Loading...
HomeMy WebLinkAbout1350 v 3 Lender's wrtttcn agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. wuh interest thereon, shall become additional ~ indebtedness of liurn,wcr secured by this Mortgage. Unte~s Bnrmwer and I enter agree to other _terrrts of payment, such amoxrnts shall he payahk upon notice from Lender to Borrower rcyuestinq payment thereof. and chap hear interest from the date of disbursement at the rate payahk from time to time on outstanding principal?~ eY;tlfe?21p1e unless payment of interest at such rate would be contrary to applicable law, in which event [itch amounts shall hear interest at the highest rate permissible under applicable law. Nothing rnntaineJ in this paragraph 7 shall regrrirc tender to incur any expense or take any action hereutder. f!ti ,Iwspectlow. lender may make or cause to he made reasoxtahle entries upon and inspections of the Property. provided that lender shall give Borrower rtotio:e prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the lroperty. 9. Cortdewwatiow. -The proceeds off any award or claim for damages, direct or consequential, in eontuection with any condemnation or other taking o>f the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby auianed and shall be paid to Lender. In the event of a total taking of the Properly. the proceeds shalt be applied to. the sum: sectrted by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of She Property, unless Borrower and Lettder otherwise agree in writing. there shall be applied to the sums secttted 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 Lair 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 Lender to Borrower that the condemnor offer to mate an award or settle a claim far damages, Borrower fail. to respond to Lender within i0 days after the Barr such notice is mailed. Lender is authorized to collect and apply the proceeds, at I~nder c option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless [.ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the tetonthly installments rekrred to in paragraphs 1 and 2 hertof or change the amount of such installments. 10. Borrower Nof Released. Extension of the time tar payment or modification of amortization of the sums secured by this Mortgage granted by [.ender to any ctrccecsor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower c successors in interest. [.ender shall not be 'required to commence proceedings against such successor a 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 interctt. ~ 11. Forbearance br Lender Nof a Wafer: Any fort,earance by I.rnder in eiercising any right or remedy hereunder, or otherwise aBorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance pr 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 tht indebtedness scctrttd by this Mortgage. 1L Rewxdks CtnnrlaHn. All remedies provided in this 1ltortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aBorded by law or equity, and may t,c exercised concurrently, independently or successively. • 13. Saceessors and Asttligws Bound; Jobtt and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrrc to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragra~lt 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be aced to interpret or define the provisions hereof. 11. Notice. Except for any notice 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 certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shaft he given by certified mail, return receipt requested. to I ender s address stated herein or to such other address as Lender may designate by nc?tice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or i_ender when given in the manner designated herein. IS. Uniform MoriRsRe; Coverniug Law; Severability. 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 eovtring real property. This Mortgage shall tr 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 Jeclartd to be xverable. 16. Borrower's Copy, Borrower shall be furnished a conformed copy of the Note and of this Mortgage at fire tithe of execution or after recordation hereof. 17. Traasfer of the Property; Assutwptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinen consent. excluding (a? the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creatro?n of a purchase money security interest for houxhold appliances, (c) a transfer by devise. descent or by operation of law upon the Death of a joint tenant or fdr the grant of any leasehold interest of three years or less not containing art option to purchase, Lender may, at I-ender c option. 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 wle or transfer. Lender and the person to whom the Property is a• be colt or transferred reach agreement fn writing that the credit c+f such person is satisfactory to Lender and that the interest Fayabte on the sums secured by this Mortgage shall be at such rate as Lender shall request. If 1_ender 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. ff Lender exercises such option to accelerate. 1_ender shah 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 ~_clared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on [iorrower. invoke any remedies permitted by paragra~lt Ili hereof. NON-UNIFORM COVENANTS. BOrrOWer and Lendtf further covenant and egret as follows: lA. Acrekratios; Remedks. Except ss provided is prsgrspb 17 hereof. rpoa Borrower's bnacb of any coreaaat or agrtcmeat of borrower to this Mortgage. iactudirtg the covenants to pay whew due gay sums secrred 6y this Mortgage. leader prbr to accoskratbw shall map uotke to )Borrower as provided in paragraph 11 hereof specifying: (1) the bnacb; (2/ the action ttgrired to care srcb breach; (3) a date, got less than 30 days from the dste the tatice b mailed to borrower, by whkb srcb 6tteacb wtM be cored; gad (4) that tsilare to care such breach ow or heron the date specified iw the wotke may recrN lw acceleration of the arms second by this Mortgage. taetlosurr br judkW proceeding awe ssk of the Itropcrty. The wetictt sbap frrtber inform borrower of the riRM to nirtstate titer sccekratbw and the right to statA iw the tonclostrn poeeedbtg the won-exkteace of a detarN or any other ddewse of borrower to secekratiow awe rorttlosrrr. 1t the 6naeb is wof erred ow or before the date specified iw the notice. Lender at (.ettdtr's option way declare d of the stutd secrred by tbfis MoAgaRe b be immediately due and payable without frrthe? demand and may toreclose.Mb Mortgage by jirdicW prveeediwg. [.ender chap be eatitkd to cdlect is such proeeediaR d expenses rat foncbsrn, itxludiwg, brit not limited to. nttsowabk stt.,rnev's fees. gad costs of docrrwewtary eridetxe. sbstrscts and title reports. 19. Borrower's R(gN to ReiwstMe, Notwithstanding ! ender's aceNerat,oJf of the sums xcured by this Mortgage. Borrower shall have the right to have any procted~nes he fain by Lender to enforce this Mortgage d~sconhnued s: any time a~ -