Loading...
HomeMy WebLinkAbout1981 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. • Any amounts disbursed by bender pursuant to this paragraph 7, with interest thereon, shall become additional in~kbtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other ternu of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shalt bear interest from the date of disbursement at the rate payable from time to time on attatanding principa! under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permiuibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expetne or take any action hereunder. a. Inspecting. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. : 9. Condemgation. The proceeds of any award or claim for damages, direct or consequential, 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 I~nder. Tn 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 Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the prooeeds 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 lender within ~0 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at I~nder's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless [.ender 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 installments. 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's successors in interest. Tender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of thr wms secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Walvcr. Any forbearance by 1_ender in exercising any right or 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 the maturity of the indebtedness secured by this Mortgage. l2. Remedies Cmm~lati~e. 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. ' l3. Sgccessors and Assigns Bound: ,Joint and Serenl f.iabilily; 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. 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 mav_ designate by notice to [.ender as provided herein. and (h) any notice to Lender shall he given by certified mail, return receipt requested. to [.enders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice pmvided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage; Goveroi~q: Law: 5everability. This form of mortgage combines tmiform 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 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 pmvicion, and to this end the provisions of the Mortgage and the Note 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. 17. Transfer of the Property: Assumption. Tf all or any part of the Property or an interest therein is sold or transferred s by Borrower without Lender's prior written content. excluding (a) the creation of a. lien or encumbrance subordinate to j this Mortgage. (b) the creation of a purchase money security interest for household appliances, fc) a transfer by devise. 1 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 l_ender't 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 solJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac 1_ender 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 acrnrdancr 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 such periexl, Lender may, without further notice or• demand nn B.irrow•er, invoke any remedies permitted by paragraph 1 R hereof. Note-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 1T hereof. neon Borrower's breach of nay covenant or agreement of Borrower in Ibis Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Lender prior to sceekration shall mail notice to Borrower as provided in paragraph 14 hereof specffyiog: (1) the breach; (2) the action r+egnirsd to core snob breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such ~ breach mast 6e cored; and (4) that failure to core such breach on or before the date specified in the notice may resole in j accekratioe of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice - shaq further inform Borrower of the rigb! to reinstate after acceleration and the right to assert in the forecbsnre proceeding the non-existence of a defank or any other defense of Borrower to acceleration and foreclosure. If the breach is not cored os or before the date spedfied is the aotke. Lender at i_endei's option may decbute aU of the sums secured by this Mortgage to be _ immediately due and payable without further demand and may foreckae this Mortgage by judicial proceeding, [.ender shall be entitled to collect sA sneb proceeding all expenses of foreclosure, including, but got limited to, reasonable att~xney's fees. _ and costs of documentary evidence, sbstracic and title reports. I9. Borrower's Right to Reim7ate. 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 a so~K301 ~~~E1976 - ~ a