Loading...
HomeMy WebLinkAbout0920 • Lender's'written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided finder paragraph 2 hereo[. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Horrow•er and lender agree to other 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 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 bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. >s. Inspection. 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. Coademaatbn. 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 1?e paid to Lender. t 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. to the event of a partial taking of the Property, ttnlesc Borrower and Lender j 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 I paid to $orrower. - if the Property is abandoned b}• Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to i-ender within 30 days after the date such notice is ~ mailed, Lender is authorized to collect and apply the proceeds, at Lender c option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless i_ender and Borrower otherv?•ise agree in writing. an}• such application of proceeds to principal shall not extend or postpone the due date of the months}• installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. 10. Borrowgr 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 Borrower and Borrower's sttccessorc 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 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 VYaiver. Am• forbearance br f.ender 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 he a waiver of Lender's right to accelerate the maturity of the indebtedness secured h}• this Mortgage. 12. Remedies Cnmulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or 1 remedy under this Mortgage or afforded by law or equit}•, and ma}• he exercised concurrently, independentl}• or successively. 13. Successors and Assigns Bound; Joint and Several liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shalt 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 joint and several. . The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. t 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 h}• mailing such notice by certified mail addressed to Borrower at ~ the Property Address or at Inch other address as Borrower mar designate by notice to Lender as provided herein, and (bl an}• notice to Lender shall he given by certiftcd mail, return receipt requested. to Lenders address stated herein or to ~ } such other address as Lender may designate by notice to Bormw•er as provided herein. Any notice provided for in this Mortgage shall be deemed to hate been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Goreroirtg law; Sererability. ?his form of mortgage combines uniform ~venants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage-shall be the laws of the jurisdiction in which the Property is locatod. The foregoing 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 k t Note conflicts with applicable law, 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 be severable. 16. Borrower's Copy. Borrower shall Me 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 ar any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (a1 the creation of a. lien or encumbrance subordinate to this Mortgage. (h) the creation of a purchase money securit}• interest for household appliances, (e) a transfer h}• devise, j I 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 purchase, Lender may, at I_ender'c option, declare all the sums secured by this Mortgage to be i immediately due and payable. Lender shall have waived such option to accelerate if, prior to the tale or transfer. I-ender i and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person j is satisfactory to 1_ender and that the interest pa}•able on the some secured by this Mortgage shall be at such rate as Lender i shall request. If I-ender 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 obligations under this Mortgage and the Note. 1f Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordawce with paragraph i4 hereof. Such notice shall provide a period of not less than 30 da}•s from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted b}• paragraph 1 R hereof. Note-1JNIFORM Covt=Netwrs. Borrower and Lender further covenant and agree as follows: 18. Acceletatan; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including /he covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the sction 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 must be cored; and (4) that failure to cure such breach on or before the date specified in the notice may resWt in k acceleration of 16e sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.- The notice ~ shall further inform Borrower of the right to reinstate after acceleratan and the right to assert in the foreclosrore proceeding the non-existence of a defauk or any other defense of Borrower to acceleration and forecbsure. If the breach is not cured on or before the date specified in the notice. Lender at Lender's option may declare all of the sums scented by this Mortgage to lie immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect 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. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have anc proceedings begun h}• Lender to enforce thie Mortgage disco~nteinu~ed at any time BUnK J~+V PbGE ~~+V - -