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HomeMy WebLinkAbout1633 - + (v) ~ t ~ir . re , . - 3 .,I~? 1~~,.. ; l.~c~~ 8. Inspsatioo. Iwe~darmay mob orcanN toMmader~awnabbenMeenponandinepecliooadtMpropufy.pe~a~videdtbatIwndwrahaU give Borrows: notice pear tD any such inspection eps~ring nasonabie cause therdat n4bd to Lender's interest is the Fraper~. 9. Coodessnatloa. The proceeds d aqy award ar claim for darsages, direct oe oonsquential, in ooonection with aqy condemnation ar other taking d the propee;y, err part thauoi7 ar far ooaveyaaa in lien d condemnation, errs hereby assigned and shall be paid to Lender. In the event d a tool taking d the Peopeet<y, the proceeds shall bs applied to the soma secwred by thin Maztgage, with the evzoess, itar~r, paid to Barrowes In the sveat d a partial taking of the Proper, salrss Borrower and L~ otherwise agree is writing, there shall be - applied to the sums aecared by this Maetgye each propoetion d the peooeeds as i. equal to that pe~opoetion which the amoaat d the saws secured by this Moetgags imrnsdlabur prior to the dab d taking bean to thefair marketvalw dike PropMy immediatebr prior b the dab d takirW, with the balance d the peoossds paid to Barowse. Tithe Peopeeq? le abandoned by Borrower, ar ii; after notice by Erodes to Beerower that the oondemna offers to make an award ar sstW a claim far damages, Harrowerr fails to respond to Lender within 30 days after the date such notice is mailed. Lender L aatlwriaed to collect and app),jr the peoosedt, at I~er's option, either to nstaration ere repe3r d the propery? ar to the soma secured by this Mortgage. UnleaI.snderandBorrowseotherwiasagrssinwriting.anysad?appHcatioadprooeedstoprindpalsbaUnoteo~teadarpwtponethedos dab d the month>sr inatallmeab referred to in paragraphs 1 and $ hereof ar d~ange the amount of sack installment. 10. Borrower Not Released. Bxteoaion d the time for payment ar modification d amortisation of ihs soma secwed by this Mortgage granted by Fender to say snecessor in intered d Boreower shall not operat to release, in any manner, the liabiligr d the original Boetowsr - and Borrower's snooesaors in interest. Lender shall not be required to oonannence preooeedings against such snaceasor os refuse to extend time for payment or otherwise modify amortization of We sums secured by this Mortgage by reeison of any demand made by the original Borrower and Borrowers sucoesson is interest. 11. Fbrbeuranoe by Lender Not a Waiver. Any forbearanos by Lender is eserdsing any right ar remedy hereunder, ar otheewias afforded by applicable law, shall not bs a waiver of or preclude the e~seerias d any such right ar remedy. The p:ocerament of insraanos ar the payment of lases ar other liens ar charges by Lender shall not be a waiver of Lerrds:'s tight to;aeoelerat the maturity d the indebtedness secarsd by this Mortgage. - . 12 Remedies Cumulative. All remedies provided is this Mortgage are distinct and cumulative to any other right ar remedy ender this '.fartgsge err afforded by law ar equity, sad maybe ezercisetl coaswreatly, iadepeadeatly ar suoc~ively. 13. &meessors and Assigns Boaad; Joint and Several I.iab#ligr Caplions. She ooveaanb and agreement herein oontainsct shall bind, and the right hereunder shall inure t0. the respective sncoeeson and assigns d louder sad Borrov?er, subject to the provisions d paragraph 17 hereoL All eov~anb and agreenaenb of Borrower shall be joint and several. The captions and headings dthe paragraphs d this Mortgage are for eoveuience only and are not to be used to interpeet ar define the pe+aviidoos hereof. 14. Notice. S:Dept far any notice required Hader applicable law to be given is another manner, (a) any notice to Borrower provided far in thin Mortgageahallbegiven bymailingsnchaotioebyewtified mailaddressedtoBotr+oweratthePropertyAd~lt+easoratsnchotheraddressas Borrows may designate by notice to Lender as provided herein, and (b) any notice to Lauder shall be given by certified mail, return receipt requested. to Lender's address stated herein ar to such other address as Lender may designate by notice to Borrower as provided herein. Aqy notice provided for in.thia Mortgage shall be deemed to have been given to Borrower ar Lender when given in the manner designated herein. lb~ Uniform Mortgage; Governing Law; Severabillgr. This form of mortgage combines uniform ooveaant farnational nseand noa- uniform covenants with limited variations by jarisdidion to constitute a uniform security inatrnmcet covering real property. This Mortgage shall be governed by.the law of the jurisdiction in which the Property is located. In the event that any provision or dense of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect other pr~ovisiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of We Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borroarer shall be furnished a conformed copy of the Note and of this Mortgage at the time d e:ecation ar after relation hereof. 17.15ransfer of the ~pe1'tY+ Asaamptioa. if all ar any part oftheProperty ar aninterest-therein is sold ar transferred by Harrower without Lender's prior written consent, excluding (a) the cecetion of a lien ar a?cnmbrance subordinate to this Mortgage, (b) the creation of a pnr+chaae money security interart for household appliances, (c) a trander by devise. descent ar by operation of law ~n the death of a joint tenant or (d) the grant of any leasdald interest of three years ar less not containing an option to pwdiase, Lender may. at Lender's option, declare all the soma severed by this Mortgage to be immediately due and payable. Lends shall have waived such option to accelerate i~ priar to the sale ar transfer. Lender and the pereon to whom the Property is to be sold ar transferred reach agreement in writing thatthe creditof such person is satisfactory to L~der and that the interest payable on the aams secured by this Mortgage shall be at ands rate ere Lender shall request. If Lender has waived the option to aeoelerate provided in this paragraph 1?, and if Borrower's auocessor in interest has ezewted a written assumption agreement accepted in writing by Lender, Lender shall release Botrowa from all obligations nndez this Mortgage and the l Note. If Lender ezercisee such option to accelerate. Lender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereof Such notice shall provide s period of not leas than 30 days fiom the date the notice ie mailed within which Borrower may pay the awns declared ~ due. If Borrower fails to p period, Lender may, without fnrthes notice ar demand on Borrower, pay such soma prior b the e: iration of sack ?nvoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Sxospt as provided in paragraph 17 hereof, upon Borrower's breach of a~qy ooveaant or agreement of Borrower in this Mortgage. including the ooveaants to pay when doe any aama severed bl this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereoispedlying: (1) the breach; (2) the action required to cure wch breach; (3) a date, not less than 30 days from the date the notice le mailed to Borrower, by which each breach mast be cared; and (4) that failure to care arch breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by jndicW 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 torecbsare proceeding the non-ezieknce of a default or any other defense of Borrower to acceleration and taeedosnre. It the breach fs not cared on or before the date apeci![ed in the notice, Lender at Lender's option may declare all of the cams seemed by this Mortgage to be immediately due and payable without further demand sad magr foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of loreclasure, including, bat not limited to, reasonable attorney's fees, and costs of documentary evidence, abatra~ets and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's aooeleration of the anms secured by this Mortgage, Barrower shall have the right to have any proceedings begun by Lender to eaforoe this Mortgage discontinued at any time priar to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Ler?der all anms which would be then due Hader this Mortgage, the Note and note securing Ehlers Advances, if any, had ao aeaderation oecnrr+ed; (b) Borrower tyres all breaches of any other oovenaat ar agreement of Borrower contained in this Mortgage; (c) Borrower pays all reasonable e:pensea incurred by Lender is enforcing the ooveaant and agreement of Boaower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof including, but not limited to, reasonable attorney's fees; and (d) Barrowrer tekea such action as Lender may reasonably require to assure that the lien dthis Mortgage,Leader's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall aontinne unimpaired. Upon sash payment and cure by Borrower. this Mortgage and the obligations scarred hereby shall remain is fall force and effect as if no aaxle:atian had axurred. ~ 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Barrowes hereby assigns to Leader the real of the Property, provided that Borrower shall, priar to acceleration under paragraph 18 hereof ar abandonment of the Property, have theright to collect and retain ouch rent ce they become due and payable. Upon sooeleration Hader paragraph 18 hereof ar abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enterapon, take possession d and manage the Properly and to rnlleet the rent of the Property, indndiag those past doe. All rent collected by the receiver aball be applied first to payment d the cosh of managemeatof the Property and collection dr+euts, iaduding, bated limited to, receiver's fees, premiums on receiver's bonds and realwnabk attorney's few, and then to the same secured by this Martgage. The receiver shall be liable to aooouat only tar those rent actually received. BUfiK ~5 PAGE~~~