Loading...
HomeMy WebLinkAbout1925 ~ - - ~ t Lender's written agreement or applicable law. Borrower shall pay the amount of aU mortgage insurance premiums in the manner provided under paragraph 2 hareot. 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 o[ payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursetttent at the rate payable f - ,tune to tifne on outst~rdittg principal under the Note unless paynxnt of interest at such rate would be contrary to aj~jp~~ [r~w~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 say action hereunder. e. Iaspectlaw. 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 Lender's interst in the Property. 9. Cowdemwatlots. 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 conveyance in lieu of condemnation, are 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, with the exesa, if any, paid to Borrower. Tn the event of a partial taking of the Property. unless Borrower and Lender 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 amount 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 Borrower, or if, after notice by Lender to Borrower that the condemnor offers to mate an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the daft such notice is mailed, Lender is authorised to collect and apply the proceeds. st Lender's option, either to restoration or repair of the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds iv pndcipiri shsfl rri,: er..~~ 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 modification 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 Borrower's successors in interat. Lender 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 reawn of any demand made by the original Borrower and Borrower's successors in interest. 11. ForOamgrce by Lewder 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 remedy. The procurement of insurance or tbe 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. Remedks Ctwatriatl?a 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. 23. Sstceessors sad Assigss Deuced; Joint and Several i.iab~ly; Capfiiats. 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 agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used to . interpret or define the provisions hereof. 14. Notiee. 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 certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to under 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 addras as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this F Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Uniform Mortgage; Goverwiag Law; Severa6iiity. This form of mortgage combines uniform covenants for national 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 s 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 or the Note 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 hereof. - 17. Traeger of the Property; Asseatptioa. Tf all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written 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 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 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 interest payable on the sums secured by this Mortgage shall be at such rate as Lender shalt 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, Lender shall mail Borrower notice of acceleration in acrnrdance with pazagraph 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, Lenaer may, witiwut further nonce or aemand on BorTVwcr, iris°~ke any remedies per.~.6:tea bq paragraph 18 htreaf. Nox-UNIFORM CovErreturs. Borrower and Lender further covenant and agree as follows: lg. Accelenrtioo; Reraedies. Except as provides i• prsgrapb 17 hereof, tspow borrower's brrscb of say covewt or agreearewt of Borrower is this MalgaLe, the coeesets to py whew dire asy sauws secured by this Mortgage, I.ewier prior to acceleration shah wrail wetke to borrower as provided its paragraph 14 hereof spa~ifyieg: (i) the brsaeb; the setbw rgeir+ed to earl secb breach; (3) a date, not less thaw 30 days from rye date the wotiee bz aetBai to Borrower, by wbieb stscb breach mast fie cares; awd (4) that taibrre to' core sscb breach ow or before the date speeliei i• tie wotice may eessit b aeeekratbw aE the srtr setered by this Mortgage, torrelowre by ~tdicW praeeediag awl sale of the Properly. 'Itie stotioe sba6 tttrtber iatorm bon~ower of tie right to rehsdte aNer aecderatioe and the right to avert iw the forecloawe pceeabrg the aoa-eddarce of a detaalt or aq afber decease of borrower to acceleration srti tora~ioaae. It lbe 6reaeb is riot ctte~s+i at or before the dale spaMei V the wotite, Lewder at iewier's optlow twat' 4edarc all of the sm¦s sectrrei by this Mortgage b be imwxdiatdy doe awl pyabk witbetrt twrtber iewtawd srd may foreclos' ibbz Mortgage by ~wdkW proaading. I.ewier shall be artltled to collect b snrcb proeeedleg s• e:peases o[ torecioaere, iwclndiog, bat wet to, reasoealtie attor¦e>'s fees, swd costs of doee~artary eddewce, sMtraeb swi title r+sporb. 19. borrower's Right to Rd¦state, Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Boetower shall have the right to have any proceedings begun by !.ender to enforce this Mortgage discontinued at any time 3~5 t~~9i9