Loading...
HomeMy WebLinkAbout2691 _ i - • Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premium: in the manner provided under paragraph 2 hereof. Any 'amounts disbursed by Lender pursuant to this paragraph 7, with interest thet+eott, shall become additional indebtedness of Borrower secured by this Mortgage. Unkss Borrower and Lender agree to other terms of payment, such amounts shallb>: payabk upon mice Pram Lender to Borrower requesting payment tht:rof, arnl shall bear interest from the date d disbursr:ment st the me payabk from time to time on otrtstandmg principal under the Note unless payment of interest at such rate would be contnry to applicable law, in which event such amounts shall bear interest at the highest me permissibk under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. !k isspectlow. 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. Cotrdemrratbn. The proceeds of any award or claim for damages, direct or conaquential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance 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 shall be applied to the sums secured by this Mortgage. with the ex~, if any. paid to Borrower. In the event of a partial taking of the Property. unltcc 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 tair 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 condetturor offers to make an award ar settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lenders 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 applicatiin 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. Eorrower Nof 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 opente+to release. in any manner, the liability of the original Borrower and Harrowers successirs 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 original Borrower and Birrewer s successors in interest. 11. Forbearance by Leader Not a R+sirer. Any fefiearance by Lender in exercising any right or remedy hercrrnder, or otherwise afforded by applicable taw, shall not be a waiver of or preclude fire exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens ar charges by Lender shall not be a waiver of Lender s right ti accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmuhrtire. All remedies provided in this Mortgage are distinct and cumulative to any other right it remedy under this Mortgage or aBordCd by law er equity, and may be exercised concurrently, independently or successively. l3. Saccessors and Assigss Found: Joint and Sereral I.iabr7ity; ('aptions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to. the respective srrccecsirs and assigns of Lender and Borrower. subject to the previsions if paragraph 17 hereof. All covenants and agreements if Borrower shall be joint and several. The captions and headings of the paragraphs if this Mortgage are far convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. 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 b)° mailing such notice by certified mail addressed to Borrower at , the Property Address ,or at such Mher address as Borrower may designate by notice to tender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. ti Lenders address slated herein or to i 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 1_ender when given in the manner designated herein. ~'I 1 S. Uafform Mortgage; Governing Law; Sererab7ity. This form of mortgage combines uniform covenants for national use ~ andnon-uniform covenants with lunited variations by jtuisdictioa to constitute a uniform security it>stnuneat covering real property-'Ilre ~ 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 offederal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note cootlicts with applicable law, such cootlict shall not affect other proviaoas of this Mortgage or the Note which can be given effect without the conflicting provision, and to this erd the provisions of the Mortgage and the Nou an dtxlared to be severable. 16. Borrower's Copy. Borrower shall be furnished a confirmed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. i 17. Transfer of the Property: Assumption. If all it any part of the Priperty or an interest therein is sold it transferred by Borrower without Lender's prier written consent. excluding (al the creation of a lien or encumbrance subordinate ti this Mortgage. (b) the creation of a purchase money security interest fir household appliances. (c) a transfer by devise. descent or by operation of law upon the death if a joint tenant it (d1 the grant of any leasehold-interest of three years or less not containing an option ti purchase. Lender may, at Lender'c•iptien. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option ti 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 if such person ) is satisfactory to Lender and that the interest payable in the sums secured by this Mortgage shall be at such rate as Lender 1 shall request. If Lender has waived the option ti 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 ti accelerate. Lender shalt mail Borrower notice of accekration in accordance with paragraph 14 hereof. Such notice shall provide a period if not less than 30 days from the date the notice is mailed within t which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior ti the expiratiin if such period. Lender may. without further notice er demand on Borrower. invoke am- remedies permitted by paragraph 18 hereof. Note-UNIFORM Covesvarrrs. Borrower-and Lender further covenant and agree as follows: 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, npoa Borrower's breach of any coreaaat or ag:eemcn! of Borrower so this Mo::gage, ir:rlndi~ the coreasats to p=y wbra drrc gay same sccnrsd by this Mortgags, Lersder - j prior Io acctkntioa s6aB argil notice to Borrower as provided is partgnpb 14 hereof specifyia6: (1) the b[racb; (2) the action required to cnre snob brescb; (3) a date. not less than 30 days from the date -the notice is msAcd to Borrower, by wbkb wch ~ breach mast be cared; acct (4) that failnrc to care such bresch on or before the date specified in the notice may resnh is accekration of the straas secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ~ . shsll farther inform Borrower of the right to reinstate after accekration gad the right to assert in the foreclosnre proceeding ' the norr-a:istcnce of a defauk or arry other defense of Borrower to sccekr~ion gad foreclowrr. if the breach is cot eared oa or before the dale specified in the notice. Lender at Lender's option may declare aEl eft the saws secured by Ibis Mortgage to lie immediately dne gad payabk witbont farther demand and may foreclose this Mortgage by jndicisl proceeding. Lender sbaU be entitled to cogect is sash pwceedinS aN a:peases of forecbwre. iacludiag, brrt not limited to, reasowble attorney's fees. and costs of docameatary evidence, sbsiracts acct title rrports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleratiin of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings hagun by lender ti enforce this Mortgage discontinued at any time F F BOOK P~GE~