Loading...
HomeMy WebLinkAbout2951 • Lenders written agreement or applicable law. Bor?owe? shalt pay the amount of all mortgage insurance pre ~m~''~~rl+?'s~~in~~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 tie payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from thA 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. 8. InapectlOn. Lender may make or cause to be made reasonable entrees upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lenders interest in the Property. 8. Cotndomnadon. the proceeds of any award or claim for damages, direct or consequential, in connection with any condemna)tign or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, hereby assigned and shell be paid to Lender. In the event of a total taking of the Property, the proceeds shall pe applied to the sums secure:l by this Mortgage. with the excess, if any paid to borrower. In the event of a partial faking of the Property unless Borrower and Lender otherwise ayr@e in writing, there shall be applied to the sums secured by thus Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by tlt~s Mortgage irtiMbdiately prior to the date of taki~p befits to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paitf to the 80rrower. ~1t3~eiRfoperty is abandoned by Borrower, or if, aQir notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond Io Lender v?ithin 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lenders option, either to restora_tipn or repair of the Property or to the sums secured by this Mortgage. - Unless lender and Borrower otherwise agree in writing, any such appt~cation of proceeds to principal shall 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. 1 O. 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 shalt not operate to release, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for pa meet or otherwise modify amortization of the sums securQBb~ttiib' wrdrtg~h 6yrleas<il~bM air{rt'tieFnabc~ metl8b~rfhe oric~irihl BorEdwer and Borrowers successors in interest. 11. Forbearonee 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 fazes or other liens or charges by Lender shall not be a waiver of Lenders nght to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and ~citit?uletive to any other right or remedy urxier this Mortgage or afforded by taw or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and 8everol Llabllity; Captions. The covenants and agreements 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 joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to tie used to interpret or define the provisions hereof. 14. Notice. Except far 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, agnate by,l~ ice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return r~cei t req~ested~o`l.enders 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. 15. Uniform Mortgage;; t3overntng Law; Severablllty. ~ftiS't4r1'lt~Of rnortg8ge~ottibines uniform covenants for national use end nqn-uniform covenants with limited variations by Jurisdiction to constitute a uniform security instrument covering real property. The state and tocattaws applicable to this Mortgage shall be the taws •of the lunsd~chon ~n which the Property is located. The foregoing cPntence shah not limit the appl~cabil~ty of federal law to this mortgage. I n 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 Nofe which can i;e gwen effect without the conflict+ng prov~s~en and to this end the provisions of the Mortgage and the Note are declared to be severable 18. Borrower• Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 1 T. Transfer of th• Property; Assumption. If all or any part of the Property or an interest therein ~s sold or transferred by Borrower without lenders prior written consent. excluding (a) 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 purchase. Lender may, at Lenders Option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shalt have waived such option to accelerate 1f pAor to the sale ortransfer. Lender and the person to whom the Property is to be sold 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 shaft be at such rate as Lender shall request If Lender has waved the option to accelerate provided in this paragraph t 7, and it Borrowers successor in interest has executed a written assumption agreementaccepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration m accordance with paragraph t 4 hereof. Such notice shall provide a period of not less that 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. !f Borrower tails to pay such sums prior to the expiration of guch period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph t 8 hereof. NON-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided In paragraph t 7 hereof, upon Bormowers broach of any covenant or agreement of Borrower In this Mortgage, including the covenantsto pay when due any sums secured by this Mortgage, Lender prior Ro accelerrtloM shall mall notice to Borrower as provided In paragraph 14 hereof speclfying: (1) the breach; (Z) the action requirod to curo such beach; (3) +A date, not less than 30 days from the date the notice Is mailed to Borrower, by which such beach must be cued; and (4) that falluro to cure such broach on or betoro the date speclfled In the notice may rosult In accelerotlon of the sums secured by this Mortgage, foreclosure byJudlclal proceeding and sale of the Property. The notice shalt furthdrinform eorrowerof the rlghtto rolnstste after accelerotlon and the right to assert In tM foreclosure proceeding the non-extstsnce of a dehutt or any othir defenN of Bon+ower to acceleration and foreclosure. !f the broach Is not cued on or beforo the date specffled In the notice, L.4nder at Lpnd4rs option msy declaro all of the sums secured by this Mortgage to be Immedlatef~? due and payable without further demand and may foreclose this Mortgage by judlclal proceeding. Lender shall be entitled to collect In such proceeding alt expenses of toreclosuro, including, but not Nmtted to, roasonable attorneys fees, and costs of documentary evidence, abstracts and title reports. 19. Borrowers Right to Reinstate. Notwdhstanding 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 R ~ ~ YM ~~](/~~~f~~/.r~~