Loading...
HomeMy WebLinkAbout1338 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thetrnn, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other tem?s of payment, such amounts shall be payable upon notice from !.ender to Borrower requesting payment thereat, and shall bear interest from the date of disbursement at the me payabk from tithe to time on a+tstanding principal under the Note unkss payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest me permissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. iwspedlow. 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 st+ch inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdemwatbw. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation ar 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 sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, t+nless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount 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 taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by i.enekr to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to i.ender within 30 days after the date such notice is mailed. Lender is authorized to rnlhxt and apply the proceeds, at Lenders option, either to restoration 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 I and 2 hereof or change the amount of such installments. 10. borrower Not Released. Extension of the time for payment or modification of amortization of the -sums secured by this Mortgage granted by !.ender to any successor in interest of Borrower shall not operate to release, in any tnagner, the liability of the original Borrower and Borrowers successors in interest. i_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization ~f the sums secured by this Mortgage by reason of any demand made b}• the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not s Wainer. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicabk 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 sect+r+ed by this Mortgage. 12. Remedies CnmubNlve. 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, independently or successively. 13. Swecessors and Assigss bouwd; Joint and Seseral LiabBity; Captions. The covenants and agreements herein contained shall bind, and tbe rights bereunder 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 arc far convenience only and are not to be used to interpret or define the provisions bereof. 14. Notice. Except for any notice required under applicable !aw to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given h}• 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 Tender as provided herein, and (b) any notice to Lender shall be given by certified mail, ret++m receipt requested. to i.ender s 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 dcemed to have been given to Borrower or !.ender when given in the manner designated herein. 15. Uwiform Mortgage; Coverwiug I.aw: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instr++ment covering real property. This Mortgage shall ISe 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 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 the Mortgage and the Note are declared to be severable. 16. borrower's Copy. Borrower shall be 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: Asssmptiow. if all or an}• part of the Property or an interest tberein is sold or transferred t ~ by Borrower without Lender's prior written consent. excluding (a1 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 (dl the grant of any leasehold interest of three yeah or less not containing an option to purchase, Lender may, at Lender s 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 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 acid 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 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. tender shall mail Borrower notice of acceleration in accordance 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 due. If Borrower fails 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. Nox-Urttfoat?s Covexxrrrs. Borrower and Lender further covenant and agree as follows: j 18. Accekratiow; Rewedies. Except as provided iw psragrsph 17 hereof. trpow borrower's breach of say covewawt or agreemest of borrower i• this Mortgage. iwclnding the corewasis to pay whew dtre awy sums senrea by this Mortgage, Lewder prior to sccekratiow stab maid notice to borrower as provided iw paragraph 14 hereof specifying: (1) the breach; (T) the ttdiow regained to care sash breach; (3) a date, wet his thaw 30 days from the date the wotice b wraih:~ to borrower; by whkh swe6 ~ breach mast fie cared; and (4) that far~wre to cnre strcb breach ow or before the date specified k the wotkt may resale iw accdentiow of the sums secured by this Mortgage, foreclosure by jndkial proceediwa sad sale of the Property. 71,e settee sbaB farther iwform borrower of the right to reiasbte after sccekratiow and the right b inert iw the foralowre proceednwg the ran-existence of a defawk or awy other defense of borrower to wccekrstiow awd forecloswie. iE the breach b not cored ow or before the date specified is the wotice. Lewder at Leader's optiow may dtcbtre s! of the sows xcwr_ ed by t6b Mortgage b be imwediately doe awd payable witbowt further dcmawd sad may foreclose ibis Mortgage by judicial proceediwg. Lewder shall be ewtitled to rolled is sash proccediag at a:pewses of foreclosure. iwclndiwg, bat wet limited to, ressowabie attorney's tees, awd costs of docnmewtary evidewce, abstract awd title reports. 19. Borrower's Right to Reiwstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have an}• proceedings begun by Ixnder to enforce this Mortgage discontinued at any time cc~~c~ i 6C(~I(JJ~ PxGE~~ _ . ~ - r_. -