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HomeMy WebLinkAbout1946 L. 3 ~ 8. Inspoetion. Lender may make or cause to be made reasonable entries spore sad iaspectiow of the property, provided tbetLende: shall give Borrower nodes prior b any such inspection apedi~?iag reasonable cause therefor related to Lender's interest is the Property. 9. Condemnation.'1Le proceeds of any award or Maim for damages, direct or conssgwntial, is connection with any condemnation ~ other taking of the property, err pad thereof. or for oonveyanos in lies of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall bs applied to the some secured bar this Mortgage, with the ezcess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender oWerwise agree is writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by thin Mortgage ianmediately prior to the date of taking bears to the fairmarket valve of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Propergr i. abandoned by Borrower, or ~ after notion by Lender to Borrower that the condemnor offers to make an award or settle a daim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Linder is authorised ~ collect and apply the proceeds. at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Udep Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. I0. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any. suoceseor in interest of Borrower shall not operate to release, in any manner. the liability of the original Harrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such suoc~essor or refuse to eztend tame for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower gad Borrower's auccesaors in interest. 11. Forbearance by Lender Not a Waiver. Any forbcerance by Lender in ezercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or prednde the exercise of any such right or remedy. The procurement of insnranee os the payment of fazes or other liens or charges by Lender shall not be a waiver of Lender's right to aecelerate 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 ender this Mortgage or afforded by law or equity, and may be ezercisecl eoncnrrently. independently or enooesaively. 13. Suceessors and Assigns Bound; Joint and Several Liability; Captiona.l'he covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective snoceseora and assigns of Lender 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 of this Mortgage are for eovenience only and are not to be used to interpret or define the provisions hereof 14. Notice. E:Dept for any notice required under applicable law to be given in another manner, (a) any notice to Borrows provided for in this Mortgage shall begiven by mailing such notice by certified mail addressed to Borrower at the Property Address or at each 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 requested, to Lender'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 this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform oovenante with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is Iocated. In the event that any provision or donee 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. 16. Borrower's Copy. Borrower shall be furnished a conformed cepy of the Note and of this Mortgage at We time of ezecntion or after recordation hereof. 1?. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without bender's prior written consent, ezduding (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 lees 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 such 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 sgreementin writing thatthe creditof each person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage ahaU be at such rate as Lender shall request. If Lender has waived the option to aecelerate provided in this paragraph 1?. and if Borrower's successor 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 Note. If Lender ezercisea such option to accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereof Such notice shall provide a period of not leas 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 soma prior to the expi*at:on of sudrperiod, Lender may, without furtLer notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. _ 1t3. Acceleration; Remedies Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of aqy covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower se provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care each breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach mast be cured; and (4) that failure to care each breach on or before the date specified in the notice rosy 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 i non•eziatence of s 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 thin li[ortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to celled in each proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's feea_, and costs of documentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. NotwithatandingLsnder's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future i Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agreements of Borrower contained in - this Mortgage: (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, inducting, but 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 sums secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrows, this Mortgage and the obligations eeeured hereby shall remain in full force and effect as if rw aeoeleration had ooairred. 20. Assignment of Rents; Appointment of Receiver. els additional security hesennder, Borrower hereby assigns to Lender the rents of the Property, provided that Bon+ower shall, prior to acceleration render paragraph 18 hereof or abandonment of the Property, have the right to rolled and retain such rents as they become due and payable. Upon acceleration Hader paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a oomt to eater.upon, take poeaeesion of and manage the Property and to Dolled the rests of the Property, inducting those past due. All rents eolleded by the receiver shall be applied first to payment of the costs of managementof the Property and collection of rents, indading, but not limited to, receiver's fees, premiums on receiver's bonds end reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aeoonnt only for those rents actually received. BooK 317 PaGE1943