Loading...
HomeMy WebLinkAbout0619 8. Ia~~~l~OA. Leader may make or cauae to be made rea~oAaWe entrie~ upon and in~pectione of the psoperty, provided that Ldbder ~hell ~ give Borrower notice prior b aay such inspection specifyin~ reawaable cauas therefor relaeed b Leader's interest in the Ptoperty. 5 9. Condetnn~doa.'I~e proceeds of any e~rard or c~m for damaQes, direct or ooa~equential. in conaec~ioA wi~h any oondemnaaon or other taki~ of the property. or part thereoi. or for coaveyaace in lien of oondemnatioa, an h~eby aesiQned aad ahall bs p~id ~o Lender. ; In the event of a toLal taking of the Property. the proceeds shall bs applied b the swns secured by this Mortga~0. ~~h the ~oe~s, if sny, ! paid to Borrower. In the event of s partial takinS of the Prope~ty. unles~ Borrower and Lender otherwi~s aeree in writing. there shall be } applied ~o the sums sscured by this Mort~age such proportion ot the pmoeedi as is equal to lhat proportion which the amount of the ~nma , p eecured by this Mort~age immediately prior to the daLe of talring bean b the fair market value of the Property immediately prior b the date of ~ takin8. wiW the ~elance of the proceeii~ Paid to Borrowsr. ? If the Propert,y is abandoned by Borrower. or if. aRer notioe by Leader b Borrower that the ooademnor offers to make an aw+ard or settle a ; claim for damages. Borrower faila b respond to Lender withia 30 days aR,er the date such notioe is mailed. L~der is authorized to coAect and ~ apply the pmoeed~. at I.ende~s optioa. either b resbretion or repair of We prop~ty or to the suau secured by thi~ Mortgage. ` Ualess Lender and Bocrower othe:wi~e agree in writinB, anY such application of proceeds io principai shall not ~tend or postpone the due F iate of the moath~y instaUments referred to in paragrapha 1 and 2 hereof or chaage the amount of such inaLallmenls. ~ 10. Borrower Not Aelea~ed. Extension of the time for paymant or modification of amortization of the euma secured by thia Morigage ' granted by I.eude~ to any succeseor in interest of Bor~ower shall not operate !o release. in any manner. the liability of the original Borrower and Borrower's suoc~son in interest Lender shall not be required to oommenoe proceedings againat auch euocessor or refuse to eztend time ~ for payment or otherwiae modify amortization of the eums aecvred by this Mortgage by reaeon of any demand made by the original Borrower ~ and Borrower s sucoessore in interesR 11. Forbearanoe by Leader Not a Walver. Any forbearanoe by I.eader in ezercisin8 any ri8ht or rPmedy hennndes. or otherwise afforded by applicable law. shall not be a waiver of or preclude the ezerciee of any euch right or remedy.'I~e procunment of insurance or the , payment of ta~ces or other~ liens or char8es by Lead~ shall not be a waive~ of Leader's right b aocelerate the metnrity of the indebt~edness ~ eecured by thia Mortgage. ~ _ s 12 Remedies Cumulative. AU t+emedies provided in chie Mor~age are diecincc and cumulaave co any o~her r;ghc or remedy under this y Mortgage or afforded by law or eqnity. and may be ezercieed oonc~teently. independently or suoceasively. ° 13. 3uooessors and Assigns Bound; Joint and 3everal Liabillty; Captions. The oovenante and agreemente herein oontained shall ~ bind, and the rights hereunder ahaU inun to. the respective auoceeeors aad assigns of Lender and Borrower, subject to the proviaiona of ; paragraph 17 hereof. All oovenants and agreemeats of BorroweT shall be joiat and eeveral.'ILe captione and headings of the paregrapha of i this Mortgage an for covenienoe only and an not to be used to inte:pret or define the proviaions hereof. • 14. Nottce. E:cept for eny notice required under applicable law W be given in aaothe~ manner, (a) any tiotice ~o $orrower pmvided for in this Mortgage ahall be given by mailing anch notice by certified mail addreaaed to Borrower at the Property Ad~lr~ or at such other addreea aa Borrower may designate by notioe to Lender as provided herein. and (b) any notice to Lender shall be given by certi5ed mail, return reoeipt = requeated, to I.ender's addreea atated herein or to euch other addresa as Lender may deaigaate by notice to Borrower ae pmvided herein. Any notice pmvided for in thia Mortgege ahall be deemed to have been given to Borrower or Lender when given in i6e manner designated herein. 15. Uniform Mortgage; Governing Law; Severability.l'6is form of mortgage oombines uniform oovenants for national use and aon- uniform oovenante with limited variatione by jurisdiction to oonstitute a uaiform secwity inatrument oovering real property. Thie Mortgage ahall be governed by the law of the jnrisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, such conilict ahall not aff'ect other proviaione of this Mortgage or the Note which can be given effect without the conilicting provision. and to this end the pmvieione of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ehe11 be farniahed a rnnformed oopy of the Note and of thia Mortgage at the time of ezecution or after , recordation hereof. ' 17. 't5ranefer of the Property; Assumption. If all or any part of the P~operty or an inter~t therein is aold or traneferred by Borrower 4 without Lender s~ior written coneenk encluding (a) the crestion of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchaee awney security in~t for household appliancea, (c) a tranefer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or leee not oontaining an option to purchase, I.eader may, at Lendei s option, declare all !he suros secured by thie Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if. prior to the eale or lranefer. L.endu and the person to whom the Property is to be eold or traneferred reach agreement in writing that the credit of euch peraon is satiafactory to Lender and that the intereet payable on the aums secured by this Mortgage ahall be at euch rate aa Lender ehall requeat. If Lender hae waived the option to accelerate provided in this paragraph 17, and if Borrower e aucceasor in interest has ezecuted a written assuraption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under thia Mortgage and the : ; Note. I If Lender e:ercises euch option to accelerate, LendeT shall mail Borrower notice of soceleration in accordance with paragraph 14 hereof. _ ~ Such notice ahall provide a period of not le8s than 30 days firom the date the notice is Q,ailed within which Borrower may pay the aums declared due. If Borrower faita to pay auch sums prior to the e:piration of auch period, Lender may, without furthet notice or demand on E3orrowet, i , invote any remediea permitted by paragraoh 18 hereof. - 18. Aoceleration; Remedies. Ezcept ae prnvided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, iacluding t6e uovenante to pay when due aay enme secured by thie Mortgage, Lender prior to ecceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure auch breach; (3) a date, not leee than 30 daya irom t6e date t6e notice ia mailed to Borrower, by which ench breach must be cured; and (4) that failure.to cure such breach on or before the date apecified in the notice may res~lt in s acceleration of t6e sume.ecured by this Mortgage, forecloeure by judicial proc~eding and sale of the Property. The notice shall ~ furt6er inform Borrower o[ the right to reinetate after ~cceleration and the right to assert ia the foreclosure proceeding the - non-ezistence of a default or sny other defenae of Borrower to soceleration and foreclosure. If the breach ia not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of tbe sums secured by thia Mortgage to be immediately due and payable wit6out furtherdemand and may forecloee thie Mortgage by judicial proceeding. l.ender shall be entitled to collect in such proceeding a!1 e:penaes of foreclosure, including, but not limited to, reasonable attorney'e fees, end coste of documentary evidence, abatraMe and title reporte. 19. Borrower's Right to Reinetate. Notwithstanding Lender s acceleration of the euma secured by thia Mortgage, Borrower ehall have the right to have any prooeedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entty of a judgment enforcing thia Mortgage if: (a) Boriower paya Lender all suma which would be then due nnder thie Mortgage. the Note and notea eecuring Future Advancea. if any, had no soceleration occurred; (b) Borrower cures all breachea of any other covenante or agreements of Borrower contained in _s this Mortgage; (c) Borrower paye all reaeonable expenaea incurred by Lender in enforcing the oovenants and agreementa of Borrower contained in thia Mortgage and in enforcing Lender a remediee as provided in paragraph 18 hereof, including, but not limited to, reaaonable K attorney's fees; and (d) Borrower takea such action aa Lender may reaaonably require to aeeure that the lien of thia Mortgage, Lender's interest ~ in the Prop~ty and Borrower's obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon euch payment and cnre - ~ by Borrower, thie Mortgage and the obligations eecared hereby eha1) remain in full force and effect es if no aoceleration had occurred. ~ 20. Aaeignment of Rents; Appointment of Receiver. Ae additional eecurity hereunder. Borrower hereby asaigns to Lender the rente ~ of the Property, provided that Borrower ahaU, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ; to colled and retain euch rents ae they become due and payable. , Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a aourt to enter~upon, teke poseeseion of and manage the Property and to collect the renta of the Property, including those peat due. All renta " oollected by the n~ceiver ahall be applied Sret to payment of the ooeta of management of the Property and oollection of rents, inclnding, but not • ~ limited to, receiver a fees, premiume on receiver'a bonda and reaeonable attorney e feea, and then to the aume eecured by thia Mortgage. The , ~ receiver ahall be liable to aooount only for thoee renta actually received. ~~~K 3U7 -~19 ~ , ~ _ _ a~~ _ _ . ~ _