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HomeMy WebLinkAbout1966 - £.z, ' v . 8. Iaspeetion. Leads may make os cause to bs mach nesouabk entries upon sad inspections ofthe property, perov~jded thatLeads shall _ give Borrower soils price to any such inspection specibring reasonable tsars thenfar related to Leader's interest is the Propergr. 9. ~ Condessaation. The proceeds of any award or claim far damages, direct err ooassgnential. is ooanedioa with aqy oondannation or other taking of the property. or part thenaf, or for oa3vsyaaos m lies of condemnation. are hereby arsigned and shall bs paid to Leads. In the avast of a toW taking of the Propstgr, the proceeds shall bs applied to the sums sec+tred by this Mortgage, with the oocoeas, itany. paid to Borrower. In the event of a partial taking of the Propecky, renters Borrows and Lwder otirerwiss agree in writing. there shall bs _ applied to tM soma secured by this Mortgage such propoeeioa of the proceeds err is equal to that pe+oportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market valve of the Property immediatslyy prior to the date of taking, with the balance of the proceeds paid bo Borrower _ If We Property is abandoned by Borrows, s ~ efts notice by Lends to Borrower that the oaademnoroffers to makean award or settle a claim for damages, Borrows fails to respond to Leader within 30 ds4Ys aRer the date such notice is mailed, Lender is antborised to collect end app~? ~ pe'~b at Leader's option, eiths to redoeation s repair of the propsfy err to the evens secured by thin Maetgsge. Unless lands and Borrower otherwLs agreein writing. any sneh application of proceeds to principal shall rwtaztend s postpone thedne date of the monthlir installment referred to in paragraphs 1 and a hseof or change the amount of arch installments. 10. Borrower Not Released. Sztenaion of the time for payment err modifieatioei of amortisation o! the evens second by this Mortgage granted by Lends to any snocessor in interest of Borrows shall rent operate to release. is any manner, the liability of the original Barows and Borrows'e suooessors in interest. Lender shall not be required to commence proceedings against such suooessor or refuse to eztertd time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by theoriginat BaTOws and Borrower's aaooesaan in interest. 11. Forbearance by Leader Not a Waiver. Any forbearanos by Leads in eser+cising any right or remedy herennds, or otherwise afforded by applicable law, shall not be a waive of or preclude the exercise of any such right or remedy. The pROCnrement of insurance err the payment of taxes err oths liras or charges by Leads shall not be a waive of Lender's right to aoeelerat the maturity of We indebtedness secured by this Mortgage. 1Z Remedies Cmm~Ltlve. All remedies provided in this Mortgage are distinct and camnlative to any other right or temeclj? Wads this Mortgage ere afforded by law or equity, and mqy be ezerciseri ooncurreatty, independent>3r or saooessivety. 13. Sriooessors sad Assigns Boaad; Joint and Several Liability; Captlons. The ooveaant sad agreement herein contained shall bind, and the sights henunds shall inure to, the respective snecesson and assigns of Lends and Borrower. subject to the provisions of paragraph 17 hereof All covenant and agreements of Borrower shall be joint and several.'lbe captions and headings of the paragraphs of this Mortgage are for oovenieace only and are not to be used to interpret s define the provisions hereof 14. Notloe. 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 begiven by mailing each notice by ontified mail addressed to Borrower atthe Property Address or at each other address ss Borrows may designate by notice to Lender en provided herein. and (b) any notice to Lends shall be given by certified mail. retnra receipt requested, to ^Leader's address elated herein or to such oths address as Lender may designate by notice to Borrower as provided brain. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Leader when given in the manna designated herein. 15. Uniform kortgage; Governing Law; $everability. This form of mortgage oombiaes uniform covenant for national use and non- uniform covenant with limited variations by jurisdiction to ooaatitute a uniform security instrument covering rest property. This Mortgage shall be governed by the law of We jurisdiction in which the Property is located. In the event that any provision or dense 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 sad the provisions of the Mortgage and the Note are declared to be severable. 1& Borrower's Copy. Borrower shall be fnrniahed a conformed Dopy of We Note and of this Mortgage at the time of execution or after recordation lrereo£ 17. Transfer o! tl~e P'ropert} ,Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrows without Leadet'a poor written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money eecurity~ 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 soy leasehold interest of three years or lase not oontsiniag as option to puntrase, Lender may, at Leader's option, declare all the evens secured by this Mortgage to be immediately due and payable. Leader shall have waived sndr option to aooelerate 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 creditofanch person is satisfactory to bender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Leader shalt request. If Lender has waived the option to aooelerate provided in this paragraph 17, and if Borrower's suoceeaor is interest has executed a wntten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If bender exercises such option to aooelerate, I:enda shall mail Borrower notice of aooeteratioa is accordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 days fi om the date the notice is mailed within which Borrower may pay the anme declared due. If Borrower fails to pay such sums prior to the ezpiration of such period, bender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. , 1& Acceleration; Remedies. 13zoept as provided in paragraph 17 hereof, upon Borrower's breach of aqp covenant or agreement of Borrower in this 11lortgage, including the eovenaats to pay when due soy soma secured by this lortgage, Leader prior to acceleration shall mail notice to Borrower as provided is paragraph 14 hereof spedfying: (1) the breach; (2) the adios required to care each breach; (S) a date, not lean than 30 days from the date the none is 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 sums secured by this Mortgage, foreclosure by judicial proceeding sad 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 non-eslalence of a detanlt or any other defense of Borrower to acceleration and foreclosure. If the breach b not cared on or before the date specified io the notice, Leader at Leader's option may declare all of the sums scarred by thin 1[ortgsige to be immediately due and payable without further demand and may foreclose this Mortgage by jndiciai proceeding. Lender shall be entitled to collect In such proceeding all ezpeases of foreclosure, including, bat not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding bender's acceleration ofthe aamesecured by thiaMortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued atany time priorto entry of a jndgmentenforcing this Mortgage if: (a) Borrower pays Leader all soma which would be then due under this Mortgage, the Note and notes securing Ifitnre Advances, if any, bad no acceleration occurred: (b) Borrower cures all breathes of any other covenants a• agreement of Borrower contained is this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the ooveasnt and agrcement of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, indnding, but not limited to, r+easonabla attorney's fees; sad (d) Borrower takes such action as Lauder may reasonably regain to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the evens secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, thin Mortgage and the obligations secured hereby shall remain in fall force and effect as if ao acceleration had occurred. Zll. Assignment of Rents; Appointment of Receiver. Aa additional security herermder, Borrower hereby aasigw to Leader the renter of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property. have thesight to rolled and retain such ants as they become due and payable. Upon aooeleration ender paragraph 18 hereof or abandonment of the Property, bender shall be entitled to have a reoeivs appointed by a oorut to enter~npon, take possession of and manage the Property and to Dolled the rents of the Ptnperty, indnding those past due. All rata collected by the receiver shall be applied first to payment of the costs of managementof the Property and ooUedion of rest, including, bat not limited to, receiver's fees, premiums on reoeivs's bonds and rwaonable attome~s fen, and then to the swore aecared by thin Mortgage. The reoeivs shall be liable to account only far those recta actually received. 8~~x315 PaCE1~3