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HomeMy WebLinkAbout2161 fl. InapeMlon. Lender rosy make or cause to be made reasonable entries upon and inspections of the property. provided that Leader shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatioa.'IUe proceeds of any award or claim for damages, direct or consequential, in connection with aqy oondemaatioa at other taking of the property, or part thereof. or for conveyance in lieu of condemnation. are hereby assigned and shall bs paid b Leader. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by thin Mortgage. wiW the excess, if any, paid b Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall bs applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of We sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property ie abandoned by Borrower, or if, after notice by Lender to Borrower that the ooademnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option. either to restoration or repair of the property or to the soma secured by this Mortgage. Uriless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the dw date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instalhnenta. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower a successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to a:tend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right.oj remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any ouch right or remedy. The procurement of insnranoe or We payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are diatinM and cumulative to any other right or remedy render this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or auooeasively. 13. Successors 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 successors and assigns of Lender and Borrower, subject to We provisionu of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the 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 Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such 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's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice pnvided 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 Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to rnnaNtute 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 enn.^.icts with applicable law, such conflict shall not affeM other provisions of this Mortgage or the Note which can be given effed without the conflicting provision, 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 conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part.of the Property or an interest Werein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (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 leas not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to socelerste if, prior ~~~'~ ~ to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the creditof anch '~S person is satisfactory to Lender and that the interest payable on the aurna secured by this Mortgage shall be at such rate ae Lender shall :'~ ' request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a ,G , written assumption agreement accepted in writing by [.ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower_notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any oovenaat or agreement of Borrower in this Mortgage, including the covenants to pay when due any soma secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such breach moat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the Bums secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs o[ documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender a acceleration of the soma 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 entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under thin Mortgage, the Note and notes securing Fhtnre Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any otheroovenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, bat not limited to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lenders interest in the Property and Borrowers obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and core by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Assignment otRents; Appointment of Receiver. As additional security hereunder, Borrower hereby 98aigna to Lender Werents of the Property, provided that Borrower stall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a court to enter.upon, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and rnllertion of rents, including, but not limited to, receiver a fees, premiums on receiver's bonds and reasonable attorney a fees, and then to the sums secured by this Mortgage. The receiver shall be liable to aeoount only for those rents actually received. X344 P,~21S0 _1v~_~_~