Loading...
HomeMy WebLinkAbout0627 t . 'Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums rn the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by This Mortgage. Unless Borrower 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 a~tstanding principal under the Note unless pa'ymewt 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 expetae or take any action hereunder. >s. 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 Lender's interest in the Property. 9. Cowdewwatiow. 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 licit of condemnation, are hereby assistred 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 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 v?•hich the amount of the sump secured by this Mortgage immediately prior to the date of taking bears to the fair marker 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 Bar:ower. or if. after notice by Lender to Borrower that the condemnor offers to make an award ar settle a claim far damages, ,Borrower fails to respond to lender within 30 days after the dale such notice is mailed. Lender is authorized to. collect and apply the pracceds, at Lender's option, either to ratoration or repair of the Property or to the sums secured by this Mortgage- Unless lender and Borrower otherwise agree in writing, any such application of proceeds to principal shat! not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. l0. 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 Borrov?•er and Borrowers 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 Borrowers successors in interest. 11. Forbearawce by Lender Not a Waiver. Any forbearance by Lender 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 tares or other liens or charges by Lender shalt not be a waive-_r of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. It Rewrcdits CwmuWire. 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. Swecessors awd Assigws Found: Joint and Sereral i.isMBry; Captbes. The covenants and agreements herein contained shall bind, and the rights hereunder shall incrC 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 tx joir~ and several. The captions and headings of the paragraphs of this Mortgage are for .convenience only and arc not to tie used to interpret or define the provisions hereof. 11. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein. and (b) any notice to Lender shall ere given by certified mail. return receipt requested. to LendePs address stated herein or to such other address as Lender may designate by notice to Borrower u provided herein. Any notice provided for in this Mortgage shall be deemed to have Ixen given to Barra-rer ar Lender when given in the manner designated herein. 1S. Uniform Mortgage: Gorerniwg Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall 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 shall not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this end the provisions of the Mortgage and the ?Vote are declared to be severable. - j 16. )3orrower's Copy. Borrower shall be furnished a conformed cop}' of the Note and of this Mortgage at the tithe i of execution or after recordation hereof. 17. ,Tnwrftr of the Property: Assumption. If all ar any part of the Property or an interest tt!ercin is sold or transferred by Borrower without Lender's prior wrincn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creat.an 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 (dl the grant of any leasehold interest of three years 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 such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be call or transferred reach agreement in writing that the credit of each 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 hu waived the option to accelerate provided in this paragraph 17, and if Borrower's sucesssor in interest hu executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tram al! oblj~ations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance N•ith ~ psragraph 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. if Borrower fails to pay uich sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. Non-Untrortrr COVENANTS. Borrower and Lender further covenant and agree as follows: li. Accderatio~ Rerwedfa. E:cept m provided iw puagraplr 17 rered. opow lsorrewa's rre.er of any corewt or aBrtewewt of ttlorrewer d this Mortsa`e. fwclydirtg ere cotenants to pay wrrw dwe ..y straws secwred by tNs Mortgage. I.ewrer i prior to sccekrMbw sraN mail wotke to >donower rr prorided f• Psragraplr 11 rereot specitylwg: (1) ere brewer; (2) ere wefbw refired N cwre trwcr newer; (3) • da/e, woe less tram 30 days from ere watt ere wotke br ora9ed to ttiorrower. ry wrkr suer 4 rreacr woof Irr: ewred; and (4) trot foibre to core rarer breast ow or lrefoa tre date specl8ed b ere woekt way rrtsrtlt h aeederWew of ere vents srctwrd by tress Montage. tortelosore by ~trdkW preaediwg awa sale of fire rr+operty. -Tire wdke srwY tortrer hfotrt. ttiorrewesr of ere rylrt to reinstate deer accekratbw and ere titre b asrcrt fo ere toreclosore preeeeiw~ ere wow~ezirtewce of w Berndt or arty Aber defense of Eorrower to aceelerafiow sad fortelowro. N ere breast r woe cors> a or betoro ere Lee speller r ere wotke. Lewder at I.ewders option rway aeebu+e >r of ere serves scented by tris Morttate /o be Lewder stars irwwreiWsly ace awl pywbie witroot frrtrer demand and may foreclose trir Mortpte br jiwdicial preesedfwlt• 6e eatltled to collect r swcr proceediwL d etipeoses wf fortclostrre, iwcrrdiwt, rot woe Wrdted to, reasonable stlnrweY's fees. awl eests of doer:!werrtarr eridewce. abdrwct and title report. 19. /orrowa's Rf~lrt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by the Montate, Borrower shall have the right to have any proceedings begun by Lender to.enforce this Mortgage discontinued at any time ar~iK 329 PAGE