Loading...
HomeMy WebLinkAbout0598 8. la~pectioa. l.ende~ may make or cawe to be made rsawnabls entrie~ upon and in~pection~ of ihe pmperty, pmvided that i.ender ohall give Borrower notioe prior to any such inspection specityin~ reaaonable cawe therefor related W l.endei ~ intereet in the Ptoperty. 9. Co~demnatioa.'I1?e p~oceed~ of any awerd o~ claim tor daima~es, direct or con~equential, in rnnnection with any oondemnation or othe~ taking of the property, or part thereot, or for conveyance in lieu of rnndemnadon, an he~eby assi~ned and ~haA be paid to I.ender. In !he event of a tnlal taking of the Pmperty. the proceed~ shaU ba spplied to the iuaa~ secured by thi~ Moregage, with the e:ce~a. if any. paid to Borrower. In the event of a partial taking oi the Property. unlew Borrow~ and Lender otherwise aQree in writing. there ~hap be applied to the suau secured by thiu Mo~a~e ~uch pmportion ot the proceeds aa is equal to that proportion which the amount oi the sum~ so~.vred by thit Mortgage immediately prior to the date oi taking bears to the fair market value of the Property iramediately prior to the date of taking, with ihe balanca of the proceed~ paid to Borcower. If the Peopaty is abandoned by Borro~rer, or if, aRer notioe by Lender to Borrower that the oondemnor oPfen to make an arvard or settle s claim for damages, Borrower fails to rapond to Lender within 30 day~ aR,er the dace such notice is mailed, Lender is autho:ized to rnllect aad apply the peoceed~. at I.ender s option, either to restoration or repair of the property or to the eums serured by this Moitgage. Unle~a I.ender and Borrower otherwiee agree in writing, any such applicatioa of proceeds to principal shall not ea~tead or pwtpone the due date of the monthly iastallments referred to ia paragraphs 1 and 2 hereo! or change the amouat of such inetallments. 10. Borrower Not Released. E:tension of the time for paym~nt or modification of amortization of the suma secured by this Mortgage granted by I.ender to any succeaeor in interest of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Bo~owrer's eua~esaors in intereat. I.ender shall not be required to oommence proceedings against auch auccessor or refuee to extend time for payment or otherwiae modify amortization of the sums aecured by thia Mort~age by reaeon of any demand made by theoriginal Borrower nnd Korrower e succesaors in interest. 11. Forbeeranoe by Lepder Not a Waiver. My forbearanoe by Lender in e:erciaing any right or remedy hereandcr. or otherwise afforded by applicable iaw, shall not be a waiver of or preclude the e:eerise of any such right or remedy. The procurement of insuranoe or the payment of taues or other liena or chargee by L.ender ahall not be a waiver of Itnder's right to accelerate the maturity of the indebtedness eecured by thie Mortgage. 12 Remedies Cumulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be ezerciee~l ooncurrendy, independently or auoceasively. , 13. 3uooeesors and Aseigna Bound; Joint and 3everal Liebility; Captions. The oovenanta and agreemente herein contained shall bind, and the righLs hereunder ahall inure to; the reapective auccesson and assigns of L.ender and Borrower, aubject to the ptoviaions of paragraph 17 hereof. Al1 covenanta and agreementa of Borrower ehall be joint and eeveral. The captions and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in_another manner, (a) any notice to Borrower provided for in thie Mortgage ehall be given by mailing auch notice by certified mail addreesed to Borrower at the Property Addresa or at such other addresa as Borrower may designate by notice to l.ender as provided herein, and (b) any notice to I.ender shaU be given by certified mail, return receipt requeated, to Lender'a addreas atated herein or to auch other address as I.endet may deeignate by notice to Borrower ae provided herein. My notice provided for in thie Mortgege shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgege; Governing I.aw; Severability. This form of mortgage rnmbinea unitorm oovenanta for national nee and non- uniform covenante with limited variatione by jurisdiction to o~natitute a uniform aecurity inatrument covering real property.'l~is Mortgage ahall be governed by the law of the juriediction in v~ hich the Property ia located. In the event that any provieion or clause of this Mortgege or the Note conIIicta with applicable law, such conflict ahall not affect other provisiona of this Mortgage or the Note which can be given effect without the oonAicting provision, and to thie end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of this Mortgege at the time of e:ecution or after recordation hereof 1 T_ 'IYansfer of t6e Property; Asaumption. If all or any part of the Property or an intereet therein ia sold or transferred by Bonower without Lender e prior written consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage. (b) the creation of a purchaee money eecurity intereet for houaehold appliances, (c) a tranefer by deviee, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereet of three yeara or leee not aontaining an option to purchaee, Leader may, at I.ender a option, declare all the aume secuc+ea by this Mortgage to be immediately due and payable. Lender shaU have waived euch option to aocelerate if, prior ~ to the sele or tranafer, L.ender and the pereon to whom the Property ie to be eold or traneferred reach agreement in writing that the credit of auch person ia satiafactory to Lender and that the intereat payable on the sums eecured by thie Mortgage ehall be at such rate as Lender ehall ~ request. If Lender has waived the option to accelerate provided in thie paragraph 17, and if Borrower s aucceaeor in interest has e~ecuted a w~ritten aseumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under this Mortgage and the ! Note. t If I.ender eaercises auch option to accelerate, l.ender shall mail Borrower notice of acceletation in accordance with paragraph 14 hereof Such notice ahall provide a period of not leas than 30 days from the date the notire is rr.ailed within which Borrower may pay the suma declared } due. If Borrower fails to pay such sums prior to the e:p"vation of such period, Lender may, without further not'ice or demand on Horrower, i invoke any remediea permitted by paragra~h lA hereof. E ~ 18. Aoceleration; Remediea. Ezcept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or agreement of Borrower in this Mortgage, including the oovenants to pay when due any aums eecured by thie Mortgage, Lender ~ prior to aoceleration e6a11 mail notice to Borrower se provided in paragrap6 l4 hereof specifqing: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less then 30 daye from t6e date_t6e notice is mailed to Borrower, by which auch ~ breach must be cured; and (4) that failure to cure such breach on or before the date epecifed in the notice may result in ~ acceleration of t6e sume eecured by thie Mortgage, forecloaure by judicial proceeding and eale of t6e Property. The notice ahall I X further intorm Borrower of the right to reinetate aRer acceleration and the right to assert in the foreclos~re proceed'wg the ~ non-e:istence of a default or any other defense of Borrower to acceleretion and foreclosure. If the breach is not cured on or ~ before the date apeciCed in the notice. Lender at Lender'e option mey declare all of the sums se~vred by this blortgage to be ~ immediately due and payable without further demand and may forecloae thia biortgage by judicial proceeding. Lender shall be ~ entitled to oollect in euch proceeding all e:penaes of lorecloeure, including. but not limited to, reasonable attorney'8 fees. and ~ cvate of documentary evidence, abstracta and title reporte. ~ 19. Borrower'e Right to Reinetate. Notwithstanding Lender'a acceleration of the auma eecured by thia Mortgage, Borrower ahall have " the righi to have any ptncerdinge begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paye Lender all aums which vrould be then due under thie Mortgage, the Note and notes aecuring Futare Advances, if any, had no acceleration occurred; (b) Borrower cures all brnachee of any other covenante or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower paya all reaeonable e:penaea incurred by Irnder in enforcing the oovenante and agn.~ementa of Borrower : oontained in thie Mortgage and in enforcing I~nder's remedies as provided in paragreph 18 hereof, including, but not limited to, reasonable :i attarney's fees; and ld) Borrower takea euch action aa Lender may reasonably require to aseure that the lien of thia Mortgage, Lender's interest - in the Property and Borrower'a obligation to pay the sums aecured by thie Mortgage ahal) continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Assisnment of Rents; Appaintment of Receiver. Ae additional eecurity hereunder, Borrower hereby aasigns to Lender the renta of the Property, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right :;i to colled and retain such rente ae they become due and payable. " Upon aooeleratan under paragraph IS hereof or abandonment of the Propetty, Lender ehall be entided to have a reoeiver appointed by a oonrt to enter~npon, tal~e possession of and manage the Property end to oollect the rents of the Property, including thoee paat due. All rente _ y pp ~ payment of the rnsts of mana perty and collection of renfa, includin ~ aollected b the receiver shaU be a I~ed firsL to gement of the Pro g, but not limited to, receiver'e fees, premiuma on receiver's bonds and reasonable attorney'e feea, and then to the aume secured by this Mortgage. The reoeiver shall be liable to acoount only for those rente actualiy received. '.•f f? k ~ ~:A 8QC•K PA~F 5~7U FLORIL ~ - - ; ~ k. - ~ r 1. . - ; ~