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HomeMy WebLinkAbout0426 . d l.ender's written agrcement or applicablc law. Bo~~ower shall pay the amuunt of all mahgagc insurance pre~niums in the manner pravided under parag~aph 2 hereof: A~y amounts disburx~d by t.ender pursuant to this paragraph 7, with intec+est thereon, shail bccomc additional indebted~ess af Barrower securcd by this Mortgage. Unless Ba~row•er and l.ender agrce to other iernns of payment, such a~nounts shall be payabk upan noticc from l.cnder to Bormwc~ requesting payment thcrec~f, and shall bear interest from ihe date of d'ubursement at the rate payablc frAm time to time on o?~tstanding principal under the Note unless payment of interest at such rate would be contrary t~~ applicable laa•, in N~hich event such amounts shall bear intee~+est at thc highest rate pcrmissible undec applicabk law. Nothing containcd ie this paragraph 7 shall requirc I_ender to incur any expense or take ~ any action hereunder. 8• inspectbp. I.cnde~ may make or cause to be made reasonable entrics upon and inspections of the Property, provided that Lende~ shall give Borrower notice prior to any such iospection specifying reasonable cause therefor related to Lender's irtterest in the Property. 9. Coadem~wdoa. The procecds of any award ~r claim for damages, direct or consequential, in connoction with any condemnation or othe~ taking of ihe Property, or part thereof, or for conveyance in lieu of candem~ation, are hereby assigned and shall be paid to I_ender. in the eveoi of a total taking of the Pmperty. the proceeds shall be applied to the sums securod by this F[ortgage, with the e!ccess. if any, paid to Borrawe~. in the event of a partial Iaking of thc Property, unle.a Barrower and L.ender otherwise agree in writing, there shall be applied to the sums secured by this Mongage such proportion of the procoeds as is equal to that propartion which the amount of the sums secured by this Mortgage immediately prior to ihe date of taking bears tu thc fair market value of the Property immediatcly priar to the date of taking, with the balance of the procceds paid to Bormwer. If the Property is abandoned by Borrower, or if. after notice by I.ender to Born?wer that the condemnor offers to make an award or settle a claim for damages, 8orrower fails to respt~~d to l.ender within ;0 days after the date such notice is mailed. Lender is authorized to collect and apply ~he proceeds, at l.~nder s option, either to restoration or repair of the Property or to the sums sccured hy this Mongage. Unless ~ender and Borrow~er otherwise agree in writing. any such ~p~ficalion~of proceeds to principa! shal! not extend or postpone the due date of the monthly installmcnts refcrrnd ta in paragraphs 1 and 2 hen~c?f or change the amount of sucfi installments. 10. Bomower Not Released. Extension of the time for payment or mcxlification of amortization of the sums secured by this Mortgage granted by [_ender to any successor in interest of Borrawe~ shall not operate to release. in any manner. the liability of the original Borrower and 13orrower s successon ;n interest. I.ender shall not be required to commence proceedings against such successor or refuse-to extend time for paym~nt or othen~vise modify amortization of the sums secured by this Mortgage by reason of any demand made b}• the original Bormwer and Borrower s successc~rs in interest. ll. Forbear~nce by Ixnder h'ot a Wai~•er. An~• forheara~ce by I.ender in~exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exe~cise of any such right o~ remedy. The procurement of i~surance or the payment of taxes or other liens or charges by t.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedies CaaulaH~e. Aii remedies provided in this Mortgage ar~e distinct and cumulative to any ather right"or remedy under this Mortgage or afforded hy law or equity. and may bc exercised c~ncurrently. independently or successively. 13. Snccessors aad Assigns Bound; Joint and Se~•eral i.iability; Captlo~. 'Il~e covenants and agreements herein contained shall bind, and the rights hercunder shatl inure to, the re~pective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All cavenants and agreemenis of Borrov?er shaU be joint and several. The captions and heaJings of the paragraphs of this Mongage are for convcnience only and ar+e not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under appticable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at sach other address as Borro~.~er may designate by noiice to i.ender as provided herein, and (h) any notice to Lender shall be given by certified mail, retum receipt reques!ed. to i.ender's address stated herein or to such other address as Lender may designate b}• notice to Borrower as provided het+ein. Any notice prnvided for in this Mortgage shafl be deemed to have been given to Borrow•er or l~ender when given in the manner designated herein. 15. Uniform MoNgage; Governin~ iaw; SeveraM7ity. Thi~ form of mortgage combines uniform cavenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed hy the !aw• of the jurisdiction in which ihe Property is located. In the event that any provisiort or clause of this Mortgago or the Note conflicts w•ith applicable law, such conflict shall not affect other provisions of this Mortgage or the Note vrhich can be given efTect without the conflictiog provision, and to this end the provisions of the Mortgage and the Note are declared to he severable. 16. Borrower's Copy. Borrower shalt be furnished a confomied copy of ihe Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tran~fer of t6c Propertv; Assumption. If all or an}• part of thc Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excli~ding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) ihe creation of a purchase mone~• securits intcrest for houschold appliances, (c) a transfer by devise, ~ descent or by operation of law upon the death of a joint tenant ar (dl the grant of any leacehold interest of three years or less ~ not containing an option to purchaze. Lender may. at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have K~aived such option to accelerate if. prior to the saie or transfer. Lender ; and the person to whom the Property is to be sold or transferrcd reach agreement in writing that the credit of such person ~ is satisfactory to Lender and that ihe interest pa~~able on the sums secured by this Mortgage shall be at such rate as Lender + shali request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by Lencler, Lender shall release Borrower from all ~ obiigations under this Mortgage and the Note. ; If Lender exercises such option to accelerate. I_ender shall mail Borrow~er notice of acceleration in accordance with paragraph 14 hereof. Such notice chall provide a periocl of not less than 30 days from the date the notice is mailed within s which Borrower may pay the sums declared due. If Borrow~er faits to pay such sums prior to the expiration ~f such period, i Lender may, without further notice or demand on Borrow•er, invoke an~• remedies permitted by paragraph 1 S hereof. ; NoN-UNiFOet~t CovEnr~rrrs. Borrower and Lender further covenant and agree as follows: - 18. Accekr~oa; Remedks. Except as provided in pa~;raph 19 hereof, npon Borrower's brraach of any coreaaot or ~ agrcemeut ot Borrower in thLs Mortgage, inclodinq~ the co~enants to psv wben dne any soms secured by thk Mort~s=e, Let?det # prior !o sccekntioa s6ait mall notice to Borrower as provided io pxragraph 14 hereof specifying: (1) the breac6; (2) the ~ction requlred to core snc6 brescb; (3) a date, not less t6an 30 days from tbe date the ootice is mailed to Borrower, by whk6 sech breach moat be cnred; aad (4) that faUure to cnre snch breach on or 6efor~e the dste speci6ed in tbe aotice may resnh ia siccderatbn of tbe snms secnrcd by this Mortgage, foerclowre by jndlctal proceedin~ nnd sale of the Property. 'l~e notice shall fnrtber infono Borrower of the rigM to rci~tate after sccekrntion s~ad t6e riLht, to a~ert ia t6e forecbwre proc~edi~ the noo-e:isteuce of s~ defank or aay other defense of Borrower to accekration and Eoreclosn~+e. If the breach is nM cered oa or before t6e date spect6ed in tbe aotice, Lender s~f Lender's option may decfu+e ap of t6e sams sect~r~ed by thb Mort~e b be immedtatdy de~e ~nd payaWe witbout fwiber demaad and may forrclose N~ Mortsage by judjcid procsedin=. Lendu shaN be eatitled to collect ie soc6 proceediu~ all e~euses ot foreclosure, inclndiu~, but aot limited to, reasonabk ~toreey's tees, and cosb of docnmeatary evidence, abstracts aed title reports. 19. Bornower's Ria6t to. R~e. Notwithstanding Lender s acceleration of the sums secur~ed by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinaod at any time r 1 248 ~CE ? ~ r: < - ~~+~~:~r~~~zs.:,~~-x ~ . _ _ . r~~~z~~~ X .