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HomeMy WebLinkAbout0006 ~ ~ rYe ~ . ~f~ Lender's written agrcement or applicable law. BorfioNCf shall pay the a(nuunt of all mortgage insurance prcmiums in the maaner provided under paragraph 2 hereof. Any amounts disburscd by l_ender pursuant to this paragraph 7, with intetest thereon, shall become additional inJebtedness of Borrower securcd by this Mongage. Unless Borrowe~ and l.ender i~gret td o~he~ terms of payment, such amounts shail be payable upan notice From I.e~der to Bortower ~equesting payment thereof, and shall bea~ interest from the date of disbursement at the nte payahle from time to time on outstanding principal under ihe Note unless pryment ot interest at such rate would be contranr to applicable law, in which event such amounts shall bear interest at the highest rate _ pernnissible unde~ applicable law. Nothing containtd in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. lospectba. I.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any co~demnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hercby assigned • and shall be paid ta Lender. In the event of a total taking of the Propeny, the proceeds shall be applied to the sums secured by this Mortgage. with ihe excess, if any, paid to Borrower. In the event of a partial taking of the Property, u~less Borrower and Lender ' ? oiherwise agrce in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount af the sums ucured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the bala~ce of tht proceeds paid to Borrower. ~ If the Property is abandooed by Borrower, or if. after notice by Lende~ to Bomower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to 1_ender within 30 days after the date such notice is mailed, Leode~ is authorized to collect and apply the proceeds, at i_ender's option. either to restoration or rcpair of the Propeny or to the surtts securcd by this Mortgage. Unless Lender and BorroK~er otherwise agree in writing, any such application of proceeds to principal shatl not extend or postpone tht due date of the monthly installments referred to in paragnphs 1 and 2 hereof or change the amount of such installments. ~ • ~ 10. Borro~rer Not Released. Extension of the time for payment or modilication of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shail not operate to release, in any manner. the liability of the original Borrower and Borrower s successors in interest. i_ender shall not be tequired to commence proceedings against such successor or refuse ta extend time for payment or otherv~•ise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orieinal Bonower and Borrower s successors in interest. 11. Forbearance by Lender Not a Wairer. Any forbearance bp Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of 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 Lender shall not be a waiver of Lenders right to accele~ate the maturity of the indebtedness secured hy this Mortgage. l2. Remedies Cumnlative. All remedies pro~~ided in this Mortgage are distinct and cumulative to any other right or remedy unde~ this Mortgage or afforded by law or equity. and may be,exercised concurrently, independently or successively. 13. Saccessors and A~igns Eound; Joint and Serenl ~.iability; Csptions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrowtr, subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof_ l4. Notice. Except for any. notice required under applicable lav?~ to be given in another manner, (a) any notice to Bomnwer provided for in this Mortgage shall be given b~~ mailing such notice by certified mail addressed to Borrow•er at the Property Address or at such other address as B~rmwer ma}~ designate by notice to i.ender as provided herein, and ; (b) any notice ic Lender shall be given by certified mail, retum receipt requested. to i.ender s address stated herein or to i such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this ~ Mortgage shall be deemed to have been given to Borrower or i_ender when given in the manner designated herein. ~ 1S. Uniform Mortgage: Governing Law; Se~~erabilify. This torm of mortgage combines uniform covenants for national ~ use and non-uniform covepants with limited variations by jurisdiction to constitute a uniform security insirument covering ~ real propeny_ This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the ! event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the I~Iote Hhich can be given effect witho~t the conflicting provision, and to this ~ end the provisions c?f the Mortgage and the vote are declared to be severable. 16. Eorrower's Copy. Borrow•er shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tra~fer of t6e Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money cecurity interest for household aPpliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender's option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived s~~ch option to accelerate if, prior to the sale or transfer, Lender and th~ person to whom ihe Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the i~terest payable on the sums secured by this Mortgage shall be at such rate as Lender shall 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 Lender. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. Tf Lender exercise"s such option to accel.erate. I.ender shall mai! Borrower notice of acceleration in arcordance with paragraph 14 hereof. Such notice shatl provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay tht sums declared due. tf Borro~er fails to pay such sums prior to the expiration c+f such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. Nox-UrnFORt?t CovENerrrs. Borrower aod Lender funher covenant and agree as follows: ~ ~ 18. Accelention; Remedia. Fscept as provided in par~raph 17 hereot, apon Borrowe~s brc~cb of aay rnveoant or agreemcnt of Borrower in thts Mortgsge, inclndi~ t6e covenants to pay wfien dne aay sums secnred by tfik Mort=age, I.ender prbr to sece{er~tion shall mail aoNce to Borrower as provWed in p~ragnph l4 hereof specifyiog: (l) t6e breacb; (2) tbe action ~ reqaIred to can suc6 breach; (3) a date, not le~ than 30 days fmm the date tbe aotice is mailed to Borro~+er, by whk6 snc6 breach must be cured; aed (4) tbat faUnre to curo snch bresch on or beforr the date speciRed io the noHce wr resolt ie ~ sccekration ot tbe snms secored by W[s Mort~age, fonclosure by jndicial proceedir~ and-sak of the Property. 'ibe aotice . ~ sha0 fnrther inform Borror?er of the right to rei~ate after accckratioa and the ri~ht to aeieN in t6e foreclowre proc~ tbe ooo-ezistence of a detank or xny other drfe~e of Borrower to accekration aad foreclowre. ii tbe breach b oot cored on ~ ur before t6e date speci6ed in t6e notice. I.ender at Lende~'s optbn may declare aU of tbe snms sccurcd by this Mo~a~e to be Lender shall ~ immediatdy dne and payabk without furt6er demand and may foreclose t6is Mortgage by judkW proceediu~. be eatitkd to+colkct in sach proeadiag aU espeases of foreclosure, including. bnt oot I~mited to, rea~onabk sttorney's fees, ~ aod costs of docaa~entary erldence, a6stracts aad titk reporta. ~ 19. dorrower's Rig6t to Reinshte. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage. Bonower shall have the right to have any praeedings begun by Lender to enforce this Mortgage discontinued at any time ~ - ~ 6a~ 28~ PA~ ~