Loading...
HomeMy WebLinkAbout1262 - , ~ , ' Lender's written agreement or applicable law, Borrower shall pay ~ the amount of all mortgage insurance premiums iw the •manner provided under puagraph 2 hereof. Any amounts disbursed by Lender _pursuant- to this paragraph 7. with ,iaterost thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower add Ctnder agree to other terms of payment. such amounts shall be payable upon rtatice tram lender to Borrower requesting payment thereof, and shall bear interest from the daft of disbursement at the rate payable 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 amounb shall bear interest at the highest rafts pe:~rtissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exptaae or take any action hereunder. ZL Is+apectbw. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice pricer to any such inspection specifying reasonable cause therefor related to LendePs interest in the Property. ~ - 9. Coetdewwatiiow, The procetds of any award or claim for damages, direct or consequential, in eonrtection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned 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. s with the excess, if any, paid to Borrower. In the event of a partial Taking of the Property. unless Borrower and Linder otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the ptnoeeds as is equal to that proportion which the amasnt of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediatety prior to the date of taking, with the balance of the proceeds -paid to Borrower. ~ If the Property is abandoned by Bocower, or if. after notice by Lender to Borrower that the condemnor oilers to melee an award or settle a claim for u:tmages. Harrower fails to respond to Lender within 30 days afar ~tht date such notice is ~ mailed. Lender is authorized to collect and apply the proceeds, at Lenders option, either to restoration or repair of tre Property or to the sums secured by this Martga~te. Unless Lender and Borrower otherwise agree in writing,. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change- the amount oL - such installments. - 16. Eorr~uwer Not Rek:tscd. Extension of the time for payment or modification of amortization of the stmn aocttred ~ 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 Harrowers successors in interest. Lender shall not be required to commence 3 -proceedings against such successor or -refuse to extend time for payment or otherwise modify amortization of the sums j secured by this Mortgage by mason ~f any demand made by-the original Borrower and Borrower's successors in interest. - 11. Forrearawee l7' Lewder Not a waiver. Any fartxarance 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 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 secured by this Mortgage. , 12. Res~edks Cowdaftie, All remedies provided in this Mortgage arc distinct and cumulative to-any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Ssccessoes swd Assigws.l3ound: Joist awd Seved liability; CapBoas. _The 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 covenants and agr+ecments of Borrower shall be joint and several. 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. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall l+p 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 ~ Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Usiforw Morigsge; Gorersiug Law: Severa60ity. This form of mortgage combines uniform covenants for national j use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument coveting Y real property. This Mortgage shall bt governed by the law of the jurisdiction in which the Property is located. in the i event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect 3 other provisions of this Mortgage or the Nate which can be given eBect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note arc declared to be severable. ~ ]6. Doreower's Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the tithe a of execution or after recordation hereof. ~ 17..Trawder of the Property: Assswtptiow. if all or any part of the Property or an interest thtrcin is sold or transferred by Borrower without Lender's prior written consent. excluding fa) 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 (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 sceurcd 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 cold or transferred reach agreement in writins that the credit of such person is:atisfactory to Lender and that the interest payable on lilt 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 obl4jations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance ~+•ith paragraphs 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 1 ft hereof. NoH-Urttrotenr CoveN~twrs. Borrower and Lender further covenant and agree as fellows: ls. Aeedeewtloer Reweiks. Faecept m provNed b ~arsigrs,~r 17 hereof. trlon loreowee's h~erael d try coveaaN K ' agreewewt d >foee+ower live flits Mortgage. iaere~tt j the eo+ewswts to pay whew dst awy swwts ssewerd ry ills Mort~e. larder ~ ~ prbr to aeeelkestlow alai stall wotlce to 13oreower:s provNeii M pnjrspr 14 raYOt specffyies~ (1) flit leracr: (2) tle aetioet ~rrd b evert; vest iseacl; (3) • dale, wet less tlwt 3• days trove the date trs wotke r satttiitd to >werower. b wlkr sari Mrwer wsst k ~ awe (4) flag tailsrr b erwe std leeael ow or letoer tine Gate gschlied i• at ws+tiee way erssM live - aeeekewtlow d ere wives secsert! dy iris Mortgage. ta.relossrr r7? j ! awl sde d tle M'eety. Tire wstiee slay brtler bforw lorrower d ire riRlt b trirw~tt after aceelerwtiow swd ire ri jlt b assert M ire toereiotssre ~eoersiw j ire wow-aristewce d a detassit or say otter detewee d 16oerower to accekrafiow awl toecelower. )h< ire lreael Is vest etrrsd M ~ or 6etoer ire 4Me geeiiei V ire stolke. lewder at f.ewders optiow way decrier ai d tle wttr seeweett b Mtis Meetjsipe b ire iwwrediahiy else awl p~able wNrost tattler demand awd way-foerelose tNs Moetja~t b jitealclat N'aeeedlwR. lender sra¦ be is sorest fw wet proereaiwg si expenses of forecbtaur. rtcrtdisj, lwt wN ~ Is. erasowalk s+ttwwrr's fees. ~ awl c+os4 d isa'~sewhry evidewee, alstrwcb awl tick repots. 1!. Isesrowa's Rijn b Reiwstata Natwithstandintt Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time _ - ~~x3~`7 P~~?60