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HomeMy WebLinkAbout0981 (12) Fallure of Ho~rowet to Compty with Mortgage. ~hould Bcrro~var tail to maRe any payment, or tail tC do any act requ+rQd by this Mortgage, or fai! to perlorm any obliflation secured by thi, ;~Aongagq or do any act Borrower agr~ed not to do, 8oi rower shall t~e in doiault undsr this tiiorlgage. Lendar, but With~iut ~bii~~tiot~ SO to do end t~rilhQU! nc~tiCe tc~ ~~r damanQ upon 8ortower and witFtout roleasing florrower Irom any obligaliun hereo(, nnd with:~ut contesting the validity or amouni ot the samo, may. {a) ppy or db the same in such manner and to such extent as It maydaam necessary to protect the security hereof, Lende~ being autho?ized to entar upon s~~ch properiy lur such purposes: (b) pay, purchase, contest or compromise any encumbranco, charge or lion, ~4hich in ils Judflment is or appears to ba prior or supflrior hereto; and (c) in exercising any such power, ~ay necessary expenses (ncluding but not limited to reasonabie attorneys feQ~ Borrower agrees to repay any amovnt so expended ~n demand ~f Lender. (13) Suma Advanceci to 8ear Intereat and Yo Be Added to Mortgage. To pay immodiately upon demand any sums advanced or paid by Lander under any clause or provision of this Mo~tgage. Any such sum, uniit so repaid shafl be secured hereby and bear interesl (rom the da!e it was advenced or paid at the sama intctrest rato, as may be adjust~d trom time to time, as such indebtodness, and such sum and Interest ihereon shall bo secured by 1hi5 Mortgage. (14) Appilcatlon oi Funds. Lender shall have the right at its sole discretion to direct lhe manner in which payments or procesds shall be applied upon or allocated among th~r varlous items constituting 6orrowers indebtetinese or obligations secured hereby. (15) Obllgation oi Borrower Joint and 8everol, It mors than one person is nemed as Borrowar, eAch obligation ot Barrower shat! be thQ Jolnt and several obligaUon of each such person. (16) No Walver by Lendor. No waiver by lenderoi any ?ight under thls Mortgeg~ shall be effective unless in writirig. WBiver by Lender oi any righ! granted to Lender under this Mortgage or af aiiy provisioi~ of this Mortgaga as to any transacNon or occurrence shall not be deemed a waiver as to any tuture transaction or occurrance. By accepting payment of any sum secured herebY alter its due date, or by making any payment or perforrning any act on behalE ot Borrower that Sorrower was obligated hereunder, but (ailed to make or periorm, or byadding anypayment so made by Lenderto the indebtedness secure~ hereby, Lender does not waive its right to ~equire p~ompl paymQnt when due nt all oiher sums so secured or to require prompt pertormance of all other acts required hereunder, or ta decfare a default for (ailure so to pay such cther sums or to periorm such other acts {17) Trenster of the Property; Assumptlon. Acceleratlor~ Clauae: Rigt~t of Lenderto Decl~re All Sums Due on anyTr~nater, Etc. Lender shati have the right, at its option, to declare any indebtedness and abligations secured hereby, irrespeciive of the maturity date specified in any note or agreement evidencing the same, aue and payable within 30 days after such declaration it (a) 8orrowor or any ' successor in interest to Borrower of such propsrty sells, enters into a contract of sale, conveys or alienutes such properiy or any part thQreot, or suife~s his iitie or any interest therein io bs divestecl, whether voluntarily or invotuntarily, or leases such prope~ty, or any part thereof tor a term of more ihan 3 years, or changes Qr permits to be cha~ged the characier or uss of such property, or drills or extracts or onters ir~to a tease tor the drilling for or extracting o! oil, gas or ather hydroca~bon substance or any mineral of any kind or character on such property, or(b) Borrower is a partnership and the interest of a general pah~er is assigned or transterrec+; or(c) Horrower is a corporation and more than 2596 of the corporation stock thereof is sotd, transferred or assigned during a 12 month period; or(~ Sorrower is a trust and there is a change of beneficial interest with respeci to more thsn 2596 of such property, or(e) Sorrower has made any material misrepresentation ~r tailed to disclose any malerial (act in those certain tinancial and other written representations ~nd disclosures made by Bor~ower in order to induce Lender to enter into the transaction evidenced by the promissory' note or notes or agreements which this Mortgage secures (18) Acceleretlon; Remedles. Except as provided in pa?~.graph t 7 hereot, upon Borrowers breach of any covenant or agreement of Borrower in this Mortgage, including the covenantsto paywhen due anysums secured by this Mongage, lender prior toacceleration st~all mail notice to Borrower as provided in paragraph 29 hereof specifying: (a) the breach; (b} the action required to cure such breach; (c) a date, not tess than 30 days Irom the date the notice is mailed to Borrower, by which such breach must be cured; and thai failure to cure such breach on or betore the date specified in the notice may result in acceleration o( the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the property. If the breach is not cu~ed on or before the date specified in the notice, Lender at Lenders option may declare all ot the sums secured by this Mortgage to be immediately due and payable without furlher demand and may toreclose this Mo~tgage by judicial proceeding. l.ender shall be entitled to collect in such proceeding all expensos of forectosure, inctuding, but not limited to, reasonable attorneys fees, and costs of documentary evidence, abstracts and iitle reports. (19) Modification In Wrlting. This Mortgage cannot be changQd or modified except as othervvise provided in this Mortgage or by agreemeni in writing signed by Borrower, or any successor in interest to Borrower, and lender. (20) Right to Collect and Receive Rents and P~ofits. Upon any default by 8orrawer, 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 aapointed by the court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession ot such property, or any part thereof; make, cancel, enforca or modify leases; obtain and eject tenants, set or modify rents; in its own name sus for or otherwise collect the rents, income, issues and Rrofiis thereof, including those pasi due and unpald; a~~d apply the same to payment of costs and expenses of operation and collection, including but not limited to receive~s fees, premiums on receivers bonds and reasonab!e attorneys tees~ and ihen to payment of any indebtedness secured hereby and in such order as Lender may determine; and except for such application, Lender shall not be liable to any person for the collection or +ion-collection af anyrenls, income, issues andprofits, northefailuretoassert orenforceanyof theforegoing rights.The entering upon and taking possassion of such ~roR~rty, the collection of s~ch rents, income, issues or profits, the doing of ot~er acts herein authorized and the application thereof as aforesaid shali not cure or waive any detault or notece of default hereunder or invalidata any act done pursuant to su:h notice. ~21) Remedtes. No remedy herein provided shall 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 wh+ch it may be otherwise entitled may be exercised from time to time ~nd as often as may bo deemed expedient by it, and it may pursue inconsistent remedies If Lender holds any additional security for any ~~~igation secured hereby, it may enforce the sale thereof at its option, either before, contemporaneously with, or afler any Lenders sale is made hereunder, and on any d2lault af Borrower, Lender may, at its aptian, offset againsi any indebtedness owing by it to Borrower, the whote or any part of the indebtedrtess secured hereby, and the Lender is hereby authorized and emp4wered at its option, wiihout any obligation so to do, and without affecting the obligations hereof, to apply toward the paymenl of any indebtedness secured hereby, anyand all ~ums or money, or credits oE or belongin~ to Borrower and which the lender may have in its possession or under its control, includ'+ng, among other things, any impounds held by Lender under paragraph (6) hereof. In order to assure the detiniteness and certainty ot the rights and obligations herein provided, Borrower waives any and al( rights of oflset which Borrqwer now or hereafter may have against Lender, of cla+ms and no offset made by Lender shall relieve Borrower irom paying insta(tments on the obligations secured hereby as they become due. (22) Powe? of Lender. Without affecting the liability of any person, including Borrawer, for ttie payment of any indebtedness secu~ed hereby, or the lien of this mortgage upon any remainder of such property tor the full amount of any indebtedness then or thereaftersecured hereby, or ttie rights or powers of Lender with respect to the remainder oi such property (other than any person or property specifically released by Lende~, Lender from time to time, without liability therefor, and without notice to 6orrawer, may do any one or more oi the following: (a) release any additional security for the indebtedness secured hereby, (b) extend the time or otherwise alter the 'erms ot payment uf s~ch indebtedness; (c) accept additional security, {cn substituta or release any propertysecuring such indebtedness; (e) consent to the making of any map or plat thereof; join in granting any easernent thereon; or (g) join in any extension agreement subordinating or other~rise affecting the lien or charge here~f. ' (23) Waiver of Stetute af Llmltatlons. Time is of the essence as to atf of Borrowe?'s obligations heraunder, and to the extent permitted by law, Sorrower waives all present or futurs statutes of limitation with respect to any ~+ebt, demand or obligation secured hereby in any aciion or proceeding for t~~e purpose of enforcing this Mortgage or any rights or remedies hereunder. (24) Inspection and Buslness Racords. Lende! at any time during the continuation af this Mortgage may enter and inspect such property at any reasonab(e time. Borroweragrees that in the event that such property is nowo~ hereafter used forcommercial or residential income purposes, that when requested by Lender, Borrower will promptly deliver to Lender such certitied financial statements and profit and loss statements of such types and at such intervals as may be required by lenderwhich will be in form and content prepared according H to the generally accapted accounting principtes and practi~es, which stalements shall cover the financial operatio~~ relating to such ~ propsrty, and Bo~~ower turther ~grees, when requested by Lende~, to promptty deliver, in writi~g, such Turther additional informa!~on as ~ raquired by lender ~e!ating to any such financial statements (25) Govarning l.aw: Sevsrabtli+ty. The Ioan secured by this Mortgage is nade pursuant to, and sha11 be construed and governed by, ~ the laws of the United ~ta~es and the rules and regulations promuigaied thereunder, includ'+ng the fede~al laws, rules and regulations for ~ federal savings and loan associations. If any paragraph, clause or provisior of this Mortgage or th~ note or any other notes or obtigations secured by this Mortgage is d~termined by a court oi competent jurisdiction to be void, invalid or unenforc~abto, such deCision shall afiect ~ onty those paragraphs, c!suses Qr provisions so dstermined and shall not affect the remaining paragraphs, clauses an~ provisions of this ~ M9ortg~ge or tha note or other notes secured by this N9o~tflage. ~ (26) Ofieets. No ir.debtedness secured by this Mortgage shali be ofiset or compen~ated or shs!! be deemed to have been oHset ar ,t compensated by atl vr part ot any ~taim, cause of actlon, counterclaim or pa~t of any clairn, cause of action, counterclaim or crossclaim, whether liquidated or un{iquidatec~ 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 fufisst extent permitted by law, eny ar,d al! righis oi offset which @orrower now or heraafter may have or claim to have in ~aspect to all or part of tho indebiednecs secured hereby, and turiher waives the benetits or any applicable law, regulation or procedure which prqvides or s~~bstantially provides that, where !he cross-demands for money t~ave existed betvsreen persons ai any polnt in time when neitherdemand was barred by the applicaD;e statute of timitetions, and an action ig therea~ter commenced by one such person, the other RersoR m~y assert in hls answer the detense of pavment in that the tyvo dem~nds are compensated so far as thay equal each other, notv+rithstanding that an independent actior. assarting his claim wauld at the tirne of filing his ansXer be barred by the appliCabte statute of limiiations, (27) l411s~spres~ntatlon or Nondtsclosure. 8orrower has mede certain writien representatl9ns and disctosures in order to induce Lender to make the loan evidenced by the noie or notes which this Mortgage secures, and in tho event that Borrower has made any mis~- repres6ntation of material fact or faiiad to disclose any material fact, Lender, at its option and without prior notic8, shall have the rPght to ? declare the indebtedness secured by this Mortgage, irrespective o[ the maturity date specified In the note or notes~ immediately ~ due and payahte. 3 0l 4 ~,~_.~.=---r---~ - 3r -+~w~~:M' ~