Loading...
HomeMy WebLinkAbout0878 ' • ~l[ . •d3v~~ Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts dichursed by Lcndcr pursuant to this paragraph 7, with interest thereon, shall become additional ~indehtedncsc of fbrruwer secured by chic Mortgage. Unlec Borrower and I ruder agree to other ternns of payment. such ~ amounts shall be payabk upon notice from I.cnder to Borrower regtrestinR payment thereof. and shall bear interest froth the ~ t date of dicbursemcnt at the ntc payabk from time to time an outstanding principal under the Notc unless payment of interest at such me would be contranr Ice applicable law, in which evens ~sirch amounts shall btu ~?!t t~e highest rate ; permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender ~d lkLr ati)f expt:nst: or take any action hereunder. Il. Iw+Mectiow, Lender may make ar cause to be made reasonable entries upon and inipedions 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. Cotudewtatiow, The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or dher taking of the Property, or part thereof, or for conveyattoe in lieu of condemnation. are hereby assigned and shall be paid to Lender. - ` in the event of a trial taking of the Properly. the proceeds shall be applied to the sums aeeirred 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 i dherwise 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 sumo scoured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the dale of taking, with the balance of the procads paid to Borrower. if the Property is abandoned by Harrower. or if. after notice by i_ender to Borrower that the condemnor oRets to make ~ an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and ~+ply the proceeds. at Lender's option, either to restoration or repair of the: Properly or to the surrtasecure~;hy this Mcirjgzge. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date ofi the tnontKly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. >sorr+ower Not Released. Extension of the time far payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuececsor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Harrowers strccesson in interest. Lender shall nd be 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 by reason of any demand made by the original Borrower and Borrower's successors in interest ~ 11. Forbearance by Levier Not s Waiver. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall red be a waiver of or preclude the exercise of any such right or remedy. The procurement of insuranct~r the payment of taxes or dher liens or charges by Lender shall nd be a waiver of Lender's . right to accelerate the matunty of the indebtedness secured by this Mortgage. 1L Rewc~es Ctwsralatitrt. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy trnde~ this Mortgage or afforded by law or equity. and may be exercised concurrently. independently or successively. 13. Swecessors awd AtrrTKws >sotrwi; Joiwt awl Several Ibbiliry: Captiows. TNe covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, i subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. 'ilte captions and headings of the ~paragraphc of this Mortgage are for convenience only and are hot to be ttsed to i interpret or define the provisions hereof. - 14. Nolke. Except for any ndice required 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 certifkd mail .addressed to Borrower at the Property Address or at such dher address as Borrower may designate by notice to Tender as provided herein, and (b) any ndice to Lender shall he given by cenifietl mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided .tor in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Uwllorw Mortgage; Governiwg Law; Sererability. 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. This Mortgage shall Lie governed by the law of the jurisdiction in which the Property is located. In the G event that any provision or clause of chic Mortgage or the Nate conflicts with applicable law, such conflict shall not affect dher provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nde arc declared to be severable. - lf. Eon+ewer's Co'y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. C 17. Tnwster of the Pro'eAy: Assewpliow. if all or any part of the Property or an interest therein K sold or transferred by Borrower without Lender's pricer writrcn consent. excluding /a1 the crcat'ron of a lien or encumbrance subordinate to this Mortgage. tbl the creation of a purchase money security interest far household appliances. (c) a tnnster by devise. ! descent or by operation of law upon the death of a joint tenant or Idl the grant of any Itasehald interest of three years or less not containing an option,to purchase. Lender may, at Lender's opiran, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waved such option to accelerate if, prior to the sale or transfer. Lender t and the person to whom the Property is to be salt or transferred reach agreement in writing that the credit of such person - i is satisfactory to Lender and that the interc.t Fayable 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 i[ Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tram all obligations under this Mortgage and the Nate. f If Lender exercises such option to accelerate. Lender shall mail Borrower ndice of acceleration in accordance with j paragraph 14 hereof. Such ndice shall provide a period of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums v.clared due. If Borrower fails to pay such aims prior to the expiation of such period, i Lender may. without further ndice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. ~ i NON-UNtfoaM COVENANTS. HOfrOWef and Lender further COVenanl and agree as follows: - lg. Accekratiow; Rewcdia. lE:ceps w provided iw pragrspb 17 hereof. Row 1<orrowee's breach of awy cot?egN K j agrtiwewt of Eorrower is tbk Mortgage. iwcluaiwg the corewarrls to pl' whew awe ewy soma toccwrei by tbls Mortgage. Levier ~ prbr to eccekratiow shaq mail wotict to eorrowcr as provided Iw pragnpb 14 hereof specltyMg: (1) the btrtaeb: f21 the acNow trtgtrired to evert secb btrtacb; (3) a dMe. wet less thaw 30 days crow the late the wotice d wailed b >jorrower. by wltkb swcb bseacb want be cared; aed (4) that taiiart Io ewe swcb brescb ow or before flit date specMici h the wotitt way tresttlt M ~ acceleratiow of the saws sawed by this Mortgage. foreclosttre by jeeiclal'roceediwg awl sale et the Troperty. Tire wetke. j sbap farther iwforw Iorrower of the right to rtirrstMe after accekratbw awl the right b avert iw the torteleswrt /toctt~ the wow-a:isttwce of a detauN or awy other ieteRSe of 11<orrower to aceekratbw awd toreciotasc. N the breach ins wet ew~ti ow or before the date gecifiei iw the aotke. Lewder at l.ewders opfow way declatne aA a< tAe sown secwrsi by tlrfrs MortgeRe to be iwwtediatcly due swd payabk witbowt farther demand and way foreclose this Mortgage by jrt~ci.l NoettdMR• i.ender-sitaN ~ be ewtitled to collect a swcb'roceediwg a/ t:pewses of foreclosure. iachriirrg. bd wet lirwitd ta. rtatowaMt sttarneYs fees. ~ awl costs o1 ioewwewtary eridcwce, sbstracts awA tick tepoAs. 19. Sorrewer's Rklrt to Reiwstate. Ndwithstandrng Lender's acceleration of the sums secured by this Mortgage. t - Borrower shall have the right to have any procecdmgc brtgm by Lender to en Force this Mortgage discontinued i~ any time BO~I ~ PAGE i