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HomeMy WebLinkAbout1976 - - tJ 8. Inspection. Lsadec me~y mob or caws to bs made reasonabM eatsies t~ sad iaspedisu of tM peoparfy, provided thia~>~sgd~r shall siw Borrower action prise to any such inspsetion sped>;yins reasonable cause thentae related to Lutdee's interelYt in the Proge~jr. 9. Condemnation. Tie proceeds of any award or Maim for damages. direct a oonsegneatial. is connection with aqy aondeasnation a other talons of the propergr, a part thereat, oe far coawyaaos is lien of oondemnatioa, are hereby assigned and shall bs paid to Lender La the west of a >Iotal talons of the Property, tbs proceeds shall bs applied to the soau securd by this Maetsase, with tM ezoess, if any. paid to Borrower. In the event of a partial talons of the Propeebr, unless Baerowee and I.sadK otbeewiss e~sees in carotins, thero shall bs applied to the soma secured by this A[aetsass such propaetion a[ the peooseds a. is equal to that propoetioa which tM amount d the same eeeured by this Moetsase immediately peioe to the date of taking boars to tbs fair market vales of the Propertjr immediateb? priorto tbs data d talons. with the balaaos of the proceeds paid to Boerowee. Uthe Propec~y i. abandoned by Baerower, ere ~ af~ee notice by Iwadar to Baerowee that the eondemnae offers to make an award or setW a daim for damages, Borrower tails b respond to Lender within 90 days after the date each notices itmailed, Landes is anWorissd to collect and apply the peooseds, at Lsnde~s option, dther to restoration ere repair of the peoperky oe to the sums seared by this Maetsase. Unless Leader and Borrower otherwise asses in writins, say such application atprooseds to parindpal shall rest e~stend ere pasepone the due date of the monthly installwente referred to_in paragraphs 1 and 4 hereof or dunes the amount,of sack insteJlmsnts. 10. Borrower Not Released. I3zteadon of the time for paymaat ere modification of amortisation of the sums secured by this Mortsass granted by Lender to any enoeessor in interest of Borrower shall not operate to release. in any mower, the liability of the orisinal Baerower sect Bozrower's snooessors in interest. Lender shall not be required to aommeaoe peooeedings asainst such snooessoe or refius to sztead time for payment or otherwise modify amortisation of the sums seemed by this Mortgage by reason of any demand made by the arisinal Boerowet and Borrower's snooessors in interost. 11. Forbearanos by Lender Not a Waiver. Aqy forbearance by Lender in ezere3dng any :isht ere 6aeeundae, err otherwies afforded by applicable law, shall not be a waiver of or preclude the ezerciss o[ any such right ce r+emedy. The p9rocurement otinsaranes ee the payment of fazes ere other liens ere charses by Lender shall not bs a waives of Leeds's risbt to accelerate the maturiq? of the indebtedwes secured by this Mortgage 12 Remedies CamuLative. All remedies provided in this Moetgags errs distinct a~ comnlatiw to aqy other right err nmac>,y ender this Mortgage or afforded by law ere equity, and may bs ezercisai ooncurreatly, independently or suooessively. 13. Suooessors and Awigns Bound; Joint and Several Inability;Captions. The ooveoants and agreement. herein contained shall bind, and the rights hereunder shall inure to. the respective snooeaon sad assisns d Lender and Borrower, enbjed to the provisioru of paragraph 17 hereof All covenants and asreemants of Borrower shall be joint and several. The captions and headings of the parasraphs of this Mortgage are for oovenisnca only and are not to bs used to interpret oe define the pea~visioas hereof: 14. Notice. Iyzoept far any notice required ender applicable law to be gives in another manner. (a) any notice to Borrower provided foe 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 Boerowec may designate by notice to Lender as provided herein, and (b) any notice to Lea~?r shall be given by certified mail. setum receipt requested, to Lender's address stated herein err to such other addrees as Leader may designate by notices to Borrower as provided herein. Any notice provided for in this Maetgage shall be deemed to haw beat gives to Borrower or Leader when liven in the manner designated herein. 15. Uniform Mortgage; Governing Les; SeverabWty. This form of mortgage combines uniform covenants far national nee and aon- uniform covenants with limited variations by jarisdidion to constitute a uniform security inetrunneat covering real peope:ty. ThL Mortsase shall be governed by the law of the jnrisdidion in which the Property is located. In the event that any provision or daose of Chia Mortsase se the Note rnnflicta vrith applicable law, each conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this aid the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrows shall be famished a conformed Dopy of the Note and of this Mortgage at the time of esecntion os after recordation hereof 17.15ranster of the Property; Assumption. U all oe any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, e:dnding (a) the creation of a lien oz encumbrance subordinate to this Mortgage, (b) the creation of a purchase money eecurty interest for household appliances, (c) a transfer by devise, descent or by operation of Lew -upon the death of a joint tenant or (d) iaLsr~sstot three yeah or less sot containing an option to purchase, Lander may, at I.s option, declare all We Gams assured by this Mortgage to be immediately due and payable. Leader shall haw waived each option to aooelerate if,prior totheaxleortransfer,benderandthepersontowhomthePr+opertyistobesoldmtransferredreachagreementinwritingthatthecreditofsuds person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to aeoelerate provided in thin paragraph 17, and if Borrower's suoaeesor in interest has e:ecated a written aseurnption Qsreement accepted in writing by Calder, Lender shall release Borrower iron all obligations Hader this Mortgage and the Note. If Leader e:erciaes such option to aooelerate, Leader shall mail Borrower notice of aooeleration in aooordanee with paragraph 14 hereof finch notice shall provide a period of not less than 30 days Esau the date the notice is mailed within whid? Borrows may pay the sums declared due. If Borrower fails to pay such soma prior to the espvation of such period, Lender may, without farther notice err demand on Borrower, invoke any remedies permitted by paragraph 18 hereof 18. Acceleration; Remedies. 1.TZCept as provided in parasraph 17 hereof, neon Borrower's breach of agtr cavenaat or agreement of Borrnwer fn this Mortgage, including the ewrenants to pay when due any same secured by this Mortgage, Lender prior to acceleration shaD mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a date, not less than 30 days from the date the notice i. mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date spedRed in the notice may result in acceleration otthe sums secured by this Mortgage, foreclosure by judicial proceeding and sale otthe Property. The notice shall further inform Borrower of the right to reinstate after aeceleration and the right to Wert in the foreclosure proceeding the non-ezisteace of s default or any other defense of Borrower to acceleration sad foreclosure. It the breach i. not cured on or before the date spedfied 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 toceclose this Mortgage bry judicial proceeding.Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, bat not limited to, reasonable attorney's tees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I.ender'a aooeleration othhe snmasecured bythis Mortgage, Borrower shall have the right to have anY PCBs begun by Lender to enfa~oe this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays bender all sums which world be then dce under thin Matsage, the Nots and notes securing Fbtnn Advances, if any, had no aooeleration occurred: (b) Borrower cures all breaches of any other oovwants err agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and v of Borrower contained in this Mortgage and in enfarcias Leader's remedies as provided in paragraph 18 hereof indndiag, bat not limited to, reasonable atta~ney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Martga~ge, I,ender'a interest in the Property and Borrower's obligation to pay the enms secured by this Mortgage shall oontinne unimpaired. Upon each payment and cure by Borrower. this Mortgage and the obligations secured hereby shall remain in full force and effect en if ao aooeleration had coca:red. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Basower hereby asaisns to Leads the ren4 of the Property, provided that Borrower shall, prior to aooeleration ender paragraph 18 hereof or abandonment of the Property, haw the right - to rolled and retain such rents as they become due and payable. Upon acceleration undo paragraph 18 hereof ere abandonment of the Property. Leader shall bs entitled to haw a receiver appointed by a coast to enter.npon, tales poaeesion of and manage the Property and to collect the rests of the Property, inducting those past doe. AU rents collected by the receiver shall be applied first to payment of the costs of management of the Property and oolkdion of rents, includins, but red Waited to, reoeiver'i fees, premiums on reoeiver'e bonds and reasonable attorney's fees, and then to the sums secured by this Mae~age. The receiver shall be Wible to account only for those seats actually received. 8~OK315 PAGE197'3