Loading...
HomeMy WebLinkAbout2085 • ' - - - ' ~ f ~ ` ` ~ 7 ~ 8. Iaapeettoa.Iwndermay maksorcausstobemadereaaonabkeatriasuponandinspectionsoftMpeopsetY.provtd~dtlYtttwodershal: give Borrower notice prior to nay arch inepedion epecifj?ing reasonable. canes theeefor related to Lender's interest in the Propers,?. 9. Condeannatia~n. The yrocesda of any award or claim for damages, direct or oonaegaeatial, in connection with any eoademnation ae oWee taking of the proper$y, or part theeeof, az for ooaveyanos in lice of aondemnatian, are hereby aeeigasd and shah be paid to Lander. In the event of a total taking of the,Property. theprooeeds shall be applied to the atuoas scarred by this bortgage, with the exoeas. it aqy. paid to Borrower. In the event of a psstisl teiiing of the Propesfjr, anleaa Borrower and Lender otherwise agree in writing. there shall be - applied to the sums secured by this Mortgage each proportiaat of the proceeds as is equal to that proportion which the amount of the snau secured by this Mortgage immediately prior to the date of taking bears to the fair market vali~s of tbs Property immediately prior to the date of - taking, with We balance of the proceeds paid to Borrower. ~ . If the Property is abandoned by Borrower. ar i~ after notice by Lender to Harrower that the condemnor offers to make as sward or settle a claim for damages. Borrower fails to respond to Lander within 90 days aRee the date such notice is mailed, Lender is aatborised to collect and appbr the proceeds, at Leader's option. either to reedoratioa or repair of the propertyy or to the same secured by thin Motrtgage. Udess Lender and Borrower oWecwise agreein writing, aRY such application of proceeds to principal shall not s:t~end ar posq~one thedns date of the monthly installments referred oo in paragraphs 1 and Z hereof or change the amount of each installments. 1Q Borrower Not Released. Is'ztetisioa of the time for payment oar modification ofamortisatiou of the sums secured by rifts Mortgage granted by Landes to any sacceesor i a interest of Barrewtr shall not operate to release, is any manner. We liability of the original Borrower end Borrower's sncoessors in inter+es Lat?des ehali not be required to commence proceedings against such suooessor or tduse to catered time _ for pstiyment or otherwise modify amortisation of tl?e sums secured by this Mortgage by reason of any demand made by the original Borrower -and Borrower's successors in interest. 11. Forbearance by Leader Not a Wadver. Agjr forbearaaoe by Lender in ezerriattg any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any each right or remedy. The proenretuent of iusuranoe or the payment of taxes ce other hens ar charges by Fender shall not be a waives of Lender's right to eeooelerate the maturity of the indebtedness secured by this Mart,age. - ~ ~ - 12 Remedie. Gtitmalative. All remedies provided in this Mortgage are distind sad cumulative to any other right or remedy ender this Mortgage ar afforded by law or equity. and may be e:erciseit eoncarrently, independently or anooassively. 13. Suooe~asoers and Aaaigoa Boned; Joint and Several Liability; Captions. The covenants and agreements herein contsiteed shall bind, and We sights herenndar shall inure to, the respective anooessors and assigns of Lander and Borrower, subject to the provisions of . paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are far eovenience only and are not to be used to interpret or define the provisions hereoL - 14.Notice. &xoept for any notice required render applicable law to be given in another manner, (a) any notice to Barrows provided for in thin Mortgage shall be given by mailing such notice by carti5ed mail addressed to Borrower at the Property Address or at such other address ce Borrower may Lesignate by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt regaeeted, to Lender's addreea stated herein or to each other address as Lender may designate by notice to Borrower as provided herein. Any . notice provided for in this Mortgage shall be deemed to have been given to Borrower oz Lender when given in the manna: designated herein. 15. Uniform Mortgage; Governing Law; Severability. This foim of mortgageooribines uniform ooveaaats for national nee and non- uniform rnvenants with limited variations by jnriedidion to ooastitate a uniform eecprity inatrumcet covering real property- lbra Mortgage shall be governed by the law of the juriadidion is which the Property is lxated. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect oth_v provisions of this Mortgage or tbe Note which can be given effect without the conflicting provision. and to thin end the provisions of the Mortgage and the Note are declared to be severable. lli. Borrower's Copy. Borrower s_ hall t+e tarnished a conformed copy of the Note and of this Mortgage at the time of a:ecntion or after recordation hereoL 17. Transfer of the Property; Aewmption. If ell ar any part of the Property or an interest therein is sold ae: transfereed by Bcerower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thin Mortgage. (b) the creation of a purchase money eecarity interest fo* household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three y-ears or less not containing an option to purchase, Lendw may. at Lcede~s option, - declare all the same secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to sooelerate ~ prior _ to the sale ar iranafer, Leader erect the person to whom the Property is to be sold or transferred reach agreemeatin writing thatthe credit of such person is satisfactory to Lender and that the interest payable on the same secured by this Mortgage shall be at anch rate ae Lender shall requ°at. If Lender has waived the option to accelerate provided in thin paragraph 17, and if Borrower's anmeeaor in interest has executed a written aasnmption agreement accepted in writing by Lender. Lrnder shall release Borrower from all obligations under this Mortgage and the Nate. If Lender e:ercisea wch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoi: Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the anma declared due. If Borrower fails to pay arch soma prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, invoke any reined yes permitted by paragraph 18 hereof - - 18. Acceleration; Remedies. Bzcept ae provided in paragraph 17 hereof, upon Borrower's breach of nay covenant or agreement of Borrower in this Mortgage, including the ooveenante to pay when due any same severed by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care each breach; (3) a date, not less than 30 days from the date the notice is riailed to Borrower, by which such breach must-be cured; sad (4) Wet failure to once such breach on or before the date specified in the notice may result in - aoceleratit>n ofthesam~ eecnreti by this Mortgage, foreclosure by judicial proceeding and sale of WeP'roperty. The notice shall further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding We _ non•ezistence of a default or any older defense of Bor_ aver to acceleration and foreclosure. If the breach is not cured on or before We date specified in We notice, Lender at Lender's option may declare all of We sums secured by this Mortgage to be immediately due and payable wiWuut farther demand and may foreclose this Mortgase by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence,~bstracte and title reports. - 19. Borrower's Right to Reinstate. NotwiWatanding Lender's acceleration of the anma secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diarnatinned at any time prior to entry of a judgment enforcing this Mortgage it: (a) Borrower pays Leader ell anma which would be then due Hader this Mortgage, the Note and notes securing l~rirrre Advances, if any, lied no aa~eleration occurred; (b) Borrower cares all breaches of any other covenants or agreemmrts of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Leader in enforcing the eoveuaab and agreemeata of Borrower contained in this Mortgage end in enforcing Lender's remedies as provided in paragraph 18 hereof including. bet not limited to, reasonable attorneys fees: and (d) Borrower takes sere action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest is the Property end Borrower's obligation to pay the sums secured by this Mortgage shall ooatinae unimpaired. Upon sudr payment and care by Borrower. this Mortgage and the obligations eecared hereby ahali remain in fell force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hee+amder, Borrower hereby assigns to Leader the recta _ of the Property, provided that Borrower shall, prior to acceleration render paragraph 18hereof or abandonment o.°the Property, havethe right to Dolled and retain each recta as they become due and payable. Upon aofleieration render paragraph 18 hereof or abandonment cf the Property, Lender shall be entitled to have a r+eoeiver appointed by a oonrt to enter.npon, take possession of and manage the Pr~rty and to rolled the rents of the Property, including those past due. All rents collected by the receiver shall be applied f rat to paymcet of the costa otmanagementof the Property and collodion of crate,including, bet not limited to, reoavds fees, preminme on receiver`s bonds and reasonable attorney's fees, and then to We sums secured by this Mortgage. The receiver shall be liable to aocoant only tar those rents sdoallY received. BOO tl~~ PA~l~lJO~