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HomeMy WebLinkAbout1053 t - fl. laspeetioa Lender may make or cause to be made eeaaonable rotries upon and inspections of the s i give Borrower notice prior to any arch inspeetioa specifying reeaortabla cause therefor related to Lends s~red in the~Proper~?. shall 8. Coademaation. The proceeds of any award or claim for damages, direct a conaepoeatial, in connection wild any oardemnation or other taking of the property. err part thereof. or for ooaveyaaoe is lien of condemnation, are hereby assigned and shall be paid to Leader. In the event of a total taking of the Property the proceeds shag be applied to the soma secured by this Mortgage. with the sepses, if any, 1 paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing. there shall be applied to the entoa secured by thin Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the soma secured by this Mortgage inemediatdy prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. wild the balanoa of the proceeds paid to Borrower. If the Property is abandoned by Borrower. err ~ after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date sndr notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, eiWer to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any sud? application of procbeds toprincipal shall not extend or postpone the due date oI the monthly inataUmenta referred to in paragraphs 1 and 2 hereof or drange the amount of such instalbnents. 10. Borrower Not Released. Eztension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any anocessor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower 4 and Borrower a successors in intereat_ Lender shall not be required to commence proceedings against such succesoor or refuel to eztend time for payment orotherwise modify amortization otthe soma secured by this Mortgage by reason of any demand made by theoriginal Borrower ~ and Borrower's successors in interest. ~ 11. Rorbear~ance by Lender Not a Waiver, My forbceranoe by Lender in e:erriaing soy right ce remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the } payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate We maturity of the indebtednees secured by this Mortgage. 12 Remedies CnmuLtive. All remedies provided in this Mortgage are distinct end cnmalative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercisni concurrently, indepcedently or suotxesively. 13. Sucoeasors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective anecesaors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof_ All rnvenants and agnementa of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for rnvenience only and are not to be used to interpret or define We provisions 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 this Mortgageahall be given by mailingsnch notice bycertified mail addressed to Borrowerst the Property Addressor atsurh other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender a address stated herein or to such other address as Lender may designate by notice W Borrower as provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing taw; 3everability. This formofmortgagecombines uniform oovenantsfor national useand non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the Law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note rnnllicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect u ithout the oonllicting prevision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a rnnfonned copy of the Note and of this Mortgage at the time of ezecution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower w•i thout Lender's prior written consent, excluding (a) the creation of a Gen or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appGanoea, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at benders option, declare al! the sums secures by this Mortgage to be immediately due. and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer; Lender and the person w whom the Property is to be sold or transferred reach agreement in writing that the credit otauch person is satisfactory to Lender and that the interest payable on the sums sectired by thiq Mortgage shall be at such rate as Lender shall ~~equest. If Lender has waived the option to accelerate provided in this paragraph l7, and if Borrowers successor in interest has executed a ~~ritten assumption agreement-accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ti ote. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aaxleration in acrnrdance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is n-.ailed within which Borrower may pay the sums declared due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without further notice or demand on Ibrrower, invoke any remedies permitted by paragraph 18 hereof. 18. Acceleration; Remedies Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any same secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure sne6 breach; (3) a date, not lees than 30 days from the date the notice is mailed to Borrower, by which arch breach must be cured; and (4) that. failure to cure duch breach on or before the date specified in the notice may result in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to renstate after acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. It the breach is not cured on or before the date specified in the notice, Lender at Lender`s option may declare all of the sums secured by this Mortgage to be immediately dne and payable without turtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costa of documentary evidence, abstracts and title reports 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the same secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to en of a 'ud try 1 gment enforcing this Mortgage ii: (a) Borrower pays Lender all sums which would be then doe ender this Mortgage, the Note and notes securing F~rture Advances, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in rofoning the oovenanta and agreements of Borrower contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney a fees; and (d) Borrows! takes each action as Lender may reasonably require to assure that the lien of Wier Mortgage, Lendds interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall eontirine unimpaired. Upon such payment end cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if rw aeoeleration had occurred. 20 Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragrap618 hereof or abandonment of the Property, have the right to polled. and retain arch rests as they become due and payable. Upon acceleration ender paragraph 18 hereof or abandonment of We Property, Lender shall be entitled to have a receiver appointed by a court to enter.npon, take possession of and manage the Property and to eolleet the rents of the Property. including those peat due.. All rents collected by the receiver shall be applied first to payment of the costs of management otthe Property and collection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the arms secured by this Mortgage_ The receiver shall be liable to aooonnt only for those rents adaally received. (;I~ a1:~K• 7 e~i~. ,