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HomeMy WebLinkAbout1918 ~ . ..f ( ! .c. y ?ter ~ i~ i 8. Inspection. Lender rosy make or cause to be made reasonable entries upon and inspections of the pt'opwq?, P~ded Wort Lender shall give Borrower notice price to any such inspection spe~riag reasonable caress therefce related to I.sadet's interest is the Propeety. 8. Condemnation. The pcooesds of any award or Claim for damages, direct ce coasegnsntial. in connection with orgy condemnation ce other taking of the propergr, ce part thereof, ce far oonveyanos is ben of condemnation, are hereby asdgned and shall bs paid to Lender In the event of a total taking of the Property. the proceeds shall bs applied to the sums secured by this Mortgage, with the asoess. N nay. paid to Borrowes.~ Ia the event of a partial taking of the Propeety, unless Borrower and Leader otherwise agree in writing. tbee+s shall be applied to the sums sec~rred by thin Mortgage such proportion o[ the proceeds as ie equal to that propartioa which the amoaat a[ the soma secured b9 this Mortgage immediately price to the date of taking bears to the fair market value of the P:operq~ immediately psioz to thedate of taking, with the balance of the proceeds paid to Borrower. If the Property is abaudoned by Bo:rowear, ce ~ alter notice by Lender to Borrower that the oondemnceoffers to make an award or settle a claim for damages. Borrower fails to respond to Leader within 30 days agar the date such notice is maihd. Leader is an•.horised to collect and apply the proceeds. at Lsadee's option, either to restoration ce repair of the peopetrty ce to the sums secured by this Mortgage. Unless Leader sad Borrower otherwise agree in writing, any such application of prooeods to principal shall not extend ce postpone the dne date of the monthly installments referred b in paragraphs 1 and 2 hereof ce drangs the amount of such installments. 10. Borrower Not Released. 8xtendoa of the time for payment ce modification of amortisation ~f the sums secured by this Mortgage granted by Leader to nay anocessor in interest of Borrower shall not operate ~o rejea~e; in troy manner, the liability of the original Bcerower and Borrowe:•a suooeeaors in interest. Lender shall not be required to commence prooeediags against such auooessor or re!'use to extend time for payment or otherwise modi~jr amortisation of the sums secured by this Mostgago by reason of any demand made by the original Borrower and Borrowei s auoceseora in interest. - _ 11. Forbearance by Lewder Not a Waiver. Aay forbearance by Leader in exenaeing any right ce remedy hereandez, ce otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise many such right ce remedy. The procurement of insurance ce the payment of fazes ce other liens ce charges by Lender shall not be a waiver of I.eade~s right to accelerate the maturity of the indebtednep secured by this Mortgage. 12 Remedies t:nmttlaNve2 All remedies provided in thu Mortgage are distinct and camnlative to any other right ce remed3? ands: this Mortgage ce affaeded by law or equity, and rosy be exercised ooacnrteatiy, independently ce snooessively. 13. Saooessors and Assigns Bound; Joint sad Several Liability; Captions. The covenants and agreements herein oontaiaed shall bind, and We rights hereunder shall inure to, the respeeti~Ye suooessore and assigns of leader and Borrower, subject to the providans of paragraph 19 hereoL AU covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for ooveaience only and are not to be used to interpret ce deSae the provisi~s hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided fce is this Mortgage shall be gives by mailing arch noticeby certified mail addressed to Borrower atthe Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Erecter shall be gi~~ by oerti5ed mail, retcen receipt requested, to Lender's address stated herein ce to such other 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 ce Lender whce given is the manse: designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage combines uniform cevenanta for national nee and non- uniform covenants with limited variations by jnrisdidion to oonstitnte a uniform security instrument covering r8al property. This Mortgage shall be governed by the law of the jnrisdidion in which the Property is located. In the event that any provision or dense of this Mortgage ce the Note conflicts with applicable law. such conflict shall riot affect other provisions of this Mortgage or the Note which can be given effect without the oontlicting provision, and to this-end the provisions of the Mortgage sad the Note are declared to be severable. 1& Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of Chia Mortgage at the time of ezecation ce after recordation hereoL - - 17.1'ransfer of the Property; Assumption. ff all or any part of the Property ce as interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (s) the creation of a lien ce enenmbrance 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 joist tenant or (d) the grant of any leasehold interest of three years ce less not oontainiag an option to purchase, I.ende;may, at I.eadera option, declare all the nuns aecurert by this Mortgage to be immediately due and payable. Lender shall have waived anch option to acoeleratei~ pries to the sale or transfer. Lender and the person to whom the Property is to be soW ce transferred reach agreeiment in writing thatthe creditof such person is satisfactory b Lender and that the interest payable on the soma secured by this Mortgage shall be at sad: rate ore Leader shall request. If Lender has waived the option to aooelerate provided is this paragraph 1T, and if Borrowels snocesear in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations Hader this Mortgage and the Note. If Lender ezercisea each option to aooelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereat Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrowce may pay We soma declared due. If Borrower fails to pay such soma prior to the expiration of such period, Leader may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof 18. Acceleration; Remedies. Except as provided is paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Horrnwer in this Mortgage, including the ooveaants to pay when due any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower ore provided in paragraph 14 hereotspedfying: (1) the breach; (Z) the action required to care each breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower. by which sad: breach must be cured; sad (4) that failure to cure such breach on or before the date specified in the not3aa may result in - acceleration ofthe sums eecared by this 11[ortgage, foredosare 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 soy other defense of Borrower to acceleration and faweclostare. If the breach is not cxlred on or before the date specified in the notice, Leader 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 each proceeding all expenses of foreclosure, including, but not United to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the arena eecared by this Mortgage, Harrower shall have the right to have any proeeedinga begun by Lender to enforce this Mortgage disoontinned at any time prior to entry of a judgmcet enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then dos under thin Mortgage, the Note and notes securing I?htnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breachoo of any other covenants ce agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the ooveuauts and agreements of Borrows contained is this Mortgage and in enforcing Leader's remedies as provided is paragraph 18 hereof, including. bat not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably r+egnire to assure that theliea of this Mortgage. Lender's interest in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon each payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no aaxleration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security_ hereunder, Borrows hereby assigns to Lender the rents of the Property. provided that Borrower shall, prior to aooelwation ender paragraph 18hereof ce abandonment of the Property, have the right _ to Dolled and retain anch yenta ss they become doe and payable. - Upon aecekration Hader paragraph 18 hereof ce abandonment of the Property, Lender shall be entitled to have a receives appointed by a ooart to eaterapon, talcs poeaession of and manage the Property and to collect the rents of the Propwty, including those past due. All rents collected by We receiver shall be applied Brat to payment of the costa of management of the Property and collection of rents, inducting, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attomey'e face, and then to the apron aecared by this Mortgages The receiver shall be liable to account only for those rents actually received. ~~K3~.7 p,~i915