Loading...
HomeMy WebLinkAbout2118.~~~. Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner pnividcd under paragraph 2 hereof. Any amounts dishurscd by Lender pursuant to this paragraph 7, with interest thereon, shall become additional inJchtcdnecc of Ihxrowcr secured by chi. Mortgage. Unless Borrov-cr and Lender agree to other terms of payment, sue ti amorrntc shall he payable upon notice from I ender to Borrower regrrecting payment thereof, ~r1d ~4 1 4eaninterest from the date of disbursement at the rats payable (mm time to time on outstanding principal under the ~ote unless payment of interest at such rate would be contrary to applicable law, in which event each amounts shall bear interest at the highest rate permissible under applicable law. Nothing amtained rn this paragraph 7 shall require Lender to incur any expense or take any action hereunder. fl. Iwspectiort. Lender may make or cause to be made reaconabk entries upon and inspta:tiorrs of the: Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause tht:refor related to Lender's interest in the Property. 9. Cottdewtwatbw. 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. are heaby assigned and shall be paid to Lender. In the event of a total taking of the Properly. 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 date 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 ahandoned by Borrower. or if. after notice by i.ender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower fair to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and appl}• the proceeds. at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless 1_ender and Borrower otherwiac agree in writrng. 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 hertmf or change the amount of such installments. 19. 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 Borrower c successors in interest. lender shall not be required to commence proceedings against such successor or rcftrse to extend time for payment or otherwise modify amortizatron of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers utccessors in interest. 11. Forbearance by Lewder Nof 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 Qr the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulatitre. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may bt exercised concurrently. independently or successively. ' 13. Swccessors and Asaigws ltbwwd: Joiwt awd Several ILbiNty; Captbws. The covenants and agreemrnts herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry 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. lI. Notice. Except for any notice rcgrrircd under applicable 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 notice to lender as provided herein, and (b) any notice to Lender shall he given by certified mail. rearm receipt requested. to Lenders 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. Uaitorm Mortgage: Goverwirt>; Law: Severabilit~•. This form of mortgage combines uniform covenants for national rrsc and non-uniform covenants with limited variations h}~ 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 clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Notc which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the 'dote arc declared to be severable 16. I!<orrower's Copy. Borrower shall be furnished a conformed copy o[ the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trswsfer of the Property: Asaumptiow. If ali or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writ-~n consent. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. Ib) the creatron of a purchase money security interest for household appliances. Ie) a transfer by devise, descent or by operation of law upon the death ofr joint tenant or idr the grant of any leasehold interest of three years or less not containing an option to purchase. [.ender may. at l.ender'c optron, declare all the. sums secured by this Mortgage to bt rmmediately due and payable. Lender shall have w awed such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be .oIJ or transferred reach agreement in writing that the credit of such perstm is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such raft 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 acceleration in accordance with 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 fails 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 18 hereof. NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: Ifl. AccekrNiow; Remedies. E:ceps as provided iw parsgrapb 17 hereof. wpoir lorrower's breach of swy covewawt or agreemewt of Borrower io this Mortgage. iacludirrR the corewswls fo Pal whew dwe ay sums setwrcd by tlrb Mortgage. Lewder prior to accekratioa shall mail wotice to Borrower as provided iw puagrsp6 It bertot sptcNyiwg: (1) the breacA: /21 the aelbw required to ern swcb breach; (3) s date. wet less thaw 30 days tram the date the wotke b mailed to Borrower. by whkA swcb bttcacb artM be cwrcd: swd (4) that failare to cwrt strclr breach ow or before the date specified iw the wotke may reswlt iw actekratiow of the strw~s secured by this Mortgage. forccloswrr by jwdicial poceediws swd sale of the Iroperty. The wotke shag frrtber inform Borrower of the right to rcitttslNe filer arxelerMlow swd the right b avert h the toredostrrc poceedlwg the wowtxistcwct of a default or awy other defense of >:orrower to accekrMiow swd toeccloswre. N the breach b wet cored ow or before the date specified iw the wotice. Lender at Lender's opfow wear rfictlare trM d the rotas seewred by ebb MoAgttRe to br immediately dwe grid psysble without fwrther demand and may toreelose ebb Mortgsge by jwdkW'reeeediug. I_rn'er shall be eotitkd to collect iw swclr proceeding sp a:pewses of forecloswrr. iwclwdiwg. blrt wet lirwitd to. rtawwable atarrner's fees. awd costs of docwwrewtary eridewce. abstracts and title reports. 19. Eorrower's Right to Reiwstate. Notwithstanding I ender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have am prcxeedme• hefun by Lender to enforce thn Mortgage d~sconbnued at an) time _ __~ . ~~... ~~3~4 P~~~117 .r._ __ . ~. _.