Loading...
HomeMy WebLinkAbout0916 Lender's written agrcement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hercof. Any amounts disburscd by Lendtr pursuant to this paragraph 7, with intercst thereon, shall become additional indebiedness of Borrower secured by this Mortgage. Unless Borrower and Lender agrce to other terms of payment, such amounts shall be payabl~ upon notice from Lender to Borrower requesting payment thereof, and shall bear interest fmm the date of disbursement at the rate payable from time to time on outstanding p~incipal under the Note untess payment ot interest at such rate would be contrary to applicabl~ law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing cantained in this paragraph 7 shal) rcquirc Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable enlries upon and inspections of the Property, provided that [_ender shall give Borrower notice prior to any such inspection specifying reasonable cause th~refor related to Lender's interest ici the Property. 9. Condemnation. The proceedc of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu oi condemnation, are hercby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums sectired by this Mortgage, with the ercess, if any, paid to Borrower. in ~he event of a partial taking of the Property, unless Borrower and Lender otherwice agree in writing. there shall be applied to the sums •xcured by this Mor~gage such proportion of the procteds as is equal to that proportion ~~hich the amount of the sums secured by this Mortgage immediattly prior to the date of taking bears to ihe fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid tn Borrower. if the Property is abandoned by Borrower. or if. af~er notice by I_ender te Borrower that the condemnor offers to make an aw~rd ~r settle a claim for damages, Borrower fails to respond to [.ender within 30 days after the date such notice is mailed. Lender i~ authorized to collect and apply the proceeds. at I.ender's option, either to ratoration or rcpair of the Properry or to the sums secured by this Mortgage. Unlesc I.ender and Borrower otherwise agree in writinc. any such application of proceeds to principal shall not exttnd or poct~+one the due da~e of the monthly 6nstallmcnts referred to in paragraphs 1 and 2 hercof or change the amount of ~uch installments. - 10. Borrower Not Relestsed. Extension of the time for payment or modification of amortization of the sums ucured by th~s Mortgage granted by l.ender to any successor in interect of Borrower shall not operate to release, in any manner, the liabili~y ~f the original Borrower and Borrower'c successorc in interest. I_ender shall not be required to commence proceedings against such successor or refuse to ertend time for payment or othenvice modify amortization of the sums ~ecured by thic Mortgage hy reason of any demand made by the oriqinal Borrower and Borrower s successors in interest. 11. Forbrarance by Lender Not a Waiver. Any fnrhearance hy I.ender in exercising any right or remedy herc~mder, or ntherwise afTorded hy 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 Lender's right tn accelerate the maturity of the indehtedness cecured hy thi~ I~tortgage. 12. Remedies Cumulalive. All remeciies provided in this '~iortgage are distinct and cumulative to any other right or reme~ly under this Mortgagc or afTorded hy law or equity, and may be exercised concurrentiy, independendy or successively. i3. Snccessors ~nd Assigns Bound; Joint and Se~er~l I.iability; Captions. The covenants and agreements herein containeJ shall hind. and the riRhts hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provision~ of paragraph 17 hereof. All covenants and agreemenic of Borrower ~hall be joint and several. The captions ~nJ headings of the paragraphs of this Mor~gage are for convenience only and are not to be used to interpret or define the provi~ions hereof. 10. Notice. Except for any notice required under applicable law to be given i~ another manner. (a) any notice to Borruwer provided for in thic Mortgage shall t~e ~iven by mailing ~uch notice by certified mail addressed ro Borrower at the Property Addrecs ar at such other addre~s as Borr~wer ma}• designate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. ro l.ender s address stated herein or to ~uch other address as Lender may designate by notice t~~ Borrower as pro~•ided herein. Any notice provided for in this ltortgage shall be deemed to have been given to Borrower or t_ender N•hen given in the manner designated herein. 15. Uniform Mort~a~r, GoverninR Law; Se~~erability. This form of mortgage combines uniform covenants for national ~ i i:se and non-uniform co~~enamc with limited va~iations h~• jurisdiction to constitute a uniform security instrument covering real propertt~. Thi~ Mortgage shall be go~•erned hy the law of the jurisdiction in which the Property is located. In the j ~ event ihat any provision or clause of thia Mortgaee ~~r the Nrne rnnflict~ Hith applicable law, such conflict shall not affect € c~ther pr~visionc of this Mortgage or the T`'nte which can be given efiect without the conflicting provision, and to this ~ cnd the pro~~itions of ~he Mortgage and the tiote are ~leclared to he severable. 16. Borrower's Copy. Borrow~er shall be furnished a conf~~rmed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Transfer of the Property: Assumption. If aN or any~ part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding lal the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of. a purchase money ~ecurity inrerest for household appliances, (c) a transfer by devise, descent or by operation of law• upon the death nf a jo~nt ~enant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase, I.ender may_ at Lender'c option, declare all the sums secured by this Mortgage to be ;mmediately due and payable. Lender shall have waived such option te accelerate if, prior to the sale or transfer. Lendtr and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~ i~ satisfactory to I_enJer and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender : shatl request. If I_ender has waived the option to accelerate provided in this paragraph l7, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all ri obligations under this Mortgage and the Note. . ~ If Lender exercises such option to accelerate. Lender chall mail Borrow•er notice of acceleration in accordance with ~ Faragraph 14 hereof. Such notice shall provide a pericxi of not less than 30 days from ihe date the notice is mailed within t which Borrower ma}• 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 Horrower, invoke anp remedies permitted by paragraph 18 hereof. ' ~ Nox-Urv~FORM CoveN~NTS. Borrower and Lender further covenant and agree as follows: ~ r 18. Acceleration; Remedies. Except ~ provided in paragraph 17 hereof, upon Borrow~er's breach of any covensnt or - agreement of Borrower in this Mortgage, including the co.enants to pay when due any sams secured by tbis Mort`aae, I.tader ~ Qrior to acceleration shall msil notice to Borrower as provided in paragraph 14 hereof specifyinE: (1) the bnach; (2) tbe action ~ requlnd to cure such brcach; (3) s date, not less than 30 days from the dale tht notice is mailed to Borrov.er, by whk6 sac6 ` breach must be cured; and (4) that failure to cure such breach on or before tbe d~e speciSed 1n the notke may tssdt ia ` accelention of the sums ucured by this Mortgage, forcclosure by judicia! proceediu= and sak of the Propatp. 7Le notiee ; shall further inform Borrower of the right to reir~state after acceleration and tbe ri~ht to assert in the foreclosnre proceed~~ x tht non-eaistence of a default or any other defense of Borrower to acceleration and forecbsurc. if the brescb k nat ciued on t or before ehe date specified in the notice, L.ender at Leoder's option may declare ap of the snens secnred by this Mortia`e to be immed~ately due and payibk without further demand and may foreclose thk Mort=a`e by judicial proceedins. Lender shall be entitkd to colkct ia snch proceeding a8 expenses of foreclosurc. including, but not limited to, reawnable attorner's fees, and costs of documentary e~idence, absiracts and titk rcporis. 19. Borrower's Righi to Reinstate. Notwithstanding Lender's acceleration of the sums securcd by this Mortgage, Borrower shall have the right to have any proceedings txgun by Lender to enforce this Mortgage diuontinued at any time i BDOK ~O~ P!GE i~~ ~ ~ - . . ~ty,:~ }w.~ ~ . . - -.,.g _ ~F ~ ~ ~ , ~ -