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HomeMy WebLinkAbout0815 agreement or applicable law. aotrowe~ shall pay the unount o[ all mo~tgage inwrance premiums in the manner provided under pangraph Y hereof. Any amounu disbursed by Lender pursuant to this paragrdph 7, with interat thereon, shalt become additional in- ctebtedness o[ Borrower securecl by this Atortgage. Unless Borrower and l.ender a~ee to ocher terms o[ payment. wth amounts shall be payable upon notice trom l.cnder to Borrowet requesting paymcnt thereo(. and shaU bear interest from the datc o[ disbutsement at the rate payable (rom time to time on ouutanding principal under the Note unless payment o[ interest at such nte would be contrary to applicable law. in which eve~t such amounts shall bear interest at the highat ratc permissible under applicablc law. Nothing contained in this paragraph 7 shall require l.cnder to .incur any expenx or take any action henunder. 8. Iwpettiou. I.ender may make or cause to be made reasoaable entries upon and inspections ot the Property. pta vided that Lender shall givc Borrower notice prior to any such inspection specitying reasonable cause the~efor related to l.endcr's interest in the Property. 9. Gor~demnatioa. The proce~ds ot a~y award or daim [or damages, direct or rnnsequential, i~ connection with any condemnation or other taking of the Property. or part thereof. or tor conveyance in lieu ot condemnation, are hereby as- signed and shall be paid to Lender. ln chc evcnt o[ a toal taking o[ che Property, the proceeds shall be applied to the sums secured by this 1ltongaqe. with the excess. if any. paid to Borrower. In the e~~ent of a partial taking ot the Property. unless Borrower and I.ender othetwise agree in writing, then shall be applied to the sums secvrtd by this ~tortgage suth proportion o[ the praeeds as is equal to that proportion which the amount of the sums secured by this il~ortgage immediately prior to the date of taking bears to the fair market value ot the Property immediately prior to the date oE taking, with the balance ot the pro- ceeds paid to Borrowet. • , IE the Property is abandoned by Borrower. or iE. a[ter notice by Lender to Borrower that the rnndemnor o[Een to make an awud or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender s option, either to restoration or repair oE the Property or to the sums secured by this Mortgage. Unless Lender and Borrower othetwise agree in writing. any wch application of proceeds to principal shall not extend or postpone the due date oE tht monchly installme~ts reterred to in paragnphs 1 and 2 hereo[ or change the amount of such installments. - 10. aorrowee Not Released. Extension ot the time for payment or modiEication of amortiration of the sums secured b3 thic ~iortgage gtanted by Lender to any successor in interest oE Botrower shall not operate to release, in any manner. the liahility ot the original Borrower and Borrower s successors in interest. Lendet shall not be required to commente proceedings against such successor or reEuse to exeend time for payment or aeherwise modify amortizacion of the sums se- cured br this Mortgap,e by reason of any demand made by the original Borrowet 'and Borrower's successors in interest. 11. Forbeannce b~ Lenda Not a Waiver. Any forbearance by I.ender in exercising any tight or mmedr hereunder. or otherwise aftotded by applicable law, shall not be a waiver o( or predude the exercise o( any such right or remedy. 'The procuremer.t of insurance or the payme~t o[ taxes or othet liens or charges by Lender shall not be a wai~•er of I.endet's right to accelerate the maturity oE the indebtedness secured bv this Mortgage. 12. Remedia Cumulative. All remedies provided in this Mortqage are distinct and cumulati~~e to any other rigl?t or remedy under this Atortgage or aEforded by law or equity, and may be exercised rnncurrently, independently or successively. 13. Successors and A~igns Bouad; Joint and Several Liability: Captions. 'The co~~enants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respecti~e success~rs and assigns of Lendet and Borrower. subject to the provisions of paragraph 17 hereof. All covenanu and agreements o[ Borrower shall be joint and several. The captions and headings of the paragraphs of this 1ltongage are tor convenience only and are not to be used to interpret or define the provisions hereof. I4. Noticr. Except Eor any notice required under applicable law to be given in another manner, (a) any notice to Botrower pro~•ided [or in this \tortgage shall be given by mailing such notice by certitied mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender u pro~•ided herein, and (b) any notice to Lender shall be given by cereified mail, return receipt requested, to Lender's address staeed herein or to such ! other address as I.ender may designate by notice to $orrowrer as provided herein. Any notice provided for in this Mongage ~ shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. y 15. Uniform Mortgige; Goveruing Iaw; Serenbility. This (orm of mortgage combines unitorm covenants for na- ~ tional use and non-uniEorm m~enants with limited ~ariations by jurisdiction to constitute a unitorm security instrument ~ cocering real property. This 1liortgage shaq be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause o[ this ~iortgage or the Note conElicu rcith applicable law, such contlict shall not ~ aF(ect other pro~isions oE this Afortqage or the Note which can be given e[fect wi[hout the conflicting prorision, and to • this end the pro~•isions of the ~fortgage and the Note are declared to be se~erable. - 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the t~ote and ot this ~iortqage at the time ~ of execution or after recordation hereof. ~ 17. Trander oE the Pt+operty; Ass~mption. If all or any part of the Property or an interest thercin is sold or trans fened by Borrower withouc Lender s prior writtem m~sent, excluding (a) ehe creation of a lien or encumbrance subordinate to this ~tortgage, (b) the creation ot a purchase money security interest for household appliances. (c) a transter by de~~ise, descent or by operation ot law upon the death ot a joint tenant or (d) the qrant of an} leasehold interest of three years or less not containing an option to purchase. L.ender may, at Lender's option, declare all the sums secured by this 1lortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior to the sale or trans[er. Lendtr and the penon to whom the Property is to be sold or ttans[erred reach agreement in writing that the credit o[ such person 's. is satisfactory to I.ender and that the interest payable on the sums secured bp this :ltortgaqe shall be at such rate as I.ender shall request. If Lendet has waived tht option to accelenu provided in this paragraph 17, and if Borrower s successor in interest has executed a written assumption agteement accepted in writing by Lender. Lender shall release Borrower from all obligations under this ~tortgage and the I~ote. IE Lender exercises such option to accelerate, Lender shall mail Borrower notice oE acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days trom the date the notice is mailed within ~ 4~ which Bortower may pay the sums declared due. If Borrower (ails to pay such sums prior to the expiration of such period. ~ I.ender may, without futther notice or demand on Borrower, im•oke any remedies permitted by paragraph 18 hereof. ~ NON-UNIFORN Cov~vwiv~rs. Borrower and Lender funher covenant and agree as [ollows: ~ ~ 18. Accderation; Remedia. Faccept at pm~ ided in pangnph 17 hereof, vpon Borrowet's brcath of anp mvenant or , ~ agrern~ent of BomoMrer in this Mor~gige, including the corenants to pa~ whm due anr sums secured by this Mortgage, ~ ~ Ltnder prior to accdention sfiall mail notice to Borrower as provided in paragnph 1~ hereo[ speci[ring: (1) the breach; 1 the action required to cure such breach; (3) a date, not kas than 30 days irom t6e date the notice is mailed to Borrower. by whidt wch brach must be cured; and (4) that [ailure to cure such breach on or before the date specified in the notice may result in aaoderation of the wms seeured by chis Mortgage, [oteclosurt by judicial proceeding and nle of the Proptrt~. The notict shall [urther in[orm Borrowv of the right to reinstate after sccelention and the right to asett in the fonclosure praeeding the nontuistence of a de(ault or aay other defeu~e of BorroMer to uceleration and toreclosun. If the breach is aot a~red on or beEore the date specified in t6e nocice. Lender a[ Lender's opcion may declur all of ehe wms aecured bp this Mottgage to be immediately due and papibk ~rithoot Ennher demwd and ma~ [oredoae this Mortgage bT j~dicial procred- ' ing. Lender ~hall be mtided to collect in wch proceeding all eupenies of foreclowre, induding, but not limited to, reaon- abk attorney's Eees, and costs o[ documentary evidence, abstracts and tide ttporu. 8oox~$ ~cE 814