Loading...
HomeMy WebLinkAbout1927 agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph Y hereof. Any amounts disbursed by Lender pursuant to this paragraph with interest thereon, shall become additional in- debtedness of Borrower secured by this Slortg-age. Unless Borrower and Lender. agree eo other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the dace of disbursement at the race payable Erom time to ti~rtt oft outstanding principal under the Note unless payment o[ interest at such rate would be contrary to applicable law, to which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspectfoa. Lender may make or cause to be made reasonablt entries upon and inspections of the Property, pro- vided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The praeeds o[ any award or claim Eor damages, direct or consequential, in connection with any condemnation or other taking of the Property, or pare thereof, or for conveyance in lieu of condemnation, are hereby as- signed and shall be paid to Lender. In the event o[ a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage. h7th the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Linder otherwise ague in writing, there shall be applied to the sums secured by this Sfortgage such proportion of the proceeds a; 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 [air market value o[ the Property immediately prior to the date o[ taking, with the balance o[ the pro- ceeds paid to Borrower. If the Property is abandoned by Borrower, or ii, 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. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Properly or to the sums secured by this Sfortgage. 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 Released. Extension o[ the time for payment or modification of amortization of the sums secured b}• this Mortgage granted by Lender to any successor in interest o[ Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's suctxssor~ in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for pa}•ment or otherwise modify amortization of the sums se- cured by this Sfortgage by reason of any demand made by the original Borrower and Borrowers successor 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 be a waiver cf or preclude the exercise of any such right or remedy. The procurement of insurance or the payrtrerrt of tares or other liens or. charges by Lender shall not be a waiver of Lender's right to accelerate the maturity o[ the indebtedness secured by this Mortgage. IY. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other righe or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independent)}• or successively. 13. Successor and Assigns Bound; Joint and Several Liability; Captions. 'fhe covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective succeswrs and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings o[ 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 Addreu or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such 'i 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. ( 15. Uniform Mortgage; Governing Law; Severability. This [orrn of mortgage combines uniform covenants for na- E crones) use and non-uniform covenants with limited variations b}• jurisdiction to constitute a uniform security instrument s covering real property. This Sfortgage shall be governed by the law of the jurisdiction in which the Properta• is located. f 1n the event that any provision or clause of this Sfortgage or the \ote conflicts with applicable law, such conflict shall not affect other provisions of this Sfortgage or the \ote which can be given effect without ehe conflicting provision, and to this end the provisions of the Mortgage and the Note are 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. Ii all or any part of the Property or an interest therein is sold or trans- ferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Sfortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise, 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. Ixnder ma}•, at Lender s option, declare all the sums secured by this Sfortgage 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 sold 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 as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph li, 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 Sfortgage and the ?dote. ~ IE Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with 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 period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ® ~ No\-[TI`tFOR\t Covetewrr-rs. Borrower and Lender further covenant and agree as follows: 18. A«etrntion; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this mortgage, including the covenants to pay when due any sums secured by this Sfortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Sfortgage, foreclosure by judicial proceeding and axle of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure praeeding the non-existence of a default or any other dtfenae of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceed- - ing. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reason- ~ abk attorney's fees, and coats of documentary eyidrnce, abstracts and title reports. 8~~~ 3U5 ~~~:E1923