HomeMy WebLinkAbout0790• _ b ~ • •~i
+ 1 ) ~ ~. : ~l; r ~ ~
8. In~pection. l.endsr may meke os cau~s to bs mad~ iwonabl~ ~nttiM upoa and insp~ctiou~ of th~ ptop~y, ~ovidd thatLndK ~hall
Qive Bonower notios prior to u~y ~uch inspseeion sped~-Ins rs~wnabls can~s ther~fo~ rdated to L~d~'~ int~nd ia t6s Proqey.
9. Coademnatiop.lUe prooeed~ oi any ~ward os claim for dama~~s. dir~et os oon~eqwatial. in oonn~c~ion wlfh any cond~onadoa o~
othR talda~ ot We proper4Y. os p~rt therQOf. or fo: oanveyano~ in lien of cond~mnation~ ar~ h~nby iudQn~d and ~hall b~ paid to Iwad~.
In tLe w~t of a~otal tatin~ af tLs Property. tM proo»d~ ~hdl b~ applied ~o tM ~um~ Nc~tnd by t2~ Maet~~ wIW tb~ ~~. itaqY.
paid to Borrow~er. In We svent ot ~ parlial tahin~ oi ths Prupee{y. ual~ss BorrowR aad Iw~d~e otb~ewlN a~rN ia weitin~. tbar ~ull b~
applied to the n-~u ~ecured by thi~ Mcet~ap wch propoction oi the y~oo~sds a~ i~ pnd to that p~opoartioa which ~ amonnt o~ ~~um~
~ecused by this M~e immediatel,y p~i~ Lo ths dats os Wdns bMSS ~u th~ fair m~riut valw otth~ Pcoqtty imm~di~t~ly pr~cs b tb~ daa a[
takin~. witb the b~lano~ ot the pioosed~ paid to Borrowu.
If the PropMy i~ abandoned by Ba:rowa. ar i~ aRer aotia by Iwad~e ~o Boeco~nc tbat th~ oondemnae oi[a~ to m~ an award oe ~tb a
claim for dama~e~. Barower fiib to rs~pond to Lad~r withiu 90 d~ri aRK t~ dat~ wch notia b maibd. Iw~dR b antboiis~d to oolMct ~ad
apply ~h~ proosed~~ at Lsnde~s option, eithee to r~doration a~ rep~ir of th~ propabr ar to ~~nm~ Ncnrd by f~hi~ Maets~.
Unla~ L~nd~z aad Bo=e~ower otbe:wiN asrs~in wrltias-anymch ap~lic~Bonc~prco»d~toy~iadpal~h~llnotat~dapostpon~~dw
dat~s of tb~ montl~r iiuWla~t~ rsfeceed to in p~nsrap~u 1 aud 4 herwi or cbann tbe amonnt oi ~neh ieutallaNnh.
10. Bore~ower Not Relea~ed. Ba~tenaon oi the Nme for p~ymant a~ modiEcation a~ amo~tion oi tbs ~nma Ncord by tLi~ ~[ort~~
granLsd by Lead~ to aay ~uoce~wr in interat of Bosro~rsr ~hall not opsraLe to rdaM. in anY m~on~e. th~ Hab3lib- o~ tlu aeisin~l Boerow~z
and Boao.v~'~ sucoeeaor~ ia inte~t Leades shaU not be reqnired to oomm~os pmoeedin~ a~~inst sncb saoaNOr or rd~u~ ~o eact~nd tlm~
for psymeat or otherwi~e modity amortisatioa oithe ~unu ~ecured by thi~ Mortaa~e by rea~on of aay de~and aisde by t!u aei~Inal Boecowt
and Borrower's ~uocason in interest.
11. Forbearance b~- Leader Not a Waiver. Any forbearmce by Lnder in e~addn~ any ri~ht ar r~d~- harund~. ae othawi~
agorded by applicable law. ~hall not bs a wdvee of or preclade the ezerci~s a~any ~nch ~ht or raady.lU~ p:oca:+~ment oHa~nrano~ ae th~
payment oi tsxe~ os other lieu~ or charQe~ by I.snder shall aot b a wdvee of Iw~da'~ rl~ht to aoo~le~at~ ~u matorlqr a~ tlu ind~bt~dn~
secured by thi. Marf~a~e. .
12 Remedies CumnLdve. All remedie~ provided in tbis Maef~a~e ars di~lind and cnmal~tiw to any oth~ titht oe r~dy nadse t~
Mort~a~s ar afforded by law os eqniqr. and m~y bs ea~arci~al ooncurrfnt~j-~ indepndenW- or ~nawsivelp.
13. Suooeswr~ aad As~i~na Honnd: Joint and Bsvenl Li~bilit,n Captiau. The oove~ata aad ~ra~nta h~nia oontaind ~hall
bind~ ead the rights hezeunder shell inars to. the ra~psctiw ~nooe~wr~ and wi~m at IwDd~r and Borrow~r~ wbf ect to the ye+ovld~ d
pssa~rePh 17 hereoL All cov~anta and aQrsemenb of Bo:t~ower rhall bs joint aad ~svenl.lL~ c~ptton~ and he~dinp oit~ paryrap~ d
this Mortga~e ars for coveai~ae only and ars not t~o be n~ed to interpz~eE at ddin~ tlu peovldoa~ hs~eoL
14. Notice. E:oept fo~ any notice reqnired nndes applicaWe law to be Qiven ia anotber manne~, W any notia to Borro~war pcovided for ia
thi~ MortgaQe shall be given by mailinQ snch aotioe by oe~ied mail addre~~sd ta Harower atths Propeety Addra~ or at snc~ dhez addew ~
Barrower may deei~nate by aotice to I~dsr a~ pro~ided hereiu, and (b) ~n,y- ndios to Lsnder ~hall bs aiveu by os~iIIed msi1. r~turn reodpt
requested. ta Lenasr i addre~s ~tated henia o~ to wch other addre~s a~ Leade~ myr de~i~aate by notios to Borrow~c u pe~ovided bereia. Any
notia provided for in Wis MortQe~e ~hall bs deemed to have besn ~iv~s to Borrowe~ or Lemder whsn ~Iv~n ia ~h~ mann~c dedsn~td hendn
15. Uniform ![ort~s~e; Governia~ I.~w; SeverabiUqr.'ILi~ form of most~~e omnbine~ naiform aovaz-ant~ far natio~nal nae and aoa-
uniform oovenents wiW limited vuriatioiu b3- 3mi~didion to aonNitnts a nniform ~scurity ia~trna~snt oova~rin~ rsal ProPec~-•'1'hi~ Mo~t~a~
shaU be govemed by the law of the jari~dietion in w6ich the Propeety i~ locat~ed. In the eveut that aqy p~ovldon or claws of tbi~ Macf~a~ a:
the Note conificts writh applicable law. such oonflict ~hall not eftect other provirion~ oi thi,s Mort~a~e or ths Nots whicch wn be ~va- di~d
without the aonflicting prcvision. and to this end the provirion~ of the Mort~a~e and the Nots ere declared to bs ~everabla.
16. Horrow-er'~ Copy. Borrower ~hsll be inraished a confoemed copy of tbe Nots and oithis Mort~a~ at tbe time of ezecutton or altar
reoordation hereof.
17.1~ran~fer of the Propert~r, Awumpdon. If all or any put of !!~s Prope~y or an inte~e~t thea~a~n is ~old or tran~feend by Borrowee
without Lendez's prior v-ritten ooa~ent~ e~ccludin~ (a) We creation of a~liea ar ancnmbreaos anbordinats to t6i~ Mort~a~. (b) tbs ~reation a~a
purchaae money secnrity inter~t for hon~shoM applisnoe~, (c) a tsander by deviw~ de~oeat or by operation of lsw npon ths desth of a jadnt
tenant or (d) the grant of aay leasehold int~est of three qear~ or le~s not oontainin~ an ~tion tn pwrchus. I.sndar may. at Le~dd~ option.
declan all the sum~ ~ecarea by this Mortgsge to be immediately dns aad payable. Lendes ~hall l~avs waived roch option to aooelerate i~ Prior
to the sale or brander, Lender and the person b whom the Propsrty ir to be ~old or tran~ferred resch a~t~eement in writinQ tbatthe ctedit of snch
person is satisfactory to Lender end that the interest psyable on the ~urn~ ~eaured by thi~ Mottga~e ~hall bs at ~nch rate es I~eo~der ~hall
request. If I.ender has waived the option to aooelaste provided in thi~ para~raph 1?. aad if Bo:rowe~~ a~ecawor in intsra~t has ezecuted a
writtad assumption agreement aocepted in writing by I.endes. L~der shall relea~e Borro~rer hom aU obliQationa ander thi~ Mo:t~a~e ~ndths
Note. •
If Lender euercises ~uch option to aocel~ate, i.enda.hell mail Bormwer noaas oi aooeleration in aooordanos.vish para~raph 14 h~reoL
Such notice shall provide a period of not less than 30 days from the date ths notioe i~ mailed within w}uch Borrower may psy the ~um~ dedarsd
due. If Borrower fails to pay such sums prior to We espiration oi wch period. L~-der may, without l~iRher notiae o~r demand on Borrowar.
invoke anY remedie~ permitted by peragraoh 18 hereoL
18. Aocelerntion; Remedies. Ezcept sa provided in para~raph 17 bereof. upon Borrower'~ breach of aq~r oovenant or
agreement of Borrower in thL Mort~aQe, inclndin~ the oovenanta to pwy w-hen due an~y snm~ ~ecnred by thi~ ltortsa~e, I.ender
prior to ac~leration rhall mail notioe b Borrower a~ provided in par~r~ph id hereof ~gedtyin~: (1) ths brea~ch; (Z) the wction
reqnlred to cure such breacb; (3),a date, not leN t6an SO day~ lfrom the date tbe notice b msUed to Borrow-er. by w+hic6 ~ach
bresch must be cared; and (4) that failnre to cure snch brescb on or before tbe date ~pedtied in the nodos mqr reailt in
aooeleration of the sums aecured by t6b l~ort~e~e. toreclosure by jndicW prooeedins and ssle ottha Propert~. The notios rhall~
t~rther inform Borrower of the ri~ht W rein~tate alter aaslerstioa wad the ri~ltt to wert in the foreclo~urs prooeedins the
non-~istenoe of a default or aay other defense oi Borrower to aocelerstlon and foreclosure. It tbe bre~ch b not cared on or
betore the date speciRed in the notice, Lender at Lender'~ option may decl~re all of tbe sums secured by thLr 1[ortt~e to bs
immedjately due and payable without further demand and aaay torectose thi~ ~[ort~a~e by Judicial prooeedia~. I.eader shaU be
eatitled to oollect in such proceeding all ezpenses of foreclwure. inclndin~, bnt not limited to. reawnable attornep'~ fees, aad
co~ta of documentary evidence, abstracts and title reporta.
19. Borrower's Risht to Reinatate. Notwichsfanding I.ende~t. aaoelersaon of~he.ums.ecnred by tbis Mort~e~e, Borrower ~hall baw
che r;~hc to have any pmceedinse besun br I.enaer to entoroe thi. t4tortgage ai.oontinn«i ac any tiine pr;or to enay ot a ina~me~t ento~+cin~
thi~ Mortgage i~ (e) Borrovver pay~ Lender all sumi which wonld be then dae andsr thi~ Mort~aQ0. the Nots and note~ ~scuria~ Ifitars
Advances. if any. had no acoeleration occurred: (b) Borrow~ cnse~ all breache~ of any other coveaanta or a~ree~menb oi Bonnw~ oontained in
this MortBaSe: (c) Borro~rer pays all nasonabk ezpen~ incvrred 1-Y Lender in ~forcin~ tbe oovenantr ~nd a~ree~aenta ot Ho:rowar
oontained in thi~ Mortgage and in enfarcing Lender's nmedies a~ provided in peragraph 18 heraof, inclndins, bnt not limited to. rwonabb
attorasy's fee~; and (d) Borrower take~ snch action as Leader may reasonably reqnire to annre that the lien o~t6is Mazt~a~e. I.~d1s iat~e~ed
in the Pcoprrty and Barrower's obligation to pay the sum~ secured by thi~ Most~aQe shall oontinue unimpaired. Upon snch paym~nt aad con
by Borrowa. thi~ Mortga~e and the obligations secured hereby shell remain in fuU forae sad effect ai if ~ aooele~ataa had oocasred.
Z0. As~ignment of Renta; Appointmeat of Reoeiver. As additional eecurity henunder, Bormwer hezeby awi~ns to I.eader tbe rent~
of the Property. provided that Borrower ahall. prior to aoceleration under para~raph 18 hereof or abandonmeat of the Ptope:ty. have the ri~ht
to colled and retain ench rents aa they beoome due and payable.
Upon aoceleration under paragraph 18 hereof or abandonmeat of the Prope:ty, I.eader shell be eatitled to have a reoeiver appointed by a
oourt to enter~npon. teke poe~ion of and manage the Propaty and to oollect We reuts ot We Propaty, inclndin~ tbwe ptut dne. All reab
oollected by the reoeiver shall be applied 5r~t to payment of the oost~ oimanageme~-t of t}-e Property and oollection of reats, includias~ bnt not
limited to. reaivds fees. premiums on reoeiver's bonds and reawneble atbrney'~ fea, ~and then to the suma ~ecured by tbi~ Mo:tsap. Tbe
reoaver,hall be uable co acaounc only far cho.e ren~s accaslly reoaved.
~345 P~ 7~g