Loading...
HomeMy WebLinkAbout2983 i Lender's written agreement or applicable lav?. 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 indebtedness of Harrower zccured by this Mortgage. Unless Borrower and Lender agree to other terms of paynrtnt, such amounts shall he payable upon notice from Lender tci Borrower reyuestinR payment !hereof, and shall .bear interest frorrr the date of disbursement at the rate payable from lime to time on outstanding principal under the Note unless paj?trtent of interest at such rate would be contrary to applicable taw, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in This paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. laspectioe. Lender may make ar cause t~ he made reaconablc emricc upon and inspections of the Property, provided that Lender shall Rive Borrower notice prior to any such inspection specifying rcasanable cause therefor related to Lender's interest in the Property. 9. Coademrtatbn. The prcxeedc of any award or claim far damages. direct ar consequential, in connection with any condemnation or other taking of the Property, or part thereat, ar for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a fatal taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Harrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. (here shall be applied to the sums secured by this Mangage such proportion of the proceeds as is equal to that proportion which the amount at the some secured by this Mortgage immediately pricer to the date of taking bears to the fair market value of the Property immediately pricer to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is ahandaneJ by Bor:awer. ar if. after notice by I.cnder to Bormwer that the condemnor offers to mate an award ar settle a claim far dam:,get. Borrower fail. to respond to 1_ender within 30 days after the date such notice is mailed, Lender is arrthorizcd to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property ar to the sums secured by this Alartgage. Unless Lender and Borraw•er atherwice agree in v.•rit~ng. 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 of such installments. ' 10. Borrower Not Released. Extension of the time far payment or modification of amortization of the Burns secured by this Mortgage granted by Lender to any crrccecsar in interest of Borrower shall not operate to release. in any manner, ±he Iiabilily of the original Borrower and Borrower's successors in interest. i_ender steal! not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the oritinal Borrower and Borrower's successors in interest. 11. Forbearance by Lender 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 at or preclude the exercise of any such right or rsrrtedy. The procurement of insurance or the payment of tares ar other liens ur charges by [.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this 1ltartgage. 12. Remedks Crmulatl~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ar equity. and may be exercised concurrently, independently or successively. 13. Srccessors and AssiRas Bound:.Joint and Several i.isbitity; Captbm. The covenants and agreements herein contained shall bind, and the rights hereunder shall inor~ to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions-and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable taw to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address ar a! such other address as Borrower mav_ designate by notice to Lender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to i.endtr's address stated herein or to such other address as Lender may designate by notice to Harrower as provided herein. Any notice provided for in thii Mortgage shall be deemed to have been Rrven to Borrower ar Lender when given in the manner designated herein. ~I 1S. Uniform Mortgage: GorernirrR Law: Sevenbility. This form of mortgage combines uniform covenants for national rrse and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h}• the law of the jurisdiction in which the Property is located. fn 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 Mortgage ar the Note which can be given effect without the conflicting provision, and to this f end the provisions of the Mortgage and the Note are declared to be severable. 16. Eorrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time j of execution or after recordation hereof. 17..Transier of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writrcn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creatran of a purchase manev security interest far 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 secured by this Mortgage to be immediately dtre and payable. Lender shall have waived such option to accelerate if, prior to the Bak or transfer. Lender and the person to whom the Property is to be co1J ar transferred reach agreement in writing that the credit of cuch person is satisfactory to Lender and that the intcrest payable on the sums secured by this Mortgage shall be at such rate ac 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 assumprion agreement accepted in writing by Lender, Lender shall release Borrower from all obli8ations under this Mortgage and the Note. . If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with puairaph 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 cuch period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. Norv-UrrtFOrtnt CoveNZNTS. Borrower and Lender further covenant and agree as follows: ~ 18. Acceleratfoa; Remedks. L:cept s provided ie pragnph 17 hereof. ROe ioer+ower'~ breach of ray corttnrrrtt or agreeaseet of Eorrower la ebb Mortgage. b~clydlrrg the corensnt to py whew are sec Boras seearei y ebb MortRete. Leader prbr to accderstbe sbdl mail eotke to Eorrower ss provWed V pragrapb 14 hereof speeityhg: (1) the bneaeh: (2) the setiow ~ regelred to care srcb breach: (3) • date. sot less tbsn 30 days from Ibe date the notice b ersiiai to lorrowtr. b' whkh srt:h breach >•rd be erred: and (4) that fsilrre to crre srcb breseh oa or betors the date specYea b the aotke may radt b acedcratioe of the erne secured by fhb Mortgage. torcclosare by jrdicid procttdbtg ant! :ale of the Property. Tire antics shah father iaforra Eorrower of the right to rcinststc after sccckratloa sad the right to sssert M the totreclsetrre prreseti~ the son-a:btcace of a dcfsrk or ary other dcferae of Eorrower to xcekrNbr aed fortclwrre. U the 6reacb b aM ernes oe or before the date spcci~ied V the notice. Lender st Lender's optba may declare V of the saws seemed by fhb Mortgage to be btrmediately dre sus pyabk witbort father demand and msy foreclose ebb Mortgage by jatlicW proeeedbtR. Lender dtaN be cntltkd to co0cct bt web proceedia= s8 expenses of forectosrrc. iwchrdieg. brt sot fi)wfted tr. reaconabie sttoroer's fees. sad costs of docr'!tecrNary evidcece, abstract sad title report. 19. Bbrrower's Rli~ht to Reb+etate. Natwithctanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proseedrngs begun by Lender to enforce this Mortgage discontinued at any time f ttK a~,~~~19 pacE297 }