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HomeMy WebLinkAbout0359 l.ender's written agreement or applicabk law. Hotrowe~ sha~l. payr the amuunt of all mortgage i~surance premiums in the manner provideJ under paragraph 2 hercof. Any amounts disbursed by l.ender pursuanh to this paragraph 7, wi~h interest thercon, shall become additional indebtedness of Borrov?~er secured b~• this Mortgage. Unloss Borrow~er anJ I.enJer agree to other terms of payment, such amounts shall be payable upcm notice from I.ender t~ Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable f~om time to ~time o~ outsta~ding principal under the TVote unkss payment of interest at such irate would be contrary to applicable law, in which event such amaunts shall bear interest at the hightst rate permiuible under applicable law. Nothiog contained in this paragraph 7 shall require Lende~ to incur any expense or take any action hereuadlr. • 8. Iaspectba. Lender may make or cause to be made reasonable entries upon and i~spections of the Property, provided that ~ender shall give Borrowe~ notice prio~ to any such insp~ction specifying reasonable caux therefor relat~d to Lender's ' interest in tht Pcoperty. 9. Condemaatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with ar?y condemnation or other taking of the Property, or part thereof, or for com~eyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. . In the event of a total taking of the Property, the procceds shall be applied to ~he cums securcd by this Mortgage. with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrow~er and I.ender otherwiu agree in writing, there shall be applied to the sums secured by this Mortgage such proponion ot the proceeds as is equal to that proponion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propert~~ immediately ptior to the date of taking, with the t~alance of the proceeds paid to Borrower. If the Property is abandoned by Borrow•er, or if. after notice by l.ender to Borrower that the condemnor offers to make an award or settie a claim for damages, Borrower fails to respond to I.ender within 30 da}~s after the date such notice is mailed. Lendet is authorized to collect and apply the proceeds, at I_ender's option, either to restoratio~ or repair of the Propeny or to the sums secured hy this Mortgage. Unless I.ender and Borrower otherwise agree in writing. any such application ~f proceeds to principal shal) not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or c6ange the amount of such installments. . ~ 10. Borrower Not Releaud. Extension of the time for payment or modification of amortization of the sums securcd by this Mortgage granted by Lender to any successor in interest af Borrower shall not operate to release, in any manner. the liability of the original Borrov?•er and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or othenvise modify amortization of the sums secured by this INortgage by reason of any demand made by the origina{ Bonawer and Borrower s successors in interest. il. Forbeannce by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hercunder, or otherwise afforded by applicable law, shall ne~t be a waiver of or preclude the exercise of any such right or nmedy. The procurement of insurance or the payment of taxes o~ other liens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indcbtedness secured hy this Mortgage. 12. Remedies Camulat~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be exercised concurrendy, independently or successively. - 13. Sncceswrs and Assigas Bound; Joint and Se~~eral i.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrov?~er, 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. ~ 14. Notke. Except for any notice required under applicable law• to be given in another manner, (a) any notice to Borrower pmvided for in this Mortgage shall be given ny mailing such notice by eertified mail addressed to Borrov?~er at the Property Address or at such other address as Borrower map designate by notice to T.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to I.ender s address stated herein or to such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this Mongage shall be deemed to have been given to Borrow•er or I_ender when given in the manner designated herein. 15. Uniform Mo~tg~e; Gorernin~ Law: Se.•erability. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform securitv instrument covering ! real property. 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 w~ith applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note w~hich can be given efiect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the '~1ote are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. , 17. 'I~antfer of the Property: Assumption. Tf all or am~ part of the Property or an interest therein is sold or transferred ~ by Borrower without I.ender's prior written consent. eacluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a Purchase money security interest for household appliances, (e) a transfer by devise. descent or by operation of lavv upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at I.endet'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 sold or transferred reach agreement in writing that the credit of such perx~n is satisfactory to Lender and that the interest payable on the soms 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. If Lender exercises such option to acceterate, i.ender shall mail Borrow•er notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period af not less than 30 days from the date the notice is mailed within which Borrower may pay ihe sums declared due. (f Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on 13orrower, invoke any remedies permitted by paragraph 18 hereof. . Nox-UxiFOtet?t CovEx~NTS. Borrower and Lender further covenant and agree as follows: ~ 18. Accelentioo; Remtdies. E=cept as provided ia para~np6 17 hereof, apon Borrower's breac6 of aay coveoaot or agreement ot Borrower ia tbLs Mortgage, including t6e coreaaats to pay whea due any snrnc aecored by tbis Mo~lga6e, Leader ~ prbr to accekration s6aII ma~ aotice to Borrower as pmvided in paragraph 14 hereof specifyto~: (1) t6e breacb: (2) tLe adion ~ reqnired to cnre snc~ brcach; (3) a date, not less than 30 days fmm the d~e the aotke k mafkd to Bomower, by whkb soc~ M~each mwd be cnred; aod (4j that hilure to cure snc6 breach on or before the date speci6ed io tbe ~otke any radt i~ ~ accekration ot the soms iecdnd by this Mortgage, forecbsure by judicfal proceedia~ and sak of tbe Prupcrt~. '1Le aotke s6all furt6er L~torm Borrower of tbe rig6t to reinsfate after sccekntioa and t6e rig6t to agert !s t6e foreclosure proc~edia~ tbe non-e:isteoce of a defank or any Mher detense of Borrower to accekratioo and foreclosnre. it t6e breacb is sot c~ed oe ~ or bef illte specitied ia tbe ~otice, Leoder at Leodcr's optbn may dedare sp of the so~s secored by t6b Morf~e to be imaK~due aad pay~We witfiont furt6er de~aaod and awy fouclase this Mortsage bY P~~~6• Leeder sball ~ be wtitkd to collect ia wc6 proceedin6 a8 upemes of forecbsure, Luludln=, but uot limited to, rearoaabk attor~e~'s tas, ~ and cos4 of docnmeotary evideace. abstracb aod tNk repo~. 19. Borrowe~s Risbt to Rein~ste. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ r ~ ~ ~~5 P~~f 35~ ~i J~~R '