Loading...
HomeMy WebLinkAbout1478~ . ` • ~ ~ ~ • ' } ~ #~rj ~ . .~ 8. In~eotion. Leader ma~r m~ke or cawe b be made ra-waab~ entrie~ upon aad irupectioaa oithe propu~y~ pe~ovidd that Iwud~ ~hall ~iw Bo~ro~ver notics prio~ b aqy ~nch i~upedioa p~ecilyins reasoasble cau~e the:efoc rdated to I~ende~'~ iat~erat in tM Pr~apwrRp. 9. Condemn~don.'1l~e procaed~ of aqy eward os claim for dama~e~. direct oe ooiueque~tial. ia ooana.~tion with any ooad~maatioa ae otAe~ takin~ of the Prope~kY. or part thereof. or for ooawyaaos in lieu of o~adeinnatio0. are hereby wi~aed sad ~h~q b~ paid ~o Iwndu. In the eveat of a totsl t~kins oi the ProPert3-. the proceed~ shall be sppliad to We s~w ~ecured by thia Mo~t~a~e. with Ws ezoe~s. if aaW. paid to Borrower. In the eveat oi a ps~tial taking of the Props~qr~ ualea Borrower eiad Leader otherwi~s R~res in writins~ tMr~ ~6a11 be applied b the wms ~ecured by thi~ Mort~a~e ench proportion ~ the prooeed~ aa is equal to thst proportioa ~rhich the amonat d ZLe snm~ ~e~~red by this Mwtgsge immedi~tel,y parios b the date of tairing bean to the fair market vdue of We Proparty immediatebr ptio:to tbs d~te d tal~in~~ ~-ith tbe balanos of tl~e Pmoeed~ paid to Borrower. Ii the Properqr i~ abaudoaad by Borro~ru, or if. aRes notioe by Leader to Borrower that the oo~ndemn~ ogais to meke ~n award o:~at~ a claim for damase~. Borrower faib to respoad to I.ender wiWin 30 day~ aR~ the date ~uch notioe i+~ mailed. I.endee u authorised ~ ooll~et aad appur ths pcooeeds. at Lende~'~ option~ e~ther b restoratioa or repair oi the property or to the ~am~ ~ecnred by thi~ Mact`~. Ualea Iwnder and Hore~ower otherwi~e aSree in ~rriting, any such application oipmoeed~ to principal shall not eztaid oc postpou~ tb~ da~ dats of the monW~y inatallmenb referred to in pare6rePhs 1 and 2 henof or chan~e the amonnt of wch installmenta. 10. Borrower Not Relea~ed. E:teaeion of the time for paymsat or modification of aaartisatioa of the sums ~ecnred by tLi~ 11b~a~s gtanted by I.ende: b any succeaaor in interest of Borrower ahall not operate to nlease. in any manner. the liabili4yr of the oii~iad Borrower and Borrower'~ suocesaors in iate~st Leader ehall not be required to oommenoe proceedings ag s~ or re~use to e~end time for payment or otherwiae modify amortization of the suma eecured by thia Moctgage by naron of~ a madi by tbe oei~inal Borrowar aad Borrower'a eacceseore in interes~ 11. Forbearanoe br Lender Not s Wdver. Any forbearanoe by Lender in aercising any :ight or remedy. here~nder. c~ other~vi~b afforded by applicable law, shall aot be a waiver of or preclude the e~ercise of any suc6 right or remedy.'ILe procurement of insnrance or tbe payment of t~es or other lieas or charg~ by I.ender shaU not be a waiver of Lcader's right to eooderate the matoriqr a~ the iadebtedae~s secnred bY thia Mortgage. - 12 Remedies G~mulative. All remedies provided in thie Mortgage are distind and cnmulativs b any oth~ rigbt ae nmedy nnder thi~ Mort£age or aiforded by law or eqnity. and may be ezerciee~i ooacurrently. indepeadeadq or suooeesively. 13. Suooesson and Aseigns Bonnd; Joint aad Several Liability; Captiozu. ~-e oovez~aats and agreeineuts h~in ooatained ~hall bind, and We rights hereunda shall iaure to, the respective sncceason aad assigns of Leade~ and Bore~uwa. ~nbjed b the provisions at paragraph 17 hereof. All covenants aad egreements of Borrow~ shall be joiat and several. The captions and h~ding~ of the peragraplu of thia Martgage an for oovenience oniy and are not to be used to interpret or define the provisiona hereof. 14. Notlce. Except for any notioe required under applicable law b be given in another manner. (~ any notioe b Borro~ver p~+ovided fot in this Mortgsge ehaU be given by mailing wch notice by certified mail addreseed to Borrow+er at the Property Address or at sw:h otber adde~eM a~ Borrowet may deaignate by notice to I.ender es provided herein, and (b) any notice to I.eader shall be give~ by oeztified mai1, ret~m reoeipt reqnested. to Lender's addr~es atated he~ein or to such other addreas as L.ende~ may deeiguate by notiee to Boiroarer aa provided herein. Aay notioe pmvided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender ~rhen given in the manner designated 6erein. 15. Uniform ~Iortgage; Goveraing Law; 3everability. Thia torm of mortgage oombines nniform oovenante for national use and non- unitorm oovenants with limited variatioaa by juriadiction b oonatitute a uniform aecurity instrument oov~ing real proparty.'ILis Moitga~e ahall be governed by the law of the juriadidion in which the 1'roperty is located. In the eveat Wat any proviaion or clause of thia ~Idortgage ar the Not~e conflicts with applicable law. auch rnnflict ahall not agect other provisioas of this Mortgage os the Note wWch can be given e8eet ~ witr.out the oonflicting pmviaion, and b thie end the proviaions of the Mortgage aad the Note are declared to be aevdcable. 1& Borro~ver'e Copy. Boirower ahall be fumiahed a oonfoiuned oopy of the Note and of thia Mortgage at the time of esec,wtion or after reoordation hereof. ~ - ~' 17. '15ranefer of the Property; Aesumption. If al) or any pad of the Property or an interest therein u wW or tranaferred by Bosmwe! `~ wiWoat Lende~'e prior written oonaent, ezcluding (a) the creation of a lien or eacumbranoe suboidinate to thia Mostgage. (b) the creation aE a ~ purchase moaey security intenet for houeehold appliancea, (c) a tranefer by devise. descent or by opaation of law+ npon tl~e death of a jaat . tenant or (d) the grant of any leasehold intereat of three years or leea not containing an option to purchase, Leadec may. at Lendds option, declan all the suma eecurea by this Mortgage to be immediately dne and payable. I.ender shall have waived snch option to aecelerate if, piior b the eale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agnement in writing tbat the creditof snch ,~~ person is satisfacbry to.Lander and tbat the interest payable on the sucns eecured by thie Mortgage ehall be at snch rate aa 1w.nder ehaU request. If Lender haa waived the option to socelerate provided in thia paragraph 17. and if Bormwda suooeaaor in interest bas euecnted a .\~~ written aasumption agreement accepted in writing by Lender, [.ender ahall releaee Sorrower from all obligationa under thia Mortgage and the ~~~ Note. If Lender ezercisea such option to accelerate, Lender ahall mail Borrowrer notice of acael~ation ia aooordanae with paragraph 14 hereoL Snch notice shall provide a period of not lesa than 30 daya from the date the notice ie ir.ailed within which Borrower may pay the aums dedared due. If Borrowet fails to pay auch suma prior to the expiration of such period, Lender may, without furthet notice or demand on $orrower~ wvoke any remediea permitted by paragraoh 18 hereof. 18. Aooeleration; Remediee. E:cept ae provided in paragraph 17 6ereot, upon Borrower's breach of any oovenant or a~reement of Borrower in this Mortgage, includiag the oovenante to pa,y when dne eay sume seeared by thi.l~Iortgage. Leader prtor to aooeleretion ehall mail notice to Borrower as provided in paragraph 14 hereofspecitying: (1) the breach; (2) the ~ction reqaired to cure euch breach; (3) a date, not lees t6an 30 days from the date We aoth~e is mailed to Borrorver, bp whlc6 wcb breach must be cured; and (4) that fsilure to cure euch bresch on or before the date speci6ed in the notioe ms~r rewk in acceleratian of the sums secured by t6is Mortgage, foreclosure by judiciel pcoceeding aad sale of the Property. The notfoe sl~ll tnrther lnform Bortower of t6e right to reinstate atter soceleration and the ri~ht to assert iw the [oreclosnre prooeedin~ the non-eustence of a default or any ot6er defenae of Borwwer to aoceleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at I.eader'.a option may declare all of t6e eume secured by this Mortgage to be immediateiy due and payable without further demand and may toreclose thie Mortge~e by judicial proceeding. I.ender shaU be entitled to oollect in such proceeding all expenses of foreclosure. inciuding, but not limited to, reasonable attorney's fee~, and oosts of documentary evidence, aMtracts and title reporte. 19. Borrower's Right to Reinatate. Notwithatanding Leader'a aoceleration of the sama secured by this Mort~age. Borrovrer shall have We tight to have any prooeedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgmest enforcin~ this Mortgage i~ (a) Borrower pays Lender all euma which would be then due under this Mortgsge, We Note and not~ ~ecoring Phtare Advanoea. if any, had no a«:eleration occurred; {b) Borrower cures all breaches of aay otha oovenanta or agreemc-ts of Borrower oontained ia thia Mortgage; (c) Borrower pays all reasonable ezpeneea incurre~ by Lender in enforcing We oovenant~ aad agreementa oi Borrower oontained in thia Mortgege and in enforcing Lender e remediea as provided ia paragraph 18 hereof, including, but not limited to, rea~o~nsbls attorney'a fees; sad (d) Borrower takea snch action es Lender may reasonably reqnire to eesnre thst We lien of this Moctga~e. Leader'~ iatered irw the Property and Borrower's obligation to pay the auma eecured by thia Mortgage ahaU oontinae unimpeired. Upon sw:h payment aad cure by Borrower, this Mortgage and the obiigations eecvred hereby ehall remain in full foroe and effect as if no aoceleration had oocnre+ed. 20. Aasignment ot Renta; Appointment of Receiver. As additional ~ritY herennder. Borrowar hereby essign~ to I.ender tbe rwts of the Property, pmvided that Borrower ahall, ptior to aoceleration under paragraph 18 hereof or abandonment of the Property. have tbe ri~ht to oolled snd retain snch rente ae they beco~ne due and payabie. Upon acaeleration under paragraph 18 hereo~ or abandonment of the Property. I.ender shall be entitied to have a reoe~ver appointed by s oonrt ~o enter~upon, take posseeaion of and manage the Property and to oollect the rente of tbe Property, inclnding thoee past dae. All renb oollected by the ree:eiver ahall be appiied Sret to payment of the ooete of management of the Property and ooUection of rents, includin~. bnt not Wnited to, reoeiver's fees, premiums on reoeiver's bonds and reasonable attornry's leea, and then to the aums ~ecared by this Mortgsge~ T6e reoeiver ahall be liabk to aoo~unt only for thoee rente actually received. ~ - ~~345 P~~47~ ~ ~ ~:~~~ ~~ ~ _-_.