HomeMy WebLinkAbout1971 Q Iospeetbn. I.ee~dsr msu? make of caws to be made reasonab4 entries upon and iaspeetions of the peoperfy, provided that Leadetshall
giw Bort~awer notice prior to any eroch inspedioa specifying ressoaabie wwe thsreiar related to Lwsdsr's intercd is the Propee~r.
9. Coodesanatioa.lLe p~ooasds of say award a claim far damages. direct or oonsegwatial. in connection with say ooademnation a
older tilting of the pe'opertl?, or part thenoi. or foe eoawyaaoe in lien of condemnation. an hereby assigned at?d shall be paid to Leader.
In the went of a total taking of the Property. the proceeds shaD be applied to the snore seemed by this Maetgage4 with the azesss4 if any, '
paid to Borrower. In the west d a partial taking of the Aopeegr, naless Boerowar and Leader otherwise afros in writing, there shall be
applied to the saws secured by thin Mortgage each propoetioa d the proceeds as i. equal to that peopoetioa which the amount d the sums
aeearbd by this Mortgage immediately prior to the date of taking bears to tbs Gar markdvalus oaths Propedy immediately prior to the daN d
taking. with the balance d the proceeds paid to Borrower.
Tithe Propeegr is abandoned by Borrower, or ~ aflw notion by Lender to Borrower that the condemnor offer to make an award or settle a
claim bar damages. Borrowror fail to respond to Lsadet within 30 days after the date such notice is mailed. Leader is authorised to collect and
applj? the proceeds, at Leader's option. tither to reetoratioa or repair of the property or to the stuns eeeared by this Mortgage.
Ualea Lender and Borrower otherwise saxes in writing, any snob application of pe+oossds to prindpal shall rwt eatead a pastpons the due
date ~ the moathbi iastalla?ents reterxed Oo in paragraphs 1 and ~ hereof or change the amount of such installments.
1Q Borrower Nat Released. B~tendon of the time for paymxit or modification of amortisation of the sums tecared by this Mortgage
granted by Deader to aqy snocbesor in interest of Borrower shall not operate to release. in any manner. the liability of the agiginal Borrower
and Borrower's successors in interest. I.xider shall not be requited to eommeace prooeedinga against each saooeaor os refuas to extend time -
for psymeat or oWerwise modify amortisation of the soma secured by this Mortgage by reason of any demand made by the original Borrower -
and Borrower's sucoeaors in interest.
11. I'orbearanoe ~ Not a ~:.3:e:.:3ng irrl:-~~-~e^s by 1~dsr b? a~cer+~ing any rieht ce remedy herwmder. err otherwise
afforded by applicable law. shall not bs a waiver of or peednde the a:excise of any aneh right os remedy. the procnrameat of inanranoe oe tea
payment of taxes err other liens or charges by Lender shall not be a waiver of Lender's right to ao~oele:ate the maturity of the indebtednea
secured by thin Mortgage.
12 Remedies Lltmalative. All remedies provided in this Morrtgage are distinct and awulative to any other right or remedy Hader this
Mortgage or afforded by taw or equity, and may bs exercised aoncurreatlj?, independently or suooassively.
13. Saooeaors and Assigns Board; Joint and Several Liability; Captions. The oovenaats and agreements herein oontedaed shall
bind, and the rights hereunder shall inure to, the respective snooesebra and assigns of Tender and Borrower. subject to the provisions of
paragraph 17 hereof All covenants and agteeaneats of Borrower shall be joint sad several. The captions sad headings of the paragraphs of
this Mortgage are far ooveaieaoe only and axe not to be need to interpret or define the provisions hereof
14. Notice. fizcept for any notice required under applicable law to be given in another manner, (e) any notice b Borrows provided far in
this Mortgage shall be given by mailing such entice by certified mail addressed to Borrower atthe 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 mat7, reaurn receipt
:guested, to Lender's address stated herein or to each other address as Leader may designate by notice to Borrower as provided herein. Aay
notice provided for in this Mortgage shall be deemed to haw been given b Borrower or Leader when given in the manner designated herein.
15. Uniform liodgage; Governing Law; Severability. This form of mortgage oombiaes uniform covenants for national use and non-
uniform covenants with limited variatioae by jnrisdidion to ooastigtte a uniform security iastrntaent covering real property. This Mortgage
shall be governed by the law of the jnrisdidion in which the Property is located. In the event that any provision or clause of this Mortgage os
the Note conflicts with applicable law, such conflict shall sot affect other proviaioas of this Mortgage or the Note which can be given effect
without the conflicting provision, aced to this end the provisions of the Mortgage aced the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note aced of this Mortgage at the time of e:ecntion or after
recordation hereof.
17. Transfer of the Property; Assumption. If all or any pad of the Property or an interest therein is sold or transferred by Borrower
without Lender's prior written ooasent, ezclnding (s) the creation of a lien or encnmbraace subordinate to this Mortgage, (b) the creation of a
purchase money aecnrity interest for honsehoid 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 iatered of three years or less not containing sa option to purchase, Leader may, at Lender's option,
V declare all the sums aecnred by this Mortgage to be immediately tine and payable. Lender shall have waived such option to accelerate if, prior
~ ~ to the sale or transfer, Lender and the person b whom the Property is to be sold or transferred reach agreement in writing thatthe creditof such
person is satisfactory to Leader and that the interest payable oa the soma secured by Chia Mortgage shall be at each rate as Lender shall
request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower`s anooeasor in interest has executed a
written assumption agreement ewoepted in writing by Lender. Lender shall release Borrower from cell obligations under this Mortgage and the
Note.
If Larder e:erciaes such option to accelerate, Lender shall mail Borrower notice of acceleration in aooordance with paragraph 14 hereof
Such notice shall provide a pa4od of not lees than 30 days from the date the notice is mailed within which Borrower may pay the arms declared
due. If Borrower fails to pay such sums prior to the ezpiration of such period, Lender may. without farther notice or demand on Borrower,
invoke any remedies paTnitted by paragraaoh 18 hereof
18. Acceleration; Remedies. F.zeept a. provided is paragraph 17 hereof, apoa Borrower's breads of any covenant or
agreement of Borrower is this >tsortgage, including the eovettaats to pay where tine any sums secured by this lortgage, Leader
prior to sooeleration shag mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (Z) the action
required to care such breach; (S) s date, not less than 30 de~ys tSrom the date the notice is mailed to Borrower, by which such
breach must be cared; and (4) that failure to care such breach on or before the date spedAed is the notice may result in
aooeleration of the sums secured by this Dortgage, foreclosure by judical proceeding and sale of the Propedy.The notice shall
further inform Harrower of the right to reinstate after aooeleration and the right to assert is the foreclowre proceeding the
non-wee of a defank or aql+ other defense of Borrower to aooeleratiot< and foreclow~re. If the breach is not cared on or
before the date specified in the notice, Leader at Lender's option may declare all of the Sams scarred by this Mortgage to be
immediately Jae and payable without farther demand and mazy foreclose this lllortgaga by judicial proceeding. Lender sha11 be
entitled to collect is each proceeding all expenses of foreclosure, including, brat not limited to, reasonable el4orney's fees, and
coats of documentary evidence, abstracts and title reports.
I9. Borrower's Right to Reinstate. NotwithstaadiagLeader's acceleration ofthe snore secured bythisMortgage, Borrowerahallhave
the right to have any proceedings begun by Lender to enforce this Mortgage discoatinned ac any time prior to entry of a judgment enforcing
this Mortgage i~ (a) Borrower pays Lender all sums which would be then tine under this Mortgage, the Note and notes securing l~ture
Advaacee, if any, had no acceleration oecarred; (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 Leader is enforcing the covenants and agreements of Borrower
eontaiwed in this Mortgage and is enforcing Lender's remedies as provided in paragraph 18 hereof including, brat not limited to, reasonable
attorney's fees; and (d) Borrower takes such action as Leader 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 such payment and cure
by Borrower, this Mortgage and the obligations segued hereby shall ranain is tall for~ee and effect as if no aeoeieration had oaurred.
Z0. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Leader the rents
of the Property. provided that Borrower shall, prior to acceleration under paragraph 18bereof or abandonment of the Property, have the right
to Dolled and retain such reefs as they become tine aced payable.
Upon sooeleration Hader paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a seoeiver appointed by a
pond to roteratpon, take possession of and manage the Property and to rolled the rests of the Property, including those pad tine. All rents
collected by the receiver shall be applied first to payment of the costs of management of the Property and oolledion of rents, incindiag, brat ad
Waited to, reodver's fees, premiums on receiver's bonds and reawnabk attorney's fees, aced then to the sums secneed by this Mortgage. The
receiver shall be liable to aoooant only for those rents actually r+eoeived.
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