Loading...
HomeMy WebLinkAbout1933 8. Inspe~on. Lender may make or cause b be made reasonable entries upon and inspections of the property. Provided Wat Lender shall give Borrower notice prior to any such irupection specifying reasoasble cause therefor related b Leader's interest is the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or coasequeatial, in connection with any oondemaation or ; other taking of We property. or Pad thereof. oc for eoaveyance in lien of eondemaatioa. are hereby assigned and shall be paid b Lender. 1 In the event of a btal taking of the Properly. the prooseds shall be applied b the soma secured by this Mortgag0. with We ezeea, if any. , paid b Borrower. In the event of a partial taking of the plroperly, unless Borrower sad Leader otherwise agree in writing, there shall be applied b the suau secured by this Mortgage such proporlion of the proceeds as is equal to that proportion which the amount of the sums secured by thin Mortgage immediately Prior b We date of taking bean b the fair market value of the Properly immedtately Prior b the date of taking, with the balance of We proceeds Paid b Borrower. If the Propergr L abandoned by Borrower. or if, after notice by Lender b Borrower Wet the condemnor offers b make an award or settle a claim for damages. Borrower fails b respond b Lender within 30 days after the date such notice is mailed. Leader is authorized to collect and apply the Proceeds, at Lender's option. eiWer b restoration or repair of the property or b We sums secured by Win Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds b principal shall not eztend or pwtpone the due date of We monthly installments referred b in paragraplu 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Extension of the time for paymaat or modification of amortization of the sums secured by this Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release. in any manner, We liability of the original Borrower and Borrower s successors in interest. Lender shall not be required b commence proceedings against such successor or refuse b eztend time for payment or oWerwise modify amortization of the sums secured by Win 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 e:ertasing any right or remedy hereunder, ~ oWerwise 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 We payment of fazes or older liens or charges by Lender shall not be a waiver of Lenders right b accelerate We maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity. and may be ezercised concurrently, independently or sueoessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall ; bind, and We rights hereunder shall inure b. the respective auooesson and assigns of Lender and Borrower, subject b We provisions of 4 paragraph 17 hereof. AU covenants and agreements of Borrower shall be joint and several. The captions and headings of We paragraphs of _ this Mortgage are for covenience only and are not b be used b interpret or define We provisions hereof. 14. Notice. Except for any notice required under applicable law b be given in another manna. (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrows aL We Property Address or at each other address as ~ Borrower may designate by notice b Lender as provided herein. and (b) any notice b Lender shall be given by certified mail, return receipt requested, b Lender's address stated herein or b such older address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in Wis Mortgage shall be deemed b have been given b Borrower or Lender when given in We manner designated herein. Q 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform rnvenanta with limited variations by jurisdiction b constitute a uniform eecnrity instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which We 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 older provisions of Wis Mortgage or We Note which can be given effect 1 without We contl'icting provision, and b this end We provisions of the Mortgage and We Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of ezewtion or after recordation hereof. I7. Transfer of the Property; Assumption fall or any part of the Property or an interest Wereia is sold or transferred by Borrower , without bender a prior written consent. e:clu ' a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a purchase money security interest for household pplianoes, (c) a transfer by devise. descent or by operation of law upon the deaW of a joint tenant or (d) the grant of any leasehold interest of three years or leas not containing an option b purchase, Lender may, at Lenders option. declare all We sumo secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of ouch ~ person is satisfactory b Lender and Wat the interest payable on We sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived We option b accelerate provided in Win paragraph 17, and if Borrower a successor in interest has ezecuted a ~ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Nob- h 14 hereof: ! If Lender ezercises such option b accelerate, Lender shall mail Borrower notice of acceleration in accordance wild paragrap 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 j due. If Borrower fails b pay such soma prior b the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Except as 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 dne any sums secured by this Mortgage, Lender prior to aeoeleration shall mail notice.to Borrower ae provided in paragraph 14 hereof epedfying: (1) the breach; (2) the action i required to care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such i breach must be cared; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale o[ We Property. The notice shall 's 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 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 shall 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. NotwithstandingLsnder's acceleration of the soma secured by this Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be Wen due under this Mortgage, We Note and notes securing )mature Advances, if any, 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 expenses incurred by Lender in enforcing We 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 b, reasonable attorney's fees; and (d) Borrower takes each action as Lender may reasonably require b assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care 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. As additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property. have the right b tolled and retain snch rents as they bernme due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a ~ court b enterupoa, take possession of and manage We Property and b rnllect the rents of the Property, including those past due. All rents collected by the receiver shall be applied fiat b payment of the costa of management of the Property and collection of rents, including, but not 4 limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and Wen b the soma secured by Wis Mortgage. The receiver shall be liable to account only for those rents actually received. Eac~ ~U7 ~ac~1933 s;~=-- <;