Loading...
HomeMy WebLinkAbout0275 l.ender's written agreement or applirabk law. Borrower shall pay the am~~unt af all mohgage insurance premiums in the manne~ provided under pa~ag~aph 2 hereof. Any amoi~nts disbursed by t.ender pursuant to this paragraph 7, with interest thereon, shall brcomc additional i~Jebtedness of .Borrower securcd by this Mortgage. Unless Barrower anJ l.e~der agn:e to oth~r terms af payment, such ; amounts shall be payable upc~n notice from I.ender to Borrower rcquesting payment thereof, and shall hear interest from the ' date of disbursement at the rate payable from time to time on outstanding principal under the Note unlesc pt~yment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate ' permiuible under applicable law. Nothing cantained i~ this paragraph 7 shal) require I_ender to incur any expense or take ' any action hereunder. ~ 8. IaspecNoa. l.enJer may make or cause to be made reasonable entries upon and inspections of the Property, provided that [_ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.ender's interest in the Property. 9. Condemaation. The proceeds of any award or claim for damages, direct or concequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ~ in the event of a total taking of the Property, the procecds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. in the evcn~ of a partial taking of the Property, unless Borrower aod Lender othervvise agree in writing, there shall be applied ta the sums secured by this Mortgage such proportion of the proceeds as is equal to that p~oportion which the amouM of the sums secured by this Mortgage immediately prior ~o the date of taking bears to the fair market value of the Property immediately priar to the date of taking, with the balance of the proceeds paid to Borrower. - If the Property is abandoned by Borrawer, or if. after notice by l.ender to Borrower that the condemnor otfets to make an awa~d or settle a claim !or damages, Borrower fails to respond to l.ender within 30 days after the date surh notice is mailed. I.ender is authorized to callect and apply the proceeds. at I.ender's option. either to restoration or repair of the Property or to tbe sums secured by this Mortgage. Unless I.ender and Borrower otherwise agree in writing, an}• such application of proceeds ta principal shall not extend or pc»tpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension af the time for payment or modiflcation of amortization of the sums secured by ihis Mortgage gtanted by Lender to any successor in interest of Borroa•er shall not operate to release, in any manner, the liability of the original Borcow~er and Borrower's successors in interest. Lender shall not bc required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by t,bic M~rtgage by reason of any demand made b}~ the original Borrower and Barrower s succestors in interest. 11. Forbe~uance by I.ender Not a Wah•er. Any forhearance b~• I.ender in exercising any right or remedy hercunder, or othervvise afTorded by applicable law, shall nat be a wai~~er 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 bp l.ender shall not he a waiver of Lender's right to accelerate the maturity of the indehtedness cecured hy this Mortgage. 12. Remedies Cumulstive. All remedies provided in this Mortgage are distinrt and cumulative to any other right or remedy under this Mortgage or atforded by law or equity, and ma~• be exercised concurrcntly, independently or successively_ 13. Snccessors and Assigns Bound; Joint and Seceral i.iabiljty; Captions. The covenants and agreements herein cantained shal) hind, and the rights hereunder shall imire to, the respective successorc and assigns of i_ender and Borrower, subject to the pro~~isions of pa~agraph 17 hereof. All covenants and agreementc of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. • ld. 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 Borrov?er at the Property Address or at such other address as Borrov?•er ma~• designate by notice to i.ender as provided herein, and (b)'any notice to Lender shall be given by certified mail. retum receipt requested_ to I.enders address stated herein or to such other address as I.ender may designate by notice to Borrow•er as provided herein. Any notice provided for in this- Mortgage shall be deemed to have been given to Borrow~er or Lender w~hen given in the manner designated herein. lS. Uniform Mortgage: Governin~ Law; Severabilit}•. This form of mortgage rnmbines uniform covenants for national use and non-uniform covenants with limited variations hp jurisJiction to constitute a uniform securit~ instrument covering real property. This Mortgage shall be govcrned hy thc law~ of the jurisdiction in which the Property is located. Tn the ' event that any provision or clause of this Mortgage or the Note rnnflicts Hith applicable law:, such conflict shall not aftect ' other provisions of this Mortgage or the Nate M~hich can be gi~•en etTect without the conflicting pmvision, and to this ~ end the provisions of the Mortgage and the '~ote are declared to be severable. l6. Bomower's Copy. Borrower shall i~e furnished a conformed cop}• of the Note and of this Mortgage at the time ; of erecution or after recordation hereof. ~ ~ 17. Transfer of tbe Property; Assumption. If all or an~• part of the Property or an interest therein is sold or transferred ~ by Borrower without I.e~der's prior written consent. excluding fa? ~the creation of a lien or encumbrance sutwrdinate to ~ this Mortgage. (b) the creation of a purchase money serurit~~ interest for household appliances. (c) a transfer by devise. descent or by operation of lavv upon the death of a joint tenant or (ci? the grant of any leasehold interest of three years or less ~ 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. [.ender shall have waived such option to accelerate if. prior to the sale or transfer. I_ender f and the person to whom the Property is to be soW or transferrcd reach agreement in writing thai the credit of such person ~ is satisfactory ro Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender g shall request. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successot in ~ interest has executed a written assumption agreement accepted in w~riting by [.ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. " if Lender exercises such optian to accelerate, Lender tihall mail Borrow~er notice of acceleration in accordance with ~ paragraph i4 hereof. 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. lf Borro.?er fails ro pa}~ such sums prior to the expiration of such period. ; Lender may, without further notice or demand on Borrower, im~oke an}~ remedies permitted b~• paragraph 18 hereof. ~ Non-UNiFOre~at CoveNetvTS. Borrower and (_ender funher covenant and agree as follows: - 18. Acceleratan; Remedks. Except as provided in pnragmpb 17 hereof. upon Borrower's breach of any cove~wnt or agreement of Borrower in this Mortgage, including the co~•enants to pay vrhen due any snms secored by thts Mortga~e, Leoder prior to acceleratioa shall mail notice to Borrower as provided in para~raph 14 hereof specifyiag: (i) the breach; (2) t6e action requlred to cnre snch breac6; (3) s date, not less than 30 days from the date the ootice is mailed to Borrower, by wbkh such breach must be cared; aod (4) that failurc to cure svch breach on or before the date speci6ed in the aotke may resalt in acceleratioa of t6e sams secured by this Mortgage, foreclosurc by judlcial proceeding and salt of the Property. 'I1~e notlce ~ shall further inform Borrower of tde right to rcinstate after acceleration and the right to assert ie t6e foreclosare proceeding ; the oon-e:tsteace of a default or any dher defense of Borrower to acceleration aad foreclosurc. If the breach is not cimd on or 6efore tbe date speci6ed in t6e notke, Lender at Lender's optan may declarc all of the sams secored by this MortLa~e to be ` immediately dne and payable witboAt Eurt6er demand and may foreclose this Mortgnge by judicisl proceedio~. Lender shall ~ be eotitled to collcct in wch proceedlog a~ espenses of foreclosurc. including. but not Itmited to, reasonabk attoroey's fees, ~ and cosis of docnmeatary evidence, abstracb and titk reportg. - ; 19. Borrower's Rfgbt to Refostde. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ eoc~301 FaGE z"!5 ~ ~ ~ ~ - - - ~ ~ F ~ ~ ~ ~ , ~ - . ; > _ _