Loading...
HomeMy WebLinkAbout2273 t • _ •t. • ' Lender's written agreement or applicable law. 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, wish interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall 6e payable upon notice from Tender to Borrower requesting paymcnl thereof, and shall bear interest from the date of disbursement at the rate payable from time to time nn outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing rnntained in this paragraph 7 shall require Lender to incur any expenx or take any action hereunder. 8. iaspectloa. 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 interest in the Property. ~ 9. Condemnation. 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 excess, if any, paid to Borrower. In 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 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 offers to make i an award or settle a claim for damages, Borrower fails to respond to 1_ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the = Property or to the sums secured by this Mortgage. Unless Tender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the month)}• installments referred to in paragraphs I and 2 hereof or change the amount of such installments. ; 10. Borrower Nol Released. Extension of the time for payment or modification of amortization of the some 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 8orrower's st~ccessorc in interest. Lender shall not he required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums 3 secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver." Am• forbearance M• 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 Lenders j right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulatire. All remedies provided in this Mortgage are distinct and cumulative to an}• other right or remedy under this Mortgage or afforded h}• law or equity. and may be exercised concurrently. independently or successively. 13. Succeswrs and Assigns Bound; Joint and Se~~eral Liability; Captions. The covenants axed agreements herein a contained shat) hind, and the rights hereunder shall inure to. the respective successors and assigns of [_ender and Borrower. subject to the provisions of paragraph 17 hereof. Atl covenants and agreements of Borrower shall be joint and several. The captions artd 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. ;Notice. Ex,ept for any notice required under applicable law to be given in another manner, fa) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as 8orrow•er may designate by notice to Lender as provided herein, and (h) any notice to Lender shall he given by certified mail. return receipt requested. to lenders 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. ~ 1 S. Uniform Mortgage; Governing taw; Severability. 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 coveringreal property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located: The foregoing sentence shall not limit the applicability of federal taw to this mortgage. U the event that any provision or clause of this Mortgage or the Note conflicts with applicable taw, 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 bt severable. 16. Borrower's Copy. Borrower shall t+c furnished a conformed copy of the Note and of this Mortgage at the time ' of execution or after recordation hereof. 17. Transfer of the Property: Assumption. if all or a~n}• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. exck~ding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money securit}• interest for household appliances. (c) a transfer by devise. decent or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold.interest of three years or less not containing art option to purchase. Lender may. at Lender's option. declare all the sums secured by this Mortgage to be immediately due and payable_ fender shall have waived such option tc. accelerate if, prior to the sale or transfer. 1_ender and the person to whom the Property is to he 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 ; shall request. If lender has waived the option to accelerate provided in this paragraph 17, and if Bo over s successor in interest has executed a written assumption agreement accepted in writing by ).ender. Lender shall releaseiwer from all obligations under this Mortgage and the Note. ( If Lender exercises such option to accelerate. I.encier shall mail Borrower notice of acceler~i:~n in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 Jays from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower faik to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borruwcr, invoke any remedies permitted by paragraph 1R hereof. ; f NON-UNIFORM i ovENANT$. BorrOWer and I.endet further COVenant and agree as follows: 18. Acceleratan; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when dne any sums secured by this Mortgage, Lender prior to accekratioa shad mail notice to Borrower as provided in paragraph i4 hereof specifying: (t) the breach; (2) the action required to cure such breach; (3) a date, not Less than 30 days from the date the notice is mailed to Borrower, by which such breach mast be cured; and (4) that failurt to cure such breach on or beforo the date specified in the notke may resdt in acceleration of the snms secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The nofice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a defauk or anp other defense of Borrower to acceleration and foreclosure. if the breach is oot cured on or before the date specified in the notice, Lender at Lender's option may declare a0 of the sums secured by this Mortgage to 6e immediately due and payable without further demand and may foreclose This Mortgage by judicial proceeding. Lender shall be entitled to co1kM in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees. and costs of documentary evidence, abstracts and title reports. I9. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the .;ums secured by this Mortgage. • Borrower shall have the right to have am- proceedings begun by 1_ender to enforce this Mortgage discontinued at any time ; 8~ 32fi r~c~2271