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HomeMy WebLinkAbout1857 Lender's written agreement or applicabk low. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. . Any amounts disbursed by l-ender pursuant to fhb paragraph 7, with interest tbercort, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from l.c~der to Borrower requesting payment thereof, and shall bear interest ftrom the date of disbursement at the rate payable from tithe to time on artstanding principal under the Note unless paynteot of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicabk Isw. Nothing contained in This paragraph 7 shalt require Lender to incur any exptuae or late any action bercunder. 8. Itttspection. lender may make or cause to be made reasonable entries upon and inspections of the Property. providod that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in tbe Property. • 9. Coademwatbn. The proceeds of any award or claim for damages, direct or consequential, in rnnnectiort 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 lbe Property. unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to tha! proportion which the amount of the some 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 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 such notice is mailed, i.ender is authorized to collect and apply the proceeds. at Tender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise 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 insfallrrtenis. 10. Borrower Nof Released. Extension of the lime for payment or modification of amortization of the sums secured b~ 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 refuse to extend time for payment or otherwise modify amortization of thr sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance 6y Lender Not s 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 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 Cnmulstire. All remedies 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 exercised concurrently, independently or successively. 13. Snecessors sad Assigns Bound; Joint sad Several l.iabr'tity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd 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 arc for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuired 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 i_ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to lenders address slated 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 Lender when given in the manner designated herein. 1S. Uniform MortRaRe; GovernirrR Law: Severability. This form of mortgage combines uniform covenants for national use and 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 j .event that any provision or clause of this Mortgage ~r the Note rnnflicts 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 :Vote arc 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. C 17. Transfer of the Property; Assumption. i( all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writirn consent. excluding lal the creation of a lien or encumbrance subordinate to i this Mortgage. (b) the creation of a purchase mi~nev security interest for household appliances. tc) a transfer by devise, l descent or by operation of law upon the Jeath of a ji,int tenant or (d1 the grant of any leasehold interest of three years or less j 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 accelerate if, prior to the sale or transfer. lender and the person to whom the Property is to be +o1J 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. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's 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. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance <~ith paragraph 14 hereof. Such notice shall provide a perioc; 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, f Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. Note-UNIFORM CovENeNTS. Borrower and Lender further covenant and agree as follows: 18. Acceleratloa; Remedies. E:cep as pmridcd in paragraph 17 hereof, npon.Borrower's brescb of say corewaat or agreemest of Borrower in this Mortgage, including the covenants to pay when due say sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifyiug: (1) the breach: l2) the sction required to cnro snc6 breach; (3) a date, not less than 30 days from the dNe the notice is mailed to Borrower. by whkh such breach mmt be shred; and (4) that failure to cure such breach on or before the dste specified in the notice may recnlt is r accderation of the sotm scented by this Mortgage, torecbsure by judkial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration acrd the right to assert in the totecbsnro proceeding the non-a:kstence of a defank or am other defense of Borrower to accekntion and foreclosure. If the bresch is not shred on - or before the daft specified in the notice. Lender at Lender's option may declare aq of the sums secured by this Mortgage b be u immediately due and payable without further demand and may foreclose this Mortgage by judicial ptroceediag. Lender shall be entitled to collect iA such proceeding all expenses of foreclosure, including, but not Whited to, reasonable att~xnev's fees. and costs of drxnaxntary evidence, abstracts and tick 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 ~y Lender to enforce this Mortgage discontinued at any time 5 BocK ~~1 FrcE~85 2 4- y _ _ S -v - ~ _ • ~ fi~ ' e .tea- ~ ti~.,~.