HomeMy WebLinkAbout1932 8. Inspection. !.ender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall
give Borrower notice prior to any ouch inspection specifying reasonable cause therefor related to Lender's interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or '
ether taking of the property, or part thereof, ur for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the soma secured by this Mortgage, with the ezcees, if any,
paid to Borrower. In the event of a partial taking of the Property, unless Borrower and !.ender otherwise agree in writing. there shall be
applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums
sarured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately priorto the date of
taking, with the balance of the proceeds paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a
claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice ie mailed, Lender is authorised to collect and
apply the pra~eeds, at Lender a option, either to restoration or repair of the property or to the sums secured by this Mortgage. '
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend or postpone the due
date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma secured by this Mortgage ,
granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower
and Borrower s successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time
for payment or otherwise modify amortization of the soma secured 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 R?aiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise
afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the
payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness
secured by this Mortgage.
1 `L 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 e:erciseri rnnctrrrently, independently or successively.
13 3ucceasors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall
hind, and the rights hereunder shall inure to, the respective aucceseore and assigns of Lender and Borrower, subject to the provisions of
paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of
this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof.
14. Notice. Eacept 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 Borrower at the 1~1[operty Address or at such other address ss
Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt
requested, to Lender a address stated herein or to such 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 Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform oovenanta for national use and non-
uniform covenants with limited variations by jurisdiction to constitute 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 clause of this Mortgage or
the Note conflicts 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 this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a rnnfomted Dopy of the Note and of thin 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 a prior written consent, excluding (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 tra~r by devise, descent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interest of tF~,yoarsertesa not containing an option to purchase, Lender may, at Lendei s option,
declare all the sums secured by this Mortgage to immediately due and payable. Lender shall have waived such option to accelerate if, prior
to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in 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 !.ender shall
request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has eaecuted a
written assum r?-agreem'ent accepted in writing by !.ender, Lender shall release Borrower from all obligations underthia Mortgage andthe
\ote.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
tiuch notice shall provide a period of not leas than 30 day a from the date the notice is mailed within which Borrower may pay the sums declared
due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Borrower,
?nvoke any remedies permitted by paragraph 18 hereof.
18. Acceleration; Remedies. Except ae provided in paragraph 1? hereof, upon Borrower's breach of any ~oovenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifyingr(1) the breach; (2) the action
required to cure such breach; (3) a date. not leas than 30 days from the date the notice ie mailed to Borrower. by which such
breach must 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 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
none:istence 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 soma secured by this Mortgage to be
immediately due and payable without furtherdemand and may foreclosethiaMortgage byjudicial proceeding. Lendershall be
entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees, and
coats of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the soma secured by this Mortgage, Borrower shall have
the right to have any proceedings begun by [.ender 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, the Note and notes securing Future
Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any othercovenanta or agreements of Borrower contained in
this Mortgage; Ic) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney's fees; and Id) 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 occun-ed.
20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents
of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 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 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 j
collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of yenta, 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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