Loading...
HomeMy WebLinkAbout0168 • 3' Fender's written agreemem 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. with interest thereon, shall become additional indehtednesc of Borrower secured by This rlortgage. Unless Borrower and Lender agree to other terms of payment, Such amcx+nts shall be payahle upon nc•~ice from I.rnder to &~rrower rcyuesting payment thereof, and shall bear interest from the date of disbursement at the rate payahle from time to time on 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 contained in this paragraph 7 shall require Tender to incur any expense or take any action hereunder. . 8. Inspection. i_ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that [.ender 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 far damages. direct nr consequential. in connection with any condemnation or other taking of the Property, nr pan thereof, nr 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 he applied to the sums secured by Stile Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and i_ender otherwise agree in writing. them shall he applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the toms secured by this Mortgage immediately prior to the date of taking bears to the fair market valor of the Proprrt~ immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned M• Borrower, nr if. after notice M• 1 ender to Borrower that the condemnor offers to make an award nr settle a claim for damages. Borrower fails to respe?nd to Lender within ?0 days after the date such notice is mailed. Lender is authorized to rnllrct and apply the proceeds, at Lender's option. either to restoration nr repair of the Property nr to the sums secured by this Mortgage. Unl~s. I.endcr and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend nr pcxtpnne 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 nr modification of amortization of the arms secured by this Mortgage granted by I.endrr tc? am• successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Rnrmwrr's su~ccssnrs in interest. Lender shall not he required to rnmmencc pn?ccer.lings against such successor nr reface to extend time for payment ~r otherwise mndiiy amortization of the sums secured by this Mortgage by reason of any demand made h~ the nrieinal Borrower and Borrowers aiccessors in interest. 11. Forbearance by Lender lot a Waiver. Ani fort?earance hi Lender in cxcrcicing am• right nr remedy hereunder. nr otherwise afTurded M• applicable law• shall not tx: a waii'er of nr preclude the exercise of am• such right or remedy. The prcxurement of insurance nr the payment of rases or other liens or charges bs• Lender shall nM be a waiver of Lender's right U? accelerate the maturity of the indehtednecc secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right nr remedy under this Mortgage or afforded hs• taw or eyuit~~. and mac t?e exercised cnncurrenth•, independenth• orsuccecsiielc. 13. Successors and Assigns Bound• ]oint and Seieral l.iabilih•; Captions. The cm•rnants and agreements herein contained shall hind. and the rights hcuunder shall inure to. Stir respectiie successors and assigns of Lender and Borrower. subject to the pn?vicinns of paragraph 17 hereof. :ill cns•enants anJ agreements of Bnrrnwer stir+Il br joint and several. The caption; and headings of the paragraphs of this Mortgage arc for convenience nnh• and arc not to t?e aced to interpret nr define the provisions hereof. 14. Notice. Except for any notice reynired under applir.+hle law to be given in another manner. (al ani• nMice to Bnrrnwer provided for in this Mortgage shall txr gii•en he mailing such noUCe h~• certified mail addressed k? Borrower at Stir Property Address or at such other :+ddress as Burrower mai~ dcsign:+te M• niaice tc? Lender as pn?vided herein. and (h1 and notice to 1_ender shall I?e given h~ certified mail. return uceipt requested. to I ender c address stated herein or In such other address as lender mas designate b~ notice to Borrower as pr,?iided herein. Any notice provided for in this Mortgage shall hr deemed to hate been gii•en to Bnrrnwer or 1 ender wfien given in the manner designated herein_ 1 S. Uniform Mortgage: Governing Law: Se. erabitih: This form of mortgage combines uniform covenants for ni3tional use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrtrment covering real 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 j sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other pros•isions of this Mortgage or the Note which can be given effect I 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 hr furnished a ~~?nformed copy of the Nntr and of this Mortgage at the time of exrcutinn nr after recordation hereof. 17. Transfer of the Property: Assumption. If all ~?r ant part of the Property or an interest therein is sold nr transferred hi Borrower withrntt Lender's nruu writrrn consent- ru•ludin~ ia? the creation of lien nr encumbrance suhnrdinate to this Mortgage. Ihl the creatinn~nf a puuhace mnnri security intrust her household appliances. (c? a transfer M• devise. i dev,:ent or by operation of law upon the death of a i~~+i+t tenant or Idi the grant of am~ leasehold interest of Shur years nr less not containing an option tc? purchase. Lender mat. at I ender's nptu?n. declare all the sums secured h~• this Mortgage to be immediately due and payahle. Lender shall hate w;+iird cosh option to accelerite il. poor to the sale.nr transfer. Lender and the person ro whom the Property is to he a?l.l nr transferud each agreement in writing that the credit rf such person is saticfack?ry to Lender and that the interest payahle nn the sums secured hi this tilnrtgage shall be at such rate ac Lender j shall request. If Lender has waived the option ti? accelerate provided in this paragraph 17. and if Borrower's successor in j interest has executed a written assumption agreement accepted in writing M• Lender. Lender shall release Bnrrnwer from all ~ ohligatinns under this Mortgage and the Nnte. If Linder exercises such option to accelerate. I ender shall mail Bnrrnwer notice of acceleration in accordanec with r paragraph 14 hereof. Such notice shall provide a period of not less Ihan ?n d }-s from the date the notice is mailed within which Bnrrnwer may pay the sums declared due. If Borrower (:oils a. pay s+ich sums prior t+? the ex~+iratinn of such period. p l_i:nucr iii:ii'. »itFii~iit fiirther rii~iiCc i?r dc~i~and i~i~ lt:~rr,~~ei. tote?l.c ant remedies pcimiticd hi paragraph 14 hereof. j Nov-U:vrFORSt ('ovFVS~•rs. Bnrn?wer :+nd Lender further crn•enant and agree as follows: 18. Acceleration; Remedies. Except as pros~ided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. i.ender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 dais from the date the notice is mailed to Borrower. by which such breach must be cured: and (4) that failure to cure such breach nn or before the date"specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure b}' judicial proceeding and sale of the Property. Tht notice 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 default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at I.ender'c option may declare alt of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage b}~ judicial proceeding. fender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees. j and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. tintwithst:aiding Lender, accelrrahon of the sums secured by this Mortgage. Borrower shall have the right to hair :+m pn?ceedings heron hi Lender to enforce this Mortgage discontinued at any' time r~~~327 Pd~E 167