Loading...
HomeMy WebLinkAbout1530 . i . 1 I.ender'i written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts dishurscd by I.endcr pursuant Io this paragraph 7, ~ with intcrcst thereon, shall become additional indebtedness of Borftiw-cr secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall he payahle upon notice from Lender to Borrower requesting payment th~r,•~I shq~l bear interest from the daft of disbursement at the rate payahlc from time to time on attstanding principa r 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 i.ender to incur any expense or take any action hercuttder. 1R laspctiow, Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that i.ender shall give Borrower notice prim to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdemwaliow. The proceeds of any award or claim for damages, direct or rnnsequential. in gnnection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu o[ condemnation. are hereby assigned and shall be paid to Leader. in the event of a total taking of the Property, the proceeds shall be 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 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 daft 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 Borrower. If the Property is abamdoncd by Borrower. yr if. after notice by Lender to Borrower that the condemnor oilers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair o[ 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. _ lg. Serrower Not Rekised. 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 rcksse, in any manner, the liability of the original Borrower and Borrower's successors in interest. i.ender shall not be required to commence proceedings against such successor or rctuse 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 arccessors in interest. 11. Forbearswce rl' Lender Nof s Waiter. Any forbearance by Lender in exercising any right or rcmedy~hercunder, 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;x the payment of taxes or other liens or charges by Lender shall not be a waiver of lender's right to accelerate the maturty of the indebtsdness secured by this Mortgage. l2. Remedks Cttsnslatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aBordcd by law or equity, and may be exercised conturnntly, independently or successively. '13. Swecessors swd Assigws eouwd; Joint sad Ssreral i.iaMNty; Csptr?ws. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successor and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirv and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to interpret or define the provisions hereof. 11. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortga~ce shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower 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. ~ IS. Uwitorm Mortgage; Gotentiag Law; SeverabiGty. This form of mortgage combines uniform covenants for national f use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the event that any provision or claxrse 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 Nde are declared to be severable. lf. ilbrrower'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. Trawster of the >rroperty: Assumptiow. if all or any part of the Property or an interest therein is sold or tnnsferrcd by Borrower without Lender's prior wrirr. n 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 appliances, (c) 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 not containing an option to purchase, Lender may, at lender i option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waved Stich option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Properly is to be SoIJ 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 ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower i 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 ucekration in accordance v?•ith paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails to pay such arms prior to the expiation of such period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. NoN-IJNIPORM CovE!varrTS. Borrower and Lender further covenant and agree ai follows: Ig. Accekratios; Remedies. Except as protiitled b pngrapr 17 rerto/, rpw lorrowers br+eaer of aty corewsM or agreemest of Borrower b trb Mortgage. iwdtrdiag trt torewsMs to py whew doe swy swrrrs sr:csrcti r!' trk Mortgage. Lewes prior !o secekrstbw shall mail wotict to Borrower as pror[dea iw pngrsPlt 11 hereof specMylsg: (i) the brtscM:121 IAe setbw regdred to scare sock breast; (3) a dste. wet less trsw 3A Asys from ere date toe wotkt r mailed to Borrower. fly which stroll 6seacr mwrt be cued: atad (1) flat fsihrre to ewe swell breseM ow tar before Ire dMe speeidtd M the wWke rosy rosette N sccekrNbw o[ the scams secued by tbB Mortgage. tertclos+rrt r!' jttdkial procisaiug swi sale et ere hoperty. The wotlee snap hrtrer iwtorm Sorrowtr of ere right to reiwslak after seeekrstbw arrtl the rigrf b assts tw trs tottclowre protte~ttg ere wow•existence of s detswN or awy otter aetcwse o1 Borrower t• aecekratbw awrl tortelowre. N the Meaclr b wet coved on or before ere desk speeilied b ere wotiee. Lewder st i.ewda's optisw rosy atelsne aN sf the sums srewrrr by tlds Mortgage is rt imw>cdkttly dove scare pyabk witrow tsrther demanA awd may torttlost 1Nr Mortgage r7' jwdkW peoeeedrrg. I.tnder sraN be ewtitkd to coMeA r swer'roeetdiwg aw expesses of torecloswrt. Iwclwdiwg. 6wf wet Wrdted b. ressosablt att.,rtreY's fees. swd cads d tioetrmewtary eridewct. s6strscts sod silk rtpoAs. 1!. )ferrower's Ri~ltt to RehWate. Notwithstanding 1 enders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceed~ngc begun by Lender to enforce this Mortgage discontinued at any time z ~ ~ ~ 342 P:~Ei5~29 _ _ _ ~ _