Loading...
HomeMy WebLinkAbout1370 ;i Lender ~ 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 I.cnder pursuant to this paragraph 7, with interest thermn, shall become additional inikbtedntss of Borrower secured by this Mortgage. Unless Borrower and 1_ender ~gnee ~o otheC terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to titrte on outstanding principal under the Note unless pa`ytnatt of interest at such rate would be contrary to applicable law, in which event such amounts shall brae interest at the highest rate - permissible under applicable law. Nothing contained in this paragraph 9 shall require Lender to incur any expellee or take any action hereunder. S. Iwpectiow. tender may make or cause to be made reasonable entries upon and inspections of the Property. provided that I.endtr shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to Lender's interest in the Property. 9. Cowdemtatbw. The proceeds of any award or claim for Damages, direct or rnnsequential, 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 Leader ' otherwise agree in writing. there shah bt applied to the sums secured by this Mortgage such proportion of the pmceed~ as is equal to that proportion which the amount of the same secured by this Mortga~te immediately prior to the date o[ 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 Bor:once, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails an respond to lender within 30 days after the dale such notice is mailed. Lender is authorized to collect and apply the proceeds, at I~nder's option, either to restoration or repair of tie Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shah nos extend - or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 ht:teof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the wntis 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 &?rrower's successors in interest. I~nder 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 Borrower's successors in interest. lt. Forbearance by Lewder Not a Wainer. Any forbearance by lender in exercising any right er remedy hereunder, or - otherwise afforded by applicable law. shall nat be a waiver of or preclude the exercise of any such right or rcmaiy. The procurement of insurance or the payment of tales or other liens or charges by Lender shall not be a waiver of LetrdePs right to accelerate the maturity of the indebtedness secured by chic Mortgage. l2. Remedies Cemuhtie. 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, indtptndently or successively. l3. Swccessors and Assigns Bound; .Joint and $ereral i.iability; Captlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inurg to, the respective successors and assigns of Lender and Bortawer. - subject to the provisions of paragraph 17 hereof. All covenants and agmments of Borrower shall be join{ and several. The captions-and headings of the paragraphs of this Mortgage are for conveniertce only and are not to 'be used- to interpret or define the provisions herrnf. 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 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 i.ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to lender's 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. 1S. Uwiforre Mortgage: Governing I.avr: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to coratitttte a uniform security instrument rnvering real -property. This Mortgage shall be governed by the law of tht jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aRect other provisions of this Mortgage or the Note which can br given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate are declared to be severable. . 16. Borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trawder of the Property: Assumption. If all or any part of the Property or an interest therein is sold or~transferred by Borrower without Lender's prior written consent. excluding (ai the creation o[ a lien or encumbrance subordinate to this Mortgage, tb) the creation of a f+urchaa 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 idl the grant of any leasehold interest of three yeah 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 arch option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be cold 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 shall 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 obiiptions under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 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. It Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any rernedia permitted by paragraph 1R hereof. Not+-Ut+tFOwt.r tvovt:tverrTS. Borrower and Lender further covenant and agree as fdlatvs: . 1><. Aceeleratbw; Rerwedia. Btrcept as provided Hr pungrspA t7 leered. trpw >sorrowa's breaei of any covenant w rdrreossa! d Ees:::r:u bl ~ M~gige, iwclwdirrg flee corewaMs to My wlrtew titre a.y news aectrretl try this Mortgage. i.ewaer piotr b wetelerstlow shat maN wotlce to isorrowcr as prorided fw paragrapi 141rKrco[ specifying: i1) fire fteewci; ifi tie wcfiow regwlrei /o cure web bleach; (3) w date, not tests tww 30 days trorrr tie elate tie notice it wraBed to >torrower. b wfriti swci treeaci mtMt 4 owed; fond (4) fiat hBtrte fo cwn wci brcati ow or ietore fire date stperlflsd iw tlrte notice way rtsaN iw aecderwtlow d tie wata seewrcd by tits Mort;aRe. twecloswrs il' jtrdkW ~oceediwg anti flak d tie heperty. Tire urotlee siwll fsrrtitr irtorm lorrower d tie triRit to rei~tate after accekratbw and tie srigit b atweA h tie totreciowte proeeeitrg . tie wow•e:Wewce d w defawit or cry other aetewse of Borrower to acceleleratiow awes foreclowrr. 1/ tie ttrsaci M wof ewes ow or before tie dale specified i. the works. Lewder at t.rwder's option wale declare aw d tie swtws aeesued tqr tltds MorAgagt N ie ~wtedittely acre awl parwbk witbN trrtier demand and way foreclose tits Mortgage by jwdkW ptroesediwR. I.tnder shah be ewfitlad to collect 1• wci preeeediwg ai a:pewees of tonclosrrrc. Iwclwdiwg~ btM not fe. r+earowaiie rrtt.,raer's tees. awl Teals d doc.swewtary aridewee. abstrwcts trend tick rcporb. 19. ttonowa's Rkit to Refwstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 327 P~~E 1369 ~ . _