Loading...
HomeMy WebLinkAbout2148 Lender's written agreement or appKcabk law. Borrower shah pay the amount of all mortgage insurance premiums in the m:,nner provided under paragraph 2 hereof. Any amounts disbursed by !.ender 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 payahk upon notice froth f.erider to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payahk from time to time on 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 shall require 1_ender to incur any expense or take any action hereunder. 8. Isspeclioa. i.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower novice 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 conveyance in lieu of condemnation, are hereby assigned and stall be paid to Lender. in the event of a total taking of the Property. the proceeeds shall he applied to stir sums sect+red 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 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 Borrowxr. if the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offer to make ~ an award or settle a claim for damage, Harrower fail. to resaond to [.ender within 30 days after the date such notice is mailed. Lender iz authorized to collect and apply the proceeds. at Lenders option, either to restoration or repair of the property or to the sums secured by this Mortgage. ~ ' Unless !.ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend 1 or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of f such installments. 4 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 cuccescor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower :+nd Borrower ~ successors in interest. lender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the .ums secured by this Mortgage by reason of an)• demand made be the original Borrower and Borrower s successors in interest. 11. Forbearance 6y Lender Not a Waiver. An~• forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shall not he 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 cec++rcd h}• this Mortgage. l2. Remedies Cnmulative. All remccties provided in this Mortgage arc distinct and cumulative to any other right or s remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or sua:essively_ ' 13. Snecessors and Assigns Botrnd; .Joint and Ses~eral i.iabiUty; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender at+d Borrower. subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Borrower shall be joint) and several. i The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define. the provisions hereof. 14. Notice. Except for any notice rcy++ired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgaec shall be given by mailing such notice by certified mail addressed to Borrower at i the Property Address or at such other address as Borrower mav_ designate by notice to Tender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by nMice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Bormw•cr or lender when given in the manner designated herein. l5. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants far national use and non-uniform covenantc~ with limited variations by jurisdiction to constitute a uniform security instrument rnvering ~ real property. This Mortgage shall he 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 hole rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect witho+?t the conflicting provision. and to this end the provisions of the Mortgage and the Vole arc declared to be severable_ 16. Borrower's Copy. Borrower shall tx furnished a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. 17_ Transfer of the Property: Ilccumption. If all or am• part of the Property or an interest therein is sold or transferred E by Borrower without Lender's prior writtco consent. excluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase manc~~ security interest for household appliances. fc) a transfer by devise. s t descent or by operation of law upon the death of taint tenant or (d? the grant of am• leasehold interest of three years or less j not containing an option to purchase. Lender may.:+t I.ender'c option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall base Waived such option to accelerate if. prior to the sale or transfer. Lender I and the person to whom the Property is to t+c :old ar transferred reach agreement in writing that the credit of such person ~ is satisfactory to Lender and that the intere.t pa)•at+le on the sums secured by this Mortgage shall be at such rate as Lender ) shall request. If lender has waived the option to accelerate provided in this paragraph 17, and if Borrower ~ successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from aft j obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance- Frith j 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 Harrower. invoke any remedies permitted by paragraph IR hereof. t Noty-UNrr=oaa~t CoveNxNrs. Borrower and Lender further covenant and agree as follows: l8. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any corensnt or agreement of Borrower in this Mortgage. including the covenants to pay when dne any sums secnred by this Mortgsge, i.ender prior to acceleration shall mail notke to Borrower as provided in paragraph 14 hereof specifying: (1) the breach: (21 the action required to care each breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by vrhich such breach mnst be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in accekratioa of the sums secnred by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notke shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeditss the ran-existence of a defauk or any other defense of Borrower to acceleration and foreclosurr. If the breach is not cured on or before the date specified in the notice, Lender at [.ender's option may declare ap of the sums secnred by this Mortgar a to bK immediately due and payahk without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses ni foreclosure. including. Met not IimHed to. reasonable attnrnev's fees. and cosRs of ~wc.:~oeafary evidence. abstracts and title reports. 19. Borrown's Ri6ht to Reinstate. Notwithstanding lenders acceleration of the sums secured by the Mortgage. Borrower shall have the right to have any proceeding. begun %.y Lender to enforce this Mortgage discontinued at any time auuK ~U~ PAGE2148 ' - - - T.