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HomeMy WebLinkAbout0242 ~ t` ' \ ~ . 8. Iiupectloa. Leader me~y make or ca~uss b be made rsswtuble eatrie~ upoa tad 'uupectioiu of tbapio~efy. peo~vid~d Lsnd~r ~haU ~ive Horro~ve~ aotios prioc to any wcb uupsctioa spsc+bria~ reewnabl~ cau~s therefor related ~o Lend~s'~ ~Otsrat in ~s~p~qr. 9. ~Condosaatioa.'!Ue p~oosed~ oi aqy a~rard or clair~ for dam~es. ~ a con.equ~cie~. oonnec~«, e,~y ooa~aaon or oWK talrir~ of tt» ProP~t1?. o: p~rt tbereoi. or fcr ooawyeaos ia lieu oi ooudannation. are h~eby a~ned ~?ad ah~ll bs p~id to Lsnd~. In the eveat of a toW takin~ ot We ProV~r~,j?. the pioasds ~haU b~ applied to tbe ~um~ ~ecnred by thia Mort~+~~. with tb~ eacoeN. if enY. p~id to Borrowes. Ia the event of a paitial taking of the Prope~ty. nnlew Boerow~ aad I.ender othe:wi~s a~ree ia rvei4n~. thers ~hall be applied ~o We ~uau ~ecured by thi~ Mo~t~a~e a~ch groportioa oi the proc~eeds eu ia equal ~o that propottion which the. amonnt o~ the ~nm~ ~e~.yra! by lhis M~s immediately p~ior to tbe dat~ a~ 4kin~ bs~n to tl~e fair market valne ot We ProPert3? immedistely prior to the date of tairin~, wiW the belenoe ot the procasd~ paid to Bo~r~o~rer. If the Propeey? iu abandoned by Borrowet. o~ i~ aRe~ notioe by I.ender to Borrower that tbe oonde~anor offers to make an awud or asttle a claim for d~meQes. Borrower faiL to respoAd to Leader witbin 30 days aRer the dats sach notioe ia mailed, Lender i~ anWoeised to oolkct and aPrlv ~he prooeed., ac Lend~'s optioA, eishes b redoration or repair of th. proQeit,y ~ co tUe sua~aecured by Wi. Mort~e~~ Unlea Leader and Borrower otbenvi~s ~rss in wriling. any such spplic~tion of peooeeds b psinciqJ shall zat e~ctend or postpone tbe due date of the month~y in~tallmenb referred to in para~raph~ 1 and 2 6ereof or c6anQe the amonnt of wcb instalhaeab. 10. Borrowrer Not Reiea~ed. Ba~tension ot the titae for pa~ynaant or modi8cetaa of amortization of the sums ~ecurad by this Mortgage • graated by L~dez to any snoceesor in intee~est of Borro~rer shall aot operab Lo releeue. in any manner~ the Uability of tbe original Borrower and Borro~ver's suocaso~s in intens~ Leader ~hall not he required to oommenoe prooeedings agauut such suoceaor or tefnse to e~ead time for paymeat or otherwise modify amortisation of the sums secnred by this Mortgage by seasoa of aay demand made by the origiaal Boerorver and Borrowe:'s suoceewrs in interest. ~ ~ 11. Forbeuanoe by Le~ler Not a W~iver. Aay forbeerance by Le~de: in ~ercising any right or.nmedy heraunder. ~ othe:wise afforded by sppticable law. shall not be a ~raiver of or preclude tlie ezercise ot aay such right o~ remedy. The procur~t of insm~snos a~r the payment of tases ar otLer liena or char~eo by Lender ahall not be a waiver of L~ade~~ right to aooele~at~e the mat~uity of the indebtednea eecured by this Mo~age. ' 12. Remedier Cumnlative. All remedie~ provided in thia Mortgage an distinct and camulstive to any other right ar remedy uader tl~is Mortgage or eHo:ded by law or eqnity~ and ~y bs euerr.i~crt ooncuneatly, indepeadentiy or ~nooa~ively. 13. Snooeason and As~i~n~ Boand;.lolnt aad Several Liabilit~; Captions. The oove~ants aad agreements harein oontained ehaU bind, and the righta herennd~ shall innre to, the respective snacessor~ and assigiu of Leader and Bo=eowar. snbject to the proviaions of . P~BraP~ 17 hereof. All voveaants and agreements of Bo:row~ ahall be joint and eevwral.lbe captions and h~edings of We peragrapha of this Mortgage are f~ oovenienee only and are not to be used to iaterp~et or de5ne the proviaioa~ hereof. 14. Notice. E:oept for any notice requind under applicable law to be given in anoth~ manner~ (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing wch notice by oerti5ed mail addres~ed to Boreuwer at the Property Addnssor at snch other addrees as Borrow~ may designate by notioe to Lender as pmvided herein. and (b) any notioe b La~der-ahall ~e given by oeiti5ed mail, ntarn reoapt requested, to Lender'e address atated herein or to ench other address as I.ender may designate by natioe to Borrower as provided herein. Aqy notice provided for in this Mortgage shall be dcemed b have been given to Borrower or Lendu when given in the manner designated haein. 15. Uniform Mortga~e; Governing I.aw; Severability. This form of mortgage combines uniform oovenants for national nee and noa- nnifoan oov~ants with limited variations bY jurisdiction to oonatitute a uniform secarity inetrument oovering real proparty. Thia Mbrtgage ahall be govemed by the law of the jariediction in which tha Property ie located: In the event that aqy provision or dause of this Mortgsge or the Note contlicte with applicable law. euch oonilict shall not affect other provisions of this Mortgage or the Note which can be giv~ e8'ed without We aontlicting provision, and to thia end thc proviaione of We Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furnished a oonformed copy of the Note and of thia Mortgage at the time of ~ecation or aftez recordation hereof. 17. Transfer of tLe Property: Aesumptlon. If all or any part of the Property or an intereet therein ie sold or transferred by Borrower without Lende~a prior written rnnsent, ezcluding (a) Lhe c~eation of a lia? or encnmbrance subordinate to thie Mortgege, (b) the creation of a purchaae money aecurity interest for household applianoes, (c) e tiransfer by deviae. deacent or by operstion of law npon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or lees not oontaiaing an option to purchaee. I.ender may. at I.ender's option, - declare all the sume eecared by this Mortgage to be immediately dne and payable. I.ende: shall have waived snch option to aacelerate if, prior to the aale or tranafer. Lender and the peraon to whom the Prop~ty is to be sold or tranaferred reach agreement ia ~vriting that the credit of such person ia aatiefactory b I.ender and that the interest payable on the auma secured by this Mortgage shall be at auch rate as I.ender ahall requeak If I.ender hae waived the option to aooelerate provided in thie paragraph 17. and if Borrow~e suc~eseor ia intereet has ezecuted a writt~ aseumption agreement acoepted in writing by I.ender, Lender ahall release Borrower from all obligationa under this Mortgage and the Note . . If Lenda ezerciaee such option to eocelerate, Lender shall meil Borrower notice of aoceleratioa in socordance with paragrsph 14 hereot ~ Such notice ahall pmvide a period of not lees than 30 daya from the date the notice is ~ailed within which Borrower may pay the suma declared ` due. If Boaower fails to pay auch auma prior to the Pacpiration of such peiod, I.ender may, without further notice or demand on Borrow~, E invoke any re~ediea permitted by paragraoh 18 hereof. ; 18. Aoceleration; Remedies. ~cept as provided in paragrapb 17 hereof, npon Borro~ver's breach of aqy oovenant or I agreement of Borrower in this ~ortga~e, iacluding the oovenanta to pay whea dne any sams eecnred by thie Mortgage, Lender ~ prior to acceleration ahall mail aotice to Barrower ae pmvided in paragraph 14 6ereof specifying: (1) the breach; (2) the action required to cure sucL breach; (3) a date, aot leee t6an 30 daye trom t6e date the notice ie mailed to Borrower, by which auch ~ bresch mnat be cured; and (4) that failure to cnre such breach on or .before the date specified in the notlce may resnit in acoeleration of the euma secured by thia Mortgage, foreclosure by judicial prooeeding and eale of the Property. The notice shall further inform Borrower of the right to reinstate aRer soceleration and the right to assert in t6e foreclosure proe~eeding the non-ezietence of a defanit or any other defense ot Borrower to acceleration and forecloaure. If the breach is not ~vred on or before the date speci8ed in the notice, Lender at I.ender'e option mqy declare all of the sums secured by;thie Mortgage to be immediately dne and payabie witbout fnrther demand and may forecloee thie ~'Iortgage by jadicial praceeding. Lender shall be entitled to oollect in such proceediag all ezpensee of foreclosnre, including, bnt not limited to, reasonable attorney'e fe~, and coste of documentary evidence, abatracts and title reporte. ~ 19. Borrower'~ Right to Reinstate. Notwithetanding Lender s aooeleration of the sama eecured by tbis Mortgage. Borrower shall have the right to have any prooeedings begyn by I,enda to enforoe this Mortgage discontinued at any time prior to entry of a jadgment enforcing this Mortgage if: (a) Borrower paya Lender all enms which would be then due under this Mortgage. the Note and notes eecnring Future Advanoes, if any, had no aoceleration occurred; (b) Borrower cares all breaches of eny other ooveaants or agteements of Borrower contained in ~ this Mortgagr,. (c) Borrowrr pays all reasonable ezpenses incurred by Lender in enforcing the oovenante and agreementa of Borrower aontained in this Mortgage and in enforcing Lender'e remedies as provided ia paragraph 18 hereof. inclnding, bnt not limited to, nasonable = attoTney's fees: and (d) Borrower takes anchactioa ae Lender may reseonsbly require to essnre that the lien of this Mortgage, Lender's interest ~ in the Propaty and Borrower's obligation to pay the aume eecured by this Mortgege ehall oontinue nnimpaimd. Upon such payment and cure ~ by Bormwer. this Mortgage and the obligstiona secured hereby shall remaia in full force and eftect as if no aocelezation had axnrred. ~ 20. As4i~ament of Rente; Appointment of Receiver. As additional eec~rity hereunder. Borrower hereby aeaigns to Lender the reate ~ of the Praperty. provided that Borrower shell, prior eo auceleration under paregraph 18 hereof or abandonm~?t of the ; to collect and retain snch renta es they become dne and payable. ~P~Y~ ~ve the right ~ Upon sooeleration nnder parngraph 18 haeof or abandoameat of the Propaty, I.ender ahall be entitied to have a reoeiver appointed by a ~ oourt to entera~pon. take posseasion of and manage the Pebperty and to coUect the rents of the Property. inclnding thoee past due. All reate ~ aollected by the reoeiver ehall be applied fi;st to payment of the ooets of manag~ent otthe Prop~ty and collection of reate. inclnding. bnt not limited to, reoeiver's fees. premiums on reoeir~'e bonda and reasonable attorney's fcea, and then to the sums eecured by this Mortgage. The ~ receiver shall be liable to aooount only for those rents actually reoeived. ~ ~ ~ . aeoK ~3 ~ncE z41 ~ ~ ~ q~~ .L F .k'e'~~ r~ ~ ~ - _ . _ Y' 'n.X~'~.CFxf,}~~' _ T- . . _ r^v~-HYd-M`~~' i~"+r .