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HomeMy WebLinkAbout1941 8. laspeetion. Leader may make or cause to be made reasonable entries upon sad inspections of the property, provided West Leader shall give Borrower notice prior to any such inapedion specifying reasonabb caws Wenfor related to Lender's iptasest in the; Prpp~. 9. Condsmnatioa. The proceeds of any award or claim !or damages, direct or consequential, in connection wIW say condemnation or other taking of the property. or part Wereof, or for ooawyance in lieu of oondemaation. are hereby assigned and shall ba paid to Lender. In the event of a total taking of We Property. the proceeds shall be applied to the sums secured by this Mortgage, with the excess„ if auy, paid to Borrower. In We event of a partial taking of the Propart)r, unlew Borrower and Lender oWerwias agree in writing. there shall be applied to We sums secured by this Moctgsge such proportion of the proceeds as is equal to Wat proportion which We amount of the sums secured by this Mortgage immediately prior to We date of taking bears to the fair market value of We Property immediately prior to We date of taking, wild 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 awasd or settle a clean for damages, Borrower fail to respond to Lender within 30 days after We date such notice is mailed, Lender is authorized to collect and apply We proceeds, at Lender's option. either to restoration or repair of the property or to We sums secured by this Mortgage. Unless Lender and Borrower oWerwiss agree in writing, any such application of proceeds to principal shall not extend or postpone We due date of We monthly installments referred to is paragraphs 1 and 2 hereof or change We amount of such inatalhnenta. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage , granted by Lender to aqy successor in interest of Borrower shall not operate to release. in any manner, We liability of the original Borrower and Borrower s successors in interest. Lender shall not be required to commence proi~eedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. S 11. Forbearance by Leader Not a Waiver. Any forbearance by Lender is exercising any right or remedy henwnder, ar oWerwise afforded by applicable law, shall not be a waiver of or preclude the ezer+ciee of any such right or remedy. The procurement of insurance or We payment of tares or older liens or charges by Lender shall not be a waiver of Lender a 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 concurrently, independently or successively. t 13.3uooeseorsand Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein containedshall - - bind, and We rights hereunder shall inure to, the respective successors and assigns of Lends: and Borrower. subject to We 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 eovenience only and an not to be used to interpret or define We provisions hereof. 19. 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 such notice by certified mail addressed to Borrower at WF Property Address or at such other address as Borrows 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 bender a address stated herein or to arch older 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 We manner designated herein. - 15. Uniform Mortgage; Governing Law; Severability. This form 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 clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of Wis Mortgage or the Note which can be given effect without the conflicting provision, and to this end We provisions of We Mortgage and We Note are declared to be severable. = 16. Borrower's Copy. Borrower shall be furnished a rnnfonned Dopy of the Note and of Wis 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 consent, excluding (a) We creation of a lien or encumbrance subordinate to this Mortgage, (b) We 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 Wree years or less not containing an option to purchase, Lender may. at Lenders option, - declareallthe sumasecured bythis Mortgage to be immediately due and payable. Lender shall have waived such option toaccelerate if,prior - tothe sale or transfer, Lender and the person to whom the Propergr is to be sold or transferred reach agreement in writing Wat the credit of each person is satisfactory to 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 the option to accelerate provided in this paragraph 17, and if Borrower'a successor in interest has e:ecvted a writtce assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises each 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 soma prior to the expiration of such period, Lender may, without further notice or demand on $orrower, invoke any remedies permitted by paragraph 18 hereof. f ~ 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenanta to pay when due any sums secured by thin Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (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 such € breach must be cured; and (4) that failure to cure such breach on or before the dates tied in the notice may result in @~ acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and _ e of the Property. The notice shall ~ further inform Borrower of the right to reinstate after acceleration and the right to in the foreclosure proceeding the non-ez;iatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared 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 udicial proceeding. Lender shall be ~ entitled to collect in such proceeding all e:penaes of foreclosure, including, but imi to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. r 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, We 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 We covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as pro ' in paragraph 18 hereof including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may ab require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowers obligation to pay the soma secured byJ~ Mo age shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby ah~ll rem ' in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver: AB ad tional city hereunder, Borrower hereby assigns to Lender the rents of the Property, provided Wat Borrower shall, prior to acceleration under par aph 18 hereof or abandonment of the Property, have We right to eolled and retain such rents as Wey 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 first to payment of the coats 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. s::: 90GK 307 ?act 1941 - . _ ~ - _