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HomeMy WebLinkAbout1956 _ f_ . _ .~:.uJ._._~....__-.___ • ' 8. Inspection. Lender may mate or sense to bemade reasonable entries upon acct inspections of the property. provided that Leader shall give Borrower notice pricer to aqy wcb irupedion specifying reasonable caws therefor related to Lender's interest in the Property. 9. Condemnation. The pr+ooseds of any award or Claim foe damages, direct or oonsequsntial, in connection with nay condemnation ae other taking of the property, or part thereof, or for conveyance is lien of condemnation. are hereby assigned and shall be paid to Lw?der. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the e:oess, if aqy, paid to Borrower. In the event of a padial taking of the Proper4Y, unless Borrower and Lender oWsrwise agree is writing. there shall bs applied to the name secured by this Mortgage arch proportion of the proceeds as is equal to that proportion which the amount of the sums - secured bythis Mortgage immediately prior to the date of taking been to the fair market vah~e ofthe Property immediately priorto the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or ih aRer notice by Lender to Borrower that the condemnor offers to mate an award or static a claim for damages, Borrower fails to respond to Lender within 30 days attar the date such notice is mailed. Leader is authorised to collect and apply the proceeds, at Lender's option. either to reatosation or repair of the property or to the snma secured by this Mortgage. Udess Lender and Borrower otherwise ague in writing. any such application of proceeds to principal shall not esd~ ar postpone thedne date of the monthly inetalltnents referred to in paragraphs 1 and 2 hereof or change the amount of such installmrote. 10. Borrower Not Released. Eztensioa of the time foi payment or modification of amortisation of the sums secured by this Mortgage granted by Lroder to any snooessor in interest of Borrower shall not operate to rdease, in any manner, the liability of the original Borrower and Borrower's snouesson in interest. Leander shall not be required to commence proceedings against such suaxssor or refuse to extend time for payment or otherwise modify amortization of We sums secured by this M-ortlrage by reason of any demand made by the original Borrower and Borrower's successors in interest. - 11. Forbearance by bender Not a Waiver. Any forbearance by Leader. in ezertaeing any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or predade the ezerciseof any such right or remedy. The procurement of inewranee or the payment of fazes or other liens os charges by Lender shall not be a waiver of Leader's right 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 under this Mortgage or afforded by taw or equity, and may be ezerciserl ooncatrently, independently or sneoeesively. 13. Snooessors and Assigns Boned; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall-inure to, the respective snocbsson and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions sad headings of the paragraphs of this Mortgage are for eovenience only and are not to be used to interpret ce define the provisions hereof. - 14. Notice. Ezoept for any notice required under applicable law to be given is another 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 notice to Lender as provided herein, and (b) any notice to Lender. shall be given by certified mail, return receipt requested, to Lender's addreea stated herein or to such other address as bender 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 the manner designated herein. 15. Linifarm )Mortgage; Governing Law; Severability. This form of mortgage combinc~e uniform oovenanta for national nee and non- uniform ~ovenanta with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shell be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conilicta 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 We provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of ezecntion o_r 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, encluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (e) 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 soma se~~urea 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 agreement in writing that the credit ofsnc5 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"saoceaeor in interest has ezecuted a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower fi~am all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof Such notice shall provide a period of not lees than 30 days from the date the notice is mailed within which Borrower may pay the sums declared tine. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, withoutfarther-notice-or demand on Iiormw~, invoke any remedies permitted by paragraph 18 hereof 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any_oovenant or agreement of Borrower in this Mortgage, including the covenants to pay when tine any sums 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 cure such breach; (3) a date, not less than 30 days from the date the notice ie mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in - acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale othhe 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-e~ustence of a default-or any other defense of Borrower to acceleration and foreclosure. If the breach is not q~red on or before the date specified in the notice, Lender at Lender's option may declare all of the sums sectored by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in each proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's foes, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration ofthe sums 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 b en of a ' try lodgment enforce ag this Mortgage i£ (a) Borrower pays Lender all sums which would be then tine ender this Mortgage, the Note and notes securing Phtnre Advances. if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreem~ta 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 Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, rcesonahle attorney's fees; end (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 eoatinue unimpaired. Upon each payment and care by Borrower, thin Mortgage and the obligations secured hereby shad remain in full force and effect as if no acceleration had occurred. - 20. Assignment of Rents; Appointment of Receiver. As additional eecasity hereunder, Borrower hereby a8eigns to bender the rents of the Property, provided that Borrower shall, prior to acceleration Hader paragraph 18hereof or abandonment of the to eotled and retain such rents as they become tine and payable.- Proparty,havetheright Upon acceleration ender paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a coast to eaterapon, take poeeesFion of and manage the Property and to collect the rents of the Property, including those past tine. All Trots collected by the receiver shall be applied 5rat to payment of the costa of management of the Property and collection of rents, including, bat not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the anans secured by this Mortgage. The receiver shall be Gable to account only for those rents actnauy received. - 8o~x3~7 Pa~E1953