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HomeMy WebLinkAbout1943 s F • 1 Lender's written agreement or applicabb law. Borrower shall pay the amount of all mortgage insurance pteanitttm iw the mat?ner provided under paragraph 2 heroof. ' Any amounts disbursed by Lender purswnt 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 hoar the date of disbursement at the -rate payable from time to time on outstanding principal under the Note unless pa~rment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest ra>,e permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exptuae otr faire any action hereunder. s. Iwsptctbw. Lender may make or cause to bt made reasonable entries upon and inspections of the Property. provided that Lender sfiall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdewtgtbw. 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 be paid to Lender. In the event of a total.taking-oftthe Property. the proceeds shall t+e 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 Larder otherwise egret in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pt+ooeeds as is equal to that proportion which the amatnt of the sums secured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Property immediately prior to the dale of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Bor:ewer. or if. after notice by Lender to Borrower that the con_ dewnor oRas b make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the: date such notitx is mailed, Lender K authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Properly or to the sums secured by this Mortgage. ' Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shag not extend ' or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ sucl~ installments. 10. >dorrower Not Released. Extension of the time for payment or modification of amortization of the stems 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 commertoe proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearawce Hl' Lewder Not a Waiver. Any forl+earance by Lender in exercising any right or remedy heretntder, 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 be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewtedies Cawwh>t'ire. 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, indepettektttly or sutxasively. ' 13. Swccesaors awd Asigws Eouwd: Joiwt awd Sereral i.iabifafy; Captiows. The covenants and agrcetnertts herein • contained shall bindiand the rights hereunder shall incrg to. the.respective successors and assigns of Lender sod Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions-and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ire rued to interpret or define the provisans hereof. 14. Notiice. 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 fender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notiu provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uwftona Mortgage; GorerniwR Law: Sererability. 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 shag not affect other provisions of this Mortgage or the Note which can be given e>fect withotrt the conflicting provisan. and to this end the provisions of the Mortgage and the Note are declared to be severable. lf. iorrewer's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trawsfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's 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 Lender s 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 sale or transfer. Lender and the person to whom the Property is to be solJ 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 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 from all j obljsations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordantx with . paragraph 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 dtx. if Borrower tails to pay such stems prior to the expiration of wch period, i Lender may, without further ndice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof, NoN-UNIFORM CoveNerrrs. Borrower and Lender further covenant and egret as follows: lfi. Acederstio~ Rctweaia. Percept m prorlicd b paragraph 17 Hereof. trpw liornwer'a besadt of say cwewawt K agrea¦ewt at ¦otrrswer tier tits Mortgage, iwelwdhtg the corewawfs to pay wHew sae awy stows seewrea y tHis Mortgage. i.ewaer ff~ w wecskratlo. dr.ll r.aa wake to ~orra~wcr.~ prorlaea ~ paragrapH 14 fierce[ i*ttiryi.s: tl) the HrewcH; tt) the acfkw rq.firaa b ere a.eH Hrc.ei; t3) w are, wo1 Ham. tfiaw 30 says traw tHs dace the wottee r wtaika fe •aerrwer• fart' wfki sreH ieeaeH ws~at He etsrttd: awe t4) tHr taiHrre a care welt HreaeH ow or 6eforc tHc date gtei0ea r the wotke treat' wceekralfaw of tie ewer secwrsa Hy fHls Mortgage. torcelowrt h praettealag swa sale e< the ltrepcrly. 71tt watiee ' afar huffier idotrrw Dorrawer oft the right to rehtstre serer acceleratiow awe tie right b asaeA iw iie toresiasrtre prweae~rtg -fie wow-e:~tewte of a aets.lt or asy other aefew:e o~f sorro..er to acceleratiow awe foreelowrre. 1[ rig MeatH ~ got etrrei M or idere tHs sate speefiea f. the wotlee. Lewder at I.ewaer's optiow rqy acelare a• aft ~e writs saetrrta Hy tftis Maefga(pa fr k fwweiiwlehr dtK payable witiont twrtHer descend sad Wray fercdoot tics Meetgage it' Jtrakiai prreeedlwR• Lender duY , be ewtlAea to coBeet V stsei procee~iw~ a0 t:pcwses of fomloswrt, iwclwaiwg. bN ¦at Btwitea M. reasewwble sft.xaelrs fees, terse casts of ioesc~ewtary tvNewee, abstract: awe title repro. lf. •orrowa's RIgM to Rdwstwte. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrowrtr shall have the right to have any procecdmgs begun by Lender to enforce this Mortgage discontinued at any time IIR 2 ~~t,,K. t O Pl.GE193