HomeMy WebLinkAbout1288 •
" r.
#t. Iaapaetlon. Leudw may mane or cause to bemade reasonable entr~s upon and inspsctioas of the peopeefJ?, peovided that Leader shall
give Borrower notice prior b any sad iaspedion speailyine reasortabM canes thenfoe related to Iwnder's interest is the Properiq.
9. Caodeaeaatloa. The pcoaseds of any award or claim for damages, dirwg a oonsegnsr?tial, is conaectioa with any ooademaatioa a
other taking of the property, or part thea~eaf, err far ooavsyanoe in lien of condemnation. errs herby assigned and shall bs paid to Leader.
In the event of a total taking of the ~pmq+, the proceeds shall b applied b the sums secarsd by thin Mortgage, with the ezaa„ if aqy,
paid b 8orrowet. In the event of a partial taking of the Property. unless Borrower and I.eadee otherwise agree is wilting, there shall be '
applied b the sums secured by this Moctgaga such proportion oEthe pr~ooeeds as is eQaal b that proportion which the amount of the soma
secured by this Mortgage immediately peiot b the date ai taltiug bears b the fair market valve of the Property immediately prior b the date of
taking. with tbs balances at the proceeds paid b Borrowu.
Tt the Propeety is abandoned by Borrower. err if, after notice by Lender b Boroewer that the oondeaaaor offer b make an award or settle a
claim for damages, Borrower fails b respond b I.endar within 30 days after the date such notice is mailed, Lender is authorised b ooUectand
aPP~Y ~ Pr'~eeds. at Landda option, either to restontkon err repair of the property or b the sums secured by this Maetgage. -
Udess Leader and Borrower otherwise agree in writing, any such appKcation of prooesdsb prindpal shall not extend err postponelhe des
date of the monthly instaitn?ents referred b is paragraphs 1 and 2 hereof or change tlm amount of sucl! installments,
10. Borrower Not Relessed. Ezter?aion of the time for psymant or modification of amortisation of We soma secured by this Mortgage
granted by I.errder b any saoeeseor is interest of Borrower shall not operate b release. in any manner. the liability of the original Bo:tiower
and Borrower's anooeaore in ingest. Linder shall not be required b commence proceedings against such suotessor or refuse b extend time
for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrows
and Borrower's successors is interest.
11. Forbearaaoe by Lender Not a'Waiver. Aqy forbearance by Lender in exalt any right or remedy heraander, or otherwise
afforded by applicable law, shall not be a waiver of or preclude the exercise of any each right or remedy. The procureoeent of insmrance or the
payment of taxes or other liens or charges by Lander shall not be a waiver of I.eader'p right b accelerate the maturity of the indebtednea
secured by this Mortgage.
1Z Remedies Camnlative. All remedies provided in this Mortgage are distinct sad cvunulative b any other right err remedy under this
Mortgage or a~@'orded by law or equity, and may be ezerciasd ooncurnatiy. independently or snoccssively.
13. Suooeesors and Assigns Boned; Joint and Several Liability; Captbns. The covenants and agreements herein contained shall
bind, and the rights hereunder shall inure to, the respective eoocessors and assigns of Leader and Borrower, subject to the provisions of
paragraph 1? hereoL All wveaants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of
this Mortgage are for covenience oalq and are not b be used b interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any noticelo Borrower provided for in
this Mortgageshall begivm bymaikingsuch aotioeby certified mail addressed to BorrowersttheProperty Addreeaorat such otheraddress as
Borrower may designate by notice to Lender as provided herein, and (b) any notice b Lender shall be given by certified mail. return receipt
requested, b I.ender'a address stated herein or b arch 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 b Borrower or Linder when given in the manner designatedherein.
15. Uniform Mortgage; Governing Law;l3everability. This form of mortgage combines uniform wvenaats for national use and non-
uniform covenants with limited variations by jnrisdidion b constitute a uniform security instrument covering real property. This Mortgage
shall be governed by the law of the jnrisdidion in which the Property is located. In the event that any provision or clause of this Mortgage or
the Note cwatUcte with spplicabk taw. each eontlid shall not affect older proviaiona of this Mortgage or We Note which can be given effect
without the oonfliding provision, and b this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of We Note and of this Mortgage at the time of a:station or after
recordation hereof.
1?. Transfer of the Property; Aeaumption. If elk or any pant of the Property or an interest therein is sold or transferred by Borrower
without Lender's prior written consent, excluding (a) the Creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a
purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint
.a...,_ ~e ,,.,..1~..{„,r,r ;,,~a„e.t th,r~o voArw em leas not eontaininft an cation to purchase, Leader may, at Lender's option.
~cuau,~ vi wv p:w
declare all the sums securer by this Mortgage to be immediately due and payable. Lender shall leave waived each option to accelerate if,prior
to the sale ottransfer, Lender and the person b whom the Property is to be sold or transferred reach agreement in writing that the creditof such
person is satisfactory to I.esder and that the interest payable on the same secured by this Mortgage shall be at each rate as Lender shall
request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezetnted s
written assumption agreement accepted in writing by Lender, Linder shall release Borrower 5rom all obligations under this Mortgage and the
Note. "
If Lender ezerciaea snd? option to accelerate. Lender shall mail Borrower notice of acceleration in atoordance with paragraph 14 hereoL
Such notice shall provide a period of not less than 30 days from the date the notice is nailed within which Borrower may pay the soma declared
due. If Borrower fail to pay such soma prior to the a:piration of such period, Lender may, without further notice or demand on lbrrower,
invoke any remedies permitted by paragramh 18 hereoL "
18. Acceleration; Remedies. Ezeept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the eovenawte to pay when due any rams secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided is paragraph 14 hereof spedtying± (1) the hr
each; (2j the action
required to cure wch breach; (3) a date, not less than 30 days 6
om the date the notice is mailed to Borrower, by whkh such
breach mast be cured: and (4) that failure to cure arch breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage, foreclosure by judicial Proceeding sad sale of the Property. The notice shall
further inform Borrower of the right to reinstate aAes acceleration and the right to aisaert in the foreclosure proceeding the
non-eziateaoe of a default air awry other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or
before the date specified in the notice, Lender st Lender's option mar declare all of the same se~crrred by this gorigage to be
immediately due sad payable without further demand and may foreclose thin Mortgage by judicial proceeding. Lender shall be
entitled to collect in each proceeding all expenses of foreclosure, iacladiag, bat not limited to, reasonable attorney'8 fees, and
costs of documentary evidence, abetracta and title reports.
l9. Borrower's Right to Reinstate. Notwithstanding Lende~a accxleration of the sums secured by this Mortgage, Borrower shall 1?ave
the right to have any proceedings began by bender to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing
this Mortgage if: (a) Borrower pays Lender all sums which world be thin due under flues Mortgage, the Note and notes aecaring Ifitare
Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agreements of Borrower contained is
this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereo>y including, but red limited b. reasonable
attorney's fees: and (d) Borrower takes each adion as Leader may reasonably require b assure that the lien of this Mortgage, I,ende:'s interest
in the Property and Borrower's obligation !o pay the some secured l?Y this Mortgage shall continue nn.impaired. Upon such payment and care
by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration load oocarred.
Zll. Assignment of Rents; Appointment of Receiver. As additional aearrity henrmder, Borrower hereby assigns b Lender the rents
of We Property, provided that Borrower shall, prior b acceleration ender paragraph 18 hereofor abandonment of the Property, have theright
to Dolled and retain such rents as they become due and payable.
Upon sooekration nudes paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a receiver appointed by a
court b mg~rpon, take possession of and manage the Property and b collect the rents of the Property, including those past due. All rents
collected by the receiver shall be applied first b payment of the costs of management of the Property and colledioa of rests, inclsding, bntnot
limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and thin b the sums secured by this Mortgage. The
receiver shall be liable b account only for those rents aduauy received.
8(1Uxe~GS PaGE~~