Loading...
HomeMy WebLinkAbout1647 lender i written agreement a applicable law. lorrower shall pay the amount of all mortgage insurance premiums in the • manner provided under paragraph 2 heroof. Any amounts disbursed by i.ender pursuant to this paragraph 7, with interest thereon, shall becotra additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and l_rnder agroe to other terms of payment such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the me payable from time to time on attstandirtg principal under the Note unless paytuettt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Tender to incur any expeme or take any action hereunder. a. laspectiow. i_ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i_onder shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. ~ • 9. Coademnatioa. The pMdcetd4'`tof any award or claim for damages, direct or rnncequential, 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 proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial Taking of the Property. unless Borrower and Fender otherwise agrce in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the 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 is abandoned by Borrower. or if. after notice by i_ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to 1_ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Ixnder's option, either to restoration or repair of the 3 Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otberwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date -of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of . ~ such installments. 10. Eocrower 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's successors in interest. 'Lender shall not be required to commence proceedings against such successor or rehire to- extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers strccessors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares 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 Cnmulati~e. All remedies provided in this Mortgage arc distinct and cumulative to_ any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively_ ' i3. Successors sad Assigns Bound: Joint sad Several LiabilNy; 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 the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry 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. l4. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgaee 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 Tender as provided herein, and (h) any notice to Lender shall be given by certified mail. return receipt requested. to i_enders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I_cnder when given in the manner designated herein. 1S. Uniform Mortgage; Govcrnirrg taw: Se.•erabilify. This form of mortgage combines uniform covenants for national use and non-uniform rnvenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h}• the law of the jurisdiction in which the >rroperty is located. In the - i event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the 'dote arc declared to be severable. 115. Borrower's Copy. Borrower shall t?c furnished a rnnformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. E l7. Transfer of the Property; Assumption. )f all or any part of the Property or an interest•tberein is sold or transferred by Borrower without Lender's prior wriurn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase mi~ney security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a j~nnt tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Ixnder ma}•. at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall hrs•c wais•ed such option to accelerate if, prior to the sale or transfer. Lender s and the person to whom the Property is to be :old or transferred reach agreement in writing that the credit of such person ~ is satisfactory to Lender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate ac Lender shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. 1f Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance s~ ith paragraph 14 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. If Borrower fails to pay such sums prior to the expiration of wch period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. 5 Nort-UNIFORM CovEtv~twrs. Borrower and Lender further covenant and agree as follows: ~ l8. Acceleration; Remedies. E:ceps ss provided in paragraph 17 hereof. npoa Iorrower's breach of say covenant or agrecareat of Borrower in this Mortgage. iacludirrg the covenants to pay when due say saws secured by this Mottgsge. Leader prior to sccekratioa shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the sdion - regnlred to etue soc6 breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such breach more be cared; sad (4) that failure to care such breach oa or before the date specified is the notice may result is accderatioa of the snort secured by this Mortgage. foreclosure by judicial proeeedia; sad she of the Pmperry. The notice shag further inform Borrower of the right to reinstate after acceleration and the right to assert is the foreclosure proceedias _ the aoa-a:istence of a defank or say other defense of Borrower to sccekration and foreclosure. if ibe 6resch is not cnced on K or before the date specified is the notice. Lender at Lender's option may declare aA of the stoats secured by this Mortgage to be ~ immediately due and psysbk without further demand and may forccbse thB MotKgsae by judicial proetediuR. Lender shall be eotitkd to coBed in such proceeding sN expenses of foreclowre, including, bat sot limited to. reasonable attorney's fees, sad costs of docntsseutary evidence, sbstrscts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders 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 s r go~K 301 P~~E~64~ • , - - .,T - - ~~t rp ~ yi +'a