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HomeMy WebLinkAbout0180 , . y~, . . ;:;~t. -r .-z`..M .r ' ,arY. • . . ~ . 7 Lendt~'a writtea agrecmeot o~ applicablo law. Borrower :hall pay thc amount ot all moNgagc insurance premiums in thc i manc~e~ provided unde~ par~~nph 2 hercot. ~ Any amounts disburud by l.endc~ pu~su~nt to this parsg~aph 7, with intemst the~wn. shall becomc addiiia~Al inciebtedness of Borrower secured by ~his Mongagc. U~less Borrow~r and. Cender agrec to othcr ternns ot paymeM, such ama~nts shall be payabk upon notice fmm [.e~der to Borrowe~ requestiog paymenl thereof. ~nd shall bear iMerat f~om ihc datc of dicbursemeM at the rate payabk trom time to timc on aitstaodina principal under. the Note unkis psyment oE interest at such nte would be coMnry to applicabk law, in which event such amounts shall bear interat at the highat rate petmissibk under spplicabk law. Nothing co~tained in this paragnph 7 shaQ roquire Lender to incur any expense or take aey action hereunde~. _ 8. I~speNioa. Lender may makc or ca~ae to be made nuonable entries upon and inspections of thc Prope~ty. provided that Le~de~ shall give Borrovrernatice prio~ to any such inspection specifying reasonable cause therefor nlated to Lende~'s ; interest in the Froperty. • ~ ~ 9 Coademaatioa The proce~ds of any award o~ claim~ to~ damaga. direct or conseqoential. in connection with,any condem~atan or other taking of the Property, ur paM thsrcof. or tor cooveyance in lieu of condemnatioo, are hereby assigoed aod sh~tl be paid to Lende~. ~ In tho event af a total taking of the Pr+openy. tik proceeds shall bc applied ro thc aums sccurcd by this Mo~tgage. with the ezcess. ii any, paid to Bc+rrower. Io the cvent o~ a panial taking ot ihe Property. unless Borrowe~ aod ~.endcr otherwise agrae io wriling. tl~ere shall be applied to the sums secured by this Mortgagc such proportiotn of ihe proceeds as is equal to that proponion which ihe amount of the s~tms secured by this MoMgagc immediately prior to the date of taking bears to the fair market valu~ of the Prope~ty immediately prior to the date of ~aking, with the balance of the proceeds paid to Borrow~er. - ~ If the Properry u abaodoned by Borrower, o~ if, afte~ notice by Leoder to Borrower that the condemnor otiers to make an award o~ settk a claim fo~ damages. Borrower fails to rapond to Leoder within 30 days after the date such notice is maikd. Lender is authoriud to colkct and apply the proceeds, at Lender's option. either to ratoration or npair of the Propeny or to the sums secured by this Mortgage. - Unlas Le~der and Borrowe~ Wherwise agrce in writing, any such application of pTOCeeds to principal shall not extend or~ po~tpone the due da~e of the monthly installments nferned to in pa~agraphs 1 and 2 hereof or change the amouot of such instdlrnmts. - 10. Hon+ower Not Relessed. Enttnsion of the time for payment or moditication of amohization of the wms secured by this Mortgage ganted by Ler~kr to sny succ~essor in intercst of Borrower shall not operate to rekase.-in any manner. ihe lia6ility of the original Borrower and Barrowtr's successon in interest. Lender shall not be requircd to comm~nce proccedings against such suacessor or refuse to exteod time for payment o~ othenvise modifp amortization of the sums secured by this Mortgage by reasori-of any demand made by the or.ginal Bortnwer and Borrowe~s successors in interest, t ]1. Forbeanmce by i.emter Not ~ Wairer. Any forbearaoce bv Lender in exercisina any right or remedy henunder. or ~ othe~wise afforded by applicabk law. shall not be a waiver of or preclnd! the exercise of any such right or remedy. 7'he procurcment of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to ~cekrate the maturity of the indebtedness secured hy this Mortgage. ~2. Rea~edks Cmm~lstha All nmedies provided in this Mortgage are distioct and cnmulative to any other right or r~medy u~der this Mortgagc or at[oakd hy law or equity, and may ix ea~ercised concurrently. independently or successively. - 13. Srecesson and Asd~ns Eouwd; Joiat u~d Sereral i.iability; Gptbas. The co~?enants a~ agreementt hercin _ contained sha11 bind. and the ri~hts hereunder shall inurc to. the respective sucoessots and assigos of Lender and Borrow~er. subjest to 1he provisions of paragnph 1~ hercof. All covenants and agrcements of Borrower shall be joint and several. The captions and headings of the pangraphs of this Mortgage are for convenience only aod are not to be used to interpret os deline the provisans hereof. ' ~ 14. Notica Except for any notice required .u~der applicabk law to be given in another manner. (a) any nofice to Borrower pmvided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property~Addrcst or at such other add~ess as Borrower may designate by notice to Lender as pmvided herein. and {b) any notice to Lender sha11 be given by certified mail, retum rcceipt rcquested. to i.ende~'s addras stated htrein or to- such other addtess as Lender may designate by not~ce to Borrower as provided hercin. Any notice providtd for in this Mortgage shatl be deemed to have been given to Borrower or Lender vvhen given in ihe manoer designated herein. i • 2S. UaUortn Mortga~e; Gorernia~ Law; Severabiltty. This form of mortgage combines uniform cove~ants fo~ national use and non-unitorm eovenants with limited variations by jurisdiction to constitute a uniform stcurity instrumcnt covering ' real property. This Mortgage shall be governed by the law of the jurisdiction in which tha Property is locatcd. In the event that any provi:ion or clause of this Mortgage or the Note rnnflicts with applicable law. such conflict shal) not at[ect - othtr provisions of. this Mortgage or the Note which can be given effect wilhout the conflicting proeision. and to .this end the provisions. oE the Mortgage and the Alote are declarcd to be severabla 16. Boero~re~'s Copy. Borrowcr shall be furnished a con[ormod copy of the Note and of this Morigage at ihe time of execution or att~r recordation trcreof. ~ 17. Transfer of tl~e Property; A~snmpiioa. If all or any part of the Property or an interat therein u sotd or transfened by Borrow~er without Le~der's prior written consent. excluding (a) the creation of a lien or encumbrance subQrdinate to this Mortgage. (b) the c~+eation of a purchase money security interat for household appliancss. (c) a transfer by devise. ~ descent or by operation of laMr upon the death of a joint tenant ar (d) the grant of any leasehotd interat of three years or las nat containing an option to purchase. Lender may, at L.ender's option. declarc all the sum.s securcd by ihis Mortgage_to be ~ immediately due and payable. Lender shali have waived such option to accekrate if, prior.to the sale or transfer. Lender ~ and ihe person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~ is satisfactory to Lender and tfiat the interest payabk on the sums secured by this Mortgage shall be at auch rate as Lender shall reqtust. If i.endtr hu waived the option to accelerate provided in this paragraph 17. and if Borrower's succeswr in interat has executed a written assumption agree~nent accepted in writing bg Lender, Lender shall rckase Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercixs such option to accelerate. Lender shall mail Borrower notiee of accekratfon in accordance ~~~ith paragraph 14 hereof. Such notice shall provide a periocl nf not less than 30~days from the date the notice is mailed within v?hich Borrower may pay the sums declared due. If Bor~ow~er fails to pay uich sums prior to the expiration of such period, i.ender may, without further notice or demand on Borrowc~, invoke any remedies permittecl by paragraph 18 hereof. NoK•UxtFOx*~ CovExetaTS_ Borrower a~d Lender further covenant and agrce as follows: 18. Accelentioa; Remedia. Except ~ pra~~ided in pa~raph 17 hercof, upon Borrovrer's breac6 of any coreaant or agcee~nent of BorroKer in tbis ?ltortgsige, includjng tbe carenants to pay vrhen due any snms secdred 6y thk Mortgage, Lender prior to aecekration shall ~uail nolice to Borroaer as provided in psra~rnph 14 hereof specii~iu~: (1) the breach; (2) tbe action required to cure snch b~ch; (3) a date, not less than 30 dnys from the dste the aotice b w~aikd to Borrower, by whkh" such baach must be cnad; and (4) t6at failnre to cure such breach oa or before the date spec~ed in the notice may result In sceeleratjoa of Ihe sums sec~red by this Mortgage, foreciowre by judtcia! pmceeding and ssk ot the Pmperty. The notice. shaU forlher iAtorm Bormrrer of tbe ri~ht to reinsfate after accekration aad tl~e right to auert in the foreclosure proceedia~ the aan-exkteace of A default or any ofher deferKe of Borrower to i+rcekration and forecbwre. tt the bnach is not cured on or befon the date specI6ed ia the notke, Leader at i.eader's option may dectare all of tbe surns secured by this Mortgage to be immcd'wtely dne aad payaMe ~ritbout iurl6er demand and msy forectose thit Mort~age by judicial proceeding. I.ender shall be entitkd to colkct ia such procerding aq expenses of toreclosure. iacfuding. but aot limifed to, ieasonable attorney's fees. and costs ot documentary evidcnee, abstracts aad title repurts. • ' 19. Borrorrer's Ri~ht to Reinstate. Notwithstanding Lender s acceleration o! the syfns securcd by ihis I?tortgage. ~ Borrower shall have the right to have any prceeedings hegun by I_ender to enforce this Mortg~iis~ontinued at any timc bo~ac ~2 PAGf . . _ _ ~ . ~ _ - ~ - -