Loading...
HomeMy WebLinkAbout2778 . ~ - ~ agreement or applicable law. Borrower shall pay 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 in• debtedness of Borrower secured by this \lortgage. Unless Borrower and Lender agree to other terms of payment, such E amounts shall be payable upon notice from Leader to Borrower requesting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the rote unless payment 1 of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rote permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Iaspatioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property. pro- sided that Lender shall give Borrower notim prior to any such inspection specifying reau,nable cause therefor related to Lender's interest in the Property. 9. Condemnation. The praeeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, sir for conveyance in lieu of condemnation, are hereby as- signed and shall be paid to Lender. In the event of a total taking o[ 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 otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds a: 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 pro- seeds paid to Borrower. 1I 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 SO 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 extend c,r postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereo[ or change the amount of such installments. 10. Borrower Not Rekased. Extension of the time for payment or modification of amortisation 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 he required •ro commence proceedings against such successor or refuse to extend time for payment or other. ise modify amortisation of the sums se- cured by this Mortgage by reau,n of any demand made by the original Borrower and Borrower i successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance b}• Lender in exercising any right or comedy 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 taxes or other liens or charges by Lender shall not lm a waiver of Lender's right to accelerate the maturity o[ the indebtedness secured Irv this Mortgage. 12. Remedies Cumulative. All remedies provided in this mortgage are distinct and cumulative to an}• other right or remech• under this Mortgage or afforded by law or equity, and may be exercised concurrenth•, independently or successively. 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 successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All coserants and agreements o[ Borrower shall be joint and several. ` he captions and headings of the paragraphs of this \iortgage arc for convenience onk and arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law fo be given in another manner. (a) an}• notice to Borrower provided for in this Mortgage shall be given by mailing such notice h}• certified mail addressed to Borrower at the Property Address or at such other 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 pms•ided herein. Any notice pms•ided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. f 15. Uniform Mortgage; Governing Law; Sererability. This form of mortgage combines uniform covenants [or na- tional use and non-uniform covenants with limited variations b~• jurisdiction to constiaue a uniform Security instrument covering teal property. This \iortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such c~mflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the ~(ortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Rote and of this \lortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; A3sttmption. If all or arc part of the Property or an interest therein is sold or trans- ; (erred 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 more}- security interest for household appliances. (c) a transfer by devise. , . ~ descent or b}• operation of law upon the death o(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's option, declare all the sums scarred by this Jortgage to a be immediately due anti payable. Lender shall hate waived such option to accelerate if, prior to the sale or transfer. Lender ( and the person to whom the Property is to he sold or transferred reach agreement in writing that the credit of such person f is satisfactory to Lender and that the interest pacahle on the sums secured by this Mortgage shall be a! 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 s interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this lortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice o[ acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 da~•s from the date the notice is mailed within which Borrower mac 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. invoke any remedies permitted by paragraph 18 hereof. IVON•i.INIFAR~t CoyElvAtrrs. BOrrOwer and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement o[ Borrower in this 1ltortgage, including the covenants to pay when due any sums secured by this Sortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereo( specifying: (1) the breach; - (2) the action required to cure such breach; (3) a date, not less than 30 days from 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 cosy result in acceleration of the sums secured by this 3ortgage, foreclosure by judicial proceeding and sale of the Property. The ~ notice shall further inform Borrower oI the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. I[ the breach is not cured on or before the date specified in the notice, Ltndet at Lender's option may declare all of the sums secured by this 4 Mortgage to be immediately due and payable without further demand and may foreclose this 1ltortgage by judicial proceed- , ing. Lender shall be entitled to collect in such proceeding all ezptnses of foreclosure. including, but not limited to, reason- able attorney's fees, and casts o[ documentary evidence, abstracts and title reports. a~ox ~7 PAC~z777