Loading...
HomeMy WebLinkAbout1506 • ? 1 ~ a ~,~a . Lender's written agreement or applicabk law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner pravidcd under paragraph 2 hereof. Any amauMs disburcd by Lender pursuant to this paragrtph 7, with interts~ the~~tt~~ ~ becan?e additional indebtedness of Borruwcr secured by this Mortgage. Unless Harrower and Lender agr~'tOTothel+ teams of payment, such amauntc shall be payable upan native tram I.endcr to Borrower requaling 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 paymetrt of interest at such rate would be cantranr to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicabk law. Northing captained in this paragraph 7 shall requite Lender to incur any experae or tske any action hereunder. Il. itrs'ectlow. Lender may make ar cause to tee made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice pricer to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Cowdetwwatbw. The proceeds of any award or claim for damages, direct or eonssquential, in connection with any condemnation or other taking of flee Property, or part thereof, or for conveyance in lieu o[ cardemnatiorr. are hereby atwignod and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the • sums secured by Nra Mortgage. with the exow, if any, paid to Borrower. In the event of a partial taking of the Property. unless ibrrower and Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds ss is equal to that proportian which the amarnt of the sums secured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Property immediately prior to tht date of taking, with the balance of the pmoeeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oRets to orate an award or settle a claim far damages. Barrawer fails to respond to Lender within 30 days after the date such notice is merle!. Lender is authorized to called 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 lender 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 19. Borrower Not Released. Extension of the time for payment or modifkation of atnortizatiar of the sums secured by this Mortgage granted by tender to any successor in interest of Borrower shall not operate to reksse, in any manner. the liability of the original Borrower and Harrowers successors in interest. Lender shall 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 this Mortgage by reason of any demand made by the original Borrower and Borrower': strecessors in interest. 11. Forbearance fby i.ewaer Not a Wsher. Any fart+earance by finder in exercising any right or remedy hereunder, or otherwise afforded by applicabk law. sheaf not bt a waiver of or preclude the exorcist of any such right or remedy. The~proctrrement of insuranee;or the payment of taxes or other liens or charges by Lender shag not be a waiver of Lender's right to accelerate the matunty of the indebtedness secured by this Mortgage. 12. Rewredia Camwlatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aftarded by law or equity, and may, bt exercised concurrently, independently or successively. ' 13. Swecsssoa awd AsdRws 13oawd; .Miwt wad Borers! i.isbiftMy; Csptlows. The covenants and agreements herein contained shall bind, and the rigfits hereunder shall inure to. the rtspecti~Y successors and assigns of Lender sled Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir{I and several. 'lire captions and headings of the paragraphs of this Mortgage arc far convenience only and are not to be resod to inttrprct or define the provisions boreal. ' 14. Notke. Except for any native required under applicabk law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be 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 naive to i_ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to i.ender s address stated herein or to li such other address as Lender may designate by native to Borrower as provided herein. Any notice provided for in this Mortgage shall bt deemed to have been given to Harrower or Lender when given in the manner designated herein. 1S. Uwitonw Mortgage: Corerwiwg Law: Seversbility. 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 properly. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in tfie event that any provision or clause of this Mortgage ar the Note rnnflicts with applicabk law, such conflict shs8 not aged ~ other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nae are declared. to be severable. If. Ilbrrower's Copy. Borrower shall be furnished a conformed copy of the Note and oI this Mortgage at the time -of execution or after recordation hereof. ~ 17. Trwwder of tee Property: Assnmptiorr. if all ar any part of the Property or an interest therein is sold or transterrtd by Borrower without Lender's pricer written consent, excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage, fb) the creattan of a purchase money security interest for househald appliances, (c) a transfer by devise. descent or by operation of law upon the death of a faint tenant or (dl the grant of any kasehdd interest of three years or less not containing an option to purchase. Lender may. at l_ender'c option, declare all the sums secured by this Mortgage to be imnrdiately due and payable. Lender shall have waived such option to accelerate it, prior to the sat or transfer.' Lender and the person to whom the Property is to be salt ar 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 arch rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender 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 accordarrcc w•irh paragraph 14 hereof. Such notice shall provide a period of na less than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums declared due. If Borrower fails to pay srtch sums prior to the expiration of such prriad, t Lender may. without further notice ar demand on Horrower. invoke any remedies permitted by paragraph lfl heaaf. Non-UNIFORM COVENANTS. Borrower and Lender further covenant and agree at tdbwsc lfl. Acceleratiow; Rewredks. fi:ceps as proriaed iw pragra'Ir 17 fitttreof, Rsw (Borrowers fareac# of swy covetrswt sr Kreeasewt of Borrower Iw tAls Mortgage. iwchraisg the corewswls b py whew awe swy wars seeand ~ Nris MorlRaRe. Lewder prbr to sceelerwtba sball wear! wotlce to florrorrer a< prorNed Iw pngrapr 141rereot s'ecltyprg: (1) flic fbresclr: (tl the sctisw r+egrrired b nee such fitreaclr; f3) a date. wet less tbaw 3• days craw flee dale the wotice lis wrspea b Dotrower. lay whki sweA t bttcsclr rwrrst Ise cwtred; awe (4) Mat tsNwre b tart weir frrtwclr ow or fiefort tlrt date spcctRes M the wotke wrwy rtsrrlt N secekratiow of efle swwrs satrrea by fleas Mortgage. fereeloswre by jwAkW'roeaea6rg acrd sale wf tfie Property. The wetiee shag twrtAer iwforrw forrower of tft?e right to reiwslate after sccekratbw sera tlrt right b ast>ert is Net ferteloawt proeaeittg the wow-exWcwce of w aefask or swy ollrcr Arfewst of fionower b seceleratiow swa torecbarre. N Nee flreac! is wst cwt! sw or before the date specifies L tMe wofke. Lewder st l.erraer's eptisw twsy Atelsre sfl of Nee wrws stewed ~ tlsls Mortgage b k iwwrediatdy dwe sns pyabk witbosl fsrthtir demand and Wray foreelae tfatis McAgage fly jrialcl.t M'oesedlwR. tender clrall be estltkd to eo>seet fiw swcli proceediwg a# expcwses rat forecbswnt. Michssiwg. bwt aN ffiaiitd ts. rtssowatrk att•,rweti's tea. awe costs of aocwtwewtary eridewte. sbstrscts awe title reports. 19. iortnower's Rlglit to Reiwstare. Nawithstandtng Lender's acceleration of the sums secured by this Mortgage, r Borrower shall have the right to have any procecd~ngs beym by Lender to entarce this Mortgage discontinued at any time ! 1}~ 8Gi9l~~~ P3~1~.