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HomeMy WebLinkAbout1922 r t ' ` ~,.t ,e~ ~ • ; 8. Iwpeetlon. Landes rosy make or cause to be made reasonable entries upon and inspections of the propargr, provided that Leader shall give Borrower notice prior to aqy such irupedion sped~?ins reasonable cause Werefor related to Leader's interest in the Property. 9. Condemranation.Tha proceeds of any award os claiara for damases, direct or consequential. in connection with any condemnation or other: takias of the ProPwtY, or P~ thereof, or fart oonveyancs in lieu of condemnation, are hereby assigned and shall bs paid to Lander. In the event of a total talons of the Property. the p -hall bs applied b We sums secured by this Mortgage. with the ezeas, if any, paid to Borrower. In the event of a partial taking of the Property. udess Borrower and Lender oWerwise agree in writins, there shall bs applied b the sums secured by this Mortgage such proportion of We proceeds as is equal to Wet proportion which the amount of the sums secured by this Mortsase immediately Dior to the dale of taking bears to the fair market value of the Property immediately prior to the date of taking. with We balance ~ the proceeds Paid to Borrower. If the Property i. abandoned by Borrower. or ~ after notice by Lendce to Borrower that We condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lwrder is anWorized to collect and apply We peooeeds, at Lender's option, eiWer to restoration or repair of We property or to the sums secured by this Mortgage. Udess L~der and Borrower oWecwise agree in writing,any such application of prpceeda to principal shall not eztead or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments. 10. Borrower Not Released. Eztensioa of the time for paym~t or modification of amortisation of We sums secured by WisMortgage - granted by Lender to any sncoeasor in interest of Borrower shall sot operate to release. in any manner. We liability of the original Borrower and Borrower a sueoeesors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend t;•n. for payment or oWerwiae modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's aua~easora in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lends! in ezeroising any right or remedy hereunder, or oWerwise lfforded by applicable law. shall sot be a waive: of or preclude the exercise of any such right or remedy. The procurement of insurance or the ~ayment of fazes err older liens err charges by Lender shall not be a waiver of Lender's right to aeceleratc We 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 under this Mortcsge or afforded by law or equity, and may be exercised ooncnrrently. independently os auooeasively. 13. Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and We rights hereunder shall inure to, We respective successors and assigns of Lender and Borrower, subject to We provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for eovenience only and are not to be used to interpret or define We provisions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in aaoWer manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at arch other address ere 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's address stated herein or to such older address as Lender may designate by notice to Borrower as provided herein. Aay notice provided for in this Mortgage shall be deemed to have been given to Borrower of Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform oovep~ta for national use and non- uniform covenants with 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 We Property is located. In We event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect older provisions of Win Mortgage or We Note which can be given effect without We conflicting provision, and to this end We provisions of the Mortgage and We Note are declared to be severable. lt% Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and. of this Mortgage at We time of execution or after recordation hereof. • 17. Transfer of the Property; Assumption. U all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezcluding (a) We creation of a lien or encumbrance subordinate to this Mortgage. (b) We creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon We death of a joint tenant or (d) We 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 such 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 credit of such person is satisfactory b Lender and Wat We interest payable on We 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 Borrower's successor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. ! If Lender ezercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: E Such notice shall provide a period of not less W an 30 days from the date the notice is :nailed wiWin which Borrower may pay the sums declared due. If Borrower fails to pay such sums 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: E:oept 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 sums secured by this Mortgage, Lender prior to aooeleration 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 teas than 30 days 6 om the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice may result is 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 acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a defaak or any other defense of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare ell of the sums 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 ezpenaea 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 same secured by this Mortgage, fsorrower shall have the right to have any proceedings begun by Lender b enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage ifi (a) Borrower pays Lender all sums which world be Wen due under this Mortgage. We Note and notes securing 1?pture Advances, if any. had no acceleration occurred; (b) Borrower cures all breaches of any older covenants or agreements of Borrower oontainedw Wis Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We covenants and agrleementa 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 as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay We arms secured by this Mortgage shall continue unimpaired. Upon arch payment and care by Borrower, this Mortgage and We obligations secured hereby shall remain in Bill force and effect as if no acceleration had occurred. 20. Assignment of Beats; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender therents of the Property, provided that Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have We right to tolled and retain arch rents ae Wey become due and payable. Upon aooeleration under paragraph 18 hereof or abandonment of the Properly, Lender shall be entitled to have a receiver appointed by a scurf to enterarpon, take possession of and manage the Property and to collect We rents of the Property. including Wose past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver s bonds and reasonable attorney's fees, and Wen to the soma secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. E~~K316 PA~E1922