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HomeMy WebLinkAbout1908 • ~ ~ ~ ~ 8. Iaspsotion. Leader may make or caws to be made reasonable entries t4poti induupedions of the prope:b?, provided that Lender shall ~Ye gersovres ps+nr tc? Any wch ioapsdion apecib?ing rwuwnable quss_thers[or related to Lender interest is the Propsrtyy. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in oonaedion with any oondemnatioa or other taking of the property, o: part Wereof. or for coaveyanos in lien of condemnation. are hereby assigned and shall bs paid to Leader. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess. if any. paid to Borrower. Ia the event of a partial taking of the propecq?, unless Borrower and Lender otherwise agree in writing. Were sball be applied to We sums secured by Wis Mortgage such proportion of the proceeds as is equal to Wat proportion which We amount of We sums secured by Win Mortgage immediately prior to the date of taking bears to the tsir market value of We Property immediately prior to the date of taming. wild We balance of the proceeds paid to Borrower. If We Property is abandoned by Borrower, or i>y after notice by Lender to Borrower Wet the condemnor offers to make an award or setae a claim for damages, Borrower fails to respond to Lender within 30 days alter the date such notice is mailed, Leader is authorireti to collect and apply We proceeds, at Lender's option, eiWer to restoration or repair of We property or to the sums secured by this Mortgage. Unless Leader and Borrower oWerwise agree in writing,any such application of proceeds to principal shall not extend or postpone We due date of the monWly installments referred to in paragraphs 1 and 2 hereof or change the amount of arch installments. 10. Borrower Not Released. Extension of the time for paym~at or modification of amortization of the sums secured by Win Mortgage - granted by Lender to any successor in interest of Borrower shall not operate to release. in any meaner. the liability of the original Borrower and Borrower's succesaore in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or oWerwiae modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a successore in interest. 11. Forbearance by Lender Not a Waiver. Aqy forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude We exercise of any such right or remedy.'11ie 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 Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any older right or remedy ender this Mortgage or afforded by law or equity. and may be ezercise~i concurrently, independc.,tly or successively. 13 Successors 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 ancceseore 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 for oovenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage shall be given by mailing arch notice by certi5ed mail addressed to Borrower at the Property Address or at such older address as 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 a address stated herein or to such 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 the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants wild 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 rnnflicts with applicable law, such conflict shall not affect other provisions of Win 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. 1& Borrower's Copy. Borrower shall be furnished a rnnformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. ff all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (s) 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 operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less 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. Lender shall have waived arch option to accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is to be sold or transferred reach agn~ement in writing that the creditof 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 Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. - If Lender exercises such 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 wailed 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 Borrower, ~ invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies. Except as 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 same secured by this Mortgage, Lender 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 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 date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by 3udicial pig 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•ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the same secured by this Mortgage to be immediately due and payable without farther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and ,costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I.endersacceleration ofthe aumssecured by WisMortgage, 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 judgmwt enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage. the Note and notes Securing Phture Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea incurred by Lender in enforcing the covenants 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 each action ae Lender may reasonably require to assure that the lien of this Mortgage. Lenders interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue nnimpaired_ Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had axarred. Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender therents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to Dolled and retain such rents as Wey 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 eonrt to enter.upon, take poesesaion of and manage the Property and to collect the rents of the Property, including blase past due. All rents collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, bat 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~~X316 ~a~~~.~$ a~~K`~15 ~acE~3~ Re-Record