Loading...
HomeMy WebLinkAbout0340 v, _ . . a. 3•~7 b~,:} ~3~ T Lenders written agreement or applicable law. Borrower shill 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, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower 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 shat! 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. Inspection. lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lenders interest in the Property. 9. COndemnsUon. 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, hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall tie 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 s otherwise agree in writing, there shall be applied to the sums secured 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 o1 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 the Borrower. It the Property is abandoned by Borrower, or il, after notice by Lender to Borrower that the condemnor oilers to make an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days alter the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lenders option, either to restoration or repair of the. Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shalt not extend or postpone the due date of the monthly installments referred to in paragraphs 1 aid 2 hereof or change the amount of such installments. 1 O. Borrower Not Released. 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, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modity amortization o! the sums secured by this Mortgage by reason of any demand 'made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by lender in exercising any right or remedy hereunder, . or otherwise afforded by applicable law, shall not be 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 shalt not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this-Mortgage- 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Uablllty; 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 tfte provisions of paragraph 17 hereof. All covenants and agreements of Borrower shat) be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience 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 tie 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 noUCe to Lender as provided herein, and (b) any notice to lender shall be Given p ¢y certified mail, return recei t requested, to lenders address stated herein or to 'I such other address as Lender may designate by notice to Barrower~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. j 15. Uniform Mortgage; Governing Law; Ssverability. This form of mortgage combines uniform covenants for national use end nonuniform covenants w~lh limited vanat~ons by tunsdicl~on to constitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage shall t>e the laws of the ~urisd~cl~on ~n wh~r:h !rye Property is located. The foregoing sentence shall not lima the appl~cab~hty of federal law to tins mortgage. In the event teat any provision or clause of this Mortgage or the Note contl~cts with appl~cable'aw. such conflict shall not affect other provisions of Ihis Mortgage or the Note which can be gwen eltecl without the confl~ct~ng prov~s~on. and to this end the prov~s~ons of the Mortgage and the Note are declared to be severable. 18. _ Borrowers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage ai the time of execution or after recordation hereof. 17. Trsnsf~r of th• Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to - this Mortgage, (b) the creation of a purchase money security interest for household appt~ances. Ic) 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 less I not containing an option to purchase. Lender may, at Lenders 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 qe solo or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shat! request. If Lender has waivedthe option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a .iritten assumption agreement accepted in writing by Lender; Lender shall release Borrower from all obligations under this Mortgage and the Note. - It lender exercises such option to accelerate, Lender shat) mail Borrower notieevf acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less that 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. It Borrower tails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph t 8 hereof. , 1 _ NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: ~ _ 18. Aceeleratlon; Remedies. Except as provided In paragraph 17 hereof, upon Borrowers breach of any covenant or agreement of Borrower In this Mortgage, lncluding the cownanh to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mall notice to Borrower as provWed in paragraph 14 hereof specifying: (1) the breech; (2) the action nqulred to cure such beach; (3) a date, not less than 30 days from the date the notice Is mailed to Borrower, bywhlch such breach must be cured; and (4) that hilun to cure such breech on or before the date speeiped in the notice may result In aeceleratlon of the sums secured by this Mortgage, ~ forecloeuro by(udlclal proceeding and sale otthi Property. The notice shall turthertnform Borrowerof the rightto rolnstate after acceleration and the rlghtto assert In the foreclosure proceeding the non•exlstance ota default or any other defense of Borrower to scghratlan and fonclosuro. If the breach (s not cured on or baton the date specified In the notice, Lender at Lenders option may declare all of fhb sums secured bit this Mortgage to be immediately due and payable without fuRher demand and may foreclose thN Mortgage by Judicial droceeding. Lender shall be entitled to collect In such proceeding all expenses of foreclosure, lncluding, but not limited to, roasonable attomays fees, and cosh of documentary evidence, abstracts and title sports. 19. Borrowers Right to Reinstate. Notwithstanding Lendersacceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time i e(~341 ~~~E 340 _ . _ _ ~ z..