Loading...
HomeMy WebLinkAbout1942 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the properrty, provided that Lender shall give Borrower notice pries to any such inspection speei~ying reasonable cause therefor related to Lender's interest in the Pr~opaety. 9. Condemnation. The proceeds of any award or claim for damages, direct or oonssquential, in connection with any condemnation or older taking of the property, or part thereof. or for oonveyanos is lien of condemnation, are hereby assigned and shall be paid to Lss?der. Ia the event of a total taking of the Property, We proceeds shall bs appllied to the sums secured by this Mortgage, with tbs ezoess. if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender othe:.viss agree in writing, there shall bs applied to the sums secared by this Mortgage wch proportion of the proceeds as is equal to that proportion which the amount of the sums secared by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately priorto the date of taking. with the balance of the proceeds paid to Borrower. _ - If the Property is abandoned by Bo:rower, or i~ aRer notice by La?der to Borrower that the condemnor offersto make as award or setae a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is anthorired to collect and apply the proceeds. at Lender's option, either to restoration or repair of the proper!<j? or to the same secured by this Mortgage. Udess Lender and Borrower oWerwise agreein ~rriting, any such application of proceeds to principal shall notezter?d or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower - and Borrower's suceesaora in interest. Lender shall not be required to commence proceedings against such successor or ruse to ezter,d time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's aucceeaora in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender is e:erciaing any right or remedy hereunder, or otherwise afforded by applicable law, shall notbe awaiver of or preclude the ezercise of any each right or remedy. The procurement of inameince or the payment of fazes or other liens or charges by Lender shall not be a waiver of Le~dec's right to accelerate the maturity of the indebtedness secured by this Mortgage. 1Z Remedies Cmm~lative. All remedies provided in this Mortgage are distinct and cumulative to aqy other right or remedy ender this Mortgage or afforded by law or equity, end may be ezerciseit cencarrently, independently or dnooessively. _ 13. Suooeseora 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 sneceesors and assigns of Lender and Borrower, subject to the provisions ~ paragraph 17 hereof All covenants and agreements of Borrower shall be joint and several. The captions and headings of theparagraphs of this Mortgage are for eovenience only and are not to be used to interpret or de5ne the provisions hereof 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (s) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower atthe Prop$rty Addressor at such other address as Borrower may designate by notice to Lender sa provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested, to Lender's address stated herein or 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 or lender when given iri the 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 oonatitate a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or dame 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. - 1~ Borrower's Copy. Borrower shall be famished a conformed Dopy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, ezdnding (a) the czeation 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 neon 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 sums secures by this Mortgage to be immediately due and payable. Lender shall have waived arch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing thatthecredit of such II person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's sncc~essor in interest has ezecnted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ` Note. _ - If Lender ezerciaea such option to aecelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of not leas than 30 days from the date the notice ie mailed within which Borrower may pay the awns declared due. If Borrower fails to pay such soma prior to the ezpiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraoh 18 hereof. _ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, atpon Borrower's breach of s~qy covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any same severed by this lortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days 6rom the date the notice is mailed to Borrower, by which such breach mast be cured; and-t4) that failure to cure such breads on or before the date specified in the notice may result in acceleration of the sums secured by this bortgage, foreclosure by judicial proceeding and sale of theProperty. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezietence of a default or say other defense of Borrower to aoceleraNon and foreclosure. If the breach is not cared on or before the date specified is the notice, Leader at Lender's option may declare all of the same aesarred by this Mortgage to be immediately due and payable without further demand and may foreclose this Iilortgage by judicial proceeding. Lender shall be _ entitled to collect in such proceeding all e:peasea of foreclosure, iaclnding, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the soma sec~ed by this Mortgage, Borrower shall have the right to have any prnoeedings began by Lender to enforce this Mortgage discontinued at say time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender ell sums which would be then due ender this Mortgage, the Note and notes eecuriag Future Advances, if any, had no aeceleration occurred; (b) Borrower cares all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezper~sea incurred by Lender in enforcing the oovenante and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies sa provided in paragraph 18 hereof, indading. b~ not limited to, reasonable attorney's fees: and (d) Borrower takes such action as 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 soma secured by this Mortgage shall eontinne unimpaired. Upon each payment and care by Borrower, this Mortgage and the obligations secared hereby shall remain in full force and effect as if no acceleration had oocarred. _ 20. Assignment of Berets; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Leader the rents of the Property, provided that Borrower shall, prior to acceleration Hader paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such Tents as they become due and payable. Upon acoleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.apon, take poeeession of and manage the Property and to Dolled the rents of the Property, inducting those past due. All rents collected by the receiver ahaA be applied first to payment of the coats of management of theProperty and collection of ~?ts. indading, but not limited to, receiver's fees, premiaane on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The _ receiver shall be liable to aeeonnt only for those rents actually received. aa3x 3~7 ~~i~39