Loading...
HomeMy WebLinkAbout1996 ' Lender's written agreement or applicable IaW. Borrower shall pay the amount o[ 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. Unless Borrower and lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment (hereof, and shall hear 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 shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shill require lender to incur any expense or take any action hereunder. 8. isspectioa. Lender may make it cause to he 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. Coademnatbn, The proceeds if any award it claim for damages, direct ar consequential, in connection with any condemnation or other taking of the Property, or part thereof, ar for conveyance in lieu of condemnation, are hereby assigned and aria!! be paid to Lender. 1n 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 if 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 proceods as is equal to that proportion which the amount if 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. ar if. after notice by i_ender to Borrower that the condemnor offers to make an award ar settle a claim for damages. Birmwer fails to respond to lender within l0 days after the date such notice is mailed. Lender is' authorized to collect and app!}• the proceeds. at Lender's iption. either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writrne. an}• 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 if the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest if Borrower shall not operate to release. in any manner. the liability of the original Borrower and Aorrower's suceessirc in interest. Lender shall not be required to rnmmence proceedings agrirtst such successor ar reface ti extent time far payment or othcrv?•ice modify amortization of the sums secured by this Mortgage by reason if any demand made by the irieinal Borrower and Birmwer s successors in interest. 11. Forbearance 6y Lender Not a Waiver. :any finc~arance M• Lender in exercising an}• right or remedy hereunder, or otherwise afforded by applicable law, shall rat he a waiver of it preclude the exercise of an)• such right ar remedy. The procurement of insurance or the payment if tares ar other liens .x charges by i.ender shall not be a waiver of Lxnder's right ti accelerate the maturity of the indehtedoecs secured M• this Alortgage. 12. Remedies Cumulstire. All remedies provided in chic Mortgage arc distinct and cumulative to any other right ar remedy under this Mortgage or afforded by law it equity. and may be exercised concurrently. independently or suc~_essively. 13. Stxcessors and Assigns Bound: Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure ta. 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 jairlj and several. The captions and headings of the naragraphc if this Mortgage are far convenience only and are not ti be used to interpret or define the provisions hereof. 14. Notice. Except far any notice rcyrrired under applicable law ti be giveri in another manner. (a) any notice ti Borrower provided for in this Mirtga¢e shall he given h)• mailing such notice b}• certified mail addressed to Birriwer at the Property Address it at such other address as &~rriwer 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 !.ender s address stated herein or to ~ such other address as Lender may designate by nMice to Harrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have tx~cn green ti Harrower or !.ender when given in the manner designated herein. 15. Uniform Mortgage: Governing law: Severabilit)•. This farm of mortgage combines uniform covenants for national use and ran-uniform covenants with limited variatiinc by jurisdiction to constitute a uniform securit}• instrument covering real property. This Mortgage shall be governed hs• the law if the jurisdiction in which the Property is located. In the event that any provision it clause of this Mortgage or the Nate conflicts with applicable law, such conflict shall not affect F other previsions of this Mortgage it the Note which can be given effect without the conflicting provision, and to this t end the provisions if the Mortgage and the `etc arc declared ti he severable. 16. Borrower's Copy. Borrower shall be furnished a confirmed copy; of the Note and if this Mortgage at the time of execution or after recirdation hereof. 17. Transfer of the Property: Assumption. If all it am part of the Property or an interest therein is sild ar transferred ' by Borrower without Lender's prior writrrn content. c~cluding !al the creation of a lien it encumbrance subordinate to this Mortgage. (h) the creation if a purch:,sc m,~nec~ security interest fir househild appliances, (c) a transfer by devise. t descent or by operation of law upin the death if a jirnt tenant it (dt the grant of any leasehold interest if three years it less not containing an option to purchase. Lender may, at Lender's iptiin, declare ail the sums secured by this Mortgage to be • immediately due and payable. Lender shall have w:us•cd such iptiin ti accelerate if, prier to the sale it transfer. Lender and the person to whim the Pmpern• is to fx <il,l or transferred reach agreement in writing that the credit if such person x is satisfactory' to I-ender and that the interest pa},able in the sums secured by this Mirtgage shall be at such rate ac lender shall request. Tf Lender has waived the iptiin ti accelerate provided in this paragraph 17, and if Birrower's successor in interest has executed a written assumption agreement accepted in writing by !.ender, Lender shall release Borrower from all obligations under this Mortgage and the Nate. If Lender exercises such option ti accelerate. Lender shall mail Borrower notice of acceleration in aceirdancc irh paragraph 14 hereof. Such notice shall provide a period if nit lest 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 ti the expiration if such period. ~ lender may, without further notice it demand in Harrower. rnvake any remedies permitted by paragraph IR hercif. Norv-UtvtFOant COVExANTS. Borrower and !.ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's brcsch of any corenant or agreement of Borrower io this Mortgage. including the covenants to pay when due sny sums secured by this Mortgage. I.eadcr prior to accekratioa shall mail notice to Borrower as provided in paragraph 14 hereof specifyins: (/)the breach: (21 the aetwn } roquir~ed to core snc6 breach; (3) a date, not less than 30 days from the dste the notice is maDed to Borrower. by which such - breach must be erred; 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 Mortgage. foreclosure by judicial proceeding and sak of the Property. The notice fi sha0 further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecbsure proceeding _ the non-existence of a default or anv other defense of Borrower to acceleration and foreclosure. If the breach is cwt cured on or before the date specified in the notice. Lender at I.cnder's option may declare aN of the snras secured by this Moriga~,e to be immediately due and payable without further dem:,nd and may foreclose this Mortgage by judicial proceeding. Lender shall _ be entitled to collect iu such proceeding all expenses ref foreclosure. including, but oot limited to. reasonable att.rrnr.'s fees. and costs of iwc~~rtentary evidence. abstracts and tick reports. 19. Borrower's Right to Reinstate. Nitwithstanding Lender's acceleration of the sums secured by thr~ M.~rtgage. Borrower shall have the right to have any procecdrnes hcg,rn ~y !.ender to enforce this Mortgage discontinued at an}' time R~ 505 1902 -