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HomeMy WebLinkAbout1930 8. Inspection. Lender mqy make or caws to be made reasonable entries upon and inspections of the property. provided thstLender shall give Borrower notice prior to any such irupedion specil~ring reasonable caws therefor related to Lbeder's interact in the Prupergr. 9. Condemnation. The proceeds of any award or C1sim for damages, director consequential, in connection with aWr oondemnatioa or other taking of the property. or part thereof, os for carveyanoe in lieu of condemnation, are hereby assigned and shall be paid to Leader. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the ezoess, if any, paid to $orrower. In the event of s partial taking of the Pr'opertl?. unkess Borrower and Lender otherwise agree in writiatt. there shall bs , applied to the sums secured by this Mortgage such proportion o[ the proceeds as is equal to Wet propoartion-which the amount of the stuns secured by this Mortgage immediately prior to the date oaf taking bears to the fair market value of the Property immediately prior to the date of taking. wiW We balance of the proceeds paid to Borrower. • Tf the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fail to respond to Lender within 30 days after the date such notice is mailed, Leader is authorized to oolledand - applp the proceeds. at Lender's option, either to restoration or repair of the property_or to the sums secured by this Mortgage. Unless Leader and Borrower otherwise agreeia writing,any such application of proceeds to principal shall not extend or postpone the due date of the monthly inetallmeats referred b in paragraphs 1 and 2 hereof or change the amount of such installments. lU. Borrower Not Released. I~ctension of the time for payment or modification of amortisation of the sums secured by this Mortgage _ _ granted by Leader to any snceessor is interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's sueoeeaors in interest. Lender shall not be required to commence proceedings against each auoceseor or refuse to extend 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 Borrower's successors in interest. - 11: Forbearance by Lender Not a Waiver. Any forbearance by Leader in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of aqy each sig~?t or remedy. The procurement of ineuranoe or the payment of fazes or other liens or charges by Lender shall not be a waives of Larder's ugh! to accelerate the maturity of the indebtedness secured by this Mortgage. • 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy. Hader this Mortgage or afforded by law or equity. and may be ezercise~l ooncnrr+artly, independently or snoceesively. 13. Suooessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective anceeesore and assigns of Leader and Borrower. subject to the provisions of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs ~ this Mortgage are for oovenience only and are not to be used to interpret or define the provisions hereof. - 14. Notice. Lzcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for is this Mortgage shall be given by mailing arch notice by 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 Lender shall be given by certified mail, return receipt regneated, to Lender's address stated hereinor to such other address as Leader may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have bear given to Borrower or Lender when given in the manner deeigaated herein. 15. Uniform 11lortgage;Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jarisdidion to constitute a uniform security inatrnment covering real property.This Mortgage shaA be governed by We law of the jurisdiction is which the Property is located. In the event that say provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect _ without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. - lli. Borrower's Copy. Borrower shall be furnished a oonfonned Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof. " 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a " purchase money security interest for honaehold 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 leas not containing an option to purchase, Lender may, at Lender's option, declare all the soma 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, I:euder and the person to whom the Property is to be sold or transferred reach agreement in writing tlzatthe creditof such j person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at each rate ea Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezeruted 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 each option to accelerate, Lender shall mail Borrower notice of acceleration 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 Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the ezpiration of each period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereoL 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of sqy covenant or agreement of Borrower in this kYlortgage, including the covenants to pay when doe any same scarred by this lllortgage, Lender prior to acceleration shall mail notice to Borrower as provided in praragraph 14 hereof specifying: (1) the breach; (2) the action required to_care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which each breach mast be aarred; and (4) that failure to care such breach on or before the date specified in the notice may result in acceleration of the same eecared by this Mortgage, foreclosure by judicial pr~oeeding 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 default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this >Iortgage to be immediately due end payable without further demand and ma_y foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezp?ensea of foreclosure, including, bat not limited to, reasonable attorney's fees,and costa of documentary evidence, abstracts and title reports. 19. Borrower's Bight to Reinstate. NotwithatandingLander's acceleration of the soma aecnred by this Mortgage, Borrower shall have the right to have any proceedings began by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage it: (a) Bcrrower pays Lender all sums which world be then due under this Mortgage, the Note and notes securing Phtnre Advances, if any, had no acceleration occurred; (b) Borrower curzs all breaches of any other oovenanta or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the oovenanta and agreements of Borrower wntained in this Mortgage and in enforcing Leader's remedies ae provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's fees; and (d) Borrower takes such action ae Lender may reasonably require to assure that the lien of ti~is Mortgage, Lender's interest in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon arch payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. • Z0. Assignm~t of Rents; Appointment of Receiver. As additional security hercender. Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the I'ropaty, have theright to collect and retain such rents as they become due and payable. Upon sooeleration ender paragraph 18 hee+eof or abandonment of the Property, Lender shall be entitled to have a receive: appointed by a court to enterarpon, take poeeeesion of and manage the Property and to collect therente of the Property, including those past due. All rents wllected by the receiver shall be applied first to payment of the poets of managementof the Property and collection of rents, including, butnot limited to, receiver's fees, premiums on reoeiver'a bonds apd reasonable attorney's fees, and then to the sums searr+ed by this Mortgage. The receiver shall be liable to account only for those rests actually received. - - SOUK ~ PAGE1927