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HomeMy WebLinkAbout1921 ~ i1 ir•: ~ r 8. Inspection. Lender rosy make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice price to any each inspection specii?yir~g reasonable cause therefor related to Lender's interest in We Peoperfy. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in connection with any condemnation o: other taking of the property. ce part thereof, or for oonveyaaes in lieu of condemnation, are hereby assigned and shall bs paid to Leader. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the esoea, if any, paid to Borrower. Ia the event of a partial taking of the Propecty. udess Borrower and Lender otherwise agree in writing, there shall be applied to We sums secured by this Mortgage such proportion of the proceeds as is equal to Wet proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. - IftheProperty isabandoned by Borrower, or i~ after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds, at Leader's option, eiWer to restoration or repair of We property or to the sums secured by this Mortgage. Unless 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 installment. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma .scored by this Mortgage granted by Lender to any successor in interest of Borrower ahaA not operate to release, in any meaner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings sgainat such auooessor or refuse to extend time for payment or oWerwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a succeeaore in interest. I1. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of say such right or remedy. The procur~nent of insurance or the . payment of taxes or other Beae or charges by Lender shall not be a~waiver of Lender'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 render this . Mortgage or afforded by law or egaity. and may be e:erciaecl concurrently, independently or auooessively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenant and agreement herein contained shall bind, and the right hereunder shall inure to, the respective enocesaora and assigns of Lender and Borrower, subject Lo the provisions of paragraph 17 hereof. All covenant and agreement of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for eovenieace only and are not to be used to interpret or define the provisions hereof. - 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin 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 ae 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 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 in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenant for national use and non- uniform covenants with limited variations by jurisdiction to aonatitut 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 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 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 copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'I~ansfer of .the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without L'ender's prior written consent, excluding (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 less not containing an option to purchase, Lender may, at Lender's option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to aalerate if, prior to the sale or transfer, Lender and the pe=8on to whom the Property is to be sold or transferred reach agreement in writing thatthe credit of each \ person is satisfactory to Lender sad that the interest payable on the sums secured by this Mortgage shall be at each rate as Lender shall ~ \ request. If Lender has waived the option to accelerate provided in this paragraph 17, Sad if Borrowers 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 I ~ 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 less than 30 days frrom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remmediea permitted by paragraph 18 hereof. ~ 18. Acceleration; Remedies. Except 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 due 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 care 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 soma secured by this Mortgage, foreclosure by judicial prooceding and Bale 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 _ non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the soma secured 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 such proceeding all ezpensea of foreclceure, including, but not limited to, reasonable attorney's fees, and costa of dowmentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lendei a acceleration of the name secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thin Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Not and notes securing )Mare Advances. if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenant or agreement of Borrower contained in this Mortgage; (c) Borrower pays all reasonable ezpensea incurred by Lender in enforcing the covenant and agreement of Borrower contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that We lien of this Mortgage, Lender's intered in the Property and Borrower's obligation to pay the soma secured by this Mortgage shall continue unimpaired. Upon such payment and care by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20: Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Leads the rent of the Property, provided that Borrower shall, prior to acceleration nnderpsragraph 18 hereof or abandonment of the Property, have the right ~ to collect sad retain each rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enternpon, take possession of and manage We Property and to collect the rent of the Property, iriclnding those peat due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of yenta, including, bat not i limited to, receiver a fees, premiums on receiver's bonds and r+eaaonable attorney's fees, and then to the soma secured by this Mortgage. The receiver shall be liable b account only for those rent actually received. . . 8~ 335 P~Ei914 m' -_.r