Loading...
HomeMy WebLinkAbout1926 ._._._a.__--- t 8. Inspection. Lender rosy make or cause to bs made reasonable entries neon sad inapectioru oithe property. provided that Lender shall give Borrows: notice prior to say such inspection specafyiag reuoaabk caws therefor related to Leader's interest in Ws Rnparty. 9. Condemaatlon. The p~ooseds of orgy award or claim for damages, direct or eonsegwntial, in connection with say oaadeonreation or other taking os the Propertb?, or part thereof. or fore conveyance in lien of coademaatioa, are hereby assigned sad shall b paid to Laadar. In the event of a told taking of the Property. the prooeed~ shall be applied to the sums secured by this Moetgsss, with the ee[oess, fragy, paid to Borrower. In the avast of a partial taking of the Propergr, nnlea Borrower and Lender otherwise ogres in writing. there shall be applied to the sums sscrued by this Maelgage such peoportioa at the pr~ocesds as is equal to that proportion which the amount of the sums secured by lhis Mortgage immediately Psi9r to the date of taking bears to the fair market value othee Property immediately prbr to the date of hating. with the balance ~ the proceeds paid to Borrower. If the Property is abandoned by Borrower. err ~ after notice by Landes to Eorrower that We oondemnoroffa~s to make as award oraettk a claim for damages, Borrowac fail to respond to Les>dear within 9l1 days agar the date such notice is mailed, Leader is anthorired to collect sad apply the proceeds, at Lender's option, either to restoration ce repair of the property ore to the sums secured by this Mortgage. Udess I,sndm and Borrower oWerwise sgr+ee is writing, any such application of proceeds to principal shall noteztead or postpone the due date of the monthly installments referred b is paragraplu 1 and Z hereof or cleauge the amount of such installments, 10. Borrower Not Released.l3ztension of the time for payment or modification of amortisation of the sums secured l: y this Mortgage granted by Lander to any suoceesor in interest of Borrower shall rat operate to release, in say manner. the liability of the original Borrower and Borrower's suocassors in interest. Lender shall not be required to oommeaee proceedings against such aaocessor or refuse to extend time . for payment or oWarvvise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the priginal Borrower and Borrower's sna~essors in iaterrest. 11. Forbearance by Lender Not a-Waiver. Aay forbearance by Lender in ezerc>sing ar1,y right or afforded by applicable law. shall not be s waiver of or preclude the exercise a[aa such ' t or rem remedy ham' or otherwLre payment of fazes or other liens ~or charges by Leader shall not be a waiver of Lender's ht to accelerate the~ma~t of iasmanoe m the ri~8 tnrity of the indebtedaeea secured by this Mortgage. - . 12 Remedies Cmm~ladve. All remedies provided in this Mortgage an distinct and cumulative to any other right or remedy ender this Mortgage err afforded by law or epnity, and may be exercisers eoncurreatty, independently or snocessivdy. 13 Seooeasora sad Assigns Gonad; Joint and Several Liability: Captions. The oovenanta and agreemmts herein contained shall bind. and the rights hereunder shall inane to, the respective saocarsors and assigns of LendeR and Borrower. subject to the provisions of paragraph 17 henoL All covenants and agreements of Borrower shall bs joint and several. The captions and headings of the paragraplu of this Mortgage are for ooveaieace ody and an not to be wed to interpret or define the provisions he:eoi 14. Notiee.l3zoept for any notice required ender applicable law to be given in another manner, {s) any notice to Borrower provided for in this Mortgage shall begiven by mailing such noticeby certified mailaddr+essedto BorroweratthePropertyAddrasoratsach oWeraddras as Borrower may designate. by notice b Lender as provided herein. and (b) any notice to Lroder shall be given by certified mail, Tatars raoeipt requested. to L~de~r's address stated herein or to such other address as Leader may designate by notice to Borrower as provided herein. Any notice provided for in Chia Mortgage shall be deemed to have been given to Borrower or Leader when given in the manner designated herein. 15~ UaUorm 11[ortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniformcovenants with limited variations by jnriedidion to constitute a uniform security instrument covering real property.This Mortgage - sha11 begoverned by the law of the jnrisdidion in which the Property is located. In the event that any provision or clause of this Mortgage err the Note conflicts with applicabk law, each conflict shall not affect older provisions of this Mortgage or the Note vrhich can be given effect without We ooaflicting pmvrsion, sad to this end the provisions of the Mortgage and t-he Note are dedared to be severable. 16. Borrower's Copy. Borrower shall be fnraishad a conformed Dopy of the Note aad'of this Mortgage at the time of execution or after - recordation hereof. 17. Traaster of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Bonrowe* without Leader's prior written consent, excluding (a) the creation of a lien err encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliaaca, (c) a transfer by devise, descent or by operation of law neon the death of a joist traant or (d) the grant of say leasehold interest ~ three years or leas not containing as option to par+chase, Lroder may, at Lenders option, dedare all the sums secnr+ed by this Mortgage to be immediately due and payable. Lender shall have waived arch option to aooderate if, prior to the sale or transfer, Leader and Nee person towhomtheProperty is to besold ortransferredreach egreementinwritingthat We creditofanch - pe:eson is batiafactory to Leader and that the interest payable on the attms secured by this Mortgage shall be at such rate es I,roder shall request. If Laaderhas waived the option to accelerate provided is this paragraph I7, and if Borrower's aneoeesor in interest-has executed a ` written asanmptioa agreement accepted in writing by Lender, Landes shall release Borrower from all obligations under this Mortgage and the Note. _ If Lender ezercises such option to accelerate, Leader shall mail Borrower notice of aoaeleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less Wan 30 days from the date the notice is mailed within which Borrower may pay the cams declared due. If Borrower fails to pay such sums prior to the expiration of ouch period. Leader may, wildcat further notice or demand oa Borrower, invoke any remedies permitted by Paragraph 18 hereoL- 18. Acceleration; Remedies. 13zoept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement otBorrower in this Mortgage, including the covenants to pay when doe any same secared by this (![ortgage, Lender . prior to aooeleratioa shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (i) the breach; (2) the adios required to care arrch breach;_(3) a date, sot less than 30 days from the date the notice is mailed to Borrmrrer, by which such breach must be cared; and (4) that faihrre to cure such breach on or before the date specified in the notice may result in acceleration of We sanm secured by this Mortgage, foreclosure by jadicial proceeding sad sale of the Property. The noticeshall farther inform Borrower of the right to reinstate after acceleration arm the right to assert in the foreclosure proceeding the son-ezisteaee of a defeak or say other defense of Borrower to soceleration and foreclosure. If the breach is not cared on or before the date specified is :he notice, Leader at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without l4rther demand sad may foreclose this Mortgage by)adicial proceeding. Lender eltall be entitled to collect in arch proceeding all ezpeases of foreclae~nre.including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of We sums secured by this Mortgage, Borrower shall have the right to have say proceedings begun by Lender to enforce this Mortgage discwatinaed at any time prior to entry of a jndgmeat enforcing this Mortgage i~ (a) Borrower pays Leader all sums which would be Wes due under Win Mortgage, the Note and notes securing Fbtare Advaaoee, if any, had no acceleration occarred; (b) Borrower curs all breaches of any older ooveaanta or agreements of Borrower contained in this Mortgage; (c) Borrows pays all reaeoaable e:pensa incurred by Lender in enforcing the covenants and agreements of Borrower contained is this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof; including, but not limited to, reasonable attomey's fees; and (d) Bormrier takes such action as Leader may reasonably regain to assure that Welien of this Mortgage. I.endez"s interest in the Property and Borrower's obligation to pay the sums secured by this Mortgagor shall continue unimpaired. Upon such payment and cars by Borrows:, this Mortgage and the obligationu secured hereby shall remain in full force and effect as if no aooderatioa had occurred. 20. Assignment of Renter Appointment of Receiver. As additional eavrity hereunder. Borrowez hereby assigns to Leader therents of We Property, provided Wort Harrower shall, prior to aooelaation wider paragraph 18hereof or abandonment of We to Dolled sad retain such Teats as Way became due and payabk. Property.have Weright Upon scoderation under paragraph 18 hereof or abandonment of We Property, Leader shall be entitled to have a receiver appointed by a eonrt to eater.apon, take possession of and manage We Pe~operty and to collect the recta of the Property, including Wose past due. All recta eoBected 1?y the receiver shall be applied first to payment of the costs of managea~entof the Property and collection of rents, including. but not limited to. reoave:'s fees, pnmiams oa receiver's bonds and reasonabk attorney's tea. and Wen to tbe sums secured by this Mortgage. The receive: shall be liable to account only for those Teats actually reoaived. B~?K~,~ l PAGE