Loading...
HomeMy WebLinkAbout2909 <'-~l i S. Inspection. Leader may make or cause b be made.reasonable eeetsies upon sad inspections of the propeety.provided flat LeadK ahaU give Borrower notice prior to nay such uupectioa epedfyins reaeaubM canes therefor related to Leedsr'~ ~uterest tQ peoperRy. 9. Cotedemnation. The pepoeeds of ae~y awned or claim for damages. direct or oonssqueatial. In ooaaeNion with eosdemnation or other talons of the property. or part tbeseof, or foe ooawyanos in lien of oondemnstion, an hereby assigned and shall bs paid b Lades. Ia the event of a bW takias of the Property. the proceeds abaU bs applied b the sums secured by this Mortgage, with the szaesa. it spy. paid b Borrower. In tlis event of a partial talons of the Property. onlaa Borrower sad Leader otleerwiss agree is writins, there shall be applied b the soma sscuml by thin Mortgage such propoetiae of the poctieds ss ia.equal b that proportion which the amount o[ the sums secured by thin Mortgass immediately prior b the date of takias bears b the fair market vsloe of the Property immediately prior b the date of takias, frith the balances of the peooeeda paid b Borrower. If the Property is abandoned by Borrower. or ~ sRes notice by Lender b Borepwer that the condemnor offers b make an award or settle a claim for dsmases,Borrows: fails b respond b Lender within 30 days sMr the date loch notice is mailed, Lader is aathorisd b collect and apply the pcoceeda, at Iwader's option, either b ewtoratioa oe r~r of the propeeq? ore b tbs arms secured by this Moetgase. Unlew Leader and Borrower otherwise agree in writing, any arch application osprooeeda b psindpal shall eat extend a postpone the doe date of the moath(y iastallmeats referred b is psragraplu 1 and 2 harerd or cluause the aeeaant of ouch inNallnneats. 1Q Borrower Not Released. l~tensioa of the time for paymaat or modification of amortisation of the soma secured by this Mortgage granted by Leader b nay auooessor in interest of Boreowet shall not operate b release. is any manner. the liability of the erigiasl Borrower sad Borrower's snoceesors in interesk Leads: shall not be required b oommeaes proeeedinge against such auooessor or refuse b extend time far payment or oWerwise modify amortisation olthe sums seaered by this Mortgage by reason of any demand madeby theoeigiaal Borrower and Borrower's anocesson in intereak 11. Fbrbearanoe by Lender Not a Waiver. Any forbearance by Leader is e:eeradns any sight a remedy hereunder. or otherwise worded by applicable law. shall not bs a waiver of or preclude the exercise of any suds right or remedy. The procurement of inaaranoe err the payment of fazes or other liana or charges by Leader shall not be a waives of Lende?'a sight b aooelarate the eoatsrigr a~f tM indebtedaep secured by this Mortgage. 12 Remedies Cumnladve. All remedies provided in thin Martssge are distinct sad cumulative b any other sight or remedy ender this Mortgage err afforded by law or equity, and may be ezercise~l ooacnrre~ntly. ieedepeadsatly or snooeeaively. 13. Suooessors and Assigns Bound; Joint and Several Liability;Captions. Ths covenants and agreements herein ooatained shall bind, sad the rights hereunder shall inure b, the respective su9oesson sad assigns of Leader sad Borrower. subject b the pcovisiona at paragraph. ~17 hereaL All covenants and agreements of Borrower shall be joint and swerel. The captions and hedings of the paragraphs of this Martgase are for covenieace only and are not b be used b iaterprd or de5ne the provisions heseot 14. Notice. Bxoept for any notice required under applicable law b be given in weather meaner. (ea any notice b Borrower provided for in thin Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as . Borrower rosy designate by notice b Lender as provide$ herein, sad (b) any notice b Leader shPU ,q~vea by oe~rti5ed mail. ratum reoaipt requested. b Lender's address stated herein or b epch other address as Leader may desigpatp by io Bossowe= as provided herein. Aqy _ notice provided for in this Mortgage shall be deemed b have been given b Borrower or Leader when given in the meaner deaigaated herein. 15. Uniform Yortgage; Governing Law; Saverability.'lbis form of mortgage oa~mbiaes uniform covenants for aetioaal nseand non- uniform covenants with limited variations by jurisdiction b constitute a uniform security indrnmeat covering real~prpparty.Thin Mortgage shall be govetaed by the law of the jurisdidtioa in which the Property is located. In the event that any provision or clause of this Mortgage or the Note eonflicis with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect wiWout the conflicting provision, and b this end the proviaoaa of the Mortgage and the Note are declared b be severable. lfi Borrower's Copy. Bosrower shall be furnished a ooaformed Dopy of the Note sad of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. U all or say. past of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, euluding (a) the creation of a lien err rocv~mbranee snbordiaate b this Mortgage. (b) the crmtion of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of law neon the death of a joint tenant or (d) the grant a~f any leasehold interest of three years or leas not oo~ntaining an option b pnrrhaee, Lender may, at Lender's option, declar0.gij the anma secured by this Mortgage b be immediately due and payabk. Lends shall have waived arch option b accelerate if, prior b the sale or transfer, Leader and the pereon b whom the Property is b beaold or transferred reach agreement in writing that the credit of such person is satisfactory b Lender and that the interest payable on the same sec4red by this Mortgage shall beat such rate as Leader shall request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrower's aneoessor is interest has ezewted a written assumption agreement accepted in writing by Lender, Lenderahall rdease Borrower from all obligations under thin Mortgage and the Note. If Lender ezercisee such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordaace with Paragraph 14 hereof Such notice shall provide a period of not less than 30 days fiom the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails b pay wch sums prior b the expiration of such period, Lender may, without further notice or demand on $osrower, invoke any remedies permitted by paragraph 18 hereof i 18. Acceleration; Remedies. I:zcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, .including the oovenanta to pay when due any sums secured by this Mortgage. Lender ~ prior to acceleration shell mail notice to Borrower as provided in paragraph 14 hereotspedfyireg: (1) the breach; (2) the action € required to care,such breach; (3) a date, not less than 30 days !from the date the notice is mailed to Borrower. by which each breach mast be cared; and (4) that failure to care such breach on or before the date specified in the notice may result in ! acceleration of the sums secured by this if[ortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to aa~eleration sad foreclosure. It the breach is not cured on or before the date specified in the notice. Leader at Lender's option may declare all of the sums secured by this Bortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in each proceeding ail expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts sad title reports. 19. Borrower's Right to Reinstate. Notwithstanding Leader's aooeleration of the sums secured by this Mortgage, Borrower shall have € the right to have any proceedings began by Lender b enforce this Mortgage discantinaed at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which world be then due under this Mortgage, the Note and notes securing 1?btnre Advances, if any, had no acceleration occurred: (b) Borrower cures all breaches of say other ooveaants or agreements of Harrower contained in . € this Mortgage; (c) Borrower pays all reasonable expenses incurred by Leader in enforcing the covenants and agreements of Borrower 6 contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; including, but not limited b, reasonable ~ attorney's fees: and (d) Borrower takes such action as Lender-may reasonably require to ensure that the lien of this Mortgage, I.eude~s intend : in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall eontinne unimpaired. Upon arch payment and care byr Borrower, thin Mortgage and the obligations secured hereby shall remain in fall force and effect a8 if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Bosrower hereby assigns b Leader the rents of We Property, proyided that Borrower shall, prior b sooekration under paragraph 18 hereof or abandonment othhe Peoprety, have the right b collect and retain ends rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled b have a receiver appointed by a aonrt to eater.npon, take possession of and manage the Property and b collect the teats of the Property, including those pad due. All rents ~ collected by the receiver shall be applied first b payment of the awls of managanentof the Property and collection of rests, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorneys fees, and then to the sums secured by thin Mortgage. The receiver shall be liable b account only for those rents actually received. i - BOOK~2 PACE C~,~~ - . " r r~ ~