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HomeMy WebLinkAbout0388 . F ~ - ~ ~ I.ender's w~ittcn agreement or applicablc law. Borrower shall pay thc amount of all mongagc insurance prcmiurtu in the ~ manncr provided undcr paragraph 2 hereot. Any amounts disburned by 1_e~Je~ pursuant to this paragraph with interesl thercon, shall becamc additiona) + inJebtedncss a[ Borrowcr sa:ured by this Mortgage. Unle~c Borrowcr and l.ender agrcc ta other terms of paymeot, such ~ amounts shall be rayabk upon notice from Lendcr to &~rmwcr rey~~ting paymcnt thereoi, aod shall bcar ioterest from the : datc of disbursemeat at tho rate payable f~om time'to time on outstanding principa) unde~ ihe Note unless payment of ~ interest at such rate would be contrary ta applicable faw, in which event such amounts shall txar interest at the highest rate ~ permissible ~nde~. ~ppli~ble law. Npthing contained in this paragraph 7 shall require i_ender tu incur any expense or talce ~ a~y action FKrsWrldcr. ' , 8. laspectioA, I.ender may make or rause to be made reaconab{e enlriec upon and inspections of the Prape~ty. provided that i.ende~ shall give BoRawer natice prior to a~y such inspection specifying rcasonabk cause therefor related to [.e~der's intcrest in th~ Property. • 9. Coademaatba. The ~mceeds of an~~ award or claim for clamages, direct or concequential, in eont~ection with any ~ condemnation or other taking of ihe Property, or pan then~f, or for c~~nveyanre in lieu of ccx~demnatioo; arc hereby assigned and shall be paid ta Lende~. In the event af a total taking of thc Pmpcr~y. thc pr~xecJc ~hall hc applied to the sums sea~rcd by this Mo~tgage. with the excess, if any, paid to Borrower. in thc cvcm ~f a partial taking of the Property, unless Bormwer and Lender otherwice agree in writing, there shall be applied to the ~ums secun,Kl by thic Mortgage such prop.~nion of ihe proceeds as is equal to that praportion which thc amount of ~hc sumc securcd hy this Mortgage immediately priar to ihe date of taking bears to the fair market value of the Pmpchy immeciia~ely prior to the date of ~aking, with the halance of ihe proceeds paid ta Borrower. if the Property is abandoned by Borrowcr, or if. after notice hy l.ender ta Bormwer that the condemnor offers to make an award or settle a claim for damages, Borrower failx to respond to I.ender within i0 days after the date such notice is mailed. I.ender is authoriud to collect and apply the prc?ceeds, at [.ender'c option, either to restoration or repair of the Property or to the sums securcd bp this MonRage. Unlesc I.ender and Bormwer otherwi~e agree in a riting. an~~ such application of proceeds to principal shall not extend or pcxtpone the due date of the monthly installmcnts rcfcrrcd to in pa~agraphs 1 and 2 hereof or change ihe amount of ~~ch iostallments. l0. Borrower Not Released. F.xtension of the time far pa~ment or modification of amortization of the sums ucured by this Mongage granted by t.ender to any succecsex in interc~t af Borrower shall not operare to rclease, in any manner. the liability a! the original Borrower and Bc?rrowrr'c successors in interest. l.ender shall not I~e required to commence proceedings against u~ch successar or refuce to extend time for payment or otherv?~ise modify amortization of the sums sc~:urecl hy thic Mortgage by rcason of any demand madr b~~ the orieinal Borrower and Borrowers successors in interest. I1. Forbearance hy I.ender Not a Wai~•e~. Any f~rhearance hy I_ender in exercising any right or remedy hereunder, or atherwise afiorded by applicable law, shall not he a waiver oi 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 I.ender shall not be a waiver of Lender s right t~~ aceelerate the maturity of the indebtednecc secured h~ thic Mortgage. 12. Remedks CamulaNve. All remedies provided in this Martgage are distinct and cumulative to any other right or remedy under this Mortgagc or afiorded hy law or equity, and may bc cxerciscd concurrcntly, independently or successively. 13. Soccessors and AssiRns Bonnd: Joint and Se~•eral i.iaM'litp: Captions. "Il~e covenants and agreements herein contained ~hall bind, and the riRhts hercunder shall inure to. the rc~pective succes~cors and acsigns of l.ender and Borrower, - subject to the provisions of paragraph 17 hereof. All rnvcnants and agreementc of Bormwer shall be joint and several. 'l~e captions and headings of the paragraphs of thic I~torlgage are for convenience only and are not to be used to , interpret or define the provisions hcreof. 14. Notiee. Except for any notice reyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Martgage ahall be given by mailing cuch notice by certified mail addressed ta Borrower at the Property Address or at such other addrecs as Borro~~er ma}• desig~~ate by notice to I.ender as provided herein, and (ti) any notice to I_ender shall be given by certified mail, retum receipt requested. to l.ender s address stated herein or to such other addr~ess as I_ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to havc becn given to Bormwcr or Lcnder when given in the manner designated herein. 15. Uniform Mortga~e: Governin~ iaw; SeveraM'lifv. This form of mortgage combines uniform covenants for nationa) use and rn.n-uniform covenants with limited variatians hy juriuliction to constitute a uniform security instrument eovering real property. This Mortgage shal) be governed hy the law of the jurisdiction in which the Property is located. In the event ~hat an} provision or clause of thic 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 pmvisions of the Mortgage and the tiote are dcclared to he severable_ 16. Borrovrer's Copy. Borrower shall be furnished a contormed copy of the Note and of this Mortgage at the time ~ of execution or after recordation herrnf. ~ 17. Traasfer of t6e Property: Assumption. Tf all or any part of the Property or an interest therein ic sold or transferred ! Ey Borrower without I.ender's prior written consent, excloding (al the cn;ation of a lien or encumbrance subordinate to E this Mortgage, (b) the crealion of a purchase money security interest for household appliances. (c) a transfer by devise, ~ descent or by aperation of law upon the cleath of a joint tcnant or W? the grant of any Ieasehold interest of three years or-less ~ nut containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by ihis Mortgage to be ~ immediately due and payable. Lender shalt have waived such option to accelerate if, prior to the sale or transfer. [.ender ~ and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such perso.n ~ ic satisfactory to Lender and that the interest payable on tfie sums secured by this Mortgage shall be at such rate as Lender ; chall request_ If I_ender has waived the optian to accelerate provided in this paragraph 17. and if Borrower s successor in ~ ~ mterest hac exec~ted a written assumption agreement accepted in writing by I.enJer, [_encier shall release Borrower from ail .'~]igatians uncler this Mortgage and the Note. ' ' If I_ender exercises such option to accelerate, I.enJer chall mail Borrower notice of acceleration in accordance with € aragraph 14 hereof_ Such notice shall provide a pericxl of not less than 30 days from the date ihe notice is mailed within ~ hi -h Borrower may pay the sums declared doe. If Borrower fails to pay such sums prior to the expiration of such period, ,~•.l~r may, without further notice or ciemand on t3orrower, invoke any remedies permitted by paragraph 18 hereof. F ~ Norr-UN~FOR~t CovErv~x'rs. ~3orrower and 1_ender funher covenant and agree as follows= ~ 18. Acceleratlon; Reneedies. Except as provided ia para~raph 1'7 hereof, apoe Eorrower'a breacb of aey rnveaaet or ~ agreement of Borrower ~ this Mat;a6e, includin~ the covenants to pay when dee any soa~s secured by t~ Mort~a~e, Leader < prior to accekratioo shaD msil notice to Borrower as providcd in p'rag~ 14 bereof specN~: (1) tbe b~eacb; (2) t6e action = required to care soc6 breac6; (3) a d~e, not ksa than 30 days from tbe date the notice b mailed to Eorrower, b~ wMicL snci~ ~ breach most be cared; aod (4) t6at failnre to cnre snch breac6 00 or before /6e date speci6ed i~ tlie oofke may *ewlt in ~ accde~atioo ot the soms secrred by thta Martgsge. foreclosure by judicial proccedios aod sale of t6e Property. 'ILe ootice shall furt6er iaform Borrower of t6e rig~ to rei~te after sccekratioa aad tbe ri~6t lo ~ert i~ tbe for~elowre proeeedi~ ~ We non-e~tenct o[ s defsnlt or ~y otber defe~e of Borrower to accekrstioa and foreciowre. If t6e bresca k eot cmed oa ~ or before tbe date specf6ed in t6e ootiee. Leader at Lcode~s optioo assy dcclare a~ d tbe sams ~ecared by t6is Mort~e to be ~ immediatdy dne aod p~yabk wit6out forther demand and may foreclose ti~is Mo~a6e b7 judicW p~oe~. Le~der a6aY ~ be eotitkd to co0ect in s~cY prnceedia~ aB e:penses of foreclosnre, includioa, bot sot iimite~ t0. rea~osaWe sttone~'s fea, _ ~ aod costs of docomeohq e~idcuce, a6stracts and tjtle reporb. 19. Eorrowe~'s Ri~bt !o Rei~tate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proccedings begun by Lender to enforce this Mortgage~~$~sCOntinued at any time ~ t P~ ~ ~ f~~~ ~ ~ 387 ~ a jx _ _ . . _ . . " . ~ ' J :~~~i~-r'. , z':.~, .r. . -~,t a~~ -~C„:..> ~ ,c~ a~~~" ~ ~z , r _ . ~ .