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HomeMy WebLinkAbout1971 • • ~ ) 8. Inspection. Lender rosy make or cause to be made reasonable entries upon and inspections of the property, provided that Lender sbaU give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Leader's interest in the Property. 9. Condemaatioa. The proosedi of any award or claim for damages, direct or ooauequeatial, in connection wiW aqy condemnation or other tsidng of the propasty, or pert thereof, or for ooaveyanoe in lieu of condemnation, are hereby assigned and ahaU be paid to Lander. In the event of a total taking of the Property, the proceeds shall be applied to the sums secared by this Mortgages with the ezoea, ff any. paid to Borrower. In We event of a partial taking of the Property, unless Borrower and Leader otherwise agree is writing. there shall be applied to the sums secured by this Mortgage such peoportion of the proceeds as is egaal to that proportice w#tich We amount of the sums secured by this Mortgage immediawy prior to the date of taking bean to the fair market value of We Property imcnediate~y priorto the date of taking, with the balance of the proceeds Paid to Borrower. If the Property is abandoned by Borrower, o; ~ after notice by Lender to Borrower that the condemnor offers to make as award or settle a claim for damage. Borrower fails to respond to Leader within 30 days after the date sucl? notice is mailed, header is authorised to collect and aPPLY the proceeds. at Lender's option, either to restoration or repair of the propergr or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall rwt extend or postpone the doe date of the monthly irutallanents referred to in paragraphs 1 and 2 hereof or the e~unt of such installments. 10. Borrower Not Released. Eztenaion of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any saecessor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's auocessora in interest. Lender shalt not be required to commence proceedings against such saoeeesor or refuse to extend time for payment or otherwise modify amortisation of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succeason in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereander, 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 fazes 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 Cmm~lative. AU remedies provided in this Mortgage are distinct and cumulative to any other right or remedy render this Mortgage or afforded by law or equity. and may be exerciae~i ooncnrrently. independently or suooeesively. 13. Snocessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective saccesson and assigns of Lender and Borrower, subject to the 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 fce covenience only and are not to be need to interpret or define the provisions hereof. 14. Notice. Escept 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 each notice by certified mail addntised to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehaU be given by certified mail, return receipt requested, to Lender's address stated herein or to arch other address as Lender may designate by notice to Borrower as purovided herein. Any notice provided for in this Mortgage ahaU be deemed to have been given to Borrower or Lender when given in the 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 wvering 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 this Mortgage or theNote 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 a:ecvtion or after recordation hereof. 17. Tyransfer 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) the creation of a lien or encambrance 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 upon 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 bender's option, declare all the same secured by this Mortgage to be immediate~y? due and payable. Lender shall have waived sack 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 the creditof each person is aatisfactory• to Lender and that the interest payable on the sums secured by this Mortgage shall be at each 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 ezecated a ~ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and the Note_ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in acxordance with paragraph 14 hereoL ` Such notice shall provide a period of not less than 30 days from the date the notice is nailed within which Borrower may pay the same dedared due. If Borrower fails to pay such soma prior to 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. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the oovenante to pay when due any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epedfying: (I) 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 each 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 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 non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not careid on or before the date specified in the notice, Leader at Leader's option may declare aU of the rams 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 e:penaes 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. NotwithstandingLender's acceleration of the soma secured by this Mortgage, Borrows 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 render this Mortgage, the Note and notes securing Pbtnre 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 e:pensea incurred by Leader in enforcing the oovenante 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; and (d) Borrower takes such action se Lender may reasonably require to aware that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to 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 fall force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. AB additional security hereunder, Borrower hereby assigns to Leader the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property,have the right to tolled and retain such seats as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to eater.apon, take possession of and manage the Property and to collect the rents of the Property, including those past doe. AU rents collected by the receiver shall be applied first to payment of the scare of managementof the Property and collection of rents, including, but sot limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's tees, and then b the same secured by this Mortgage. The receiver shall be liable to account only far those rents actually received. 3~.5 PACE x.968 BOOK'