Loading...
HomeMy WebLinkAbout1372 agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the rganoet provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional in- debtedness of Borrower secured by this ~tortg-age. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and s1ra11 bear interest from the date o[ disbursement at the rate lrayable Irom time to time ore outstanding principal under the Note unless payment of interest at such net woultl be contrary to applicable law, in which event such amounts shall bear interest at the highest raft permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. pro- s•itted 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 proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conseyance in lieu of corrtlemnation, are hereby as- signed and shall be paid to Lender. • In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with tree excess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise ague 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 [air market value of the Property immediately prior to the date of taking, with the balance o[ the pro- cteds paid to Borrower. • I[ the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otters 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 Property of 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 Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortisation of the sums -se- cured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise af[orded 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 taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy tinder this Mortgage or at[orded by law or equity, and rosy- be exercised mncurrenth•. independentlc or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. •I'he coyerrarrts and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Ixnder and Borrower, subject to the pro~•isions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience onh• 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 flee Property Address or at such ocher address as Borrower may designate by notice to Lender as prns-idecl 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 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 tnarrr?er designated herein. ' 15. Uniform Mortgage: Governing Law: Severability. This form n[ mortgage combines uniform covenants for na- tional use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument ~ entering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Propert}• is located. ~ In the event chat any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall nut affect other provisions of this Mortgage or the \rne which eau be given effect without the conflicting provision, and eo 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 tote and of this Mortgage at the time 1 of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If 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 Mortgage, (b) the creation of a purchase money- seturih• interest for household appliances. (c) a transfer b}• devise, R descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of ehree years or less not containing an optiat to purchase. Lender may. at Lenders option. declare all the sums secured be 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 sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest parable on the sums secured by this Mortgage shall be at such race as Lender shall request. If Lender has wailed 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 accordance with - paragraph 19 hereof. Such notice shall provide a period o[ not less than 30 days Irom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower: invoke any remedies per~rritted by paragraph 18 hereof. Nt?~-U1~tFOR~t CovExwirTS. Borrower and Lender Further covenant and agree as [ollow•s: i 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any cotenant or agreement o[ Borrower in this Mortgage; including the covenants to pay when due any sums secured by this 3ortgage, Lender prior to acceleration shall mail notice to Borrowtr as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to curt such breach; (3) a date, not less than 30 da}•s Erom 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 Mortgage, [oreclosure by judicial proceeding and sale of the Property. The notice shall further in[orm Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a de[ault or any other de[ense 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 bt 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- able attorney's fees, and coats of documentary er•idence, abstracts and title reports. Q s~ °r ~U6 r~acE 1371 - = E 3 t, .