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Home My WebLink About0945 (12~ F~IIYf~ Of 80«OW~r t0 Gompry wnn MOftQ~Ql. ~hOUld ~OfrONMr 1au to maKa any ~.rmv~~~ v~ p..~ . Mongape, o~ fall to perform any obligation secured by t~ls Mortpaqs, or do eny ect Barrower apreed not to dq 8pr~ow ehell bO ~ defeult ~ undd~ thia MoAga9e. Lender, but withoui obtiyatio~ so to do snd without notice to o~ demand upon SOrr6W6r ~Vvitho~l~~easing Borrower trom any obligation heteof, and wlthoul conte8tinp the validity or amount ol the aame, may (a) pay or tb'tAe same i~1euC 'manner and to suCh extent ea it may deem necessary to protect the sscurity hereof, lender beiny suthorized to enter upon such prope~ty for such , ~ purposea; (6) pay, pu~chase, contest o~ compromise any encumDrance, charge or Nen, whicA In its judflmeM ia or appea~s to be prior or superior hereto; and (c) in ex8rclsing any such power, pay ~eceasary expenses inCludinfl but not limited to ~eaaoneble attorneys feea ; Bo?rower agrees to ?ep8y any emount so expended on demend.ot Lende~. ; (13) 8ums Advanced to Bs~? Int~rsst and To Bs Add~d to Mon~aqe. To pay immediataly upon demand any sums edvanced or paid t i by Lender under any cfause or provision ot this Mortgage. Any such sum, until so repaid shall be secured hereby end bear interest from the ~ I date it was advanced or paid at the same intereat rate, as may be adjusted trom time to time, as such indebted~es& and such sum and i' interest lhe~eon shall be secured by lhi8 Mortgage. . (14f Appllcation of Funds. Lender shell have the right at its sole discretion to dtrect the menner in which payments or proceeds sAall ~ i be applied upon or alloceted among the various items constituting Borrowers indebtedness or obligations secured hereby. (15) Obll~ation of Hor~owe~ Joint and S~veral. If more lhan one person is named as Borrower, each obligation of Bonower shall be ihs joint and severei obligetion of each such person. ! (16) No Walver by Lendor. No waiver by Lender ot any ripht under this Mortgags shati be eftective unless in writirtg. Waiver by Lender oi any right granted to Lender under this Mortgage or of any provisian of this Mortgage as to any tra~saction or occurrence shall not be deamed a waiver as to any future transaCtion or occunence. By accepting payment of any sum secu~ed he~eby after its due dats, or by making a~y payment or pe~iorming any act on behalf of Borrower that Bo~rower was obNgated hereunder, but failed to make or performi, or by adding eny payment so made by Lender to the indebtedness secured hereby, Lender does not waive its right to require prompt payment when due of all other sums so secured or to ~equire prompt pe~iormance of all ot~er acts required hereunder, or to declare a deteult for j lailure so to pay suCh other sums or to pe~form such other acta ! (t 7) Transtsrof th~ P~operty; As~umption. Acceleratfon Clauss: Right oi Lenderto Declare All Sums Due on anyTransie~, Etc. 1 Lender shall have the r'ight, at its option, to declare any indebtedness end obiig~tions secured hereby, irrespective of the maturity date - ~ specified in any note or ag~eement evidencing the same, due and payabte withi~ 30 days after such declaratlon It: Borrower or any succe~sor in interest to 8orrower of such property sells, enters into a cont~act of sale, conveys or alienates such property or any part a thereot, or suNers his iitle or any interest the~ein to be divested whethe~ voluntarily or involuntarily, o~ leases such property, or any part thereof for a term of more than 3 years, or changes or permits to be changed the character or use ot such property, or dnlls o~ extracts or ~ enters into a lease (or the drilling fo? or extracting of oil, gas or other hydrocarbon substance or any mineral oi any kind or character on such property,or(b)Bo~rowerisapartnershipandtheinterestofageneralpa~tnerisassignedortransferred:or(c)Borrowerisacorporationand < more than 25% of the corporation stock thereot is sold transferred or assigned duri~g a 12 month period; or(~ Borrower is a trust and there ; is a change of benef icia! interest with respect to more than 25% ot suCh property, or(e) Bo~rower has made any material misrepresentation or failed to disclose any material tact in those certain financial and other written representations and disctasures made by Borrower in ' order to induce Lender to enter into the transaction evidenced by the promissory note or notes or agreements which this Mortgage secures. (t 8) Accelsratfon; Remedies. Except as provided in paragraph 17 hereof, upon Borrowers breach of any covenant or agreement of ~ Borrower in this Mortgage, inciuding the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration sha0 ; mail notice to Borrower as provided in paragraph 28 hereoi specifying: (a~ the breach; (b) the action required to cure such breach; (c) a date, ; not less than 30 days irom the date the notice is mailed to Borrower, by which suc~ breach must be cured; and (d) that failure to cure such ~ breach on or before the date specified in the notice may result in acceleration of ti~e sums secured by this Mortgage, foreclosure by Judicial proceeding and sale of the property. If the breach is not cured on or be(ore 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 further demand and may foreclose this 7 Mortgage by judicial procesding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not = limited to, reasonable attomeys tees, and costs of documentary evidence, abstracts and iitle reports ~ (19) Modlftcatlon In Wrlting. This Mortgage cannot be changed or modified except as othervvise provided in this Mortgage or by ~ agreement in writing signed by Borrowe?, or any successor in interest to Borrower, and Lender. ~ ~ (20) Rlght to Collect snd Recelve Rents and Proflts. Upon any default by Borrower, in payment of any indebtedness secured hereby or in the performance of any agreement hereunder or upon abandonment oE such property, ler~dermayat any time without notice, either in ~ I person, by agenf, or by receiver to be appointed by ihe court, and without regard to the adequacy of any security for the indebtedness i ~ hereby secured enter upon and take possession of such property, or any pa~t thereof; make, cancel, enforce or modify leases; ot~tain and eject tenants, set or modify rents; in its own name sue (or or othervvise collecf the rent~ income, issues and prolits there4f, including those ~J past due and unpaid; and apA~Y the same to payment of costs and expenses of operation and collection, inctuding but not limited to receivers fees, premiums on receiver's bonds and reasonabte attomeys fees, and then to payment of any indebtedness secured hereby ; ~ and in such order as Lender may determine; and except for such apR~~cation, Lender shall no! be liable to any person for the collection or nomcollection ot any rents, income, issues and profits, northe tailure toassert or enforce anyoi the foregoing rights. The entering upnn and taking possession of such property, the coftection of such ~ents, income, issues or profits, the doing of other acts herein authorized, and tha application thereof as a(oresaid shalt not cure or waive any default or notice of detault hereunder ~r invalidate ~ny act done pursuant to } such notice. k ~ (21) Remedies. No remedy herein provided shall be exclusive of any other remedy herein or now or hereafterexisting 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 irom time to time = and as often as may be deemed expedient by it, and it may pursue inconsistent remedies. If Lender hotds any additional security (or any ~ nbligation secured hereby, it may enforce the sate thereof at its option, either before, contempora~eousty with, ar after any Le~ders sale is ~ made hereunder, and on any defautt oi $orrower, ~ender may, et its option, offset against any indebtedness owing by it to Borrower, the whote or any part of the indebtedness secured hereby, and the Lender is hereby authorized and empowered at its option, without any ; j obligation so to do, and without affecting the obligations hereof, to apply toward the payment oi any indebtedness secured hereby, anyand t all sums or money, or credits of or belonging to Borrower and which the Lender may have in its possession or under its control, including, ; ~ amortg other thing$ 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 a!1 rights of ~ otfset which Borrower now or hereatter may have against Lender, of claims and no oftset made by Lender shall relieve Borrower (rom ~ ~ paying installments on the obligations secured hereby as they become due. = (22) Power of Lender. Without affecting the liability of any person, inctuding 6orrower, for the payment of any indebtedness secured { ~ hereby, orthe lien oithis mortgage upon any remainderot such propertyior the full amount of any indebtedness then orthereafter secured ~ I hereby, or the rights or powers of Lender with reapect to the remainder of such property (other than any person or property specifiCally ~ released by Lende~, Lender from time to time, without liability therefor, and without natice to Borrower, may do any one or more of the ? following: (a) retease any additional secur+ty for the indebledness secured hereby, (b) extend the time or otherwise alter the terms of payment of such indebtedness; (c) accept additional security (cn substitute or release any property securing such indebtedness; (e) consent to the making of any map or plat thereo~ join in granling any easement ihereon; ar(g) join in any extension agresment subordinating or k otherwise af/ecting the lien or charge hereot. f; (23) Walvsr of Statute ot llmltatlons. Time is of the essence as to all of Borrowers obligations hereunder, and to the extent permitted by law, Borrower waives al! present or tuture statutes of limitation with respect to any debt, demand or obligation secured hereby in any action or proceeding for the purpose of enforcing this Mortgage or any rights or remedies hereunder. (24) InsQsctfon and Buslness Records. lender at any time during the continuation of this Mortgage may enter and inspect such ~ property at any reasonable ~ime. Borrower agrees that in the event that such property is nowor herea(ter used for commercial or residential income purposea~ that when requeated by Lender, Borrower will promptty deliver to Lender such certi(ied financial statements and protit and loaa atatements of such types and at such intervals as may be required by Lender which ~rill be in form and content prepared according to the generally accepted accounting principtes and practices, which statements shall cover the financial operations relating to such property, and 8orrower further agrees, when requested by Lender, to promptly deliver, in writing, such turther additional information as : re+quired by Lender relating to any such financial siatements. (25) tioverning Law: 8everabilit~r. The loan secured by thia Mortgage is made Rursuant to, and shall be construed and governed by, the Iaws of the United Statea and the rules and regulations promulgated ihereunder, including the federal laws, rules and regulations (or federal savings and loan associations. lf any paragraph, clause or provision ot this Mortgage or the note pr any other notes or obligations secured by this Mortgage is determined by a court of competent jurisdiction to be void, invalid or unentorceable, such decision shall affect _ only those paragraphs, clauses or provlslons so determined and shall not aNect the remaining paragraph& ctauses and provisions of this Mortgage or the note or other notes secured by this Mo~tgage. (28) Offsets. No indebtedness secured by this Mortgage shalt be offset or corr?pensated or shaU be deemed to have been otiset or compensated by all or part ot any claim, cause of action, counterclaim 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, 8orrower waives to the (ul?est exten! permitted by law, any and all rights of offset which Borrower now or hereafte~ may have or claim to have in respect to aIl or part of the indebtedness secured hereby, and further waives the = beneiits or any applicable law, regulation or procedure which provides or aubstantially provides thaf. where the cros&demands tor rr~oney have exiated between persons at any point in time when neitherdemand wes barred by the applicable statute of limitations, and an action is thereatter commenced by one such person, the othe~ person may assert in his answer the de(ense of payment in that the two demanda are compensated so faras they equal each other, ~otwithstanding ihat an independent action assertfng his claim would at the time of filing his ? answer be barred by the applicable statute of timitations. • t27~ Mlsrep~esentatlon or Nondlsclosure. Borrower has made certain written representations and disclosures in order to induce Lender to make the loan evidenced by the note or notes which ihis Mortgage secures, and in the event that Borrower has made any mis- representation o( matertal fact or (ailed !o disciose any material fact, Lender, at Its option and without prior notice, shall have the right to declare the indebtedness secured by this Mortgage, irrespective of the'maturity date specified in the note or notes, immedlately due and payable. 3~ot 4 ~'iE V~4 ~ 800lt `