HomeMy WebLinkAbout1937 8. Iaspeetion. Lender may make or caws to be made r~easotuble entries upon and inspections oithe propstfy,provided that Lender shall
give Borrower notice pr,or to aqy such inspection spaaijnng reasonable caws therefor related to Lender interact in the Property.
" 9. Coademaatioa. The proceeds of any award or claim for damages. direct or consequential, in connection with aqy ooademnation or
oWe: taking of the property. or part thereof, or for conveyance in lien of eoademaation, are hereby assigned and shall bs paid to Lender.
Ice the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the exosa, if nay.
paid to Borrower. In the event of a partial rating of the Proper~jr, eaten Borrower end Lender otherwise agree in writing. there shall be
applied to the sums secured by this Mortgage such proportion of We proceeds as is equal to that proportion which the amount of the sums
secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of
taking. with the balance of the proceeds paid to Borrower.
If the Property b ebandoaed by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make en award or settle a
claim for damages. Borrower fails to respond b Lendet within 30 days after the date such notice is mailed, Leader is antborised to collect and
apply the proceeds. et Lender's option. ether to restoration or repair of We proper4y or to the snms secured by this Mortgage.
Udese Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not a:lead or postpone the dw
date of the monthly installments referred b in parsgraphs 1 and 2 hereof or change the amount of such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage
granted by Lender to any sncceasor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower
and Borrower's sucerosors in interest. Lender shall not be required to commence proceedings against such suooessor or refuse to extend time
for payment or otherwise modify amortization of the Bums seivred by this Mortgage by reason of any demand made by the original Borrower
and Borrower s successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise
afforded by applicable law, ahaU not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the
payment of fazes or other liens or charges by Lender shag not be a waiver of Lender's right to accelerate the maturity of the indebtedness
secured by this Mortgage.
12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this
Mortgage or afforded by law or equity. and may be exercised ooncnrrenlly. independently or snooeeeively.
13 Suooessors and Assigns Bound; Joint and Several Liability; Captions. The ooveaants and agreementor herein contained shall
bind, and the rights hereunder shaA inure to, the respective buccessore and seeigns of Lender sad Borrower. subject to the provisions of
paragraph 17 hereof: All covenantor and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of
this Mortgage are for eovenience only and are not to be used to interpret or define the provisions hereof.
14. NoNee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
this Mortgage shall be given by mailing such notice by certified mail addressed to Bonrovrer at the property Address or at each other address as
Borrower may designate by notice b Lender as provided herein, and (b) any notice to Lender shell be given by certified mail, return receipt
requested. to Lenders address stated herein or to each 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 to Borrower or Leader when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; $everability. This form of mortgage combines uniform covenants for national use and non-
uniform covenants with limited variations by jurisdiction to oonatitute a uniform security instrument 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 claws of this Mortgage or
the Note rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect
without the conflicting provision, and to thin end the provisions of the Mortgage and the Note are declared to be eevereble_
16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after
recordation hereof.
17. Transfer of the Property
,Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower
without Lender's prior written rnnsent, e:cludiag (a) the creation of a lien or encumbrance subordinate to 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
tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, bender may, at Lenders option,
declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior
to the sale or transfer, bender and the person to whom the Property is to be sold or transferred reach agreement is writing that the credit of such
person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such 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 executed s
written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the
Note. "
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof:
Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma declared
due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice er demand on Borrower,
invoke any remedies permitted by paragraph 18 hereof
'j 18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when doe any sums severed by thin Mortgage, Leader
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each
breach mast be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding sad 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-ezistence of a default or any other defense of Borrower to aoceleratioa 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 soma secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be
entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and
coats of documentsry evidence, abstractor and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, 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 soma which would be then due under this Mortgage, the Note and notes securing Phture
Advances, if any, had no acceleration occurred; (b) Borrower cures ail breaches of any other covenants or agreements of Borrower contained is
this Mortgage; (c) Borrower pays all reasonable expenses incurred by Leader in enforcing the covenants and agreements of Borrower
contained iri this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable
attorney's fees; and (d) Borrower takes each action 88 Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest
in We Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care
E; by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents
of the Property, provided Wat Borrower shall, prior to acceleration nndet paragraph 18 hereof or abandonment of the-)'rgperty, have the right
to collect and retain each rents as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender 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 fast to payment of the costs of management of the Property and collection of rents, inclading, bat 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.
g~~~ 302 ~~~E1937
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