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HomeMy WebLinkAbout1952 8. Inspection. Lender may make ~r cause to be made reasonable entries upon and ins bona of the property, provided that I chap j give Borrower notice prior to any such inspection specifying reasonable cause therefor related b Lender's interest in the Propssgr. ~9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the property. or part thereof. or for conveyance in lieu of condemnation, are hereby assigned end shall bs paid to I.ender. j In the event of a total taking of the Property, Ws proceeds shall bs applied to the sums secured by this Mortgage, wiW the excess, if any, paid to Bosrower. In the event of a partial taking of the Property. ualew Borrower and Lender otherwise agree is writing, there sbaU bs ~ applied to the auaas secured by this Mortgage such proportion of the proceeds a. 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 immedutely prior b the date of taking. with the balancer of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor often to make as award or settle a ~ claim for damages. Borrower fails to respond to Lender within 30 days aRs the date such notice is mailed. Leader is authorized to collect and ~ apply the proceeds. at Lender's option, either to restoration or repair of the property or to the sums by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal sh not extend a postpone the due date of the monthly installments re[erred to in paragraphs 1 and 2 hereof or change the amount of such iruEallmenb. 10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any suooeaaor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's aucoesson in interest. Lender shall not be required to commence proceedings against such successor or refuse to ez<end 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 a successor in interest. ; 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender is 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 lases or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. ~ 12 Remedies Cumalative. 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 ezertased concurrently, independently or suooessively. 13. Suo~essors and Assigw Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall ~ bind, and the righter hereunder shall inure to, the respective succeeaon and assigner of Lender and Borrower, subject to the provisioner 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 are not to be used to interpret or define the provisioner 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 such notice by certified mail addressed to Borrower at the Property Address or at such other address as 3 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'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 in the manna designated herein. ' 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovenanta for national use and non- uniform rnvenanta 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 Chia Mortgage or i 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 conformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. j 17. T~ranefer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower s without Lender a prior written consent. ezcluding (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 opesation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or leas not containing an option to purchase, Lender may, at Lender s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lends 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 thg credit of such 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 Borrower's successor in interest has ezecvted a written assumption agreement accepted in writing by Lender, Lender shall release Borrows from all obligations under this Mortgage and the Vote. } If Lends exercises such option to accelsate, Lends shall mail $orrower notice of aeoelsation in accordance with paragraph 14 hereof: Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay the sums declared ! due. If Borrows fails to pay such sums prior to the expiration of such period, Lends may, without Earths notice or demand on Borrows, € invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except ere 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 due any sums secured by this Mortgage, Leader t 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 lean than 30 days from the date the notice is mailed to Borrower, by which such breach moat be cured; and (4) that failure to cure such breach on or before the date specified is the notice may result in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. T'he notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the i non-ezistence 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 Leader's option may declare all of the sums secured by thin Mortgage to be immediately due and payable without further demand end may foreclose thin Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all eapenaee of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithatandingLender s accelsation ofthe soma secured by thiaMortgage, Borrows shall have the right to have any proceedings begun by Lends to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower payer Lends all suma.which would be then due under thin Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any oths covenants or agreements of Borrows contained in this Mortgage; (c) Borrows pays all reasonable eapenaes incurred by Lender in enforcing the oovenante and agreements of Borrows contained in this Mortgage and in enforcing Lender's remedies ere provided in paragraph 18 hereof, including, but not limited to, reasonable attorney a fees; and (d) Borrows takes such action as Lender may reasonably require to assure that the lien of thin Mortgage, Lends'a 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 Borrows, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Renter; Appointment of Receiver. Ae additional security hereunder, Borrows hereby assigns to Lender the renter . ~ of the Property, provided that Borrows shall, prior to aooelsation 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 ands paragraph 18 hereof or abandonment of the Property, lender shall be entitled to have a receive appointed by a t court to entera~pon, 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 costs of management of the Property and collection of rents, including, bat not limited to, receivs a fees, premiums on receivs's bonds and reasonable. attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aceopnt only for those rents actually received. UR nn BOOR PAGf li,TSZ . , - -.ri _ _ _ _ ~ ;}~~4 - z ~