Loading...
HomeMy WebLinkAbout0492 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 dishurscd by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of li?xruwcr secured by this Mortgage. llnlec Harrower and l ender ague to other terms of payment, such amounts shall he payahle upon notice fmm Lender to Borrower re ~ yrt~ thereof, and shall tzar interest from the date of disbursement a1 the rate payahk from time to time ar? ones ndin~ j+rtncipal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event ~cuch amounts shall hear interest at the highest rate petmissibk under applicable law. Nothing cc?ntained in this paragraph 7 shall rtq?rirc !.ender to incur any expense or take any action hereunder. a. inspection. lender may make or cause to t+c made rcasanabk entries upon and inspections of the Property. provided that lender shall give Harrower noticr prior to any each inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cotrtienraatioe, The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hereby assigroed and shall be paid to Lender. • in the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Morigage, 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. there shall be applied to the sums sec??t~ by this Mortgage such proportion of the ptot~oods as is tqual to that proportion which the amo?tnt of the sums sec?tred by this Mortgage immediately prior to the date of faking bears to the fair marktl value of the Property immediately prior to the date of taking, with the lular?ce of the proceeds paid to Borrower. if the Property is ahandoned by Borrower. or if. after notice by [.ender to Borrower that the condemnor offers to make an award or settle a claim far damage+. Brrrrouer fail. to respond to Lender within 30 days after the date such notice is mailed, Lender is a?tthorized 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 [.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of tht monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released, Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by i.ender 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 shat) not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by chic Mortgage by reason of any demand mark by the original Borrower and Borrowers successors in intertu. 11. Forbearance by i.entkr Nat a Wsher. Any forbearance by i.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall nat be a waiver of or preclude the exercise of any such right or remedy. Thc procurement of insurance flr the payment of taxes or other liens or charges by Lender shall not tx a waiver of Lender's right to accelerate the matunty of the indebtedness secured 6y this Mortgage. 12. Rtmedies Comnlati?e. All remedies providtd in this Mortgage arc distinct and cumulative to any other right or remedy ?ender this Mortgage or afforded by law or equity, and may be exercistd concurrently, independently or successively_ 13. Sneeessors and AssiRes itound:.Jaiat awd Several i.iabiBtr: 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 t3orrow•er shall be join] and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and arc not to be used to interpret or define the provisions hereff. l~. Notice. Except for any notice rcgerircd under applicable law to be given in another manner, (a) any notice to Borrower provided for in this' Mortgage shall tx given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall i+e given by cenificd 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 Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. UaHorw Mortgage: Governing Lav?: Severability, 'il?is form of mortgage combines uniform covenants for nations) use and non-uniform covenants with limited variations M jurisdiction to constitute a uniform sa.urity instrument covering real properly. This Mortgage shall ~ governed by the law of the jurisdiction in which the Properly is located. In the event that any provision ar clause of chic Mortgage or the bete conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given etTcct withou! the conflicting provision, and to this end the provisions of the Mortgage and the NMe arc Declared to be severable. l~. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation her~of- 17. Trsndcr of Me Property; Assumption. i(all or any pan of the Properly or an interest therein is Bald or transferred by Borrower without Lender s prior written consent. excluding (al the oration of a lien or encumbrance subordinate to this Mortgages (b) the createon of a purchase money «curity interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the Death of a jc.int tenant or (d? the grant of any leasehold interest of three years or less not containing an option to purchase, 1_ender may. at Lender i opteon. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w awed such option to accelerate if. prior to the role or transfer. Lender and the person to whom the Property is tr. be so1J or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the intcrest Fayable on the sums secured by this Mortgage shall be at such rate ac i.enckr shall request. If Lender has waived the option to accelerate provided in this paragraph 17', and if Borrower ~ 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 Note. if Lender exercises such option to accelerate. lender shall 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 o,xlared due. if Borrower fails to pay such sums prior to the expiration of such period. Lender may, without funkier notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. Norr-UHrFOarN CovEN~NTS. Borrower and Lender further covenant and agree as follows: 1i. Acceleration; Rcnredks. Except as provided in paragraph 17 hereof. epon Borrower's bnaclr of say tovewsal or agreement of Borrower in this Mortgage, iacludireg tbt covcnarNs to par when drag am sums setcered br tbk Mortgage. Leader prior fo accekratbn shall wrail wotice to Borrower ors provided la paragrsph 14 hereof specNriwg: fl) the brsach:1211he sdbn • trMnitred to ewe such brracb;l3) a date. not less than 30 days trowr the date tbt notice N coiled to Borrower, b!' which srxb bleach tweM be tarred: and (1) that failare to care such 6rcach ow or baton the date spe<i<itd b the nM1ce war reesalt iw accelerstion of the sues severed by this MorlgsRe, toreebsorr b7' jediciat /roeeedirtg sera sale of the Tropcrry. The rootlet slop farther infonw Bonx~wer of the right to reinstate after aecekrMbn awes the right b asscA h the fonclos?rre roceei~ the nuw~existence of a etefanlt or am other defcreae of Borrower to acceleration swi toreetowre. It the brcncb is not sect! ea or before the date specified iw the notice. lewder al t.ewder's aptiow am declare sat d the sser seared b7' thk MortRaRe b be imaaediattlr dne~nd paraWt watbont fnnber demand rand rotor tonclost thk Mortgage br ~rrdicial preceedhpt. i.cnder chap ' be entitled to eoBett b crash proceedirrR aq exprceses of foncbsnn, laclndisg, brat root Wand a. nasonabk att.rrnev's fees. alai costs of docnrwewtarr evidence. abstracts and title rrports. if. Borrower's Right to Reinstate. Notwithstanding lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any procevDmes tie'tin by Lender la enforce thn Mortgage disconunutd st any Umt . ~34~ P~ 4~~ -~r~ _ s, , .