Loading...
HomeMy WebLinkAbout0148 I t~ ~~E s6 Lenders written agreement or applicable law. Borrower shall pay the amount gage in r premiums 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 be payable upon notice Irom Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable Irom time to time on outstanding principal under the Note unless payment of interest at such rate would lie 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 ortake - any action hereunder. 8. 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 lenders interest in the Property. g. Condemnatlon. The proceeds of any award or claim for damages, direct or consequ@ntial, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, 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. ,fin the event of a partial taking of th@ Property unless Borrower and Lender otherwise agreein writing, there shall be applied to the sums securssc~ by (his MoR~age 9t{Ch proportion gyftie proceeds as is equal to that.~coportjpn.which~he ampuAt.Q( t~ sums secured by this i~grtgage immsaii~ately priortito the date of taking bears to the fair masrfs;et value of the Property immediately pnor to the date of faking, with the balance of the proceeds paid to the Borrower. If the Property is abandoned by Borrower, or if, crier notice by Lender to Borrower that the condemnor otters to make an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lenders option, either to restorat4on 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 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 shall 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 payment or otherwise modify amortization of the sums securisd by this Mortga~tl~byreason di arty demarKth~adbliy thsg`.originai Borrower and Borrowers successors in interest. 11. Forbearance 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 df insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the rr)aturity of the indebtedness secured by this Mortgage. 1 Z. Remedies Cahtulatiw. All remedies provided in this Mortgage are distinct apti 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. Successors and Assigns Bound; Joint and Several Uability; 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 be used to interpret or define 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.gesignate by notice to lender as provided herein, and (b) any notice to Lender shall be given by certified mail, r~t~t~lfn rACei~it requested to Lenders address stated herein or to su4h other address as Lender ma desi Hate b notice tdt3prrower as rovided herein. An notice rovid for in flit ed s Y 9 Y P Y P Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein_ 15. Uniform Mortgage; t3oveming Law; SeverabUfty: Tltia town of mortgage combines uniform covenants for national use and nonuniform covenants with limited variations by jurisdiction to constitute a unlFOrm security instrument j covering real property. The state and acct laws applicable to this Mortgage shall be the laws-of the jurisdiction in which the Property ss located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the event that any provssion or clause of this Mortgage or the Note conflicts with applicable law. such conttsct shall not affect other provisions of this Mortgage or the Note which can be given effect without the conil~cting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. - 16. Borrowers Copy. Borrower shat! be furnished a conformed copy of the Note and of this Mortgage at the lime of execution or after recordation hereof. ~ 17. Transfer of the Pro petty; Assumption. If all orany part of the Propertyoran interest therein is sold ortransferred 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 taw 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 shall have waived such option to accelerate if prior to tfie sale oriransfer, Lender f 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 artd that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in - 'r interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower Irom all j obligations under this Mortgage and the Note. It 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 that 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. It Borrower tails to pay such sums prior to the expiration of such period, ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies.. Except as provided In paragraph 1.7 hereof, upon Borrowers breach of any covenant or agreement of Borrower In this Mortgage, including the covenants to pay when due any sums secured by thh Motgage, Lender pnor to acceleration slta0 mall notiq to Borrovwr as provided In paragrsph 14 hereof spscifying: (1) the breach; (2J the action requlnd to can such breach; (3) a date, not less than 30 days from the date the notice is malted to Borrovwr, by which ouch beach must be cued; end (4) thatfailunto cure such breech on or before the date specMled in the notlce may result-in acceleration of the sums secured by this Mortgage. foreclosuro byjudiclal proceeding and sale of the Property, The notice shall further inform Borrowerof the rightto ref estate after acceleration and the rlgM to assert In the toreclosun proceeding the non-exlsbnce of a dehu h or any other defense of Borrower to acceleration and toreclosun. If the breech is not cued on or before the date specified in the notice, Under at Lenders{ bptlon may declare all of the sums secured by this Mortgage to be (mmedlately due end psyabis without further demand and may foreclose this Mortgage by Judicial proceeding. Lender shall be entitled to collect In such proceedMg alt expenses of foreclosure, Including, but not timfted to, roasonsble sttomey's fees, and costs of documentary evidence, abstrscts and title reports. 19. Borrowers Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. 8orrowgr shall have the right to have any proceedsngs begun by Lender to enforce this Mortgage discontinued at any time z, ~ e 14 . _ X3,30 ~ 8 . - T® {.x ,.Ys{ ~tR'~9~Y.f~-'u~i•r.. ~ ..S ~~s