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HomeMy WebLinkAbout1913 . _ _ . 8. Iaspeetion. Crudes rosy make or cause b be made reasonable entries upon and inspections of the property, provided that LeadearshaU give Borrortrer notias prior b say such iwpeMibn specifying reasonable truss therefor related b Leader's interest in the Property. 9. CoAdemaatioa. The proceeds of any award or claim for damages, direct or consequential, in connection wild any coudemnatioa or other taking of the property, or part thereof or for conveyance in lien of oondeanaetion, are hereby assigned and shall bs paid b Lender. In the event of a btal taking of the Property. the pr~oossds shaA be applied b the sums secured by this Mortgage, with the excess, if any, paid b Borrower. In Wa etnstt of a partial taking of the Property, anise Borrower and Lender othenviss agree in writing, there shall be applied b the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured by Chia Mortgage immediately prior b the date of taking bears b We fair market value of the Property immediately prior b thedate of taking, wild the balance of We proceed: paid b Borrower. If the Property is abandoned by Borrower, m ~ after notice by Lender b grower that the condemnor offers to make an award or setae a claim for damages, Borrower fails b respond b Lender within 30 days after the date each notice is mailed, Leader is authorised b collect and apply the proceeds, at Lende:'s option, either b restoration or repair of the property or b the sums secured by this Mortgage. Udess Lender sect Borrowetr otherwise agree in writing. any each application of proceeds b principal shall not extend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such inetalhnents. 10. Borrower Not Released. lzteaaion of the time for payment or modification of amortisation of We sums secured by thin Mortgage granted by Lender b any auocessor in interest of Borrower shall not operate b release, is any manner. the liability of the original Borrower and Borrower's euoceesoss in interest. Lender shall not be required b oommeace p: r~~dings against each successor or refuse b 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 aucceesors in interest. 11. Forbearance by Lender Not a Waiver. My forbcerance by bender is a:ercising any right or remedy hereunder, or otherwise afforded by applicabklaw, ahaU not be a waiver of or preclude the exercise of say such right or comedy. The procurement of insurance or the payment of fazes or other liens ce charges by Lender shall not be a waives of Lender's right b accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Camufative. All remedies provided in thin Mortgage are distinct and cumulative b any other right or remedy under this Mortgage ce afforded by law or equity, and may be ezesciae~l concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreemeafa herein contained shall bind. and the rights hereunder ahsll inure b. the respective anceeasora and assigns of Lender and Borrower, subject b the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions sad headings of the paragraphs of this Mortgage are for covenience only and are not b be used b interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Leader shall be given by certified mail, return receipt requested, b Lender's address stated herein or b such other address sa Lender may designate by notice b Borrower as provided herein. Any ~~tice provided for is this Mortgage shall be deemed b have been given b Borrower or Lender when given in We manner designated herein. 15. Uniform lifortgage; Governing Law; t3everability.'I i?isform ofmortgageoombiaesuniform oovenantafornational nseand non- uniform rnveaants with limited variations by jnriediction b constitute a uniform security inatraaient covering real property. This Mortgage shall be governed by We law of the juriedictioa 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 confliM shall sot affect older provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are der]ared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of e:ecntion or after recordation hereof. 17. Transfer of W e Property; Assumption. If all or any part of the Property or as interest therein is sold or transferred by Borrower without Lender's prior wri~ t, excluding (a) the creation of a lien or encumbrance subordinate b this Mortgage, (b) the creation of a purchase money security m f ' `ous~libl~ appliaitceta; (1e) a•t~er by devise, descent or by operation of law upon the death of a joint tenant of /d) the grant of old 4iit~rest~Ai t~idE years or lees not containing an option to purchase, Leader may, at Lender's option, declare aA the sums secured by the l~iortga~e b be St~iediately dttifand payable. Lender shall have waived such option to accelerate if, prior to the Bale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of sack 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 aocel~ate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall reteaae Borrower from all obligations under this Mortgage and the Note. If Lender ezercisea such option to accelerate. Lender shall mail Borrower notice of aoceletation in aaordance with paragraph 14 hereof: Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma declared due. If Borrower fails b pay such sums prior b the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IB hereof. 18. Acceleration; Remedies Except as provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower is this Mortgage, including the covenants to pay when due any sums severed 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; (S) a date, not leas than 30 days from the date We 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 is the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after eoceleration and the right to assert in the foreclosure proceeding the non-ezistenoe of a default or any other defense of Borrower to acceleration sad foreclosure. If the breach is not tarred on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this )Mortgage to be i mmediately due sad payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all a:penaea of foreclosure, including, but not limited to, reasonable attorney's fees, sad coats of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of thesamssecured bythis Mortgage, Borrower shall have the right b have any proceedings begun by Lender b enforce this Mortgage disoontinaed at any time prior b entry of a judgment enforcing this Mortgage if: (a) Borrower pays Leader all sums which would be then due ender this Mortgage; the Note sad acres securing l7htnre Advances, if any, had no acceleration occurred; (b) Borrower cures all br~eachea of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenaes incurred by Lender in eafortsng the covenants and agreements of Borrower contaiae~ in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lieu of this Mortgage, Lender's interest in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall oontinae unimpaired. Upon each payment and care by Borrower, this Mortgage and the obligations secured hereby ahaU remain in full force and effect as if no acceleration had occurred. Zl) Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the reefs of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the b collect and retain such rents as they become due and payable. Property,havetheright Upon scoeleratioa under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a court b eateratpon, take poesesaion of and manage the Property and b collect the rents of the property, including those past due. All rents collected by the receiver shall be applied first b payment of the costs of management of the Property and collection of rents, including, but sot limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, sad then b the sums secured by this Mortgage. The receiver shall be liable to aeonunt only for those rents actually received. eoo~316 Pa~E191~