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HomeMy WebLinkAbout0343 ~ende~'s writtcn agreement or applicabie law. Borrower shali pay the amount of all mottgage insurance premiums in the manna~ provided under paragraph 2 hereof. ' ' _ Any amounts disbu~xd by l.ender pursuant to thia paragraph 7, with interest thereon, shall become additional . inJebtedness of Bor~ower securcd by this Mortgage. Unless Borrov?~er and l.ende~ agrce to other terms of payment, such amounts shall be payable upan notice from [.ender to Borrower requesting payment thereof, and shall bcar interest from the date of disbursement at the rate payablc from time ta time on outstanding principal under the Note unless payment of intercst at such rate would be contranr to applicable laN~, in which event such amounts shall bear interest at the high~st rate permissible under applicable law. Nothing contained in this parag~aph 7 shall require I_ender to incur a~y expense or take any action hereunder. 8. IaspecHoa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided ; that Lender shall give Borcower notice prior to any such inspection specifying rcasonable cause therefar related ta Lende~'s interest in the Propecty. 9. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condem~ation or other taking of the Property. or pan thereof, or for conveyance in lieu of condemnation, are hereby assigoed and shall be paid to Lender. In the e~ent of a total taking of the Property, the proceeds shall be applied to the sums securcd by this Mortgage. v?ith the excess, if any, paid to Borrow•er. In thc event af a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such pmportion of the proceeds as is equal to that proportian which the amount of the sums secured by this Morigage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with~the balance of the proceeds paid to Borrower. ~ If the Property is abandoned by Borrower, or if. afler notice by I.ender to Borrower that the condemnar ofters to make an award or xttle a claim for damages. Borrower fails to respoad to.L4qdej within 30 days after the date such notice is mailed, Lende~ is suthoriud to collect and apply the proceeds, at I_en~er's option, either to restoration or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower othervvise agree in w•riting. any such application of proceeds to principal shall not oxtend or postpone the due date of the mon~hly installment~ referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nof Released. Extension of. the time for payment or modification of amortization of the sums secured by this Morigage~granted by i_ender to any successor in inte~est of Borrower shall not operate to release, in any manner, the liability of the original Borrower and B~+rrower's successors in interest. Lendtr shall not be required to commence proceedings against such successor or ~efuse to extend time for payment or otherwise modify amortization of ihe sums secured by this Mortgage b}• reason of any demand made b~ the original Borrower and Borrower s successors i~ interest. ~ I1. Forbearance by Lsnde~ Not a Wairer. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise aftorded by applicable taw, shall not be a wai~e~ 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 af Lender s right to accelerate the maturity of the indebtedness secured hy this Mortgage. , l2. Remedks CnmulaN~e. A11 remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by lav? or equity, and ma~• be exercised concurrently, independently or successively. 13. Snccessors Aqd ASS~RS Bound; Joint xnd Se~•eral i.iabiUfy; Capdons. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, 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 Mortgagc are for convenience only and ara not to be used to interprct or define the provisions hereof. ld. Notice. Ezcept for any notice required under applicable law to be given in aoother manner, (a) any notice to ' Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower ma~~ designate by notice to I_ender as provided herein, and (b) any notice to Lender shail be given by certified mail, return receipt requested. to l.enders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or l.ender when given in the manner designated herein. 15. UniEorm Mortgaqe; Go~eminR Iaw; Severabilit~. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limit~d variations by jurisdiction to constitute a uniform security instrument covering ; real propeny. This Mortgage shall be governed by the law~ of the jurisdiction in which the Property is located. in tfie I event that any provision or clause of this Mortgage c~r the Note conflicts with applicable law, such conflict shal) not af~set ~ other provisions uf this Mortgage or the Note ~~hich can be given effect withoot the conflicting provision, and to this E end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of thic Mortgage at the time ; of execution or after recordation hereof. ~ 17. TrAnsfer of t6e Properly: Assumption. If all or any part of the Property or an interest therein is sold c~r transferred by Borrower without I~nder s prior written consent, excluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase money securit)~ interest for household appliances, (c) a transfer by devise. ~ descent or by operation of law upon the death of a joint tenant or (d1 the grant of an}~ 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 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 Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as I.ender shall request. lf 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 w~riting by Lender, 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 with ~ 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 ~3orrowe~, invoke any remedies permitted by ~aragraph 18 hereof. ~ Nox-UHtFOaM CovENeNTS. Borrower and Lender funher covenant and agree as follows: I8. Accelerstion; Remedks. ~ceq as provided ia para~nph 17 hereof, upoo Borrov?er's breach of aay covenaat or ' " ~reement of Borrower in this Mort=a6e, iocludi~ the covenaats to pay whea dne aoy snms aecured by t6is Mortaage, Lender ~ ~ or ~ ~ prbr to sccdentioa s6a11 msil ootice to Borrower as provided in paragraph l4 hereof specifyiu~: (1) t6e bresch; (2) t6e action ~ requjred to cnre soc6 brrac6; (3) a date, not less than 30 days fmm the d~e the ootice b mailed to Borrower, by w6k6 snc6 ~ ~ bresc6 ~m~ be cared; aod (4) tbat fsil~re to cure sacb breach oa or before t6e date speciHed ie the notice may raalt in ~ ~ aceekratjoa of the sncss iecured by thb Mortgase. foc+eclosorc by judicial proceeding aad sale of t6e Property. 'ILe notlce ~ sbsll fnrther iaform Borrower of the ri~ht to reiastste afler accekntioa and tbe rF~ht to a~ert in the forecbwre proceediog ' ~ t6e nont:istence ot a detsult or aay dher defease of Borrower to aceekratba snd foreclosure. If tbe breac6 is oot rnred at ~ or before t6e dste ~ ia t6e notice. Lender st Leoder's optioa may dedare a~ of the soms secend by thi~ Mortsa~e b 6e ; ~ immediatdy dne and payabk ~+it6ont further demand and may foreclose this Mortas`e by jndkW proceed~. Lender s6a11 ~ be enWkd to collect ia src6 proceeding all e:penscs of forecbsare. includiog. bnt not Waited to, reasonabk ~ttoroe~s tea, r ~ asd cods of docementary evideace. abstracls snd title repods. . ti 19. Borrowe~s Ri`bt to Reinstate. Notwithstanding Lendor s acceleration of the sums securcd by this Mortgage. ' ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinuod at any pme > ~ ~Y 265 338 F "ati : ~ ~ 6 . _ _ . . ~ _ - _ , :