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HomeMy WebLinkAbout1938 . .~1~.1 8. Inspection. Lender may make or cause to bs made reasonable entries upon and inepedioas of the property, provided that Lender shall give Borrnwen notice prior to any such in~pedion speci>jriag reasonable cause therefor related to Lender's interest is the Propergr. 9. Condemnatlon. The pcooeeds of any award or Maim for damages. direct or oonsega~tial, is connection with say condemnation on other taking of the property, an part thereof. or far ooaveyanoe in lien of condemnation, are hereby assigned and shall be paid to Leaden. Ia the event of a total taldag of the Property. the proceeds shaA bs applied to the snore secured by thin Mortgage. with the a:ease, if any, paid to Borrower. In the event of a partial taking of the Propmp?. nnlea Borrower and Lender otherwise agree in writing, there shall bs applied to tl>Q sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the same secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of - taking, with the balance of the peocesds paid to Horro7~?er. Tf the Propertyy is abandoned by Borrower, or ~ after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lcedar within 90 days after the date such notice is mailed, bender is authorized to collect and apply the proceeds, at Lenders option. either to restoration or repair of the property or to the aura secured by this Mortgage. Udess Leader and Borrower otherwise agree in writing. any snd? application of proceeds to principal shall not eztend or postpone the due date of the monthisr installments referred to in paragraphs 1 and 2 hereof or drange the amount of such installments. 10. Borrower Not Released. Eztenaioa of the time for payment or modification of amortisation of the Bums secured by this Mortgage granted by Lender to aqy suoceeeor is interest of Borrower shall not operate to release. in say manner. the liability of the original Borrower and Borrower's suoceseors in interesk Lender shall not be required to commence proceedings against each auooebeor or ru3inse to eztead time for payment or oWerwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interesk - _ _ 11. Forbearance by -Lender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any such right or remedy. The procurement of insurance or the payment of tares or other hens or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtedness secured by this Mortgage. 12 Remedies Camalative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy uncle: this Mortgage or afforded by law or equity, and may be e:ercise~l eoncureeatly, independeady or enooeesively. 13 Sncoessors end Assigns Bound; Joint and Several Liabillty; Captions. The covenants and agreements herein contained shall bind, and the rights hennnder shall inure to, the respective sneceesors and~assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements oPBorrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for coveaience only and are not to be need to interpret or define the provisions hereof. _ 14. Notice. Ezoept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in - thisMortgage shall begiven bymailing such aoticeby 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. rutnm r+eoeipt requested, to Lenders address stated herein or to such other address as Leader may designate by notice to Borrower as provided herein. Any notice provided for is this Mortgage shall be deemed to have been given to Borrower or Lender when given in Wa manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for National use and non- uniform covenants with limited variations by jurisdiction to constitute a nnitonn security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which theProperty is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, each conflict shall not affect other provisions of this Mortgage or the Note which can be given effect wiWont the wnflicting provision, sect to this end the provisions of We Mortgage and the Note are declared b be severable. 1& Borrower's Copy. Borrower shall be famished a conformed Dopy of the Note and of this Mortgage at the time of a:ecntion or after recordation hereof - ' 17. Transfer of the Property; Assumption. Tf all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written eonaait, ezdnding (a) the creation of a lien or encumbrance 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 joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to puuchaee, Lender may. at Lender's option, declare all the same secured by this Mortgage to be immediately due and payable. Lender shall have waived sack option to socelerate if, prior to the sale at transfer. Leader and We person to whom the Property is to be sold or transferred reach agrcement in writing that the credit of such person is satisfactory to Larder and that the interest payable on the sums secured by this Mortgage shall be et such rate as Lender shall requeak If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers suaceseor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the E Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in sooordance with paragraph 14 hereof. Such noSce shall provide a period of nut less than 30 days from the date the notice is mailed within which Borrower may pay the same declared due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may, without further notice or demand oa Borrower, k invoke any remedies permitted by paragraph 18 hereof. f 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any arms 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 care such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such - breach must be cured; and (4) that failure to cure arch breach on or before the date specifted in the notice may result in acceleration of the sums 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-ezisteace of a default or say other defense of Borrnwer to acceleration and foreclosure, If the breach is not cured on or before the date specifted is the notice, Lender at Lender's option may declare all otthe sums secured by this Mortgage to be immediately due and payable without farther demand and m,+y foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in each proceeding all ezpenaes of foreclosure, including, bat not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration of the soma secured by this Mortgage, Borrower shall have the right to have any prooeedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage ifi (a) Borrower pays Lender all sums which wo;ild be then due under this Mortgage, the Note and notes securing Fbtnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Mortgage: (c) Borrower pays all reasonable ezpenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lenders remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attomey'e fees; and (d) Borrower takes each action ere Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall eontinne unimpaired. Upon each payment sad care by Borrows, this Mortgage and the obligations secured hereby shall remain in fall force and effect as if no aooeieration had occurred. 20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the Teats of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to Dolled and retain arch Teats as they become due and payable. ' Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender eha!1 be entitled to have a receiver appointed by a scurf to enter upon, take possession of and manage the Property and to collect the rents of the Property. including those past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, indndiag, bntnot limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums eecared by this Mortgage. The receiver shall be liable to aeoonnt only for those rents actually received. Bo~K3~7 PA~E1935