Loading...
HomeMy WebLinkAbout2690 .t , . Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner pnwidrd under paragraph 2 t?ereot. /1ny amounts disbursed by Lender pursuant to this paragraph 7, with interest Ihercon, shall become additional indebtedness of Borrower secured by this Mortgage. Untesc Borrower and tender agree to other terms of payment. such amounts shall ere payable upon notice from Lender to Borrower requesting payment therrnt. and shall bear interest from the date of disbursement at the rate payable trcim time to tune on outstanding principal under the Note unless pa~?rttptt of interest at such rate would lie contrary to applicable law, in which event such amounts shall ixar interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exptttse or take any action hereunder. fl. Iwspectiow. 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 Lentkr's interest in the Property. 9, CotMemnatiow, The procetdc 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 fowcygr~~ince ~ 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 he applied to the sums secured by This Mortgage, with the excess, if any, paid to Borrower. In the event o(a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall tx applied to the Burns secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the some secured by this Mortgage immediately prior to the date o[ taking bears to the fair market valor 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 mate an award or settle a claim for dama¢ts. B~~rrawer tail. to rtsF and to [.ender within 30 days after the date such notice is mailed. [.ender 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 l-ender and Borrower otherwise agree in writrn~e. any such application of proceeds to principal shalt 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. 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 Borcower and Borrower i successors in interest. 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 reason of any demand made by the original Borrower and Borrower's wccessors in interest. 11. Forbearance by Lender Not a Wsiver. Any forbearance by Lender in exercising any right or rernedy heratnder, or othervvise afforded by applicable law. shalt not he 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 Lender's -right to accelerate the maturity of the indehtednccs secured by Chic Mortgage. 12. Retwcdies Cumulathe. 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. 13. Swceessors and Aswigws Bound: Joint swd Several i.iaM'iity; Captions. The covenants and agreetrnnts 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 joird and sevtnl. The captions- and headings of the paragraphs of this Mortgage are for convenience only and are not to tie treed to interpret or dtfine 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 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 Lenders address stated herein or to such other address as [.ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have txtn given to Borrower or Lender when given in the manner designated herein. 1S. ~Unitorrw MortRat;e: Gorerwiwg Law: Sevenbility. This form of mortgage combines uniform covenants for national ux and non-uniform covenants with limited variations by jurisdiction to constitute a uniform xcurity instrument covering real property. This Mortgage shalt be governed by the law of the 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 shag 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 dote are declared to be severable. 16. borrower's Copy. Borrower shall be furnished a conformed copy of the Nott and of this Mortgage at the time of execution or after recordation hereoL 17. ,Trawsfer of the Property: Assumption. 1f all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wriucn 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 purchax. Lender may, at Lender's option, declare all the sums secured by this Mortgage to be - immediately due and payable. Lender shall have v?aivtd such option to accelerate if, prior to the Bak or transfer, Lender and the person to whom the Property is t~~ be colt or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interact payable on the sums xcured 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 shalt release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to acceleratr, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 htreof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay tht sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, [.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph Ift hereof. Nor+-UNIFORM CovENAHTS. Borrower and Lender further covenant and agree as follows: 1tt. Accelentbw; Rewtedia. )Except r provided iw pantgrsph 17 Itersot. uptat Borrower's beeaci at awy cotrewattt K agreewkwt of Borrower h file Mortgage. iwcirrdiwg the co.etawts to pay whew dwe mty srrru st:cttrttl by this Mortgage. lewder prior b sccdcrwfbw shop wtaN wotlre Io borrower ws provided lw paragraph 14 terror speclfybrg: (1) tit bseaci: (2) tie sttbw r+egw4ei ~ eurtt swci brash; (3) a dMt. woe less than 30 days from tbt deft the wtMice k wtalied fo borrower. by wtMicit such btreaeb wswst be cwred; artd (4) fiat failure to cure such bresci ow a ietort the date specified i• tie woliee way rtsuk iw wecekratbw o[ tie swrws seewred by thk Mortgage. tortcloswro by }udicW proetedittg awd Bak of the hvperry. Tie trotke shall fattier btorwr bortowtr of tie right to reinstate after aeeekratbw awd the tight to attsctt h the forecloswrc proeteig tie wow-a:ytewce of a defawN or swy Mher dettwse of borrower to accekratiow awd torecbswtc. H the 6rexM is wof tweed dw or bttore the dste specified is tie sotice. Lewder at t.ewder's apttiow wtay dechre ab of tie wws senrtd by this Mort~e fig k hwwuediwtely due awl payslbk wifiout further demand awd may lorerlbse this Mortgage iy jwdkW proeeedfwR. Lender doll be etttitltd to colieet b sari prtncetdiwg all attpewses of forecbsure. iw~wdiwg. but woe Yetited to. rtrowahk stl•,rweY's fees. awd ras4 of docrasewtary evidctnce, abstracts awd tilk report. 19. borrower's twit to Reiwstate. Notwithstanding (.grader's acceleration of the suns secursd by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time - -