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HomeMy WebLinkAbout1922 ~ ~ v _ - - 8. Inspection. Lender may make or cause to bs made nssonable entries upon and inspections of the propeety, provided that Lender shall give Borrower notice prior to any anch inepedion spedfyiag ressonable saose therefor related to Leader's iaterat in the Propsr~y. 8. Condemnation. The proceeds of aqy award or claim for damages, direct or oonssqueatial. in connection with any condemnation err other taking of the property, or part thereof, or foe oonveyanoe in lien of condemnatio0. are hereby awigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage; with the eocceas, stagy, paid to Borrower. to the event of a partial taking of the Propee~, unless Borrower and Lender otherwise agree in writing. there shall be applied to the same eecnred by this Mortgage snch prppartion of the proceeds as is equal to that pr'olmrtion which the amount o[ the some se~vred by this Mortgage immediately prior to the date of taking beers to the fair market valve of the Property immediately priorto thedats of taking. with the balance of the proceeds paid to Borrower. - If thsPropergr is abandonedby Bo:rower, or i~ aRernotiosby L~der to Borrower thattheoundemaorofferstomakean awardorsettka daim for damages, Borrower fails to respond to Lender within 90 dugs after the datQanch notice is mailed, Lender is authorised to collect and apply the proceeds, at Lender's option, either bo restoration or repair of the property or to the same secured by this Mortgage. Udea Landes and Borrower otherwise agree in writing, any arch application of prpoeeds to priadpal shall notezta~d oe patpone thedne date of the monthly installnnents referred to in paregrapha 1 and Z hereof or d~ange the amount of each inatalbncets. 10. Borrower Not Released. won of the time for pe~ymant or modification of amortisation of the same secured by this Mortgage granted by Lender to nay anocessor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's sueoesaors in interest. Lender shall not be required to bommence proceedings against such successor or refuse to extrod time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowds sncceeaors in interest: 11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in exercising nay right or remedy hereands, or otherwise afforded by applicable law, shall dot be a waiver of or pr+eclade the ezerdae of any such right or remedy. The t of inauranos or the payment of fazes or other fleas or charges by Lender shall not be a waiver of Lender's right to aooelsate the maturity of the indebtedness - seeiued by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are disti:4d and cnmplative to any other right ~ remedy node=this Mortgage or afforded by law or equity, and may be ezereiaed concurrently, indapeodeatb? or snooeesively. 13. Saooeesors and Assigns Bound; Joint and $everal Liability; Captions. The covenants and agreements herein contained shall _ bind. and the rights hereunder shall inure to, the respective snooessors and assigns of Lida and Borrower, anbjed to the providons 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 eovenience only and are not to be need to interpret or define the provisions hereoL 14. Notice. E:eept for any notice required ender applicable law to be given in another manner, (a) any notice to Borrower provided form this Mortgage shall be given by mailing each notice by certified mail addressed to Borrower at the Property Addr+esa or at each other address as Borrower may designate by notice to Lender as provided-herein, and (b) any notice to Lends shall be given by oe~fified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender metiy 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 manna designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jnrisdidion to ooaatitnte a uniform security instrument covering real propsty. Thin Mortgage shall be governed by the law of the jnrisdidion in which the Property is located. In the event that env provision or douse of this Mortgage or the Note conflicts with applicable law, anch conflict shall not affect other provisior~a of this Mortgage or the Note which can be givm_e_ffect without the conflicting provision, and to this end the 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 this Mortgage at the time of esecntion or after recordation hereof. 17. 'Master of the Property; Assnmptioa. V all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, e:dnding (a) the creation of a lice or cecnmbrance anbordinate to this Mortgage, (b) the creation of a purchase mosey security interest for howehokl appliances, (c) a tranufer 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, Fender may, at Leader's option, declare all the name secured by this Mortgage to be immediately tine and payable. Lender shall have waived anch option to accelerate if, prior to thesale or tranafs, Lends and the person towhom the Property is to be~old ortransferredreach agreement in writing thatthe ~reditofeach I person is satiefadory to Lender and that the interest payable on the name secured by this Mortgage shall be at arch rate ere Fender shat request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrows'e saocesaor in interest has a:ea~ted a written assumption agreement accepted in writing by Lender, Lender shall release Boaower from all obligations under this Mortgage andthe Note If Lender ezercisea each option to accelerate. Lender shall mail Borrower notice of aeoelsation in accordance 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 Borrows may pay the soma dedared due: If Borrows fails to pay anch same prior to the ezpiration of arch period, Lender may, without froths notice or demand on Borrows, invoke any remedies permitted by paragraph 18 hereof: ~ - 18. Acceleration; Remedies. Ezoept as provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreeme~ of Borrower in this Mortgage, including the eovenante to pay when tine aw1? sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epedfying: (1) the breach; (2) the action required to care such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which each ~ breach must be cured; and (4) that failure to cure each breach on or before -the date epedfied in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judidal proceeding sad sale of the Property. The notice shall } I 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 sa:eleration and foreclosure. If the breach is not erred on or before the date specified in the notice, Leader at Lender's option may declare all of the sums scarred 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 torecloeare, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLeader'sacceleration ofthe aumssecured by thiaMortgage, Borrows shall have the right to have any prpeeedings began by Lends to enforce this Mortgage diswntinned at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrows pays Leads all sums which would be then due ands this Mortgage. the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrows cures all breaches of any other covenants or agreements of Borrows contained in this Mortgage; (c) Borrows pays all reasonable expenses incurred by Lender is enforcing the covenants and agreements of Borrows ~ contained in this Mortgage and is enforcing Lends's remedies as provided in paragraph 18 hereof; iadnding, bat not limited to, reasonable ! attorney's fees; and (d) Bon~ows takes each action as Lender may reasonably require to assure that the lien of this Mortgage, Leader's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall oontinne unimpaired. Upon such payment and core by Borrows, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aooelsation hsd occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security herennds, Borrows hereby assigns to Leader the rents ~ of the Property, provided that Borrows shall, prior to aooeleration ands paragraph 18 hereof or abandonment of the Propsty, have the right to coked and retain such rents ae they become due and payable. Upon sooeleration Wads paragraph 18 hseof or abandonment of the Propsiy, Lender shall be entitled to have a rea:ivs appointed by a court to eats upon, take possession of and manage the Property sad to tolled the rents of the Property, indading those past due. All rests collected by the receiver shall be applied first to payment of the costs of mane gemeat of the Property and collection of rents, including, bat not limited to, receivs's fees, premiums on teceivs's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receive shall be liable to acoonnt only for those rents adaally received. goaK 3~.7 PACE 1919 -