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HomeMy WebLinkAbout1945 Lender's written agreement or applicable law. Borrower' shall pry the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unlecc Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from fender to Borrower requesting payment thereat, and shall bear interest from the date of disbursement at the rate payable from time to Time an outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shat! bear interest at the highest rate ptrmissibk under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any espense or take any action hereunder. 8. Inspectiwr. !.ender 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'a interest in the Properly. 9. Coademaatba. The proceeds of any award ar claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for rnnveyance in lieu of condemnation, are hereby assigned and shall be paid to I~nder. 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 Lender t otherwise agree 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 sumo 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, ar if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fail. to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at fender's option, either to restoration or repair of the ProFcrty or to the sums secured by this Mortgage. Unless 1_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 am• ct+ccessor in interest of Borrower shall not operate to release. in any manner. the liability of the original- Borrower and Borrowers 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 th~• sums 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 Waiver. Any farhearance by I.cnder 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 tares or other liens ar charges by [.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedks Camulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or successively. ' 13. Saceessors and Assigns Bound: ,Joint aad Several i.iabiBty; Captbns. The covenants and agrcemen;s 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 join) 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 rcyuired under applicable law to be given in another manner, fa) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address ac Borrower mav_ designate by notice to i_ender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by native to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Harrower ur Lender when given in the manner designated herein. 15. Uniform Mortgage: Governing LaN; Se~•erabilih•. This form of mortgage rnmbines 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 he governed h~• the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage ar the Natc which ran be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the date arc Jerlared to he severable. 16. Borrower's Copx. Borrower shall be furnished a conformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all ar any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinrn consent. excluding (al the creation of a lien ar encumbrance subordinate to this Mortgage. (hl the creatran of a purrh:+sc m+~ncv security mterest for household appliances, /c) a transfer M• devise, descent or by operation of law upon the death a(a jaunt tenant ar (di the grant of any leasehold interest of three years or lest t 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 tale or transfer. Lender and the person to whom the Property is to br :al.l or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable an 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 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 accordanrr ith Y paragraph 14 hereof. Such notice shall provide a period of oat 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 pericxl. ~ Lender may, without further notice ar demand an Harrower. invoke any remedies permitted by paragraph IR hereof. Nort-UNIFORM CovE~~NTS. Borrower and Lender further covenant and agree as follows: _ 18. Accekr~ion; Remedies. Etccept 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 sours secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided is paragraph 14 hereof specifying: (1) the breach: (2) the action required to core such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such - breach mast be cored; a~ (4) that failure to cure such breach on or before the date specified in the notice may result in sccekratioa of the snrrzt secured by this Mortgage. forecbsure by judicial proceedirrt and sale of the Property. The notice shall further inform Borrower of the right to reinstate after sccekration and the right to assert in the forcebsurt proceediut the non-existence d a defauN or any other defense of Borrower to sccekntion and foreclosure. If the breach is not cured on or before the date specified in the notice. Lender at !.codex's option may declare aq of the sums secured by this Mortga~ a to be immediately due and payable without further dem:+nd and may foreclose this Mortgage by judicial proceeding. Lender shall _ be eotitkd to coped in such proceeding all expeaxs of foreclosure. including, but not limited to. reasonable artorne is fees, and costs of ~wco~aentary evidence, abstracts and title reports. 19. Borrower's Right to Reiostste. Notwithstanding Lender's acceleration of the sums secured by th~• M.~rtgage, Borrower shall have the right to have any proceedmgs begun ~y Lender to enforce this Mortgage discontinued at an}• time ?~F~3U5 r~:1941 _ -