Loading...
HomeMy WebLinkAbout2819 r- ~r .v~ ~ ~ ~ ~ z~ . ~ ~ Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the meaner provided under paragraph 2 hereof. Any amounts disMused by !_ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Iaortga;a, Unless Borrower and Lender agree Io other terms of payment. such amounts shall be payable upon niNice frorrr tender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa}?rnatt 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 applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae or take any action hereunder. L twyeclisw, 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 Leader's interest in the Property. Cowiewwaliow. The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assitrred and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the cams secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the data of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balatroe 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 fain to respond to lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Fender's option, either to ratoration or repair ~ the r''roperty or to the wms 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 I and 2 hereof or change the amount of such installments. • it. lsorrewer Not Released. Extension of the time for payment or modification of amortization of the sums socut+ed 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 c successor in interest. Lender shall not be required to commence proceedings against such srrecesxor or refuse to e+ctend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Ferieaeawce y Lewder NM s Waiver. Any forbearance by Ixnder in exercising any right or remedy hereunder, or ` otherwise atfor~d 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. 1L Remeiks Csaitalirt. All remedies provided in this Mortgage are 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. Swceessors awd Assigws lgound:.Joiat said Several i.iab7Ny; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successor and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captaru~and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ire used to interpret or define the provisions hereof. 14. Netlee. 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 by certifkd 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 ratite to Lender shag he given by certified mail. return receipt requested. to I.endet's address stated herein or to such other address as Leader may designate by notice to Borrower as provided herein. Any ratite provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uwitorw Mortgage: GoversiwR Law: StverabiWy. 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 f event that any provision or clause of chic Mortgage or the Note conflicts with applicable law, such conflict shad not aRoct dher 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 Nate arc declared to be severable. lf. torrower's Cow. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage at the tune of execution or after recordation hereof. ~ 17..Trawster of ere >rrolerry: Asaearptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior writrrn consent. excluding (al the crcatan of a lien or encumbrance subordinate to this Mortgage. (b) the crcat~on 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 yeah or less i not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be g immediately due and payable. Lender shall have waived such option to accelerate if, prior to the tale or transfer. Lender and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shaft request. if Leader has waived the opion to accelerate provided in tfiis paragraph 17, and if Borrower's successor in interest has executed a written aswmprion agreement accepted in writing by Lender, Lender sfiall release Borrower from all obljtations under this Mortgage and the Note. 1 1f Lender exorcises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with ( psrarzraph 14 hereof. Such notice shall provide a period of not las than 30 days from the date the notice is mailed within which Borrower may pay the wms declared due. if Borrower fails to pay such arms prior to the expiration of such period, Lender stay, without further ratite or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. i Noty-Urntrortse Covervarrrs_ Borrower and Lender further covenant and agree ss follows: li. Acceleado~ Rawcdia. Except ss provNcd bt Mragryh l7 Hereof. ~w lgorrowds rreser of awy covettint ~ s aQtemewt of Itornwer r fib Montage. irtclwdhtg tie corewarrts to Ml' wrew doe saty sours secwrtd by trb Mortgage. i.ewder - wfisr» acceleraus. srstl wtatl wotke to iorrswer as provlAcr Iw paragrapi id rerr<ot speclt>lag: t1) tie betaer: t2) tie setbw re~abtd M cart sncr hack t3) a dMt, rat less Barr 3o days tress tie date tie wotke b wtaNed fo lserrower. by wild swell E beesci Mst k ewti; awd (n list taibrt N cwrt stci brtsclt ow a< betsrt tie date s~eeMed r tic wotiee rwy reswlt b j weederatlaw of lie star serwrtd i7' lib Montage. forteloswre i7' ~w ~ awd sale of tie Tropcrty. Trc wotke sisr ftrtier ittorf• •orrewer of lie rigr/ to rel~alt after sccekratlow satd test ritrt b assert b tie tortelostrre ~e~0eeediwt de son-edMeste et s idsslt or a¦y firer detcrrse of Borrower to acaYkratlorr awe toreclostrre. H tie breach is sot esr~ai err or ietore Ire dale speriiti i tie wolice. t.ewaer st I.ewders opbw M' declare tr of tie wtws stewred y fhb MonzsRt to k I~edialely doe awd pwyaYe wiliowt twrtrer demand awd wrsy foreclose tib Montage h' jrdicW'r+eeetdiwR. Lender srdl bt ewtMled N esitct V saver pr+oesediwg ,r ex'ewses of forecloswrt. iwcrrdist. M/ wet Brwiled ta, rtasowable sttursev's fees. a¦i asls of ioer-~ew/ar7 evldewee, absdsels swd title reprls. l~. iorrwres's R4rt M Rsiwetate. ~ NotwithstandinE Lenders acceleration of the sums secured by thin Mortgage, Borrows shill have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time _ /IR n~~ _