Loading...
HomeMy WebLinkAbout1301 ~ ,t• t ~r•r 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 dichurscd by Lender pursuant la this paragraph 7, with interest thereon, shall become additional intehtedness of &xruwcr secured by this Mortgage. Unless Borrower aid I ender agree to other temps of payment. ~sch amounts shall he payable upon notice from Lender to borrower rey?restinR payment thereof, and ball ~ ?nterest from~the date of disbursement at the rate payahk from lime to time ar? outstanding principal undi:F t1?e 4~de unless payment of interest at such rate would be contrary to applicable law, in which event ~cuch amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained in This paragraph 7 shall require lender Io incur any expense or take ! any action hereunder. 11. Itrspectiow. 1_ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower petite prior to any such inspection specifying reasonable cause therefor related to Lsnder's interest in the Property. 9. Cowaewraatbw, The proceeds of any award or claim for damages, direct or consequential, in connection with any catdemnation or other taking o[ the Property, a part thereof, or for conveyance in lieu of condemnation, are hereby auigoed and shall be paid to Lender. in the event of a totil taking of the Property, the proceeds shall be applied to the s?rms sec?rred by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial raking of the Property. unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums sec?rred by this Mortgage such proportion of the proceeds as is equal to that proportion which the amarnt of the sums sec?rred by this Mortgage immediately prior to the date of taking bears to the tair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Bortvwer. If the Property is abandoned by Borrower. or if. after notice by lender to Borrower shat the condemnor~offers to mate an award or settle a claim for damages. Harrower fails to respond to tender within ;0 days after the date such notice is mailed. Lender is a?rthorized to collect and apply the proceeds. at Tender's option, either to restoration or repair o[ the Property or to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in writing. any such appliration of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragnphs a and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Fa?tension of the time far payment or modification of amortization of the sums secured by this Mortgage granted by lender to any successor in interest of Harrower shall not operate to release. in any manner. the liability of the original Borrower and Harrowers s??ccessarc in interest. Lender shall not be required to commence proceedings against such successor or rch?st 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 6y I.ewaer Nof a Waher. Any forbearance by i_ender 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 insuranceQr the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's ~ right to accelerate the maturit~r of the indebtedness secured by this Mortgage. # 12. Remedies Csmwbsthe. All remedies provided in this Mortgage arc distinct and'cum?rlative to any other right or ' remedy ?inder this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Swectssors gad AssiRws Bowwa; Joiwt awd Sereral I.fabilNy: Captions. The covenants and agreements herein contained shall bind, 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 be joiry and several. The captions and headings of the paragnphs of this Mortgage arc far convenience only and are not to be ?tsed to interpret or define the provisions hereof. 14. 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 aher address as Borrower may designate by notice to lender as provided herein. and (b) any 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 Bormwer as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Harrower or Lender when given in the manner designated herein. 1S. UaNor•m MortRsge: Governing Law: Seve?ability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall h governed by the law of the jurisdiction in which .the Property is located. in the event that any provision or clause of this Mortgage ar the Nate conflicts with applicabk law, such conflict shall not alfed other 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 Nae arc declared to be severable. lf. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of exec?rtion or after recordation hereof. 17. Trawder of the >rroperty: Aswmptiow. If all or any part of the Pmperty or an interest therein is said or transferred by Borrower without Lender's pricer written consent. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creatran of a purchase manly acurity interest far household appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at I.ender'c apuon, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have s?•aived such option to accelerate it, 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 each person is satisfactory to [.enter and that the interc.t Fayable on the sums secured by,this Mortgage shall be at such rate ac lender x shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's ,assessor in i interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Nate. If Lender exercises such option to accelerate, t_enJer shall mail Borrower notice of acceleration in accordant. with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within f which Borrower may pay the sums ?.xlared due. If Borrower fails to pay such arms prior to the expiration of such period. i Lender may, without further notice ar demand on Borrower. invoke any remedies permitted by paragraph Ift herrnf. NoN-UrvtFOredr COVENANTS. Borrower and Lender further covenant and agree as follows: lg. Accderatiow; Rerwedia. Except as proridtd iw pragrapM 17 Isereot. trpow Borrowers @rtacls of swy corewaw/ or sgrecwsewt o/ Borrower iw t6is Mortgage. iwcludirsg else coreaawts to pay wlita dwe awy snag ttcartd by tbB Mortgage. Lewder prior to accelerstbw shall mail aotke to Borrower as prodded is puagrapl? 14 hereof specKyhrg: (1) the brtacA:12/the sctiow t required to core torch breach; (3) a daft. wet less thaw 30 days from the date the wMke b wailed to Borrower. by whkh such batach mmt be cwred; gad (1) that failsre to start swch breach ow or before the daft specfRea b the wotke way resale M ' accckrstiow of else strews secwrtd by this Mortgage. torttlostsrt by jadkisl proteediaR swa salt of the Property. 71te watke shall further infot•tw Borrower of the right to rciwstNe after accekrstiow and the right to sstxrt h else toreelsswrt proeeeaiwg the woo-c:istewct of a detaaN or awy other detente of borrower to aceekratlow awn twecloswre. N tfle OrtatM is wet cried ow or before the dste speel6ea iw the wotke. Lewder at Lender's optbw way deelart ant of the swttu seewrr!a ?y this Mortgage to be imraedisttly doe spa payable without farther demand and nay fortclost Mss Mortgage by jtrakW procsedlwR. tender shall be eatitkd to coMeet b strcb proceedir?R sw a:penises of toreclossrc. hrclsdiag. bat wet dw>itd to. rtasowabk stt.irney's Pets. awd costs of docuwseNary ttridewce. ~bstrscts and title reports. 19. lsorrower'si R(gbt~ to Reiastatt. Notwithstanding I eater's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedinc: Ifr~in by Lender to enforce thn Mortgage discontinued ar any time 81»K Je)ty PAGE~~