proceed~ as ia equsl to Wat pmportion which the amouat ot the sumr secured by this Mort~e~e immedistely pcios to the date ot tatin~ bean to the fair market v~lue of the Proas~ty immedi~tely prior to t1?e date at taldn~. writh the b~lanos of tl~e peooeed~ paid to Boreower. t If W e Propei~? is abendoned by Borrower. or i~ atter Aotios by Lende~ to Borrow~ tlu~t the oondemn~ otren to maks sa award or ~ettie a ~ claim for dama~es. 8orroMrer fails to re~poad to Leud~ ~ritbin 30 days a!~ tlu date snch notioe is m~ilal. Iendes i~ autlwrised to oollect aad apply the prooeed~. at Ieader's optioq eitLe~ Lo re~toratioa ~ repair of We prope~jr or to ths ~nnu ~s~wred by this MottQe~e. ~ Unles~ Leada= and Borrower oWen?i~e a~ree in writinQ. any snch applicatioa of pmcsed~ to principal shaU not eutead o~ pwtpone the due ? date of the monthl,y izutallmsnts referced ~o in p~rsgrsphs 1 and 2 hereof or chan~e tbe amount of n~ch iastalimenh. 10. Borrower Not Relea~ed. F~teasion of the time for paymant or modification of aaartisatioa of the ~umi ~ecund by this Mortga~e granted by I.ender to aqy suoceasor in int~est of Bormwer shall not operate to release. in any manner. the liability of We oriQinal Bo:rower and Borrower's suooesaon ia intersst Leader ahaU not be required to oommencs prooeedings againat s~ch suooessor or refuse to estend time for paymeat or othawise modify amortisation of the sums secured by this I~iortgage by reason of say demaad mede by the original Borrower and Borrowa e sucoassors ia interest. ~ 11. Forbearanoe by I.ender Not a Waiver. Any forbeanmee by Lenda~ in es~ng ewy ri~ht or remedy here~nder, or otherwi~e afforded by applicable law. shall not bs a waiver of or precluda the e~cercise of any snc6 right or remedy.'!Le p~t~ocur~nt of inanranca o~ the payment of te~es or other li~e or charges by Lender shall not be a~?aiver of Leader'e right to aocekrate the maturity of the indebtedne~s , secured by tLi,s Mortgage. ; 12 Remedies G~mulstive. All remedies provided in thie Mortga~e ue distinct aud cnmulative to aqy other right or remedy nnder thi~ ~ Moitgage or affarded by laa or eqnity. and msy be e~cerasat ooncurrent~y. independeady or sucoessivelq. ~ ~ 13.~ Suooeswr~ and AssipL Bonnd; Joint and Several Liabilit~; Captions. The oovenante and agreements herein oontained shall bind, and the rights bereundec ~hall inure to. We respective snooeswts and a~ign~ of Lender and Borrower. snbject to the provisiona ~ paragraph 1T hereoL All ooveasnte and agreements of Borrower ~hall be joint aad aeveral. The captiona aad headinga of the paragrapba of this Ma~tgage are for covenience only and an not to be used to interpnt or define the pa~ovisions haeof. ~ 14. Notioe. Ezcept for any notioe required undrr applicable law to be given in anothe! manner. (a) eny notice to Boriower provided forin thie Moitgage ahall be given by mailing each aotice by certified mail addressed to Bormwer at the Property Address or at snch otbu address as Borrower may desigaate by notioe to Lender aa provided herein, and (b) any notioe to Lender ehall be given by certi5al mail. retnrn reoeipt requested. to Lender's addreas stated herein or to snch other addrees aa Lender may desigaate by notioe to Borrower as pmvided herein. Any notice provided for in thie Mortgage shall be deemed b have been givea to Borroaer or I.ender when given in the manner deagnatsd ha+ein. _ 15. Uniform ~ort~age; Governin~ Law; $everability.'lbis fosm of mo~tgage combines uniform oovenanta for national ose and non- uniform oovenants with limited variatioas by jnriedidion to oonatitnte a uniform security iast~ment aovering real property. ZLie Mortgage ~ shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clanse of ~is Mortgage or i the Note contlicta with applicable law, such oonflict shall not agect otha proviaions of this Mortgage or the Note which can be given eifect { without the oonflicting provisioa. and to thia end the pmvisiona of the Mortgage and the Note are dedared to be severable. ~ ~ 1& Borrower'e Copy. Borrower shaU be furniahed a confo~med oopy of the Note and of this Mortgage at the time of ezecution or after _ ; recordatioa hereof. • 17. Transfer of tLe Property; Assumption. If all or any part of We Property or an iaterest therein ia sold or transfened by Borrower writhont Lender e prior written conaent, eYCluding (a) We creation of a liea or encumbrance aubordinate to this Mortgeige, (b) the creation of a purchaee money eecurity inter~st for houeehold appliancea, (c) a tranafer by devise. deeoent or by operation of law npon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or leea not oontaining an option to purchase. Lend~ may. at Lende~a option. declar~e all the sums secured by this Mortgage to be immediately dae and payable. I.ende: ahell have waived snch option to aocelerate if, prior to the eale or transfer, I.ender and the person to whom the Property is to be sold or transfetred reach agrcemeat in writing that the credit of anch pereon ia satiafactory to Lender and that the interest payable on the enma eecured by this Mortgage ehall be at anch tate aa I.ender ahall , request. If Lender haa waived the option to aooelerate provided in thie paragraph 17. and if Borrower's snoeeeaor in intereet haa ~ecuted a ~ writtea assumption agreement aocepted in writing by Lender, Lender shaU release Botrower firom all obligations unde~ Wie Mortgage and the , Note. ~ If I.ende: exerciees such option to aooelerate. Lenda ehall mail8orrower notice of a~celeration in sooordance with paragraph 1~ hereot ~ ! Such notice ahall provide a period of not leae than 30 daya from the date the notice ia ~ailed within which Borrower may pay the anms declared 4 ' due. If Borrower fsila to pay auch aums prior to the ~piration of auch pdriod, I.ender may, without furthet notioe or demand on Borrower. ~ ~ invoke any reznedies p~mitted by paragraoh 18 hereof. - 1& Acceleration; Remediea I~cept as provided in paragraph 1? hereof, upon Borrower's breach of aqy oovenant or i ~ agreement of Borrower in this Mortgage, inclading the oovenente to pay when dae aa~r suma sewred by t6ie lldortgage, Lead~ ~ prior to aoceleration aball mail notioe to Borrower as provided in paragraph 14 bereof apecit~+ing: (1) t6e breach; (2) the adion ~ ~ required to cure sncb breach;.(3) a date, not less than 30 days llrom the date the notice is mailed to Borrower, by whic6 sach ~ breach must be cured; and (4) that failnre to wre auch brea~h on or before We date specified in the notice may reault in ~ ~ acceleration of the sums secured hy this ~[ortgage. forecloeure by jndicial proceeding and sale of the Prop~ty. The notice shall ~ further inform Borrower of the right to reinatate atter acoeleration and the ri~ht to aesert ln the foreclosure proceediag the non-ezistenoe of a detault or any other defense of Borrower to aoceleration and foreclosure. If the breach is not cared on or ~ before the date specified in tbe notioe, Lender st Lender's option may declare aU of the sams sewred by this Mortgage to be ~ immediately due and payable without fitrther demand and may forecloee t6is Mortge~e by judicial proceeding. I.ender shall be ' entitled to collect in such proceeding all ezpenaea of forecloeure, including, bat not limited to. reaaonable attorney'a fees, and ` coste of docnmentary evidenoe, abstracte and t(tle reports. { 19. Borrower'a Aight to Reinetate. NotwiLhatanding Lender's soceleratioa of the s~ms secnred by thia Mortgage, Borrower shall have ` the right to have any prooeedings begun by I~nder to enforce this Mortgage diecontinned at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrnwer pays Lender all aums which would be then dne nnder this Mortgage, the Note snd notes eecnring Phture i Advanoea, if any, had no soceleration oocarred; (b) Borrower curee all breachea of any other oovenants ~or ageeemeats of Borrovqer oontained in this Mortgage; (c) Borrower pays all reaeonable ~penees incurred by Lender in enforcing the covenants and agreements of Borrower ! oontained in this Mortgage aAd in enforcing Lenda's remed.ies aa provided in paragraph 18 hereof. iarlnding, bnt not limited b. reaaonable attorne~s fces; and (d) Sorrower takea ench action as Lender may reaeoaably require to assure that the lie~n of this Mortgage, I.ender's interest ' ~ in the Property and Bormwer's obligation to pay the eume secared by this Mortgage shall oontinue unimpaired. Upou snch payment and cure by Borrowa. this Mortgage and the obligatione eecared hereby shall remain in fiill force and effect as if no aocei~tion had oocarred. b Z0. Asrignment of Rents; Appointment of Reoeiver. As additionel security hereunder, Borrower hereby eseigns to Leader the rents ~ of the Property, provided that Bormwer ahall, prior to aooeleration under ~ to oolled end retain anch rents as they become due. and payable. ~~ph 18 hereof or abandonment of the Property, hsve the right ` ' ~ ~ Upon soceleration nnder paragraph 18 hereof or abandonmeat of the Property. I.ender shall be entided to have s e+eaeiver appointed by a ' ~ oomt to entera~pon. take posaesaion of and manage the Property and to oollect the rents of the Propertp, including those paat dne. All rents ~ oollected by the n~oeiver shall be applied firat to payment of the ooeta of manageanentof the Property and oollection of reats, including, bnt not ~ limited to, rec~eiver'a fees, p~niuma on receiver's bonds and reasonable attomey's fees, and then to the euma secvred by this Mortgage. The ~ receiver shall be liable to aaoount only far thoee rents actnally reoeived. n ~ ~ c~~~ ° BOk1f JVz PACE 8~ ~ ~ ~ { ~ - : - _ _ ~ ~ ~ ~ ~ ~ . ~a.,a_ v