HomeMy WebLinkAbout0990 (12j Faliun of Borrow~r to Comply with Mo~tyap~. 3hould Borrower lail to make any payment, or fail to do any act ~equuea uy tnis
Mortgage, or tall to pertorm any obligation secured by thia Mortpaqe, or do any act 8orrower agreed not to dq BOr~ower sha116e 1~ detault
under this Mortgaqe. Lender, but wifhout obligatlon so to do and without notice to or demand upo~ BdttoYfer and without•releasing ;
Bor~ower (rom any obligation he~eof, and without contesting the vaiidity or amount oi the same, may. (ea pay or do the same in such manner !
and to such extent ea it may deem necessary to protect the security he~eoi, Lender being authorized to enter upon such propeAy fo~ such ~
pu~poses; l6) Pay, purChase, Contest or compromise eny encumbrance. charge or lien, which in Its ~udgment is or eppears to be prio~ or ?
superior hereto; and (c) in exercising a~y such power, pay neceasary expenses including but not limited to ~easonable attorneys tees.
Bor~ower agrees to repay any amount so expended on demand of l.ender. ~
(13) 8umi Advancsd to 8sar Intereet and To Bs Added to Mo~t~ags. To pay immediately upon demand any sums advanced o~ paid
by Lender under eny clause or provision of thls Monflege. Any such sum, until so ~epaid, shall be secured hereby end bear interest trom the ~
date it was advanced o~ paid at the same Intere8t rate, as may be adJusted irom time to time, as such indebtedness, and such sum a~d '
tnterest thereon shall be secured by this Mortgage.
(14) Applicetlon of Funds. lende~ shall have the right at its sole discretion io direct the manner in which payments or proceeds shall
be applied upon or allocated among the verious items constituting Bor~ower's indebtedness or obligations secured hereby.
(15) ObltQ~tion ot Borrower Jolnt end Ssveral. If more than'one person is named as Borrower, each obligation ot Borrowe~ shail be
the joint and several obtigation of each such person
(16) No Walver by ~ender. No waiver by Lender ot any right under ihis Mortgage shall be eftective unless in writing. Waiver by Lender
oi any ~ight granted to Lender unde~ this Mortgage or ot any provision of this Mortgage as to any transactlOn or occu~rence shall not be
deemed a weiver as to any tuture transaction or occunence. By accepting payment of any sum secured hereby after its due date, or by
making any payment or pertorming any act on behalf of Borrower that BorroWef Was obligated hereunder, but tailed, to make or per(otm, or
by addtng a~y payment so made by Lender to the indebtedness secured hereby, Lender does not waive its right to ~equire prompt payment
when due of sll other sum$ so secured or to require prompt periorma~ce of all other acts required hereunder, or !o declare a detault tor
(ailure so to pay such other sums or to pertorm such othe~ acta
(17) Tran~fer of the Property; Assumptlon. Acceleratlon Clau~e: Rlght oi Lendsrto Declars Ail Sums Due an any Transisr, Etc.
~ Lender shall have the right, at its option, to declare any indebtedness and obligations secured hereby, irrespective of the maturity date
specified in eny note or agreement evidencing the same, due and payable with(n 30 days after such deciaration iF (aa Borrowe~ o~ any
successor in Inte~est to Borrower oi such property sells, enters into a contract of sale, conveys or alienates such property or any part
thereoi, or suffers his title or any interest therein to be divested whether voluntarily or involunta~ily, or leases such propeny, or any parl
~,U" thereo( tor a term of more than 3 years, or changes o~ permits to be changed the character or use o( such property, or drills or extracts or
enters into a lease for the drilling for or extracting of ail, gas or other hydrocarbon substance or any mineral of any kind orcharacter on such
property; or(b) Borrower is a partnership and the interest oi a gene~al partner is assigned or transferred; or(c) Borrower is a corporation and
' more than 25% of the corporation stock thereof is sold transferred or assigned during a 12 month period; or(~ Borrower ts a trust and there
is a change of beneficial inte~est with respect to more than 2596 of such properiy; or(e) Sorrower has made any material misrepresentation
or failed to disctose any material tact in those certain financial and other written representations and disclosures made by Borrower fn
t order to induce Lender to enter into the iransaction evidenced by the promissory note or notes or agreements which this Mortgage
, secures.
F (18) Acceleratlon; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of
s BorrowerinihisMortgage,includingthecovenantstopaywhendueanysumssecuredbythisMortgage,Lenderpriortoaccelerationshall
mail notice to Borrower as provided in paragraph 28 hereof specifying: (a~ the breach; (b) the action required to cure such breach; (c) a dete,
~ not less than 30 days from the date the notice is meiled to Borrower, by which such breach must be cured; and (c~ that failure to cure such
breach on or before th~e date specitied in the notice may result in acceleration of the sums secured by this Mortgage, (oreclosure by judicfal
i proceeding and sate of the property. li 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 fu~ther demand and may (oreclose this
~ Mo~tgage by judicial proceeding. Lender shall be entitied to coliect in such proceeding ail expenses of foreciosure, including, but not
{ limited to, reasonable attorneys tees, and costs of documentary evidence, abstracts and title reports.
(19) Moditlcetion in Writing. This Mortgage cannot be changed or modified except as otherwise provided in this Mortgage or by
~ agreement in w~iting signed by Borrower, o~ any successor in interest to Borrower, and Le~der. ,
; (20) Rightto Collect and Receive Rents and Protita. Upon any deisult by Borrower, in payment of any indebtedness secured hereby }
s or in the performance of anyagreement hereunderor upon abandonment of such property, Lender mayat any time without notice, either in
person, by agent, or by receiver to be appointed by the court, and without ~egard to the adequacy of any security for the indebtedness
? hereby secured enter upon and take possession of such property, or any part thereo~ make, cancel, enforce or modify leases; obtain and
= eject tenants, set or modify rents; in its own name sue for or otherwise coilect the rents, income, issues and pro}its thereof, including those
past due and unpaid; and apply the same to payment of costs and expenses of operation and collection, including but not limited to
~ receivers tees, premiums on receivers bonds and reasonabie attorneys fees, and then to payment of any indebtedness securerl hereby
and in such order as Lender may determine; a~d except ior such appiication, lender shail not be liable to any person for the collection or
' non-collection of any rents, income, issues and profits, nor the (ailu~e to asse~t or eniorce any oi the foregoing rights The entering upon and . i
taking possession of such property, the collection of such rents, income, issues or profits, the doing of other acts herein authorized and the ~
appiication thereof as aforesaid, shall not c~re or waive any default or notice of detault hereunder or invalidate any act done pursuant to
such notice.
(21) Remedies. No remedy herein provided shali be exclusive of any other remedy herein or now or hereafter existing by law, but shall
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 additionai security for any
obligation secured t~ereby, it may enforce the sale thereof at its option, either before, contemporaneousiy with, or after any Lenders sale is
made hereunder, and on any detault oi Borrower, lender may, at its option, oHset against any i~debtedness 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 •
: obligation so to do, and without affecting the obligations hereof, to appiy toward the payment of any indebtedness secured hereby, anyand -
all sums or money, or credits of or belongin~ to Borrower and which the Lender maY have in its possession or under its control, including,
among other fhings, any impounds held by Lender under paragraph (6) hereof. ;
- In order to assure the detiniteness and certainty of the rights and obl[gations herein provlded Borrower waives any and all rights of ~ ~ ~
offset which Borrower now or hereafter may have against Lender, of claims and no offset made by Lender shali relieve Borrower (rom
paying installments on ihe obligations secured hereby as they become due. ~
(22) Power of Lender. Without aNecting 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 for the full amount of any indebtedness then or thereafter secured 3
: hereby, or the rights or powers of Lender with respect to the remainder of such property (othe~ than any person or property specificaliy ;
II released by Lende~}, Lender (rom time b time, wtthout tiabtliry therefor, and without notice to Borrower, may do any one or more of the ~
i~ foliowing: (a) release any additional security tor the indebtedness secured hereby, (b) extend the time or otherwise alter ihe terms oi '
~ payment of such indebtedness; (c) aCCept additional security, substitute or release any property securing such indebtedness; (e) consent
~ to the making of any map or plat thereof; join in granting any easement thereon; or(g) join in any extension agreement subordinating or
' otherwise afiectUg the lien or charge hereoL ~ I
~j (23) Walver of Statute oi Llmttatlons. Time ta of the essence as to all of Borrowers obligations hereunder, and to the extent permitted
3 by taw, Borrower wafves all present or future statutes of limitatlon with respect ta any debt, demand or obligation secured hereby in any .
activn or proceeding for the purpose of enforcing thls Mortgage or any rights or remedies hereunder. ;
(24) (nspectlon snd Buslness Records. Lender at any time during the continuation of this Mortgage may enter and inspect such j
properiy at any reasonable time. Borrower agreesthat in the event that such property is nowor hereafter used forcommercial or~esidential
income purposes, that when requested by Lender, Borrower will promptly deliver to Lender such certified f inancial statements and p~o(it
and loss statements of such types end at such Intervals as may be required by Lenderwhich will be in torm and content prepared according
to the generally aCCepted aCCOUnting principles and practices, which statements shall cover the f inancial operations relating to such !
prop~rty, a~d Borrower further agrees, when requested by Lender, to promptly deliver, in writing, such further additional information as
required by Lender relating to any such financial statements
' (25) ~overning Law: Severablllty. The loan secured by this Mortgage ts made pursuant to, and shall be construed and governed by,
~ the laws of the United States and the rules and regulations promulgeted thereunder, Including the federal Isws, rules and regulations ior
federal savings and loan assocletions. If any paragraph, clause or provision of this Mortgage or the note or a~y other notes or obligations
? secured by this Mortgage is determined by a court oi compgtent jurisdiction to be void invalid or unenforceable, such decision shall aflect
~ only those paragraphs, clauses or provlsions so determined and shall not affect the remaining paragraphs, clauses and provisions oi this
Mortgege or the note or other notes secured by this Mortgage.
(28) ONsot~. No indebtedness secured by this Mortgage shall be offset or compensated or shall be deemed to have been ofiset or
compensated by all or part of a~y clatm, cause of action, counterclaim or part of any claim, ceuse of action, counterclalm or crossclaim,
whether Ilquidated or unliquideted ~~ch Borrower now or herea(ter may have or may claim to have against Lender, and, in respact to 1he
indebtedness now or hereafter secured hereby, Borrower waives to the iullest extent perrnitted by law, any and all rights af oHsei which
Borrower now or hereafter may have or claim to have in respect to all or part of the indebtedness secured hereby, and further waives the
benefits or any applicable lew, regulation or procedure which provides or subatantlally provides that, where the cross-demands for money
have existed between persons at any point in tlme when neitherdemand was barred by the applicable statute of limitations, and an action is
thereafter commenced by one such person, the other person may assert in his answer the defense of payment in that the two demands are
compensated so far as they equal each other, notwithstanding that an independent action asserting his claim would at the time of fili~g his
~ answer be barred by the applicable atetute ot limitationa
(27) Mlsrsprossntatton or Nondisclosure. Bonower has made certain written representations and disclosures in order to i~duce
~ Lender to make the loan evidenced by the note or notes which this Mortgage secures, and in the event that Borrower has made a~~1 mis-
? representetlon of material iaCt or tailed to disclose any material fack Lender, at its option and without prior notice, shell have the right to
i decla~e the indebtedness secured by this Mortgage, irrespective oi the maturity date s~ecitied In the note or notes, fmmediately
! due and payable. ~ R 554
' BOOII PAGE ~8 3 of 4
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