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HomeMy WebLinkAbout0216 ' ~ ' y,~;~, <~rs. ~ .4~~.~ r'. "r~t~ y ry;.~~si~ .y;e-,. . , . . .:,r'.':~:',~~~;r~ _ . t; Lender's writ~en agrccment or applicabk law. Borrowe~ :hall p~y thc amount of ali mortgage insurancc prcmiums in the manoer provid~d unde~ parag~aph 2 hereof. ~ Any amou~~ts disbursed by I.ende~ pursuant to this par.g~aph wi~h intetest ~hereon. shall become additional inJebtedness of Borrowe~ saured by this Mongagc. Unless Borrower a~d Lenckr agrec to other ternns of paymei~t, such ama~nts ahall be payable upon r~c?lice tmm Lender to Bo~~ower rea~uesting payment the~eof. a~d shall txa~ interest from the date of disburseme~t at ihe ratc payabk from time to timc on ailstanding principat under the Noto unkss payment of interest at such rate would be contnry to applicable law, in v?hich event such amou~~ts shsll bear interest at the highat rate ~ permias~'bk uoder applicabk law. Nothing contai~ed in this paragraph 7 shall require Le~du to incur any expense or take any aMan henundc~, a. TaspecHon. Lender may make or cause to be made reasooable entries upo~ and inapections oF the Propehy. provided that IJeoder shsll give Borrovrer no~ic~e prior to any such inspection specifying reasonabk cause therefor related to Lender's interest in the Praperty. . 9. Coademastion. The proceeds of any award or claim for damaga, direct o~ consequential. in rnnnection with any - condemnation or other taking of the Propeny. or paN thereof. or for ca?veyance in lieu of condemna~ion, an heaby assigned and shall be paid to I.e~der. - In the cvent af a tolal taking of thc Prope~ty. the proceeds shall be applied to the sums securcd by ihis rto~tg3gc. ahth the cxccss. if any, paid to Borrower. in thc cveot af a partial taking of_ the Property. imlcss Borrowcr and I.endcr otherwise agree i~ writi~g, therc shall be applied to the sums secured by this Mortgage such Rroportion of the proceeds u is equal to that proponion which the amount of the sums secured by this Mortgage immediatety prior to the date of tak~ng bean to ih~ fair market value of thc Propc~ty immediately prior to the date of laking, with the balance of ihe proceeds paid to Borrower. . if the Propehy is abandoned by Borrovircr. or if, atter notice by Lender to BoROwer that the condemnor offers to make - an award or settk a claim for damaga, Borrower fails to rapond to Lender within 30 days aRer the date such notice is maikd, I.enck~ is authoriud to colkct_a~d apply the proceeds, at Lender's option, eithe~ to restoration or repair of the Property or to the sums secured by this MoNgage. Unkss Lender and Borrow^e~ oiherwise agrce in w~iting, any such application ot proceeds to principal shall not extend or postpone the due date of the monthly installments referned to in parag~aphs 1 and 2 hereof or change the amount of SUC~f IflS~A~~D'Itpli. , 10. Borrower Not Reksse~. Extension of the time for payment or modi8cation of amortization of the sums securcd ' by ihis Mortgage grahted by Lender to a~y successor in int~rest of Bomower shall not operate to rekast. in any manner. . the liability of tha original Bonower and Bomower's successon in interest. Lender shall not be required to_ commence pnoceed'mgs agair~st such succassor or refuse to eztend time for psymeot or otherwise modify amortization of the sums - secured by this Mortgage by reason of any demand made by the or:ginal Borrower and Borrower's successors in intercst. - 1~• Forbaraace by i.Mder A'ot s WJrer.. /1ny forbearance by Lender in exercising any right or nmedy hercunde~, or otherwise atforded by applicabk law. shall not be a waiver of or precl~ the exercix of any such right or remedy. 77~e procurcmeet of iasurance or the payment of taxes or other liens or charges by Lendtr shall not be a.eaiver of Lender's right.to aaekrate the maturity of the indebtedness ucurcd hy this Mortgage. l2. Rea~edies Ctimulstina All remedies provided in this Mortgage arc distinct and cnmulaTive to any other right or remedy iu~der this Mortgage or aiforded by law or equity, and may be eaercesed concnrnently, independently or successivciy. - 13. Snccessors aud Assigns Bound; Joiat aad Se~eral i.iabi~ly; Cspttons. 'llie covenants and agreements herein contained shall bind, and the rights hereunder shall im~re to, the rcspective successors and assigns of Ltnder and Borrowtr, subject to the provisions of paragraph 17 hercof. All covenants and agrcements of Borrower shall be joint and several. 'Il~e captions and headings of the paragraphs of this Mortgage are for copvenience only and a~ not to be used to i~terpret oc defioe the pmvisions hereof. . 10. Notka Exetpt for any notice required uader applieable law to be given in another manner. (a) any ~otice to Borrower provided for io this Mortgage shall be given by mailing such notice by certified mail add~essed to Borrower at the Property Address ar at such dher address as Borrower may designate by notice to i~nder as provided herein, and (b) any notice to Lender shatl be given by certitied mail. return r&~eipt requested, to t.ende~s address stated herein or to - , such other address as Lender may designate by rxitice to ~ Borrawer as provided herein. Any notice provided for in this Mongage shap be deemed to have been given to Borrowe~ or Lender when given in the manner designated herein. 1S. UnKorm MortgaSe; GorerninR La~.; Severaln'lity. This form of mortgage combines uniform covenanis for-natianal use and non-uniform covenanls v?~th limite~i variations by jurisdiction to constitute a uniform security instrument covering nal r ri . Thi p ope y s Mortgage shall be governed by the law of the jurisdiction in which ihe Pro rt is located. 1n the Pe Y event ~hat any provision or clause of this Morlgage oT the Note conflicts with applicable law, such con8ict shall not affect other provisia~s of this Mortgage or the Note which can be given effect witho~~t the conflicting provision. and to this ~ C. - end the provisions of the Mortgage and the Note are declared to be severaWe. 16. Bon+ower's Copy. Borruwer shall be furnished a conformed copy of thc Note and of this Mortgage at tha time of execution or after rocordation hereof. t - 17. Traaafer ef the Pro@ertr; Assumpljon. If all or any part of the Property or an interest ihcrein is sold or transferred by Borrower without Leader's prior written conunt, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) tht crcation of a purchase money security intercst for household appliances, (e) a lransfer by devise. descent or by operation of law upon the death of a joint tenant oT (c~ the grant of any leasehold intercst of three yean or less not containing an option to purchase~ [xnder may, at Lender s option. declare atl the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerateif~ prior to the sate or transfer, Lender and the person to whom the Property is to be sold or transtcrned reach agreement in writing that the credit of such person is satisfactory to I.ender aad that the inte~est payable on the sums secured by this Mortgage shall be at such rate as Lender shall ntq~est, if Lender has waived the option to accelerate provided in this paragraph 'l7. and if Borrower's suecessor in interest hu executed a written assump~ion agrcement accepted in writing by Lender. Lender shall release Bonower from all obligations under this Mortgage and the Note. - - If Lender exercises such option to accelerate. ~ender shall mail Borrower notice of acceleration in accordance a•ith paragnph 14 hercof. Such notice shal! provide a period of net Icssihan 30 days from the date thc notice is mailed within which Borrower may pay the sums declared due. If Borcow•er fails to pay such sums pridr to the expiration o( such period. Lende~ may, without furthor notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. . Nox-UN~FOa~t CovetvetvTS. Borrower and~Lender further covenant and agrce as follows: , 18. Accekntioa; Remedies. Except as provided in paragraph 17 hereof, upon Borrovrer's breac6 of any co~•enant or ag~eemeet of Borrower in t6is Mortgage. includir~ the co.-enants to pay when dne any mms secdred 6y this Mortgage, Lerider prior to aceekralion shall mail aotice to Borrovrer at procided in paragraph 14 hereof specifying: (1) the brwch; (2) the aNion required to cnre wch breacb; (3) a date, not tess than 30 da~s fmro the date t6e not[ce is mailed to Bormvver, by v~hich such breach must 6e cured; and (4) Ihat fsalure fo curc snch breach on or 6efon the date speci6ed in the notke may result in -acctlerafion oE t6e wms secnred by tbis 1?iortgsge, foreclosure by judlcial pmceediog and sale of the Property. 'I'he notice shplt iurthe~ intorm Borro.+er ot'the right to ninstate after accelerntion and the right to assert in the foreclosure proceedinR the non-e:islence of A defanlt or any older defense of Borrower to accekntion aad forcclosnre. If Ihe breach is aot enred on or 6efore the date specified in the notice. Lender at Lender's oplion may declare all of the sums ucured by this Moetgage to be immediately due snd payable witlwnt fnrtber demand and may toreclose this 1liorlgage by judicipl proceediag. Lender shall 6e entitkd to cotlect in such procecding all e:penses of (oreclosure, including. but not limiled to, reswnable attorney's fees. •nd costs of docnmentary e~idertce, abstracts and litle reports. 19. Bormvrer's Rjght to Reiastsft. Notwithstanding L-ender s acceleration o[ the sums <ecured by lhis ~+longage, Borrower shall have the right to have any proceedings hegun hy Lender to enforce this Mortgage discontinuod at any time gooK2~2 F~ 2~5 _ _ ,r ~ _ . _ - -