Loading...
HomeMy WebLinkAbout0772 l.ender's written agreeme~t or applicablc law. Borrov?•er shall pay the amuunt of all mortgage insurance premiums in tht manne~ provided under paragraph 2 herco(. Any amounts disburxd by Lender pursuant to this paragraph 7. with interest therton, shal) become additional indebiedness of Borrower secured by this Mongage. Unless Borrawer aod l.ender agree to other tern?s of paymsnt, such amounts shall t~e payable upon notice from l.endcr to Borrower reques~i~g payment ~hcreof, and shall bear interest trom the date of disbursement at the rate Payable from time ta time on o~~tstanding principal under the Note unless psyment of interest at such rate would be co~trary to applicable law, in which event such amou~ts shall bear ioterest at the highest rate permiuible under applicable law. Nothing contained in this paragraph 7 shall rcquire Le~der to incur any expense or take a~y action hereu~der. 8. Inspecfbn. [.ender may make or cauu to be made reasanable entries upon and insptctions of the Propetty, provided that l.ender shall give Borrower notice prior to any such inspection c~cifying rcasonable cause therefor related to Lende~'s inter~st in the Propeny. 9. Condemoatbn. The proceeds of any award or claim tor damaga, dircet or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance i~ lieu of condemnation, are hercby assigned and shall be paid to Lender. ln the event of a total taking of the Property, the proceeds shall be applied to Ihe sums secured by !his Mo~tgage. with the exceu, if any, paid to Borrower. 1n the event of a partial taking of the Property, unless Borrower and Lender otherwise agrce in writing. there shall be applied to the sums secured by this Mortgage such proportion at the proceeds as is equal to that proporiion which the amount of the sums securtd by this Morigage 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 abandoncd 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 I.e~der within 30 days after tht date such notice is mailed, Lender is authorized to collect and apply the proceeds. at I.ender's option, either to restoration or repair of the Propeny 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 installments. 10. Borrower Not Reka~ed. Extension of the time for paymeot or moditication of amortization of the sums securcd by this Martgage granted by Lender to any successor in ioterest of Borcower shall not operate to rclease, in any manner. the liability af the original Borrower a~d Borrower s successors in i~terest. Lender shall not be required to commence proceedings against such successor or rcfuse to extend time for. payment or otherwise modify amonization of the sums secured by this Mortgage bp rcason of any demand made bp the original Borrower and Borrower s successors in interest. 11. Forbearance by [.eodtr Not a Wai~er. An~• forbearance by l.ender in exercising any right or remedy hercunder, or otherwise afforded hy spplicable law, shall nat be a waiver of or prcclude the etercise of any such right or remedy. The proc~irement 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 maturiry of the indehtedness ucured hy this Mortgage. 12. Remedies Cnmulati~e. All rcmedies pro~~ided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aBorded by law or equity, and may tx e~ercised concurrently. independently or successively. 13. Successors and Assigas Bound; Joint and Se~•enl i.iabillty; CspHons. The covenants and agreements herein . contained shall bind, and the riRhts hereunder shall inure to. the respective successors and assigns of Lender and Borrower, . subject to the provisionc .~f paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and heaJings of the pa~agraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provicions hereof. 14. Nofiee. Except f~r any notice rcquired under applicable law to be given in another manner. (a) any notice to Bormwer provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at ~he Property Address or at wch other address as Bormw~er may designate by notice to I_ender as provided herein, and (b) an}• notice to Lender shall he given by certified mail. retum receipt requested, ro i.ender s address stated herein or to ! such other address as I_ender may designate by natice to Borrower as provided herein. Any notice provided for in this ~ liortgage shall be deemed to have been given to Borrower or Lender when given in ihe manner designated herein. ! 15. Uniform 1ltortR~e: Governin~ I.aw: Sererability. Thic form af mortgage combines uniform covenants for national ! use and non-uniform covenants with limited varialions b}• jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall be go~erned h~• the law of the jurisdiction in which the Property is located. in the € e~•ent that any provision or clause of thic Mortgage ~r the Note conflicts with applicable law, such confliet shall not affect ' other pm~isions of ~his Mortgage or the Note which can be given efiect without the conflicting provision, and to this ~ end the pro~•isiodls of the Mortgage and the tiotc are declared to he severable. ~ 16. eorrovrer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time uf ezecuti~n or after recordation hereof. ~ s 17. Transfer of tl~e Properfv: Assumption. If all or an~~ part of the Property or an interest therein is sold or transferred ~ by Borrow~er without I_ender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to 3 th~c Mortgage. (b1 the creation of a purchase mone}• cecurity interest for household appliances, (c) a transfer by devise. ~ descent or bp aperation of laK~ upon the death of a joint tenant or (d~ the grant of any leasehold interest of three years or Itss ~ not containing an option to purchase, Lender may. at Lender't option, declare all the sums secured by this Mortgage to be ~mmediately due and payable. l.ender shall have K:+ived such option to accelerate if, prior to the sale or transfer. Lender ~ and the person ~o whom the Property is to Me soW or transferred reach agreement in writing that the credit of such peROn ~ ic satisfactory to Lender and that the intere~t pa~~able on the sum~ secured by thit Mortgage shall be at such rate as Lender ~ shall reque~t. If i.ender has waived the option to accelerate pm~~ided in this paragraph 17, and if Borrower's successor in ~ imerest has executed a Kritten assumption agreement accepted in Kriting by [_ender, LenJer shall release Borrower from all ~ obligations under this Mortgage and the Note. - If Le~~Jer e~ercises such aption to accelerate. 1 ender ~hall mail Borrower notice of accekration in accordance with ~ paragrapii 14 hereof. Such notice chall provide a period ~•f not les~ than 3(1 da~~s fr~m the date the notice is mailed within ~ which Borr~~wer roa}• pay the sumc decl:~red due. If Borro~er failt to pa}• such sums prior to the e~piration of ~uch period, 6 I.enJer may. without further notice or dcmand on Bormw~er. ~m•oke am remedies permitted by Paragraph 1R hereof_ ~ - Norv-UtvtFORM CovE~~+tv-rs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remcdks. Except as providcd in para~raph 17 hereof, upon Borrower's bnach of any covenaat or = agreement of Borrower in this Naigase. includin~ tbe covenants to pay when due aay soms secured by this Mortga`t, Leader ' prior to accelention sball mail notice to Bormwer as provided in parag~aph 14 bereof specifyioa: (1) the bresch; (2) t6e sctbn ~ requlred to cure such breach; (3) a date. not less than 30 days from the dstt the notice b mailcd to Borrower, by which suc6 ~ breach mnst be cured: aad (4) that failurc to cure such breach on or before the date apeci6ed ia the notke n~ay resdf in ~ sccekrstion oE t6e snrn~ secnred by this Mort~agt. forcclosurc by judicid proceeding and sale oE the Property. 'Ibe notice shall furtl~er intorm Borrower of the right to reinstate after accelention and the right to assert ia t6e toreclosnrt proceedin~ ~ the oontaistence of a defauk or any Mher defense of Borrovser to accelention and Eorecbsure. If the breach is nof cored oa or beforo the date specifled in t6e notice. Lender at Leoder's option may declare ap of the snms securcd by thts Mort=a`e to be ~ immediately due and pay~bk withont furiher demand and may forcclose this Mortga~t by judicial proceedio=. Lender sbaU be eotided to collect In wc~ procecdiug sU e:peases of foreclosure. includin~, but aot limited to, reasonabk attorne7's tees, ~ and costs of docomentary evidence, abstrscts snd titk reporls. ~ 19. Eorrower'~ Ri`6t to Reinstate. Notwithstanding Lender's accderation of the sums secuted by this Mortgage, ~ Borrower shall have the right to have any proceedings txgun by Lender to enforce this Mongage diuontinued at any time ~ ~ 60~~ 3U4 oA~E 772 .r. ~ ~ . _ . - - - - :