HomeMy WebLinkAbout0963 FORECLOSURE BY JUDICIAL 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 FORECLOSURE PROCEEDING THE NON-EXISTENCE OF A DEFAULT
OR ANY OTHER DEFENSE OF BORROWER TO ACCELERATION AND
FORECLOSURE. IF THE BREACH IS ~NOT CURED ON OR BEFORE THE
DATE SPECIFIED IN THE NOTICE, LENDER AT LENDER'S OPTION
MAY DECLARE ALL OF THE SUMS SECURED BY THIS MORTGAGE TO
BE IMMEDIATELY DUE AND PAYABLE WITHOUT FURTHER DEMAND AND
MAY FORECLOSE THIS MORTGAGE BY JUDICIAL PROCEEDING. LENDER
S~iALL BE ENTITLED TO COLLECT IN SUCH PROCEEOING ALL EXPENSES
OF FORECLOSURE, INCLUDING, BUT NOT LIMITED TO, REASONABLE
ATTORNEY'S FEES. AND COSTS OF DOCUMENTI~RY EVIDENCE, ABSTRACTS
AND TITLE REPORTS.
16. BORROWER'S RIGHT TO REINSTATE. Notwithstanding
Lender's.acceleration of the sums secured by this Mortqage,
Borrower shall have the right to have any proceedings begun
by Lender to enforce this Mortgage discontinued at any
time prior to entry of a judgment enforcing this Mortgage
if: (a) Borrower pays Lender all sums which would be then ~
due under this Mortgage and Note had no acceleration
occurred; (b) Borrower cures all breaches of any other
covenants or agreements of Borrower contained in this
Mortgage; (c) Borrower pays all reasonable e~penses 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 15 hereof, including,
but not li~ited to, reasonable attorney's fees; and (d)
~Borrower takes such action as Lender may reasonably require
to assure that the lien of this Mortgage, Lender's interest
in the Property and Borrower's obligation to pay the sums
secured by this Mortgage shall continue unimpaired. Upon
such payment and cure by Borrower, this Mortgage and the
obligations secured hereby shall remain in full force and
effect as if no acceleration had occurred.
17. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER.
' As additional security hereunder, Borrower hereby assigns
to Lender the rents of the Property, provided that Borrower
sha~l, prior to the acceleration under paragraph 15 hereof
or abandonment of the Property, have the right to collect
and retain such rents as they become due and payable.
Upon acceleration _ under paragraph 15 hereof or
abandonment of the Property, L^ca^iuci shall be entitled to
have a receiver appointed by a court to enter upon, take
~ possession of and manage the Property and to collect the
rents of the Property, including those past due. All rents
~ collected by the receiver shall be applied first to payment
~ of the costs of management of the Property and collection
~ of rents, including, but not limited to, receiver's fees,
premiums on receiver's bonds and reasonable attorney's
fees, and then to the sums secured by this Mortgage. The
receiver shall be liable to account only for those rents
actually received.
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18. RELEASE. Upon payment of all sums secured by
this Mortgage, Lender shall release this Mortgage without ~
charge to Borrower. Borrower shall pay a1I costs of ~
recordation, if any.
~ 19. ATTORNEY'S FEES. As used in this Mortgage and
in the Note, "attorney's fees" shall include attorney's
fees, if any, which may be awarded by an appellate court.
20. FUTURE ADVANCES. Upon request by the Borrower,
Lender, at Lender's option; within twenty (20) years from
the date of this Mortgage, may make Future Advances to
Borrower. Such Future Advances, with interest thereon,
shall be secure3 by this Mortgage when evidenced by ~
promissory note(s) stating that said note(s) is secured ~
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