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HomeMy WebLinkAbout0915 Mortyeqe, o~ tall to pe~to?m sny oblbation aecured by this Mo~t~e~e, or do any act Bo~rowa~ a9~eed not to d0. Borrower ahall be in detault unde? thia MoRgaqa lender, puf w~thout obligatbn so to do and without notice to or demand upon 6o~rower and without releasin9 r 8orrower irom any obUgatlon hereof, a~d without conteating the velidity or amount af the same, mey. (e~ pay o~ do the same in such ma~ne~ j and to auch extent aa it may deem ne+cessary to p~otect the security hereot, Lender boing authori:ed to enter upon such prope?ty (or auch ~ purposea: (6) pay, purchase, Contest or Compromise any encumbrance, Charge or Ilen, whiCh tn its Judgment is or appears to be prior or ; superio? hereto; and (c) In exercisin~ any such power, pay necessary exp6nses including but not limited to reasonable attorneys fees i Bortower agrees to repay any amount so expended on :~lemand of L@~de~. ' (13) Sums Advanced to 8sa~ Intsrsst and To Be Added to Mo~4ya~~. To psy immediatety upon demand any sums advanced o~ paid ~ by lende~ unde? any clause or provision o( fhis Mongaga Any such sum, untfl so ~epaid shall be secured herebyand bear interest trom Ihe ~ date it was advenced or pald at the seme interest rate, as may be adJusted irom time to time, as such indebtedness, and such sum and t interest thereon ahall be secured by this Mongege. (14) Applicatlon of Funds. Lender shall have the right at its sole discreUon to direct the manner in which payments or proceeds ahall be applled upon o~ allocated among the various•items constituting Borrowers indebtedness or obligations secured hereby. (15) Obligation of Borrowsr Jolnt and Seve?al. Ii more than one person is named as Borrower, each obUgatfon ot Borrower shail be the jolnt and several obligation of each such person. (16) No Waiver by Lendsr. No waiver by Lende~ of any right under this Mortgege shall be efiective unless in writing. Waiver by Lender of any righ! granted to Lender under this Mongage or of any provialan of ihis Mongage as to any transaction or occurrence shall not be deemed a walver as to eny tu!ure transaction or xcurtenc~ By accepti~g payment of any sum secured hereby after its due date, o~ by making any p8yment o~ pe~formtng any aCt on behalt ot Bo~~ower that Bor~ower was obligated hereunde~, but fatled to make or perform, or by eddtng any payment so made by Lender to the indebtedness secured he~eby, Lender does not waive its righi to re4ufre prompt payment ' when due oi all other sums so secured or io require prompt periormance ot all other acts ?equired hereunder, or to declare a default for failure so to pay such other sums o~ to periorm such other acta (17) TransteroitheProperty;Assumptlon.AccelerationClause:RlghtofLsnd~rtoDeclareAll8umaDusonanyT~snster,Etc. Lender shall have the right, at its option, to declare any indebtedness and obligations secured hereby, ircespective ot the maturity date specNied in ~ny nnte o~ agreement evidenCing the same, due and payable within 30 days after such declaration if: (ea Borrower or any successor in interest to Borrower oi such prOperty sells, enters into a contract of sele, Conveys or alienates suCh property or any part thereof, or sufiers his title or a~y Interest the~ein to be divested whether voluntarily or involuntarily, Or leases such propeny, or any part thereoi for a term of more ihan 3 years~ or changes or permits to be cha~ged the character or use of such property, or drilis o~ extracts or enters into a lease for the drilling for or ext~acting oi oii, gas or other hydrocarbo~ substance or any mineral of any kind orcharacter on such property, or (b) Borrower is a pannership and the interest of a general partner ts assigned or t~ansferreck or(~ Borrower is a corporation and more than 25% of the corpoiation stock thereof is sold transferred or assigned during a 12 month peNOd; or(~ Borrowe~ ts a trust and there is a change of beneNcial interest with respect to more than 2596 of such property; or(e) Borrower has made any material misrepresentation or tailed to disclose any mate~ial iact i~ those ce~tain financial and other written representations and disclosures made by Borrower in order to induce Lender to enter into the transaCtion evidenced by ihe promissory ~ote or notes or agreements whiCh this Mortgage securea (18) Acceleration; Rsmedies. Except as provided in parag~aph 17 hereoi, upon Borrowers breach of any covenant or agreement of Bor~ower in this Mortgage, including the covenants to paywhen due any sums secured by this Mongage, Lender p~ior to acceleration shal! . mail notice to Borrower as provided in paragraph 28 hereoi specifying: 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 wh(ch such breach must be cured; and (cn that taiture to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by ihis Mortgage, toreclosure by judicial proceeding and sale of ihe property. If the breach is noi cured on or before the date specified in the notice, lender at lenders option may declare all oi the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial praceeding. lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorneys fees, and costs ot documentary evidence, abstracts and title reports. (19) Modiiicatlon in W~Iting. This Morigage cannot be changed or modiHed except as otherwise provided in this Mortgage or by agreement in writing signed by Borrower, or any successor in interest to Borrower, and l.ender. . {20) Rtyht to Collect and Receive Renta and Profits. Upon any default by Borrower, in payment of an~ indabtedness secured he~eby or in the pertormance of any syreement 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 hareby secured enter upon and take possession of such property, or any part ihereof, make. cancei, eniorce or modify leases; obtain and eject tenants, set or modify rents; in its own name sue for or otherwise collect the rents, income, issues and profits thereof, inctudi~g those past due and unpaid; and apply the same to payment of costs a~d expenses of operation and collection, including but not limited to receivers fees, premiums on receivers bonds and reasonable atlorneys tees, and then to payment of any indebtedness secured hereby and in such order as Lender may determine; and except for such applicatior~ Lender shali not be liable to any person tor the collection or non-collection of any rents, income, issues and profits, nor the failure to assert ar enforce any of the toregoing rights. The eniering upon and taking possession of such property, the collQCtion of such rents, incame, issues or profits, the doing ot other acts herein suthorized and the application thereof as aforesaid, shall not cure or waive any default or notice of detault hereunder or inva~idate any act done pursuant to such ~otice. (21) Remedles. No remedy herein provided shall be exclusive of any other remedy herein or now or hereafter existing by law, but shall be cumulativ~ 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 otten 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 enforce the sale thereof at its option, either before, contemporaneously with, or after any Lenders sale is € made hereunder, and on any defauit of Borrower, Lender may, at its option, oNset 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 ~ obligation so to do, and without affecting the obligations hereof, to appy toward the payment of any indebtedness secured hereby, any and t ali 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 parag~aph (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 Borrower now or hereafter may have against Lender, of ciaims and no ofiset made by ~ender shall reiieve Borrower trom ' paying instaliments on the obligations secured hereby as they b8come dua ~ (22) Powar oi Lende~. Without affecting the liability oi any person, including Borrower, tor the payment of any indebtedness secured hereby, orthe lien of thts mortgage upon any remainder of such property for the full amount of any indebtedness then or therearier secured - hereby, or the rights or powers of Lender with respect to the remainder of such property (other than any person or property specifically reteased by ~ende~, Lender from time to time, without liabiliry therefor, and without ~otice to Borrower, may do any one 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 indebtednes~ (c) accept additional security, substitute or release any property securing such indebtedness; (e) consent to the making of any map or plat thereof; (fl Ioin in granting any easement thereon; or.(g) join in any extension agreement subordinating or otherwise affecting the lien or charge hereof. . (23) Waiver ot Statute of Limitations. 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 obligation secured hereby in any . action or proceeding tor the purpose of enforcing this Mortgage or any rights or remedies hereunder. (24) Inspeotion and Businsss Records. Lender at any time during the continuaY:on 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 torcommercial or residential incOme purposes, that when requested by Lender, Borrower will promptiy deliver to lender such certified financial statements and profit and loss statements of such types and at such intervels as may be required by lenderwhich will be in form and content prepared according to the generally accepted accounting principies and practices, which statements shall cover the financial operations relating to such propeny, and Borrower furlher agrees, when requested by Lender, to promptly deiiver, in writing, such fu~ther additional information as requfred by Lender relating to any such financial statements. (25) Governing law: Seversblilty. The loan secured by this Mortgage is made pursuant to, and shail be construed and governed by, fhe laws of the United States and the rules and regulations promulgated thereunder, including the federal iaws, rules and regulations for (ederal savings and loan associationa If any paragraph, clause or provision oi this Mo~tgage or the note or any other notes or obligations secured by this Mortgage is determined by a court of competent Jurisdlction to be void invalid or unenforceable, such decision shall aHect only those parag~aphs, clauses or provisions so determined and shall not aifect the remaining paragraphs, clauses and provisions of this Mortgage or the note or other notes secured by this Mortgage. (28) ONsets. No indebtedness secured by this Mortgage shall be offset or compensated or shall be deemed to have been offset or compensated by all or part of any claim, cause of action, counterclaim or part of any claim, cause of action, counterclaim or crossclaim, i whether liquidated or unliquidated which Borrower now or hereatter may have or may claim to have againat Lender, and in respect to the indebtedness now or hereafter secured hereby, Borrower walves to the tullest extent permitted by taw, any and all rights of oHset which ~ Borrower now or hereafter may have or claim to have in respect to all or part of the indebtedness secured hereby, and fu~ther wa~ves the benefits or any epplicable 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 applicabie statute of limitations, and an action is ihereafter commenced by one such person, the other person may assert in his answer the detensa of payment in that the two demands are compensated so tar as they equal each other, notwithstanding that an independent action asserting his claim woutd at the time of filing his ~ answer be barred by !he applicable atatute of limitations, . - ~ (27) Mtsreprssentatlon or Nondlsclosu~e. Borrower has made certain written representatfons and disclosures in order tainduce • Lender to make the loan evid~nced by the note or notes which this Mortgage secures, and in the event that Borrower has made any mts- representetion of material faci or tailed to disclose any materiel tact, Lender, at ita option and without prlor notice, shalf have the right to declare the indebtedness aecured by this Mongage, irrespecfive of !he mnturity date specified in the note or notes, immediately due and payable. Ct R b~~~ 564 PA6f 914 3 of 4 _ . . . . . _ _ -~-f i?-.-..-.-.,. - • - _ ~f= ~ _ _ ~ -