Loading...
HomeMy WebLinkAbout1507 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph Z hereof. ~ Any amatnts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Burrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take ~ any action hereunder. 8. Ittspectioe. Lender may make or cause to be made rcaconable entries upon and inspections of rho 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. t 9. Coademwafbw. The proceeds of any award ~x claim fa damages, direct or consequential, in connection with any I condemnation or other taking of the Property, or pan thereof, ar for conveyance in lieu of condemnation, are hereby assigned i and shall be paid to Lender. in the event of a total taking of the Property. the proceeds shall he 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, unless Borrower and Lender otherwise agree in writing. Chore shall be applied to the sums secured, by this Mortgago such proportion of the proceeds as is equal to that proportion which rho amount of the sums secured by this Mortgage immediately prior to the date of I taking bears to the fair market value of the Property imnxdiately prior to the date of taking. with the balance of the proceeds paid to Borrower. if the Property is abandoned by Burrower, or if. after notice by Lender to Borrower that the condemnor offers to make ~ an award or settle a claim for damages, Borrower fails to respond to Lender withirs 30 days after the date such notice is ~ mailed. Lender is authorized to collect and apply the proceeds. at Tender's option, either to-restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in v.•ritine. 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 Nof Rekzscd. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by lender to any successor in interest of Borrower shall not operate to release, in any manner, t the liability of the original Borrower and Borrower s successors in interest. [_ender shall not he 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. Forbearawce by Lewder Not a Waiver. Any forheanncc M Lender in exercising any right or remedy hereunder, or i otherwise afforded by applicable law, shall not he 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 j right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Ctrmwlsti•e. All remedies pmvided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and ma~• he exercised concurrently, independently or successively. 13. Successors awd Assigns Bound; Joiwt awd~ Sereral I.iabr~ity: CapBons. The covenants and agreements herein contained shall hind, 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 joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to ~ interpret or define the provisions hereof. 14. 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 he given by mailing such notice by certifu-d mail addressed to Borrower at the Property Address or at such other address as Bormv?•er may designate by notice to i_ender as provided herein. and (h) any notice to Lender shall he given by certified 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 for in this j Mortgage- shall be deemed to have been given to Borrower or lender when given in the manner designated herein. i5. Unifornr Mortgage; Govenriag f.aw: Severwbility. 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 properly. This Mortgage shall he governed by the lavr of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts v?ith 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 he severable. f 16. Borrower's Copy. Borrower shall br furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trander of the Property: Assumption. If all or an~• part of the Property or an interest therein is sold or transferred - by Borrower without Lenders 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 (d? the grant of any leasehold interest of three years or lest 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 and chat the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request: If i_ender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agrcement accepted in writing by lxnder, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in accordance with 3 paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailt:d within which Borrower may pay the sums declared due. if Bon-ov.er fails to pay such sums prior to the expirrtion of such period, Lender may, without. further notice or demand on Bofrower, invoke any remedies permitted by paragraph lft hereof. Nort-UNIFORM CovENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceeeratiow; Remedies. Facept as provided iw paragraph 17 hereof, upon Borrower's 6rescr of ay covewant or sgreemewt of Borrower L Cris Mortgage, iwduding the eorewaets to pay whew doe say suaas secured by thla Mortgage, Leerier prior to sccekratbn sbaQ mail ratke b Borrower as Provided i. pra`rapr 14 hereof specifying: (1) ere btreacr; (2) the actiow t required to core each breach; (3) a dste, woe less than 30 days from ere date ere notke fw mailed to Borrower. by wrkh such ) breach meat be cured: and (4) that failure to care such ircacr ow or before ere date spe~ied i• ere notice may reswlt is accderatiow of ere sums secured by trig Mortgage, forccbsare by judicial proceeding aed sale of the Property. The wotice stall further iwform Borrower of the right to reinstate after accekratiow sad the right b assert iw ere foreclowre Proceedngg ere won-existence of a default or awy other defense of Borrower to acceleration awd foreeiosurc. If the breach b woe cured os or before ere date specified iw the notice, Leerier at I,ewder's optiow may declare a® of ere suwis secured by Cris Mortgage b 6e immediately due and Payable without further demaw4 awd meY foreclose trts Mortgage by ~rdicid procecdhig. Lewder sraY be ewtitkd to collect b suer proceeding all espeosss of foreclosure. iacludieg, but woe limited to, reasoaabk attorneys tees, and costs of documentary evidewce, abstracts awd title reports. ~ 19. Borrower's Right to Rinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have any proccedings begun by Lender to enforce this Mortgage discontinued at any time 8Q0~1(c)t)~y PAGE~~ z~ ~ -