Loading...
HomeMy WebLinkAbout2466 agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums iti the manner` provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon. shall become additional in• ' A debtedness 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 thereof, and shall bear interest from the date of dubutsement at the rate payable from time to time ou 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 r:+te permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ~ 8. Ituipectiort. Lender may make or cause to be made reasonable entries upon and inspections of the Property. pro- r sided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's intemt in the Property. 9. Condemtution. The proceeds o[ any award or claim for damages, direct or consequential, in connection with any 9 condemnation or other taking of the Property, or part thereof, or for conve}•ance in lieu of condemnation, are hereby as- t 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 the excess, i[ any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender 1 otleerwist ague 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 o[ the sums secured by this \[ortgage immediately prior to the date of ~ taking bean to the [air market value o[ the Property immediately prior to the date of taking, with the balance of the pro- seeds paid to Borrower. ~ if the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days alter the date such notice is mailed, Lender is authorized to collect and apply the pzocecds, 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 o[ proceeds to principal shall not extend r 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 o[ 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 Borrowers successors in interest. Lender shall not be required to commence 3 proceedings against such successor or refuse to extend time for payment or otherwise m«li[y amortization 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 Noe a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver at or preclude the exercise of any such right or comedy. The ? procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's I right to accelerate the maturity o[ the indebtedness secured by this ?lortgage. 12. Remedies Gltmulative. All remedies provided in this Mortgage are distinct aced cumulative to any other right or remedy under this ??fortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound: Joint. and Several Liability; Captions. The covenants and agreements herein j contained shall bind, and the rights hereunder shall inure to, the respective strcceswrs and assigns of Lender and Borrower, i subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The s 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 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 b}' certified mail addressed to Borrower at i the Property Address or at such other address as Borrower may designate by notice to Lender as prodded 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 heroin. Any notice pros•ided for in this Mortgage f shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Iaw; StverabiGty. This form of mortgage combines uniform covenants for, na- tional use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform securit~• instrument covering real property. This Mortgage 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 conflict shall not affect other provisions of this lortgage or the \ote which can he given effect without the conflicting provision, and to this end the provisions o[ the Mortgage and the Note are declared to be severable. t 16. Borrower's Copy. Borrower shall be furnished a emeforveed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. > 17. Transfer of the Property; Aswmption. 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 \Eortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise. ` descent or by operation of law upon the death of a joint tenant or (d) the grant of an}• leasehold interest o[ three ,},ears or _ less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this 5ortgage 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 Propert}• is to be sold or transferred reach agreement in w-titing that the credit of such person 1 is satisfactory to Lender and that the interest pa},able on the sums secured by this Mortgage shall be at such rate as Lender a shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and it Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from r all- obligations under this Mortgage 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 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, invoke any remedies permitted by paragraph 18 hereof. NON•UI~itFORN COVF.xwnrrs. 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 of Borrower in this Mortgage, including the covenants [o pay when due any cams secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; ; (2) the action requirrd to cure such breach; (3) a date, not kss than 30 days from the date the notice is mailed 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 o[ the sums secured by this 1lfortgage, foreclosure by judicial proceeding and sale o[ the Propert}. The ~ notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure " proceeding the non•ezistence of a default or any other defense o[ 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 be immediately due and payable without ftuther demand .and may foreclose this Mortgage by judicial proceed- ittg. Lrnder shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reason- ' abk attorney's fees, and costs of documentary evidrnce, abstracts and tide reports. r uR soap 308 ~A~E2466 j a - - { _