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HomeMy WebLinkAbout0953 2) Fsllurs of Borrower to Comply with Mort~~9e. Should 8onower fall to make eny paymen~, or ~a~~ w ~v a~~~ •w~.•~~ . Mortgafle, or tail !o pe?torm any obligatfo~ secured by lhis Ma~tgage, or do any act 8or~owe~ agreed not to dA ~~rower shail be in defauit under~this Mortgage. Lende~, but without obligatio~ so to do and without notice to o~ demend upon Bortower a~d withoul reltasing • Borrower f~om any obligation hereoi, and without conte8llr?~ the validlty ot emount of the same, may. (aa pay or do the same in such rr~~ner and to such extent as it may deem necessary to protect the aedl~(~Ity he~eot, l~~der peing suthorized tb enter upon such property (o~ such purposes; (b) pay, purohase, conteat or compromise any enci~mbrance, char e br fl~n, whlch i~ it8 judgm8nt is or appears to be prior or superior he~eto; and (c) in exercising any such power, pay necessary expenses including but not limited to reasonable attorneys tess Borrower agrees to repey any amount so expended on demand ot Lender. (13) Sums Advanced to 8ear Intsreat and To Bs Addsd to Mon~age. To pay immedtately upon demand any sums advanced or paid by Lender under any clause or provialon o( this Mortgage. Any Such aum, until so repaid, shatl be secured hereby a~d bear interest from the date i4 was advanced or paid at the same tnterest rate, es may be sdjusted from time to time, as such indebtedness, and such sum and interest thereon shall be secured by this Mortgage. (14y Application of Funds. Lender shai! have the right at its sole discretion to direct the manner in which payments or proceeds shall be applled upon or allocated among the va~ious items constituting Borrowers indebtedness or obligations secured hereby. (15) Obiisatlon of Bor~ower Joint and Several. If more ihan one person is named as Borrower, each obligation of BoROwer sha11 be the joint and seve~al obHgation of each such person • (16) No Walver by lender. No waiver by Lender of any right under this Mortgage shall be etfective unless in writing. Walver by lender oi an~ right granted to Lender under this Mo~tgage o~ ot any provision of this Mo?tgage as to any transaction or oocu~rence shali not be • deemed a waiver as to any future transactlo~ or occurrence. By accepting payment of any sum secured hereby after its due date, or by _ making any payment or performing a~y act on behalf of Borrower that Borrower was obligated hereunder, but faited to maks or perform, or _ by adding ariy payment so made by Lender to the indebtedness secured hereby, Lender does not waive its ~ight to requi~e prompt payment when due of all other sums so secured or to require prompt pertormance of all other acts required hereunder, or to declare a de(ault tor failure so to pay such other sums or to perform auch othe~ acts. (17) Transterof the P~operty; Asaumptio~. Acceleretton Clause: Right of Lenderto Declars Ali 8ums Due on anyTransfer, Etc. Lender shall have lhe right, at its opttor~ to declare a~y indebtedness and obligations secured he~eby, irrespective of the maturity date : specified in any note or agreement evidencing the same, due and payable within 30 days after such declaration iF (a~ Borrower or any t successor in interest to Borrower of suCh property sells, enters into a contract of sale, conveys or alienates such property or any part thereof, or suNers his titie or any Interest therein to be divested, whether voluniarily or involuntariy, or leases such property, or any pa~t thereot for a term of more than 3 years, or changes or permits to be changed the character or use of such property, or drills or extracts or enters into a lease for the drilling for or extracting ot ail, gas or other hyd~ocarbon substance or any mineral of any kind o~ character on such p~operty, or(b) 8orrower is a partnership and the interesi of a general partner is assigned or transterred; or(~ Borrower is a corporation and more than 2596 ot the corporation stock thereoi is sold transferred or assigned during a 12 month pariod~ or(~ Borrower is a irust and there is a change of beneticial interest with respect to more than 25% of such property; or(e) Borrower has made any material misrepresentation or failed to disclose any material fact in those certain financial and other written represe~tations and disclosures made by Bo~rower in order to induce Lender to enter into ihe transaction evidenced by the promissory note or notes or ag~eements which this Mo~tgage secures (18) Acceleratlon; Remedies. Except as provided in paragraph 17 hereof, upon Borrowers breach of any covenant or agreement of Borcower in this Mo~tgage, inciuding ihe covenants to pay wfien due any sums secured by this Mortgage, Lender prior to acceleration shall ma+l notice to Borrower as provided in paragraph 28 hereot specitying: (a) the breach; (b) the action required to cure such breach; (c) a date, no! less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; a~d (d) that faiture to cure such breach on or before the date specified in the notice may resuit in acceleration of the sums secu~ad by fhis Mortgage, fore~closure by judicial proceeding and sate of the properiy. Ii the breach is not cured on or before the date specified in the notice, Lender at Lenders option may declare all of the sums secured by this Mortgage to be immediately due and payable without turther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be e~titied to collect in such proceeding all expanses of forectosure, including, but not limited to, reasonabie attorneys fess, and costs of documentary evidence, abstracts and title reports. (19) Modification in Writing. This Mortgage cannot be changed or modified except as othenivise provided in this Mortgage or by agreement in writing signed by Borrower, or any successor in interest to Borrower, and Lender. (20} Right to Coilect and Receive Rents and Profits. Upon any default by Borrower, in payment of any indebtedness secured hereby or in the performance oi any agreement hereunder or upon abandonment of such property, Lender may at any time without notice, either in person. by agent, or by receiver to be appointed by the court, and without regard to the adequacy of any security tor the indebtedness hereby secured e~ter upon and take possession of such propeny, or any part thereof; make, cancel, enforce or modify leases; obtain and eject tenants, set or modify rents; in its own name sue tor or othervvise collect the renls, income, issues and pro(its thereof, including ihose past due and unpaid; arid apply the same to payment of costs and expenses of operation and collection, including but not limited to receivers tees, premiums on receive?'s bonds and reasonable attorneys tees, and then to payment of any indebtedness secured hereby ,t and in such brder as lender may determine; and except for such applical9on, Lender shali not be liable to any person for the collection or ~ non-collaction of any ~ents, income, issuesand protits, northe tailure toassert or enforce any of the foregoing rights. The entering upon and taking possession of such property, the collection of such rents, income, issues or profits, the doing oi other acts herein authorized, and the ~ application thereof as aforesaid shall not cure or waive any detault or notice of detault hereunder or invalidate any act done pursuaM to ~ such notice. . (21) Remedles. No ?emedy herein provided shall be exclusive of any other remedy herein or now or hereafter existing by law, but shatl be cumulative. Every power or remedy hereby given to Lender or to which it may be otherwise entitled may be exercised from time to time and as often as may be deemed expedient by it, and it may pursue inconsistent remedies. If Lender holds any additional security for any obligation secured hereby, it may eniorce the sale thereoi at its option, either before, contemporaneouslywith, or after any Lenders sale is made hereunder, and on any default of Borrower, Lender may, at its option, offset against any indebtedness owing by it to Borrower, the . whole or any part of the indebtedness secured hereby, and the lender is hereby authorized and empowered at its option, without any I obligation so to do, and without affecting the obligations hereof, to apply toward the payment of any indebtedness secured hereby, any and ~ all sums or money, or credits of or belonging to Borrower and which the Lender may have in its possession or under its control, including, among other things, any impounds held by Lender under paragraph (6) hereof. In order to assure the definiteness and certainty of the rights and obligations herein provided Borrower waives any and all rights of offset which Bor~ower now or hereatter may have against Lender, of ctaims and no offset made by Lender shall relieve Borrower from . paying instalfinents on the obtigations secured hereby as they become due. (22) Power ot Lender. Without afiecting the liability of any person, including Borrower, for the payment of any indebtedness secured hereby, or the lien of this mortgage upon any remainder of such property ior the tult amount of any indebiedness then or thereafter secured hereby, or the rights or powers of Lender ~rith respect to the remainder of such property (other than any person o~ property specifically 4;; releasad by Lende~, Lender from time to time, without liabitity therefor, and without notice to Borrower, may do any ane or more of the ~ following: (a) release any additional security for the indebtedness secured hereby; (b) extend the time or otherwise alter the terms of - payment of such indebtedn9ss; {c) accept additional security, (cQ substitute or release any property securing such indebtedness; (e) consent _ to the making of any map or plat thereof; loin in granting any easement thereon; or(g) join in any extension agreement subordinating or otherwise affecting the lien or charge hereof. (23) Waiverof Statute of Llmitstlons. Time is of the essence as to all of Borrowers obligations hereunder, and to the extent permitted by law, Borrower waives all present or tuture statutes of limitation with respect to any debt, demand or obiigation secured hereby in any action or proceeding for the purpose of enforcing this Mortgage or any rights or remedies hereunder. (24) inspection artd Buslnesa Records. Lender at any time during the continuation of this Mortgage may enter and inspect such property at any reasonable time. Borrower agrees that in the event that such property is now or hereafter used forcommerc+al or residentia! income purposes, that when requested by Lender, Borrower will promptly deliver to Lender such certified financial statements and profit and loss statements of such iypes and at such intervats as may be required by Lender which will be in form and content prepared according to the generally accepted accounting principles and practices, which statements shall cover the financiat operations relating to such property, and Borrower further agrees, when requested by Lender, to promptly deliver, in writing, such further additional informaiion as - required by Lender relating to any such financial statements (25) Governing Law: Severablllty. The foan secured by this Mortgage is made pursuant to, and shatt be construed and governed by, the laws ot the United States and the rules and regutations promulgated thereunder, inctuding the federal laws, rules and regulations for (ederal savings and loan associations. !f any paragraph, clause or provision of this Mortgage or the note or any other notes or obligations secured by this Mo~tgage is determined by a court of competent jurisdiction to be void, invalid or unenforceable, such decision shall affect only lhose paragraphs, clauses or provisions so determined and shafl not aflect the remaining paragraphs, clauses and provisions of this Mortgage or the note or other notes secured by this Mortgage. (26) OHaets. No indebtedness secured by this Mortgage shall be otfset or compensated or shall be deemed to have been oNset or compensated by all or part of any c(aim, cause of action, counterctaim or part of any claim, cause of action, counterclaim or crossclaim, whether liquidated or unliquidated which Borrower now or hereafter may have or may claim to have against Lender, and, in respect to the indebtedness now or hereafter secured hereby, Borrower waives to the f ullest extent permitted by law, any and a!I rights of ofiset which Borrower now or hereatte! may have or claim to have in respect to all or part oi the indebtedness secured hereby, and further waives the benefits or any applicable law, regulation or procedure which provides or substantially provides that, where the cross-demands for money have existed between persons at any point in time when neither demand was barred by the applicabte statute of limitati~ns, and an action is thereafter commenced by one such person, the other person may ~ssert in his answer the defense of payment in that the two demands are compensated so taras they equal each other, notwithslanding that an independent action asserting his claim would at the time of filing his answer be barred by ihe applicable staluie of limitations. (27) Mlsrepresentatlon or Nond(sclosure. Borrower has made certain written representations and disclosures in ord~r to induce Lender to make the loan evidenced by the note or notes which this Mortgage secures, and in the event that Borrower has made any mis- representation oi material fact or failed to disclose any material fact, Lender, at its option and without prior notice, shall have the right to declare the indebtedness secured by this Mortgage, irrespective oi the maturity date specitied in the note or notes, !mmediately ~ due and payable. ~Q 3 of 4 g(,~K 5ZV ~if 9~j~~ ~ _ - . _ _ ~ . ~ vV