Loading...
HomeMy WebLinkAbout1132 Lender's written agreement or applicahle law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts dishursed by Lender pursuant to this paragraph 7, with intereu thereon, shall become additional indehtednesc of Borrower secured by this Mortgage- Unless Borrower ant Lender agree to other terms of payment, wch amounts shall be payable ulx~n notice from Lender to Borrower requesting payment thereof. and shall hear interest from the 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 hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require 1_ender to incur any expense or take any action hereunder. 8. Irupectiaa. Lender may make or cause to he made reasonable entries t?Ixin 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. Condemnatbn. 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, arc hereby assigned and shall he paid to l.endcr. In the event of a total taking of the Pmperq•, the proceeeds shall he applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. in the even) of a partial taking of the Property, unless Borrower and lender otherwise agree in writing. them shall be applied to the some secured by this Mortgage such proportion of the proceeds as is equal to that pmlx~rtion which the amount of the sums secured by this Mortgage immediately prior to the date of taklrg bears to the fair market value of the Pmpcrt}• immediately prior Io the date of taking, with the balance of the proceeds paid to Borrower. if the Pmpert}• is abandoned M• Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or Bettie a claim for damage,, Borrower lath to respond to lender within i0 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at lender c option, either to restoration or repair of the ~Propeny or ?o the sums sccurctt 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. 10. Ibrrower NM Released. Extension of the time for payment or modification of amortization of the wmc secured by tFis 1liortgage granted b}• lender to any successor in interest of Borrower shall not operate to release. in any manner, the liahil"ry o~ the original Borrower and Borrower's successors in interest. tender shall not he required to commence pnceedings against such successor or reface to extent time for payment or otherwise modify amortization of the sums secured hs• this Mortgage by reason of any demand made M• the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Wainer. Am• forbearance by Lender in exercising am• right or remedy hereunder, or otherwise afforded by applicable law, .hall not be a waiver of or preclude the exercise of am• 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 mawrity of the indebtedness soured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to an}• other right or remeJy under this Mortgagg or aflorded.~y law ur equity, and ma}• be exercised concurrently. independenth• or successively. 13. Successors and Assigns Borrnd; Joint and Several i_iability; t'aptions. Thc covenants and agreements herein contained shall hind. and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the prosisions of paragraph 17 hereof. All covenants and agreements of Borrower shall Ile joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience 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 &~rrower provided for in this Mortgage shall he given by mailing wch notit:e by certified rnail addresud to Borrower at the Property Address or at such other address as &~rmwer mav_ designate by notice to Lender as provided herein. and Ihl am• notice to Lender shall be 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 pr.wided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or I-ender when given in the manner designated herein. 1 S. Uniform Mortgage; Governin(; f.aw; Severabilit}•. 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. The i state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. U 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 effect without the conflicting provision, and to this end the provisions of tht Mortgage and the Note are declared to be severable. 16. BorTOwe~s Copy. Borrower shall I+e furnished a rnnformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. € 17. Transfer of the Property; Assumption. If all or am• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written content. excluding sal the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for- household appliances, (c1 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 lees not containing an option to purchase. Lender may, at lender's option, declare all the sums secured M• this Mortgage to be +mmediately due and payable- [-ender 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 Bolt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa},able on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in +nlerest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. 1-ender shall mail Borrower notice of acceleration in accordance with paragraph Id hereof. Such notice shall provide a period of not Tess than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such wms prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke am~ remedies permitted M• paragraph IR hereof. Nox-Utvrt=oRt?~ CovFw~~•rs. Borrower and Lender further rnvenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this MortRsge, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: I1) the breach; (2) the action • required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such F breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in j acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. Tire notice, r F shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not sand on or before the date specified in the notice. Lender at Lender's option may' declare all of the sums secured by this Mortgage to be e immediately due and payable without further demand and ma}• foreclose this 31ortRage by judicial proceedirrR. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable attorney's fees. - and costs of documentary evidence. abstracts and title reports. 19. Bonower's Right to Reinstate. No!withuanding Lender's acceleration of the sums secure) by th+c Mortgage. Borrower shall have the right to have am prcxecdings begun hw Lender to enforce th+s Mortgage discontinued at any time 61NiK ch~U PAGE _ ~