Loading...
HomeMy WebLinkAbout0498 • I.erider'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 disbursed by lender pursuant to this paragraph 7, with intercsl thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and fender agree to other terms of payment, such amounts shall be payable upon notice from !.ender to Borrower requesting payment (hereof, and :hall 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 (.ender to incur any expense or take any action hereunder. • 8. Inspectbn. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided f that fender shall give Borrower notice prior to any such inspection specifying reasonable, cause therefor related to Lender's 1 interest in the Property. 9. Coademrwtkn. The proceeds of any award or claim for damages, clireet or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall he paid to Lender. in the event of a total taking of the Property. the proceeds chal! be applied to the cums'secttred by this Mortgage. with the excess, if any, paid to Borrower. !n the event of a partial taking of the Property, unless Aorrower and Lender otherwise agree in writing. there shall he applied to the sums secured by this Mortgage each 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 hears to the fair market value of the Propert~• 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 1"ender to Borrower that the condemnor offer to make an award or settle a claim for damages, Borrower fail. to respond to lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at i.ender'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 monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments 10. Borrower Not Rekased. Extension of the time for payment or mc+dification of amortization "of the sums secured by this Mortgage granted by Lender tc. any successor 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 he -required tc• 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 Borrowers successors in interest. 11. Forbearance by Lender Nat a Waiver. An~• forbearance by Lender in exercising am• right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of am such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by (.ender shall not he a waiver of !.ender s right to accelerate the maturity of the indebtedness secured by thii 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.rnd mry he ctercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Several i.iability: Captious. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of !.ender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join) and several. The captions and headings . of the paragraphs of this Mortgage are for convenience only and are not to he used to interpret or define the provisions hereof. 14. !Notice. Except for any notice required under applicable law to be given in another manner. fa) any notice to Borrower provided for in this Mortgage shall he given h~• mailing wch notice M• certified mail addressed to Borrower at the Property Address or at such other address as Borrower ma~• designate by notice to Lender as provided herein. and (h) any notice to fender 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 pr ivided herein. Am• notice provided for in this Mortgage shall he deemed to have been given to Borrower or 1"ender when given in the manner designated herein. 1 S. Uniform Mortgage: Governint; Iavr; 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 covering real property. The state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing ! ~ sentence shall not limit the applicability of federal law to this mortgage. in the event that soy 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 declared to be severable. 16. Borrower's Copy. Borrower shall hs: furnisheJ a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or an.' part of the Property or an interest therein is sold or transferred by Borrawer without Lender's prior written content. excluding sal the creation of a lien or encumbrance subordinate to this Mortgage. Ib) the creation of a purchase money tecurit~• interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death ofr joint tenant or (d? the grant of any leasehold interest of three years or less ~ not containing an option to purchase, (.ender may. at I"ender i option, declare all the sums secured by this Mortgage to be immediately due.and payable. I"ender shall have waived such option fo accelerate if, prior to the tale or transfer. lender and the person to whom the Property is to be told 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 i_ender shall request. If (.ender has waived the option to accelerate provided in this paragraph 17. and if Borrower c successor in ! interest has executed a written assumption agreement accepted in writing by I.encler, (.ender 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 paragraph 14 hereof. Such notice shall provide a period :?f not less than 30 da}'s from thr date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such rums prior to the expiration of sucfi period. Lender may, without further notice or demand on Borrov?•er, invoke any remedies permitted by paragraph 18 hereof. Nort-UNIFORM CovE~eN7s. Borrower and (.ender further covenant and agree as follows: 18. Acceleration; Remedks. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in tbis Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specif~•irryl: (1) the breach; (2) the action ~ required to care such bresch: (3) a date. not kss than 30 days from the dste the notke is mailed to Borrower, by wbkb such r t breach must be cored; and (4) that failure to cure such breach on or bcforr the date specified in the notke may resole in accekration oft the sums secured by this Mortgage. foreclosure by judicial proceeding and sak of the Property. The nosier shall further inform Borrower of the right to reinstate after accekration and the right to assert in the foreclosure ptrocteding the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is cwt cntrcd on or before the date specified in the notke, lender at Lender's option may declare all of the sums secnrcd by this Mortgsge to be immediately due and payable wifhonf further demand and may foreelose this Mortgage by judicial proceedirgt. Lender shag _ be entitled to cogect in such proceeding all expenses of foreclosure. including. but not limited to. ressonabk attorney's (ees. and costs of documentary evidence. abstracts and titk rrrports. i 19. Borrower's Right to Reinstate I~otwilhstanding Lender's acceleration of the sums secured by this Mortgage. r Borrower shall have the right to have any proceedings begun by 1"ender to enforce this Mortgage discontinued at any time 3ff~K 34~, PdGE . 4~ _ - - r - :