Loading...
HomeMy WebLinkAbout0740 Lender's written agreement or applicable law. Borrower shall pay the amoui~tLdt''r mortgage ~~r3nce premiums iri the manner provrdcd under paragraph 2 hereof. Arty amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become: additional • indebtedness of Rorniwcr secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shajl he payable ulx~n notice from Lender to Borrower requesting payment thereof, and shall be r mtetest from the date of disbursement at the rate payable from time to lime on outstanding principal utlelb~ Ihf(l~ti,~less payment of - interest at such rate would tie cantranr to applicable law, in which event •such amounts shall bear interest at the highest rate petmisst'bk under applicabk law. Nothing contained in this paragraph 7 shell require Lender to incur any expe:rae or take any action hereunder. Iwspexliow. Lender may make or cause to be made reasonable entries upon and inipedions e>F the: Property. provided that Lender shall give Borrower nolKe prior to any such inspection specifying reasonable cause therefor r+eiated to Lender's interest in the Property. 9. Cerwderwtatbw, The proceeds of any award eu claim for damages, diroct a cortsequential. in oortrtection svith any condemnation or other taking of the Property, or part thereof. a for ewnvesyatroe in lieu of condaltnation. sre ht:teby assigned and shall be paid to Lertefsr. in the event of a total taking of the Property, the proceeds shall be applied to the sums aecure~d by this Mortgage. , with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing, there shall be applied to the sums stxurcd by this Mortgage such proportion of the: prooeeds as is equal to that proportion which the amount of the sutras 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. Tf the Property is abandoned by Borrower. or if. after notice by Tender to Borrower that the condemnor olkrs to matte an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days alter the date such notice is mailed, Lender is aeithorizerd to collect and apply the proceeds, at lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Tender 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 e>E such installments. lll. berrrower Not Released. Extension of the time for payment or modification of tunortiution of the sums t~ecttred 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 Borrower's successors in interest. Lender shall not be required to commerroe proceedings against such successor a retiree to extend time for payment or otherwise modify amortization of the sums secured by-this Mortgage by reason of anyr demand made by the original Borrower and Borrower's successors in interest. ~ 11. Forbeanace by Lender Not a Waiver. Any torhearanct by Tender in exercising any right or remedy hereunder, or otherwise afforded by applicabk law. shall nM be a waiver of or prcclutk the exercise of any such right or r+eertedy. The procurement of insuranceQr the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the matunty of the indebtedness secured 6y this Mortgage. 12. Rtsredks Camulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or affordkd by law or equity, and may be exercised concurrently, independently ex strcexssively. ' 13. Swceessors and AsrtiRas Found:.lout swd Sererai t.ia6ifBy; Captlews. The covenants and agreements herein ' contained shall bind, and the rights hereunder shall inure to. the respective wcexssors and assigns of Lender still Borrower. subjext to the provisions of paragraph 17 hereof. All covenants and agreemrnts of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be uts~ed to interpret or define ihe.provisions herec+f. 11. Notke. Except for any notice required under applicabk 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 BorrY?vver may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. retirm receipt requested. to I.rnder'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 ~I Mortgage shall be deemed to have been given to Borrower ar Tender when given in the manner designated herein. 15. Uaitorwr Mortgage: GoverwinR LaN: Severability. This form of mortgage combines uniform covenants for national ease and non-uniform covenants with IimiteJ •variations h} jerrisdiStion to constitute a uniform security instrument covering ~ real properly. This Mortgage shall h governed by the law of the jurisdiction in which the Property is located. In the ~ , event that any provision ar clause of this Mortgage ar the Note conflicts with'applicabk law, such conflict shall not aged 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 arc declared to be severable. If. borrower's Copy. Borrower shall be furnished a conformed copy of the Note and e>E this Mortgage at the time of execution or after recordation hereof. 17. Trawler of the Property: Asaumptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creatron of a purchase money security interest for household appliances, (e) 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 years or k~ raw containing an option to purchase. Tender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w aive'd such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is a. be co1J ar transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intcre.t Fayable on the sums secured by this Mortgage shall be at such rare as Lender shall regexst. 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 xcepte:d in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Nate. If Lender exercises such option ea accelerate. lender shall mail Borrower notice of xeekration in xcordanc~ s+-ith paragraph 14 hereof. Such notice shall provide a period of rat less than 30 days from the date the notice is mailed within which Borrower may pay the wens e, glared due. If Borrower fails to pay ;itch sums prior to the expiration of such period. [.ender may, without further mice or demand on Borrower. invoke any remedies permitted by paragraph 1 R hereof. Noce-UNIFORM CovENANTS. Borrower and Lender further eovenant and ague ss follows: lg. Acceleratierw; Remediex. Lxeept as proviided iw pragraph 17 hereof, rape borrowear's breach erf any eerewawl err agrexwiewt of borrower iw this Merertgagt. iwclndiag the tovewarNs to py whew dtre say stnrws se:turred by fhb MorlRoge. Lewder prbr to acr:dentbs shall mail notke to borrower as provided is pragraph 14 hereof spexMyhg: (1) the breach: I21 the ae:tbw regwired to care such breach: (3) a dMe. weN less thaw 30 days iwrw the date the wertke b tteiaiied b borrower. by which such ~ breach ganef be cared: sell (4) thst taihsre to terra swab bresclr oa err before the date s'eelRcd M the wertke rway rredt iw l aeceleratioa e?t the saws sexared by this Mortgage. foreeelostrre by Jiadiebl N+seeeiMrg awl sale etf the Property. The wattle:. j shah farther iwtorrw borrower td the riRM to rciwstate after aeeekratbn sell the right b assert iw the totrelaswrr< psoeeteertrg the wow-a:istewce of a dtfauk or awy other defense of borrowt~r to accekrMbw sell forttlosrtre• N the M'tach 4 wet tetrad ow or before the date spetif~ed b the wrNke. Lender at Lender's optiow easy declare a/ er< the tArrtts stxwred by fhb MoARaRe b be imtediately dire sell pyabk without /rather demand and may foreclose fhb Mortgage by Jitrdicl.l proerediwR. t.ender•shW be ewtitkd to go8ect b such proceedirrR sN esperrses of forecloswK. Iwcladiag. bN wN Ysited b. rtatowabk stt•xnrr's fees. tad tests art dereurrwerdary erWewce. abstrscts and title etports. lp. borrower's Right to Relegate. Notwithstanding I ender s xcekration e>f the sums secured by this Mortgage. _ Borrower shall have the tight-to have any procced~nFs bruin by Lender to enfarce this Mortgage discontinued ae any time f ~R BGOR~ PAGE r-=;