Loading...
HomeMy WebLinkAbout1951 Lender i written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiuttu 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. Unless Borrower and lender agree to other terms of paytneM, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereat, and shall bear interest from the date at disburxment at the rate payable tram time to time on outstanding principal under the Note unless pa~?mertt of interat at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Northing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. lwspeYtiow. 1_ender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice pricer to any such inspection specifying reasonable caux therefor relatexi to Lender's interest in tbe Property. 9. Ceawdemwstbw. The proceeds of any award or claim for damages, direct or rnnsequential, in connection wrath any condemnation or other taking of the Property, or pan 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 Properly, 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 otherwix 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 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 Barsower, or if. after notice by lender to Borrower that the condemnor offers to matt an award or xttk a claim for damages. Harrower fails to respond to lender within 30 days after the date such notice » mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to ratontion or repair of tbi 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 bereof or change the amount o[ 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 cuccecsor in interest of Borrower xhall not operate to release, in any manner, the liability of the original Borrower and Borrowers successors in intercst_ Lender shall not be required to commence proceedings against such successor or refuse to emend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and BorrowePs successor in interest. ll. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shalt racer be a waiver of or preclude the exercix of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall riot be a waiver of Lender's right to accelerate the maturity of the indebtedness xctrrtd by this Mortgage. 12. Rewaedies Ctrwtn~e. All remedies provided in this Mortgage arc 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. Str+eccsrors swd AssiRws ltbund: ,John awd Several Liability; Captlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall incug to. tbe.respextive successors and assigns of Lender sad 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 lk used to interpret or define tbe provisions herrnf. 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 Martgaece shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Harrower may designate by notice to Tender as provided herein. and tb) any notice to Lender shall be given by certified mail. return receipt regtreste~. to i.endet's address stated 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, Uwiforea Mortgage: GorerwirgC Law: Sererability. This form of mortgage combines uniform rnvenants 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 claerx of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this a end the provisions of the Mortgage and the Note arc declared to be severable. 16. Ilbrrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation herrnf. . 17..Trawder of the PropMy: Assertnptiow. If all ar any part of the Property or an interest therein is sold or transferred by Borrower without L.ender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcatian of a purchase money security interest for household appliances, (c1 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, Lender may. at Lender i 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 cold 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 shalt 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 reltax Borrower from all obli4ations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in acrnrdancc with paraasraph 14 hereof. Such notice shall provide a period c+f 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. ~ Lander may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R herrnf. Nox-UNIFOaM Covt=_Netvrs. Borrower and Lender further covenant and agree as follotrs: 1>t. Aceeleratlow; Rawedies. Ettcept as provided io pwrapsph 17 hereof, !Row Ibrrowen's breach eat awy coretarrt err agreewtewt eat Etarrnwer d fhb MeatRgrrLe, fwclndiwg the corewsMs to pay whew !sere awy swrws st~ttreel by tWs Mortgage. La?eler prbr tea aecderstiow sltaU wtaN work! to eorrowcr ss provided iw paragraph 14 hereof spccMyiwg: (1) the brtewch: the setiow egt~d to crrr+e seneh breach; (3) w ehtEe, west less thaw 30 days trorw the !sate the westke b waaNed to Borrower. by whkh stnch ~ br~eaeh mwd bt cwrc~ awl (4) than tailnre to care such hresch ow ear be~(tare the date specified d the werdke wasy result iw ~ aecderatiow elf the t~ secwred by this Mortgage. torcelos.rer by jwascW pracsediw[ awl sale eat the IPropcrty. 'rate .otiee T' shwd 1rMher b>torrw Borrower err the riRM to rNwstate titer sccekratbw awd the ri~6t b wnert h the torcelowrte poeeediwg the tewra~stdstewce rat a elefeawlt or awy other detewse eat Borrower to wceelerMiow stud toreclowrc. It the breach b woe ewreets raw or before the !sate specified i• the woticc. Lewder at I.eweler's taptiore wtay ekcWc V erl the awls seetrred by fhb MoAgaRe b be irwterredhtely eswe awl payable wifhowt fwrther demand and wtay torcelosee fhb Mortgage by jt~kW ptroctedbR. Lender shay be ew8tlei to eoYett b stt+eh proeetdiwg a• e:pewsa r?f toredostrrc. fwclndieg. beeA wN liwdtetes b, reasowabk stlorweY's tea. i wwd eooetts eat eber:!tst:Mary eridewee. abstrweb awe! 1&k report. i lf. slorrowrn's Right to Reb>atate. Notwithstanding Lenders acceleration of the sums secured by thr~ Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time g~~, ~U5 ~~~~~1947