Loading...
HomeMy WebLinkAbout0976 Leader's written astestoent a applkablg law. Borrov?•er shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender purswnt to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tetTrts of payment, such amounts shag be pa)•abk upon txxice from (.ender to Borrower requesting payment (hereof. and shall hear interest from the date of disbursement at the rate payable from time to time on attstanding principal under the Note unless payment of intetsst at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permisn'bk under applicable Iaw..Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. >L laspeetiaa Lt:nder may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shag gist Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. Cowdet~aw. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to (.ender. In the event of a total taking of the Property. the proceeds shall be applied to the cams secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, ttnlcss Borrower and Lender cxherwise agree in writing. there shall be applied to the sums secured by this Mortgage each proportion of the proceeds as is egwl to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrow,er_ If the Property is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor offers to make an award or settle a claim [or damages, Borrower fails tt. respond to lender within i0 days after the date such notice is mailed, Lender is authorised to rnllcct and apply the proceeds. at lenders option, either to rectontion or repair of the Property or to the wms secured by this Mortgage. Unless (.ender and Borrower otherv?ise agree in w~ritine. any such application of proceeds to principal shall not extend or pcxtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 18. Borrower \iot Rekmd. Extension of the time for paymem or modification of amortization of the come secured by this Mortgage granted by lender to any cucceswr in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's s;tccessorc in interest- Lender shall not he required to commence prsccrrdings against wch sutx~essor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason ofrm demand made by the original Borrower and Borrowers atccescors in interest. 11. 1Forrearanee ~ Lender !~ot a Weiser. Am forbearance by lender in exercising any right or remedy hereunder, or otherwtise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of inwrance or the payment of taxes or other liens or charges by (.ender chat) not he a waiver of (.ender s right to accelerate the maturity of the indebtedness cccttred by this Mortgage. ti Rer.eies Caradatire. All rerrtetilies provided in this Mortgage are 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. Swceessors awd Asagns Boawd; Joist and Stserel liability; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to. the respective sttccescors and assigns of (.ender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The pptions and headings of the para¢raphc of this Mortgage are for convenience only and are not to he used to interpret or define the provisions hereof. 14. \otiee. Except for any notice required under applicable law to be given in another manner. fal any notice to Borrower provided for in this Mortgage shall he given by mailing wch notice M• 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 (bl am• notice to Lender shall he given by certified mail return receipt requested, to 1 ender c address stated herein or to such ~xher address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this ~icxtgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. L'r,ifotrm Mortgage: Gorerwiwg Law: Serenbrlrty. This form of mortgage combines uniform covenants for national use and aaa-uniform covenants Frith timitcd variations by jurisdiction to constitute a uniform security instrument covering real property. The state attd tool laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing seaicnee shall not limo the apptiability of federal law to this rrtortgage. In the event that any provision or clause of this Mortgage or the ~ Note rnatlicts with sppliable laws strdt conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the ooatlictiog pcovisiaa. and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. Bonvwe~s Cop). Borrower shall to furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation herrnf. 17. Transfer of tre Property: Assamptiou. if a!I or an~• part of the Properly or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding let the creation of a lien or encumbrance subordinate to th?c Mortgage. tbl the creation of a purchase money cecurit~ interest for household appliances. Icy a transfer by devise, descent or by operation of law upon the death of s joint tenant or (dt the grant of any leasehold interest of three years or less rkx rnntaining an option to purchase. 1_ender mav. at l_ender'c option. declare all the sums secured by this Mortgage to be ~mmetiately due and payable. Lender shall have waived such option a. 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 satisfacton to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as !.ender shall request. If tender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written aswmption agreement accepted in writing by Lender. lender shall release Borrower from all .•bligations 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 3Q days from the date the notice is mailed within which Borrower may pay the wms declared due. If Borrower fails to pay such toms prior to the expiration of such period. Lender may. without further notice or demand on Borrower. invoke am remedies permitted by paragraph l R hereof. ~ \o!v-l:~vtt:oaxt Cos•>rx+~ns_ Borrower and (.ender further covenant and agree as follows: lg. Accekratio~ Reweaies. B:cep! as provided is paragraph 17 hereof. upoto Borrower's breach of any cotenant or agreetweat of Borrowers tris Mortgage. iwclrrdiag the toxtaants to py when dne any sums stcored by this Mortgage. Leader prior to acceleration sra~ !wail wt>dce to Borrower ss provided in paragraph 14 hereof specifying: (1) the breach; (2) the action rv~ed b core sacs breack 13) a date. not less than 39 days from the date the notice is maHed to Borrower. by whkr snch rreacr setts! re cartrd: and (q !rat failure to care sorb breach on or before the date specified is the ttotke may resoh in acceleration of ere sstats sccared 6y era Mortgage. foreclowre by judicial proceeding and sale of the Property. The notice ; shat farther iwfors Borrower of ere right to reinstate after acceleration and the rigs! to assert in the foreclosure proceeding ere now-a:istetsce of a defsnM or a~7 otter defense of Borrower to sccekration and foreclosnrc. if the breach is not erased on t a 6efere ere dale specicds ere wotice. Lewder at Lender's option may declass all of the sums secured by this Mortgage to be issedt~ely dove awd pyaYe witroat farther dearaad awd ma)• forecbse this Mortgage by judicial proceeding. Lender shag 6e entitles to coBtcts sicr proceeding aM a:petttses of forecbsnrc, including. but not limited to. reasonable attorney's fees, . ani costs of decasentary eridetnce. e6~stracts and title reports. 1!. iorrowers Rigr1 to Reinstate. Notwithstanding Leader's acceleration of the sums ceeured by this Mortgage, Borrower shall have the right to have and procecdmgs begun by Lender to enforce this Mortgage discontinued at any time i a~x 340 PEE 976 - _ s