Loading...
HomeMy WebLinkAbout2582. t l.rnder'c wnuen agreemcM or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner prowdcd under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this pau+graph 7, with utterect thereon, shall become additional indehtedncsc of Narrower srcurcd by thn Mortgage l)nless Born-wrr and I.rnder agree to other terms of payment, such amounts shall he payahlr ulx-n nuticr fn+m I ender to &+rrow•cr requesting payment thereof. >!nd {hall bear interest from the date of disbursement at the rate payable from time to lime on outstanding principal under the Note unless paymen• of interest at such rate would he contrary a• applicable law, in which evert such amounts shall hear interest at the highest rate permissible under applicable law. Northing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. g. Iwspectiow. Lender may make or caasc t-. t+e made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any u+ch inspection specifying reasonabh: cause therefor related to Lender's interest in the Property. 9. Cowdemnatbn. The proxeeds of any award or claim for damages, direct a consequential, in connection with any condemnation or other raking of the Property, or part thereof, or for conveyance in lieu of condemnation. are htxreby assignod 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 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 he applied to the sums sec-tred 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 faking bears to the fair market value of the Property immediately prior to the date of taking, wish the balance of the proceeds paid to Borrower. If the Property is abandoned by Ttorrow•cr. ~+r if. after notice by Lender to Borrower that the condemnor oilers to make an award or settle a claim for damages. Barmwer fail. t~. 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 rcstontion or repair of the Property or to the sum, secured by this Afortgagc. l3nlesc Lender and Borrower otherwise agree in w•ritmc. 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 Released. Extension of the time for payment or modification of amortization of the sums stxured 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's successors in interest. Tender shall not be rcgttired to commence proceedings against such successor or refuse to extend lime for payment or otherwise modify amortization of Ihr sums secured by this Mortgage by reason of arty demand made by the oritinal Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in eiercising 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 or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender's right to accelerate the maturity of the indehtednea 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 Assigws Bound:.Ioiwt and Several I.isbiHtr; Captbns. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisionc_ of paragraph 17 hereof. All covenants and agreements of Borrower shall be joist; and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law• to be given in another manner, (a) any notice to Borrower provided for in this Morlgaee shall be given by mailing such notice by certified mail addressed fo Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (h) any notice to Lender shall he given by certified mail. retiim receipt requested. to 1 ender s address slated herein or to such other address as Lender may designate h}• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I ender when given in the manner designated herein. 1S. Uniform Mortgage: Governing I_av.: Sererabilit}~. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations M• jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h}• the law of the jurisdiction in which the Property is located. Tn the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not ailed other provisions of This Mortgage or the Natc which can be given effect without the conflicting provision, and to this end-the provisions of the Mortgage and the Note arc declared to tx severable. [6. 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. Trstuter of the Propert}•: Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written suiisent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (hl the creation of a pur.h:-se money security interest for household appliances. (c) a transfer by devise, descent or by operation of law upon the death o(a jaim tenant or (d- the grant of any leasehold interest of Ihrcc years or less not containing an option to purchase. Lender may. at Lender's option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w:uved such option to act~lerate it, prior to the tale or transfer. Lender and the person to whom the Property is to t+c .old or transferred reach agrc~ment in writing that the credit of such person is satisfactory to Lender and that the interest pa)~able on Iht 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's >uccessor in interest hoc executed a written assumption agreement accepted in writing by !.ender, Lender shall release Borrower from all obligations under this Mortgage and the Nott. . if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordant. 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 IR hereof. NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: 18. Aceelersliow; Remedks. Except as provided iw paragraph 17 hereof. upow Borrowers breach of swy corewawt or agreernewt of Borrower iw this Mortgage. iwcludirtg the covewants to par whew due say sums secured by this Mortgage, lewder prior to accekratbw shah mail notke to Borrower as provided iw paragraph /4 hereof specltyirtg: (1) the breacb: 121 the actiow required to ern Brach brcsch;l3) a daft. not lesa than 30 days frorw the date the notke b moped to Borrower. by whkh Basle breach must be cured; and (4) thst failure to cure such bresch ow or before the dMe specified iw the rtotke may result iw accekratiow of the corns secured by this Mortgage. foreclosure br judkial rr+oeeedfwg acrd Bak of the Properly. The nutlet shall further inform Borrower of the right to reitusfsfe after wccekrstbw and the right to rtsseA iw the torscbsurt ~roteedlwg the aow-existence of a dctauk or any other defense of Borrower fo sccelvwtiow and toreclosore. tf tbt br~sch is not cereA ow or before the daft specified is the notice.l_ender al Lender's opiow wear tiecb+re sA of the worts txcwred br fhb Mortgage to be immediately due and payable without further demand and may foreclose tltiis Mortgage fir judkW'roceedhsg. fender shah be entitled to collect in such proceeding all expenses of foreclosure. intruding. dwl ttW Ymite+ to. reasonable Nt•-rnev's fees. wnd costs of docuntewtary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstandintt 1 ender's acceleration of the sums secured by this Martgaae. Borrower shall have the right to have an} prcxrrdme• br'~m b} Lender to enforce this Mortgage dnrnntinued at an} dint 8344 P:~F2581