Loading...
HomeMy WebLinkAbout2423 agrament or applicable law. Borrower shall pay the amount of all mortgage inwrance premiums in thF maaatt provided under paragraph Yhereof. Any amounts disbursed by lender punuartt to this paragraph 7, with interest thereon, shall become additional in- debtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, wch i amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, ind shall bear interest from ttte date of disbut•sement at the rate payable from time to tune on outstanding principal under the Note unless payment ? of interest at such me would bt contrary to applicable law, in which event such amounts shall bear interest at the highest ` rate permissible under applicable law. Nothing cotttaitted in this paragraph 7 shall rtquirc Lender to incur any expense or take any action hereunder. 8. Iaspectloa. Lender may make or cause to be made reasonable entries upon and inspections o[ the Property. pro- vided that Lender shall give Borrower rtotiee prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. C.oadamttatioa. The praeeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking o[ the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby ar • signed and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the wens secured by this Mortgage, with the excess. iE any. paid to Borrower. In the event o[ a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this :~[ortgage such proportion of the proceeds at is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of t taking bean to the Eair market value of the Property immediately prior to the dace of taking, with the balance of the pro- = coeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oE[ers to make an award or settle a claim ~tor damages, Borrower faib 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 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 attend or postpone the due date o[ the monthly installments referred to in paragraphs I nerd 2 hereof or- change the amount of j such insullments. 10. Borrower Not Released. Extension of the time [or pa)ment•or modification of amortization o[ the sums secured t by this :lortgage 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 Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums se- { cured by this Mortgage by reason of any ciemartd made by the original Borrower nerd Borrower's successors in interest. ~ 11. Forbearance by Lender Not a Waiver. Arty forbearance by Lender in exercising arty right or comedy hereunder, or otherwise afforded by appliable law. shall not be a waiver r,( or preclude the exercise of any such right or remedy. The i 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 11Fortgage. i 12. Remedies C.hmulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Aortgage or afforded by law or equity, and may be exercised concurrently, independently or wccessively. 13. Successors and Assigns Bound: Joint and Several Liability; Captions. "I•he covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective wccessors 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 com•enience 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) arty notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such ocher 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 other address as Lender may designate by notice to Borrower as provided herein. Any notice provided [or in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the mart»er designated herein. 15. Uniform Mortgage: Governing Law; Sererability. This form of mortgage combines uniform covenants for na- i tional use and non-uniform co~•enants with limited variations by jurisdiction to constitute a uniform security instrument coeering real property. This Mortgage shall be governed by the law of the jurisdiction in whidt the Property is located. ]n the event that any provision or clause o[ this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this lortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage nerd the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the lore and of this Mortgage at the time i of execution or alter mordation hereof. ~ 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or trans- (erred by Borrower without Lender's prior written consent, excluding (a) tfie creation of a lien or encumbrance subordinate { to this Mortgage, (b) the creation o[ a purchase money security interest for household appliances, (c) a transfer by des•ise. descent or by operation of law upon the death of a joint tenant or (d) the Brant of ant leasehold interest of three years or Iesr not containing an option to purchase. lender may, at Lender s option. declare all the sums seatred by this Mortgage to be immediately due and payable. Lender shall have waived wch 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 :lortgage shall Ice at such rate as Lender ~ shall request. It Lender has waived the option to accelerate provided in this paragraph 17. and i[ 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 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, irnoke any remedies permitted by paragraph l8 hereof. • NoK-1JNIFORM CoVENAMS. BOrroWCr and Lender further covenant and agree as follows: 18. Aaelrntion: Ranediea Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this 1lfortgage, including the corenanu to hay whrn due any stuns secured by this Mortgage, Lrnder prior to auelention shall mail notice to Borrower as provided in paragraph 14 hereof specifying: the breach; f . the cation required to cure wch breach; (3) a date, not less than 30 days from the date the notice is mailed to Bon•ower, by which wch breach must be cured; and (4) that failure to cure wch breach on or before the date specified in the notice may rewlt in aueleration of the wms secured by this 1lfortgage, foreclown by judicial proceeding and sale of the Property. The f notice shall Further inform Borrower o[ the right to reinstate after auekration and the right to asset in the [orcdosure ~ proceeding the non-txistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is r not cured on of before the due specified in the notice, Lender at Lender's option may declare all of the wms secured by this Mortgage to be immediately due and payable without further demand sad may foreclose this Mortgage by judicial proceed- ing. Lender shall be entitled to collect in web proceeding all expenses of (oreclowre, including, but not limited to, reason- abk.attornry's Fees, and coos of documentary evidrnce, abstracu and tick reports. e S~C!(VIlV PACE~~~, z •