Loading...
HomeMy WebLinkAbout0373 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage ituuranoe 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 Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amcxtnts shall be payable upon notice from Lender to Borrower reyttesting payment thereof,.,ah~ shalftiear interest from tht date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paj?mettt 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 applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder.- g. Iwttp>'etiow. lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lertder'a interest in the Property. 9. Cowdemwation. 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.amveyance 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 chat) he applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, ttnkss Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeedt u 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 Borrower. if the Property is abandoned by Borrower. or if after notice by Lender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower fail. to res,ond to 1_ender within 30 days after the date such notice is - mailed, Lender is authorized to collect and apply the proceeds, at Lender i 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 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 for payment or modiflcation of 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 &.rrower's successors in interest. i.ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orit;ina) Borrower and Borrower's successors in interest. 11. Forbearanet by Lender Not a Wsirer. Any forbearance by Tender in exercising any right or remedy hercttnder, 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. Rettnedks Cumulatfre. 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 he exercised concurrently, indeptndently or successively. 13. Sweceasors awd Aaigws Bound: ,Joint and Seven) i.iab'dty; Captlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttrf: to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragreph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be ttstd to interpret or define the provisions hereof. 11. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgate shall be given by mailing such notice by certified mail. addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to under as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to such other address u 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 Borrower or Lender when given in the manner designated herein. 1S. Unfforwr Mortgage: Governing Law: Sererability. This form of mortgage combines uniform covenants for national I use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security 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 N_ ore conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Nc?te which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation j~ereof. 17..Trawsfer of the Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior wrincn consent. excluding (al 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 jrnnt tenant or (d) the grant of any leasehold interest of three years or less t 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 tcl be :o1J or transferred reach agreement in writing that the credit of such person i is satisfactory to Lender and That the interest 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 hu e~cecuted a written auumption agreement accepted in writing by Lender, Lender shall release Borrower from :II obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. lender shall mail Borrower notice of 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. 1( 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. r Note-i1NIFORM COVENANTS. Borrower and Lender further covenant and agree as follo+rs: la. Accderatbw; Reaedks. L:cep a prorldcd iw pragnph 17 rereot, ttrpw Bon~owttrs rtrttscr of awy covewt K agrcettaetat of Borrower V fhb Mortgage, itoctuding ~ corewaMs to py whew dare a,tq was tteewreti iy trY Mortgage. Lewder prbr to aeedersrilow stud swell rwtlce to Borrower as proridcd iw paragrwpr 11 rertroL speeRylwg: (1) the brsacr:l2) the ttKtiow rignired to cue stncr btrcacr; (3) a date. wot less thaw 30 days trorw the date are wotke b tttoadei to Borrower. fry wrkr suer breach atsM be cwred; atsd (1) that failure to cure suer rrescr ow or be~ore'tlte dale gecMed r are wotke way txtstrh b acceletraliow of the etas secured by fhb Mortgage. toreclosurc by jrrdkW proceedhtg awd sale et tre rroperty. The ttatice shad twtrtber iwfora Bon~ower of the right to reinstate after accelcntiow and are right to ttrcrt h are tortclowrt proeeeittg Ire wow-a:Wewce at a dcfaulf or ar other dtftwse of Borrower to accckratbw swd toreclowre. N are 6reacr is wd cwrtd ow or bdore the date specKed ie are ttwtke. Lender at Lender's opliow sway dtclane ad of are was stewretl Icy Iris MortgsRe M IK irwacdiately dhe stsd pywbk witrod fwrther derntind and gay foreclose fhb Mortgage h' jtdkW preteediwR• Lender shad be tewtitled to codeet b twrer proctednwg a6 expenses of forecloswre, Mchtaliwg, bwt wsd dtttuNeti tw. rewsowarit stturner's fees. awd costs of doer-wreNary eridetree, abstracts awd )ilk report. 19. Borrowa's Right to Refwslate. Notwithstanding 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 Fn~~l~c~2~ tr,t:F