HomeMy WebLinkAbout1937 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall
give Borroww notice prior to any such inspection specitying r~sonable cause therefor related jo Lender's interest in We Property.
9. Coademaatioa. The proceeds of any award or claim for damages. direct or consequential, in connection with any ooademnation or i
other Caking of the property, or pad thereof. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender.
In the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage, with We escess, if say,
paid to Borrower. In the event of a partial taking of the Properly, unlep Borrower and Lender otherwise agree in writing. there shall bs }
applied to the sums secured by this Mortgage such proportion of the proceeds a. is equal to that proportion which the amount of We sums
secured by this Mortgage immediately prior to We date of taking bean to the fair market value of the Properly immediately prior to the date of
taking, with the balance of the proceeds paid to Borrower.
If the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the condemnor offers to make an award or settle a
claim for damages. Borrower fait b respond to Lender within 30 days aRer the date such notice is mailed, Lender is authorised to collect and
apply the proceeds, at Lender
s option, either to restoration or repair of the property or to the auras secured by this Mortgage.
Unless Lender and Borrower otherwise agree is writing. any snch application of proceeds to principal shall not extend 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 amortisation of the sums 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 auoceason in interest. Lender shall not be required to commence prooeedin~s against such successor or refuse to a:tend 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 Waiver. Any forbearance by bender in exercising any right or remedy hereunder, or otherwise
1 afforded by applicable law, shall not be a waiver of or preclude the exercise of any ouch 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 Lender s right to accelerate the maturity of the indebtednew
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 o: equity, and may be exercised concurrently, independently or successively.
13 3uooeasors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall 4
bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrowrer, subject to the provisions of i
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. 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 ouch notice by certified mail addressed to Borrower at the Property Address or at such other address as
Borrower may designate by notice to Lender ae provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt s
requested. to Lender's 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 is the manner designated herein. '
15: Uaiform )Mortgage; Governing Law; Severability. This foam of mortgage combines uniform covenants 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 louse 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 tbe Note are declared to be severable.
16. Borrower's Copy. Borrower shall be famished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion 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 Lenders prior written consemt, 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 transfer by devise, descent or by operation of law spore the death of a joint
tenant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, Lender 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, Lender and the person to whom the Property is lobe sold or transferred reach agreement in writing that the credit of anch
person is satisfactory to Lender and that the interest payable on the soma 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 Borrowers successor in interest has executed a
written assumption agreement accepted in writing by Lender, Lender shall release Borrower 5rom all obligations under this Mortgage and the ;F
Note. -
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL
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 sums declared
v due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without farther notice or demand on Borrower,
invoke any remedies permitted by paragraph 18 hereof.
18. Acceleration; Remedies. Ezcept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or
i agreement of Borrower in this Mortgage, including the covenants to pay when dne any sums secured by this Mortgage,Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
F 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 moat 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 sums 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 aeoeleration 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 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 ezpenaes of foreclosure, including, but not limited to. reasonable attorney's fees, and
costa of documentary evidence, abstracts and title reports. _
19. Borrower's Right to Reinstate. NotwithstandingLenders acceleration of the soma 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 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 other covenants or agreements of Borrower contained in
this Mortgage; (c) Borrower pays all reasonable expenses 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 18 hereof, including, but not limited to, reasonable
attorney's fees; end (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lenderb interest
in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall rnntinue 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.
20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the yenta
of the Property, provided that Borrower shall, prior to aaleration under paragraph 18 hereof or abandonment of the Property, have the right
s: to collect and retain such rents ee 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 `
rnllected by the receiver ah all be applied fiat to payment of the costa 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.
800K 3U7 ?ACE 193?
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