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HomeMy WebLinkAbout0761 l.eade~'s written agrcement or applicabk 14w. Bornowe~ ahall pay the amount ot aU mo~tgage insuranoe pcemiuau in the manner p~ovidcd under paragaph 2 hereot. Any amounts disbursed by I~ndc~ pursuant to tha paragraph T. wi~h interest thereo~. shall bccome sdditional indcb~odness of Borrower secured by Ihis Mongage. Unlest 3a:rawe~ and t.enJcr agroe ta othe~ terms of paymeM. such amounts shalt be payabk upon naticc fmm i.ender ta &~rrowcr teyuesting paymeot thereaf. an~l shall bear interpt from the date of disbursement at the rate payahk fram time to time on ailstandi~g principal u~der the , No1e unless payrnaH of interest at such rate would be contrary ta applicabk law, in which event such amounts shall bear interat at the hiahest rate petmissibk uoder applicable law. Nothing containcd in this paragraph 7 shall require Lender to incur any expet~e or take any action hereunder. S. laspecfio~. i~nder may make or cause lo be made reasonable entries upon and inxpections of the Property, provided that [.ender shall give Borrower nMice pri~r lo any st~ch inspection specifying reasonabk cause therefo~ rclated to Lendet's intercst in the Property. 9. Cosdemmtba. The proceedc of any award ar claim for damages, direet ar conuquential, in connection with any condemnation or other taking of the Propeny, c?r pan thereof, or for ccu~veyance in lieu of condemnation, are hereby assigned and shall be paid ta Lender. in the eveot of a total taking af thc Propehy. the prcxceds chall be applieJ to the sums secured by this Martgage. with the excess, if any, paid to Borrower. ln thc cvent of a parlial taking of the Property. unless Bomower and Leoder a~herwi~ce agrce in writing. there shall t~e appliecl to Ihe cums secured by thic Mo~tgage such proportion of the procoeds ~ as is equal to that proponion which thc amount of thc sumc secured hy this Mortgage immediately prior to the date of taking bears to the tair market value of the Pmpchy immediately prior to the date of taking, with the balance of the procoeds paid to Borrower. lf the Property is abandoned by Borrower, or iF. aftc~ notice by i.ender to Bormwer ihat the condemnor of~ers to make . an awrrd or settk a claim for damages. Borrower fails to res~nd to I.ender within 30 days after the date sucfi notice is mailed. Lende~ is authorized to collect and apply the pmceeds, at i.ender s option, either to ratoration or nepair of the Prop:rty o~ to the sums sccured b~~ this Mortgagc. Unless I_ender and Borrower otherwi~c agree in w•ritinc. any such application af proceeds to principal shall not extend or postpone Ihe duc date of the monthly installmcn~s rcferrcd to in paragraph~ 1 and 2 hereof or rhange the amaunt of such installments. i0. Borrower Not Rekssed. Extension of the time fa~ paymcnt or mc~difiration of amortization of the sums secured by this Mortgage granted by I_ernler to any eucces~r in in~e~es1 0[ Borrower chall not operate to release, in any manner. the liability of the original Borrower and Borrowcr'c successc~rc in interest. T.ender shall not he mq~~ired to commence proceedings against such successor or refuse to extenJ time for payment or othervvise modify amortization ~f the sums secured by this Mo~tgage by reason of any demaml made b}• the original Borrower and Banower s succe~rs in interest. 11. Forbearance by i.ender Not a Waiver. Any f~rhearancc by I.cnder in exercising any right or remedy i?creunder, or othenvise affordod by applicable law, shall not he 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 I_ender shall not be a waiver of I.ender s right to accelerate the maturity of the indehtedness secured hy this Mortgage. 12. Remedics Cnmulatite. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded hy law or equity. and may be eaercised rnncurrently, independently or succectively_ 13. Soccessors and Assi~ns Bound: .loint and Several I.iabGlity; Captions. The covenants aod agrcements herein contained shall bind, and the righis hcrcunder shall inure to. the respective succesu~rs and assigns of I_ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants ~and agreements of Borrow•er shall be joint and several. 'Tl~e captions and headings of the paraerap:~s of thic Mongage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Nolice. Except for any notice rcyuired under applicable lau~ to be given in another manner. (a) any notice to Borrower provided for in this Martga¢e shal) he gi~en hy mailing ~uch notice by certified mail addressed to Borrower at the Property Address or at such other addrecs as Borr~w•er may designate b~ notice to i.ender as pmvided herein. and (t?) any notice to Lender shall he given hy certificd mail, return receipt requested. to Lender s address stated herein or to such other address as Lender ma}• de~ignate b~• notice tn Borrower as pro~•ided herein. Any notice pmvided for in this Mortgage shall be deemed to have been given to Borrow•er or t.ender when given in the manner designated herein. 15. Uniform Mort~age; Governin~ iaw: Severabitih•. This form of mortgage combines uniform covertants for national use and non-uniform covenants with limited varia~i~.ns hp jurisdiction to constitute a uniform security iostroment covering I real property. This Mortgage shall be governed M• the law• of the jurisdiction in which the Properiy is located. In the ~ event that any provision or clauie of thic Mortgage or the Note conflicts w~ith applicable law, such conflict shall not affect other provisions of thi~ Mortgage or the Notc ~~hich can be given efiect withoi~t the conflicting provision, and to this end the provisions of the Mortgage and the Notc arc declarcd to be severablc. ' 16. Borrower's Copy. Borrower shall be furnicheJ a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tra~fer of t6e Propeuty; Assumption. If all or an~• part of the Prop~rty or an interest therein is sold or transferrcd by Borrower without I.ender's prior written consent. excluding lal the crcation of a lien or encumbrance subordinate to this Mongage. (b) the creauon of a purcha~e mone~~ tiecurit~• interest for household appliances. (cl a transfer M• devise, descent or by operation of law upon the Jeath of a joim tenant or (d! the grant of am leasehold intercst of three years ar less not containing an option to porchase, 1.ender may. at 1_ender'~ option, declare all the sums secured by ihis Mortgage to be immediately due and payable. Lender shall have w~ai~~ed such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to be solJ or transferred reach agreement in writing that the credit of such person is satisfactory to I.ender and that the intercxt pa~~able on thc s~ims secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to acceFeratv provided in this paragraph 17, and if Borrower s successor in interest has executed a written assumption agreement accepted in writing by i_ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance w•ith paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, ~ Lender may, without further notice or demand on fiorrawer, invoke any remedies permitted by paragraph 1R hereaf. ~ Norv-UN~FORM CovEx~rrrs. Borrower and Lender further covenant and agree as follows: ~ IS. Accelention; Remedks. E:cept as provlded in para~rapb 17 6ereof, upoo Borrower's breac6 of any cooeoaat or ~ agreemeat of Borrower ie t6i~ Mortaage, iacladin6 t6e covenants to pay when dae any soms secured by t6is Mortss~e, Leader prior to acceleratioo s6a~ m~l notke to Eorro~+er a4 pm~lded in pars~rapl~ 14 6ereof spedf~: (1) tbe breach: (2) t6e setjoo ~ reqafred to care soc6 breac6; (3) a date, oot less t6an 30 dars from tiie date tbe oMice is ma~ed to Eomuwer, by w6k6 sec6 breac6 mmd be corcd; aed (4) tbat failure to core soch breach oa or 6eEore tbe date specl6ed io tbe ootice ma~ resolt i~ ~ aecderatfo~ of t6e s~os secored by t6ts Mort=ase, forccbsurc by jndieial procsedia~ aad sak ot tl~e Property. 7be ootice ~ shap fnct6er iofore Eorrower of the ri6bt to rcinstste dter sccekratios and tbe ri6rt to aseert iw tbe foredosors procecdh~ ~ t6e non-e:isteece d a defadt or any otber deEease of Barrower to scceknMion aad forecbwre. if We 6rescr b eot c~d o~ ~ or before tbe date speci6ed io the notke, Lender at Lender's optbe may declm s0 of t6e soms secored by tris Mo~e ~u be ~ immediately dne aad Paysbie w~tiwot further demand and msy foreclose t6is Morl~e br jadicW proc~. Ltede~ sha0 - ~ be eotitied to collect io s~c6 pruceedin6 aN expeoaes of foreclosare. includio~, bnt eot iimited tq re~oaabk attorne~'s fees, ~ ~ sod c~osbs ot docameetary e.idence, abstr~cts sod titk rspo~. - 19. aon+ower's Ri66t to Reinetate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, Borrower shall bave the rigl~t to have any proceedings txgun by Lender to enforce this Mortgage discontinued at any time ~ aoeK 283 PncE 76~ ~ ~ ~ .