Loading...
HomeMy WebLinkAbout1306 t , J•.jVi~ i 1~nder's written agreement or applicable law. Borrower shaA pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereof. ! • Any amounts disbtirxd by !.ender 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 payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payabk from time to time on attstanding principal under the Note unless payment of interest at such rate would he contrary to applicable law, in which event such amounts shaft bear interest at the hi=halt rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any eatpetrse oft take any action hereunder. >R lasrectiow. Lender may make or caux 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 Larder's interest in the Property. 1 9. CoademwsNiow. The proceeds of any award or claim for damages, direct or consequential, in connectiow 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 of the Property. the proceeds shall be applied to the surrt~ seeurejf 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 agree in writing. there shalt be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amarnt 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 raking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to malts an award or xttle a claim for damages, Borrower failx to respond to lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at lender's option, either to restoration or repair o[ the Progeny 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 etttatd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. tt. lliorrower Not Released. Fattension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by fender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower s successors in interest. Lender shall not be required to commence proceedings against such successor or rcfux to extend time for payment or otherwix modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. firorbearawcs rl' Lewder Not a R?s~iver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall no! be a waiver of or preclude the exercise of any such right or tentedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Rewsedks Cruwwlalie. All remedies provided in this Mortgage arc distinM and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or sucoessivtty. ' 13. Swecessors surd Astlgu Iilowwd:.Jobt awes Saved ILbillfy; Captiras. The covenants and agroeaxnts herein contained shall bind, and the rights hereunder shall inters to. the respective suceesson and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jary and several. The captions-and headings of the paragraphs of this Mortgage are for convenience only and are rat to lie used to interpret or deAne the provisans hereof. . II. Notice. Except for any notice rcgoired 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 itotice to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. rctum receipt requested. to i.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. IS. Uwfforws Mortgage; Goveniwg Law: Stvcra6gity. This form of mortgage combing uniform covenants for national ~,II 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 claux of this Mortgage ar the Note rnnflicts with applicable law. such conflict shall not affect , other provisions of this Mortgage or the Note which can be given effect without the oonAiding provision. and to this s end the provisions of the Mortgage and the Note are declared to be severable. If. >lorrower's Cory. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trsuider of the Property: Aswmrtiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written conxnt. excluding (a) the creation of a lien or encumbrance subordinate to E 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 gent 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 1 immediately due and payable. Lender shall have waived arch option to aotxkrate if, prior to the sale or transfer, Lender and the person to whom the Property is tc~ be cold 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. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement atxepted in writing by Leader. 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 in accordance with paragraph It heroof. Such notice shall provide a period of not less than 30 days from the date the rwtice is mailed within ~ which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiation of wch peri~id. ~ Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. ~ ' Ntx~r-UNtt=ortur Cover+strrs. Borrower and Lender further covenant and agree as fellows: lil. Aeedertlio~ Reneiks. IBucert as rtrovliei iw rwragrarU 17 racer, tt*ow sornwer'a bser eft awy coe.awt K ; ' awl of lierrewe* V Ntfs Mortgs6e, iwelsihrg ere covewswts fo ray whew iwe gay wttr tetxwsei ti tW Mortgtt~e. Lsathx i rrritK to wecekratlow shah ttsail ttwtlce to >sorrrter as rroiied r rwragrarr 11 rerewt sreetfyia~z (1) Mee rtR.er: (2) ere setisw segwired ~ etsre war rreaclr? (3) • iw/e. wet hiss traw 3o days fraw ere isle Mre wtNiee it ttssiei N liwrrawer. y wrlrclt stnclt rtreaer t¦trt 1e etsrei; awl (4) tral faYare to eras wcr rreaer ow or taros ere late srecYei fw ere wotiee tway n+estrh V ttxekrdiww sit ere Wass tetxasei by tr4 Mortgage. fessclowre Ily jwiicW rtroeesRwg awl sale et ere )rrorerty. '11te works sW fwrtrer Isforwr Borrower of ire trigM to reisrstale after at:celeratiow awl ere right to atrert M ere terselosare rsoteetllrtg ~ ere ttww-s:istewee oft a tikfatsilt or s.y otter iefettue of lsor»wer to acceleratiow aai forsciosare. fiE Are rtreaer r not ewetN a or 6efoss ere thitc sreeiiei i. ere wotice. Lawler N I.ewier's ortiew a7' ieclass err of ere wtr ttteetrrsi ~ trls MestgaRe re i imwseiia/elp tfrtse awl pyarle witrowt ttrstrcr iewtand awl way foreeiooe dris Merlga~e y JwikW rnceeilaR. Lender stall k ewfidei !e collect V war rroeeeiiwg err a:'cases pf foreclosass. rsciadiw~. r.t wM Brtdtei M, t:aMrahle snwarr's fees. a¦i eosls of iser'twesMary etWewce, abstrwets awl title rsrorts. a 1!. iorsowa's Rfert a Rsiastate. Notwithstanding Lender's acceleration of the sums secured by thr_ Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Morpge discontinued at any time B~K t~J PLCE1~~