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HomeMy WebLinkAbout1951 . Z'r 8. Inspection. Landes may mare or caws to bs nude reasonable entries upon and iaspectioaa of the property. provided that Loader shall give Borrower notice prior to aqy such iaspedion specifying reasonable caws therefor related to~ Lender's interest is the Property. 9. Caademaatioa. The proceeds of aqy award or claim for damages, direct or oonsequeatial, in connection with aqy condemnation or other taking of the property, ore pad thereof; or for conveyance in lien of condemnation, are hereby assigned and shall bs paid to Lender. In toe event of a total taking of the Propedy, !hs proceeds shall bs applied to the sums secnral by this Mortgage„ with the esoess, if any. paid to Borrower. lA the event of a partial taking of tbs Property, ndess Borrower and Lender otherwise ogres in writing, then shall bo ap~li~ ~ ~snms second by this Mortgage sack proportion a[ the proceeds as is equal to that proportion which the emonnt of the same engage immediately prior to the date o[tslring bears to We fair marled valve of the Property immediate~j? psiorto the date of taking. wiW the balance of the proceeds paid to Borrower. V We Propergr is abandoned by Borrower, or if, aitw notice by Leader to Borrower that the ooademnoroffers to make as award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such aotioe is mailed, Lender is anthori:e~ to collect and apply the proceeds, at Lender's option. either to restoration or repair of the properly or to the some secured by this Marfgaga Unless lender andBorrowesothe~wissagnsinwriting.anysnchapplicationofprnoeedstoprincipalshaAnoteztendoepostponsthedne date of the monthls? inetaUmcets referred to in paragraphs 1 and 2 hereof or change the aaanat of sack iastallmeats. 10. Borrower Not Released. Eztension of the time for pgym3nt 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, We liabiligr of the original Borrower and Borrower's snooesaors in interest. Ladder shall not be required to commence proceedings against such snacessmr or refuse to eztend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of soy demand made by We original Borrower and Borrower's anooessors is interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by Leader in ezercidng any right or remedy hereunder, er otherwise afforded by applicable law, shall not be a waiver of or preclude the ezercise of any suchright os remedy.lbe procorementnf insmanoe oc.ths - - - payment of fazes or other liens or charges by Leader shall not be a waiver of Lender's right to aooelerate the maturity of the indebtednep secreted by this Mortgage. . 18 Remedies Camnlativea All remedies provided in this Mortgage are distinct sad comnlative to any other right or remedy render this Mortgage or afforded by law or equity, and may be e:ercise~i concurrently, independently or suocessivcly. 13. Snocessors and Assigns Bound; Joint end Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective snccesson and assigns of Leader and Borrower, snbjed toihe provisions of paragraph 17 hereoL All oovceanta and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be wed to interpret or define the provisions hdreoL 14. Notice. Except fce any notice required under applicable law to be given in arwther manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by nonce to Ladder as provided herein, and (b) any notice to Leader shall be given by certified mail, retnra receipt requested, to Leader's address stated herein or to arch other address as Leader may designate by notice to Borrower as provided herein. Arty notice provided for in Chia Mortgage shall be deemed to have been gives to Borrows or Lender when given in the manna designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thies form ofmortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to oonatitnte a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jarisdidion in which the Property is located. In the event that any 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 oontlicting provision, and b this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be Tarnished a confonaed Dopy of the Note and of this Mortgage at the time of ezecntion or after recordation hereof 1Z 1lranafer of the Property; Assumpdon. If all or any pad of the Property or an interest therein is sold or transferred by Borrower without Lendet"s prior written consent, ezclading (a) the creation of a lien or encumbrance anbordinate to this Mortgage, (b) the creation of a purchase money security iatereat for housel4old 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 Leaders option, declare all the sums secured by this Mortgage to be immediately doe and payable. Leader shall have waived arch option to aooelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be Bold or transferred reach agreement in writing thatthe credit of such person is satisfactory to Lender and Wat the interest payable oa the sours secured by this Mortgage shall be at arch rate ae Lender shall request. If Lender has waived the option to aooelerate provided in this paragraph 17, and if Borrower's enooesear in interest has ezeoated 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 arch option to accelerate, Lender shall mail Borrower notice of aooele:ation in accordance with paragraph 14 hereoL Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower may pay theauma dedared due. If Borrower fails to-pay such soma prior to the expiration of arch period, Lender may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraah 18 hereoL - 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 doe any sours severed by this lortgage,Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apedfying: (1) the breach; (2) the action required to care wch breach; (3) a date, not less than 30 days h our the date the notice is nailed to Borrower, by which arch breach mast be cared; and (4) that failure to care arch breach on or before the date specified in the notice may reaalt in acceleration of the sums severed by this Mortgage, foreclosure by Judicial proceeding and sale of the Property.The notice shall further inform Borrower of the right to reinstate aBer 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 toreclosare. 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 secreted by this Mortgage to be immediately doe and payable without further demand and may foreclose this Mortgage by Judicial proceeding. Leader shall be entitled to collect in each proceeding all ezpenees of foreclosure, including; but not limited to, reasonable attorney's fees, and costs of docaadentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender'sacceleration ofthe soma secured by this Modgsge, Borrower ahaU have the right to have any pr+ooeedings begun by bender W enforce this Mortgage discontinued at any time prior to entry of a judgment eaforcang this Mortgage if: (a) Borrower pays Lender all soma which world be then doe ender this Mortgage, the Note and notes securing Phtnre Advances. if any, had no acceleration oocarred; (b) Borrower cares all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpenaea 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 including, but not limited to, rwssonablel attorney's fees: and (d) Borrower takes such action as Lender may reasonably require to aasurethat the lies 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 Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect ore if no acceleration had oocnreed. 20. Aasigoment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender We yenta of the Property, provided that Borrower shall, prior to aocelceation ender paragraph 18 hereof or abandonment of the Property, have theright to collect and retain such rents as they become doe and payable. Upon aoceleratioa render paragraph 18 hereof or abandonment of the Property, Leader shall be entitled to have a receiver appointed by a court to enter.apoa, take poseeeaioa of and manage the Property and to collect the rents of the Property, including those past dw. All rents a?llected by the receiver shall be applied first to payment of the oasts of management of the Prapaty and collection ofreata, including, bntnd limited to, receiver's fees, premiums on reoeivda bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aooonnt only far those rents actually received. aa3x3~.7 P~E1948