HomeMy WebLinkAbout218217. Mortgagee may make or cause to be made reasonable entries
upon and inspections of the property, provided that mortgagee shall
give mortgagor notice prior to any such inspection specifying reasonable
cause therefor related to mortgagee's interest in the property.
18. Extension of the time for payment or modification of amortiza-
tion of the sums secured by this mortgage granted by mortgagee to any
successor in interest of mortgagor shall not operate to release, in
any manner, the liability of the original mortgagor and mortgagor's
successors in interest. Mortgagee shall not be required to comnence
proceedings against such successor or refuse to extend time for payment
or otherwise modify amortization of the suns secured by this mortgage
by reason of any demand made by the original mortqagor and mortgagor's
successors in interest.
19. Any forbearance by mortgagee in exercising any right or
remedy hereunder, or otherwise afforded by applicable law, shall not
be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or
charges by mortgagee shall not be a waiver of mortgagee's right to
accelerate the maturity of the indebtedness secured by this mortgage.
20. Except for any notice required under applicable law to be
given in another manner, (a) any notice to mortgagor provided for in
this mortgage shall be given by mailing such notice by certified mail
addressed to mortgagor at the property address or at such other address
as mortgagor may designate by notice to mortgagee as provided herein,
and (b) any notice to mortgagee shall be given by certified mail,
return receipt requested, to mortgagee's address stated herein or to
such other address as mortgagee may designate by notice to mortgagor
as provided herein. Any notice provided for in this mortgage shall
be deemed to have been given to mortgagor or mortgagee when given in
the manner designated herein.
21. If all or any part of the property or an interest therein is
sold or transferred by mortgagor without mortgagee's prior written
consent, and other than in the ordinary course of business as contem-
plated by mortgagor and mortgagee, mortgagee may, at mortgagee's
option, declare all the sums secured by this mortgage to be imnediately
due and payable. Mortgagee shall have waived such option to accele-
rate if, prior to the sale or transfer, mortgagee and the person to
whom the property is to be sold or transferred reach agreement in
writing that the credit of such person is satisfactory to mortgagee
and that the interest payable on the sums secured by this mortgage
shall be at such rate as martgagee shall request. If mortgagee has
waived the option to accelerate provided in this paragraph 21, and
if mortgagor's successor in interest has executed a written assunption
agreement accepted in writing by mortgagee, mortgagee shall release
mortgagor from all obligations under this mortgage and the note.
22. Except as provided in paragraph 21 hereof, upon mortgagor's
breach of any covenant or agreement of mortgagor in this mortgage,
including the covenants to pay when due any sums secured by this mortgage,
mortgagee prior to acceleration shall mail notice to mortgagor as pro-
vided in paragraph 20 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 is mailed to mortgagor, 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 suns secured by this mortgage, foreclosure by 3udicial proceeding
and sale of the property. The notice shall further inform mortgagor
of the right to reinstate after acceleration and the right to assert
in the foreclosure proceeding the nonexistence of a default or any
other defense of mortga'gor to acceleration and foreclosure. If the
breach is not cured on or before the date specified in the notice,
-5-
' ~~r
g~~35U 1~~~~~0