Loading...
HomeMy WebLinkAbout0138 Lender s written agreement or applicable taw Borrpwe~•~f)~~he'arnpur~q~~mortgage insurance prem+ums +n the manner provided under paragraph 2 hereol. Any amounts disbursed by Lender pursuant to !his paragraph_7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mcrtgage Unless Borrower and lender agree to other terms of payment. such amounts snail be payable upon noUCe from lender to Borrower requesting payment thereof. and shall bear rnterest t?om the date of disbursement at the rate payable from time to Irme on outstanding principal under the Note unless payment of rnterest at such rate would be contrary to applicable law. rn which event such amounts shall bear rnterest at the hryhest rate permissible under applicable law. Ivothrny cunlarned in this paragraph ; shaft require tender to incur any expense or take any action hereunder. ' 8. Inspectian. lender may make or cause to be made reasonable entries upon and rnspectrons of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender s rnterest rn the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, :n connection with any condemnation or other taking o1 the Property, or part thereof, or for conveyance rn Ireu of condemnation, hereby assigned and shall be paid to lender In the even) of a total taking of the Property. the proceeds shall be app!red 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 wrrtrng. 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 ih,s Mortgage immediately prior to the date of taking bears to the Farr market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to the Borrower. If the Property rs abandoned by Borrower, or rf. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim to? damages. Borrower tarts to ?espond to Lender wrthrn 30 days after the date such notice rs marled, Lender is authorized to couect and apply the proceeds. at Lender's option, erthe? to res[oraUOn o? repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree rn writing. any such apphcaUOn o1 proceeds to principal shall not extenri o? postpone the due date of the monthly installments referred to rn paragraphs t and 2 hereof or change the amount of such installments. 1 O. Borrower Not Released. Extension of the time for payment or modifrcatron of amortization of the sums secured by this Mortgage granted by Lender to any successor in rnterest of Borrower shall not operate to release, in any manner, the habihty of the original Borrower and Borrowers successors m interest. Lender shall nut be 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 ongmal Borrower and Borrowers successors rn interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender rn exercising any right or remedy hereunder, or otherwise affurded 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 shall 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 Liability; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shalt inure to, the respective successors and assigns of Lender and Borrower, subject to the provrsrons of paragraph t 7 hereof. All covenants and agreements of Borrower shall be faint and several. The captions and headings of the paragraphs of this Mortgage are for covenrence only and are not to be used to interpret or define the provrsrons hereof. 14. Notice. Except for any notice required under applicable taw to be green rn another manner, fa) any notice to Borrower provided for in this Mortgage shall be green by ma+Irng such notice by cerhhed mail addressed to Borrowec at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and tbl any notice to Lender shall be given by certified marl, return receipt requested, to Lenders address stated herein or to such other address as Lepder may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have peen given to Borrower or Le?)der when given in the manner designated herein. 15.` Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for naUOna? use and non-un,form covenants with rrmrted vanaAOns by lurisdretron to constitute a undorm security instrument covering real property. The sate sell local laws apprrcab?e to this Mortgage shall he the laws of the tunsdretion m which j the Property rs !oca?ed The foregoing sentence shat? not ?rmrt the applrcabrtrty of federal taw to this mortgage. In the event that any provrsron o+ clause of this Mortgage or the Note confrrcts with apphcabte law. such conflict shall not affect other Urovrsrons of tnrs Mortgage or the Note wnrch can tie c~rven effect •rnthout the conflrctrng provrsron. and to this end the provrsrons of the Mortgage snit the tJotc ~fre ciec'areci tv Ue se:erah?e 16. 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 hereof. 17. Transfer of the Property; Assumption. If a?I or any part of the Property or an rnterest therein rs sold or transferred by Borrower without Lenders pror written consent. excluding la? the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. tc) a iransier t,y drrvrse. descent or byoperation of taw upon the death of a faint tenant ortdl thegrant of any leasehold rnterest of three years or less not contarnrng an option to purchase. Lender may. at Lender s option, declare alt the sums secured by this Mortgage to be immediately due and payable. Lender ;hall have waived such option to accelerate it prior to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement rn wrrtrng that the credit of such person rs satisfactory to Lender and that the rnterest payable on the sums secured by this Mortgage shall be at such rate as Lender stall request. if Lender has waived the option to accelerate provided rn this paragraph t 7, and if Borrowers successor in rnterest has executed a written assumption agreement accepted rn wrrtrng by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mart Borrower notice of acceleration in accordance with paragraph t 4 hereol. Such notice shall provide a period of not less that 30 days from the date the notice rs mailed wrthrn which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower, revoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrowers breach of any covenant or agreement of Borrower in this Mortgage, including the covenantsto pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) s date, not less than 30 days from the ~ date the notice is walled to Borrower, by which such breach must be cured; and (4) thatfailureto cure such breach on or before the date specified in the notice may result In acceleretlon of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall furthsrinform Borrowerofths rightto reinstate afteracceleration and the right to assert in the foreclosure proceeding thsnon-existence of a default or any other defense of Borrower to acceleration and foreclosure. It the breach Is not cured on or before the date specified in the notice, Lender st Lenders option may declare all of the sums secured by this Mortgage to bs immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall bs entitled to collect in such proceeding all expenses of foreclosure, Including, but not limited to, reasonable attorneys fees, and costs of documentary evidence, abstracts and title reports. 19. Borrowers Right to Reinstate. Notwrihstanding Lender s acceleration 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 aa~ 342 PdGE 1~8 _ _ _ _:y 1 $ Cat F _ _ .a~ - - . 3