Loading...
HomeMy WebLinkAbout1334 r Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner prrvided 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 from Lender to Borrower rcyuesting 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 IoW, 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. 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 cattle therefor related to Lender's interest in the Property. 9, Condemtuttbn. 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 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. In the evert of a partial taking of the Property, unless Borrower and i.ender otherwise agree in writing. them shall he applied tt• the sums secure) by this Mortgage such proportion of the proceeds j as is equal to that prolx~rtion which the ;.mount of the sums secured by this Mortgage immediately prior to the date of ' taking bears to the fair market value of the Pmpert}• immediately prior to the date of taking, 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 make an award or settle a claim for damages. Borrower fail. tt• respond to lender within 30 days after the date such notice is mailed. Lender is authorized to rnllect and apply the proceeds. at l.ender'c option, either to restoration or repair of the Property or to the sums secured M• this Mortgage. Unless tender and BOrrOK'Cr otherWisC agree: in Writing. an}• such application of proceeds to principal shall not extend or pogponc the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of i t such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the toms 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 BorroWCr and Borrower ~ successors in interest. i.ender shall not he required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage b}• reason of any demand made h}• the original Borrower and BorroWCr s successors in interest. 11. Forbearance by Lender Not a Wainer. Am• forhearancC by Lender in exercising any right or remedy hereunder, or otherwise afiarded by applicable law, shall not he a waiver of or preclude the exercise of an}• such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by i.ender shall not he a Waiver of Lender's ~ right tt. accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage. arc distinct and cumulative to any other right or remedy under this MortgagC or afforded by IoW or equity. and may he exercised concurrently. independently or successively. 13. Successors and Assigns Bound; loin! and Several i.iabilify; Captions. The 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 provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to he used to interpret or define the pros•icions hereof. 14. Notice. Except for any notice required under applicable IoW to be given in another manner. fat any notice to f Borrower provided for in this Mortgage shall he given b}• mailing wch notice by certified mail addressed to Borrower at i the Property Address or at such other address as Born?wer ma}• designate b}• notice to fender as provided herein. and (b) am• notice to lender shall he given by certified mail. return receipt requested. to t ender c address stated herein or to i each other address as Lender may dCSienale by notice to BorroWCr as provided herein. Any notice provided for in .this ` Mortgage shall he deemed to have been given to BorroWCr or LcnJer when given in the manner designated herein. 1 S. Uniform Mortgage; GorerninR i.aw; Secerabilih•. 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 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 cwt limit the appiiEability of federal law to this mortgage. In 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 x without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. ' 16. Borrower's Copy. Borrower shall In furnished a conformed 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 consent. excluding lal the creation of a lien or encumbrance subordinate to ~ this Mortgage. fbl the creation of a purchase money security interest for household appliances, fcl a transfer by devise. descent or by operation of law upon the death of a joint .tenant or td? the grant of any leasehold interest of threC years or lets not containing an option to purchase, Lender may, at Lender's option, declare all thr sums secured by this Mortgage to be immediately due and payable. Lender shall has•e waived such option to accelerate if. prior to the sale or transfer. 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 pa}•able 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 Borrower's successor in ~ interest 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. LcnJer shall mail Borrower notice of acceleration in accordancC With paragraph 14 hereof. Such notice shall provide a period of not ICSS than if) days from the date the noticC is mailed within e f which Borrower may pay the sums declared duC. If BorroWCr fails to pa} such sums prior to the expiration of such period. Lender may, without further noticr or demand on Borrower. im~oke any remedies permitted M• paragraph 18 hereof. NO!V-(JNIFORN COVENANTS. Borrower and Lender furthCr C(~nenant and agree a5 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 psy wheh due any sums secured by this Mortgage. Lender } 5 prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not IesS than 30 da}•s from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in t acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice 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 defence of Borrower to acceleration and forecbsurc. if the breach is not cured en or before the dale specified in the notice, Lender at Lender's option ma}• declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. 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. Borrower's ,Right to Reinstate. Notwithstanding Lendcr•s accclCratton of the sums secured b}• this Mortgage. ' Borrower shall have the right to have am proceedings hewn by LcnJer to CnforcC this Moertga+ge discontinue) at am~ time Bt K c)c)~) P1l6EiJJ~G, x . - _