Loading...
HomeMy WebLinkAbout0845 Lender's written agrotxrrent or applicabk law. Borrower tayU pay the anwunt of ap mortgage iawranoe ptemiuwM in the ' mermen provided under psragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paratrsph 7. with ieterest tlrereom, tfap becorrre additional irrdebtedttias of Borrower secured by this Morttate. Unless Borrower and Lender a=yea to other fetus of paytuatt. wdt amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest f`rOtn the dart of disbursetttt-rat at the ntte psyahk from time to rims en agstsnding principal under the Nob ueims paymrt o[ interat at torch rata would fie contrary to applicabk law. in which evert such anrormt: shall bear irk N the highest nAe permissible under applicable law. Nothing contained in this paragraph 7 :hail require Lender to incur any expetosa oft aloe any action hercrrnder. - Itrspeeliew. Lender may make or ranee to be made reasortttble entries upon and inspections of the Property, ptvided that Leader shall give Borrower notice pricx to any such inspection spettifying rrasonabk cause therefor related to Lettder'a interest in the Property. CewtlewrwNiow. The proceeds of any award or claim for damatts, direct a consequential. in oorrrrectiow with arty condemnation or other taking of the Property, or part thereof. a for conveyance im lieu of eorrdeannatrom, era hereby _ and shall _be_paid to Lender. - - - - - in the event of a total taking of the Property. the proceeds shag ba_applied to the sums secured by t a ortgag0. with the excess, if any, paid to Borrower. in the event of a paitial'takins of the Property. unless Borrower and I~etrder otherwise agree in writing, there shall be applied to the sums stxur+od by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums scarred by this Mortgage immediately. prior to the date of taking bears to the fair market value of the Property immediately pries to the date of taking. with the balance of.the ptnceeds ' paid to Borrower. . If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers m mate an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date sndt notice is mailed, Lender is authorised to cdkct and apply the proceeds. at Leader's .option. either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless-Lender and-BorroM?erotherwise agree in writing, any such applicatiom of-proceeds.to-principal-shallnot extatd_ - - _ - 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. Hortrower Not Rekasei. Extension of the time for payment or modification of amortization of the sums stx»r~od 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 interat. Leader shall not fie required to commence proceed'mgs against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by mason of an.)r demand made by the original Borrower and Borrower's successors in interest. 11. Forbearawce hr iewder Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rpnedy. The procurement of itrtcunrrce or the payment of taxes or other liens or charges by Lender shall rrot be a waiver of mender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rear_edks Ctnwubrtie. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy trader this Mortgage or afforded by law or equity, and may be exercised concurrently, indepem~ntly or successively. ' 13. Swecasors tend Assitas Hound: Joint sad Sevetral i3ab~tr; Captiows. 'ilre covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender sad Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall bt joint{ and several. The captions and headings of the paragraphs of this Mortgage arc -for rnnvenience only and arc 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 atrother manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such noCrce by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender 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 for in this Ij Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Ueiforw Mortgage: Governiet Law: Severabifity. This form of mortgage rnmbines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument taoveritrg real property. This Mortgage shall be governed by the !aw 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 shaft 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 Mortgage and the NMe are declared to be severable. 16. Horrower's Copy. Borrower shall be furnished a conformed rnp)• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Traesfer of the Property: Assomptioe. if all or any part of the Property or an interest therein is sold or transferred 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 security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (dl 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 secured by 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 inten~st payable 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'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, finder shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period c+f not less than 30 days from the date the notice is mailed within which Borrower may pay the Burns declared due. if Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demamd on Borrower. invoke. any remedies permitted by paragraph l fl hereof. Note-UNIFOrtM Cove>vew'rs. Borrower and Lender further covenant and agree as follows: llt. Accdetatiom Rewredia. Percept m provided ie paragraph 17 hereof, upow Horres?es's brteatlr of aer ceeruwt or atreeweet of Hors<rswer iri this Mortgage, hrcla~ the coreatrets to par whew dee any sutws trtxsrei b this Morttate. Lswder prior b acaeleratioe :ball wrail coffee to Horrower s proviied fe paratraph 14 hereof speeiirlwgs (1) the breach: (>3 the aetiow regrrircd b ewre such breach; (3) w date. cot las thaw 3A days frown the date fhe wotiee is waiei b Horrower, br which sues breach wrtnst 16 rered; awi (4) that ttrifero b core swch breach oe or before the date geel[ed iw the wotice rwaY restit b secekratiert eE the straws secured by this Monttage. /orselowre br jrdicW pr+oceedieg awi safe of the lhepertr. 71re wodce shtrM further idotrm Horrewer of the ritht to rdestate after secekratbe swd the right b awed iw the fortcNsme preteetllet the wow~esWewce of a default or awn other ddeese of Horrower b eccekrMke Byrd foreeloaar. 1! the breach is woe etrrti M of bdore the dab speeYted r the wotke. Lewder at l.eedtr's optiest ~Y declare art et the sNS saetatei br this Mortarge >r he - - - iwrasediatelr dire sei parable without ftw•tber demand sad wren foreclose thin Marltage y protsedVR. Lender shti be ettrlided to collect irr srrt3 proceediet ar espeoses of foreclosure, iwehrditrg. bet wsf lbtrrilei to, reasowabie sttursrt~'s fee, ttwd casts of ooto'!eeetary evidewee. sbstracb swd title reports. 1!. Hoavwa's Right to Reinstate. Notwithstanding Lenders acceleration of the sums se¢urtd by this Mortgate. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 800 c~lU PAGE I s