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HomeMy WebLinkAbout1926 l - \_s, ' ' 1'1 1,.? ~j. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lends shall give Borrower notice prior to any such inspection specityriu6 reasonable cause therefor related to Lender's interest in the Properly. 9. Coademnadon. The proceeds of aqy award or claim for damages, direct os oonsequeatial, in connection with any condemnation or other taking of the property, or part Wsreof. or for convsyaaos in liw of condemnation, are hereby assigned and shall be paid to Lender. Ia the event of a total taking of the Property. the proceeds shall be applied to We snrw secured by this Mortgages wild We excess, ff any, paid to Borrower. In We event of a partial taking of the Property, unless Borrower sad Lender otherwise agree in writing, Were shall be applied to We rams secured by this Mortgage such proportion of We proceeds a. is equal to that proportion which We amowtt of the sums secured by this Mortgage immediately? prior to We date of tatin~ bears to We fair market value of We Property immediately prior to We date of taking, wild We balance of the proceeds paid to Borrower. U We Prope:br is abandoned by Borrower, or it~ afkr notice by Lender to Borrower that We condemnor offers to make an award or settle a claim for damages, Borrower tails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect sad apply We proceeds, at Lender's option. eiWer to restoration or repair of the pmpe:ty or to We soma secured by,this Mortgage. Udees Lender and Borrows: oWorwise agree in writing, any such application of proceeds to principal shall not extend or pwtpone the due date of We monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Rekeased. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage - granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or oWerwise modify amortization of the sums aewred by this Mortgage by reason of any demand made by the original Borrower, and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwise afforded by applicable law, shall not be a waiver of or pr+ec]ude We exercise of any such right or remedy. The proctuernent of insurance or We payment of taxes or other liana or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by Wis Mortgage. 12 Remedies Cumulative. All remedies provided is thin Mortgage are distinct and cumulative to any other right or remedy under this Mortcage or afforded by law or equity, and may be ezercise~i ooncnrreatly, independently or euooeasively. 13. Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shaA bind, and We rights hereunder shall inure to, We respective aueoeeeors and assigns of Lender and Borrower. anbjed to We pmviaions of paragraph 17 hereof. All covenants and agreements of Borrower ehaA be joint and several. The ~;aptions and headings of the paragraphs of this Mortgage are for oovenience only sad 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 for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at each older address as Borrower may designate by notice b 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. 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 Lavr; Severability. This form of mortgage combines uniform oovenanta for national use and non- - unifonn rnvenanta wild limited variations by jurisdiction to oonatitute 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 Wis Mortgage or the Note conflicts with applicable law, such conflict shall not affect older provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end We 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 Wis Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property: Aeaumpdon. Tf all or any part of the Property or an interest Werein is sold or transferred by Borrower wiWout Lender's prior written consent, excluding (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 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 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 arch person is satisfactory to Lender and that the interest payable on We some 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 a aticxesaor 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 ezerciaes such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof: i 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 to pay such soma prior to We expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. I 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 oovenanta to pay when due any some 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 core 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 cared; and (4) that failure to care such breach on or before the date specified in the notice may result in acceleration otthe same 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-existence of a default or any other defense of Borrower to acceleration and forecloanre. 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 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 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 Lenders acceleration of the soma secured by this Mortgage, 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 judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage. the Note and notes securing Fhture Advances, if any. had no acceleration occurred; (b) Borrower cures all breaches of any older eovenanta or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We covenan~ 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 as Lender may reasonably require to assure W at the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and core by Borrower, this Mortgage end We obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided W at Borrower shall, prior to acceleration ender paragraph 18 hereof or abandonment of We Property, have We right to Dolled and retain anch rents as Wey become due and payable. Upon acoleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.upon, take possession of and manage the Property and to collect the rents of the Property, including Wass peat doe. All rents collected by the receiver shell be applied first to payment of the coats 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 foes, and Wen to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents adnally received. ::~°316 PAGE1926 '