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HomeMy WebLinkAbout0438 , agteement or appliable law. AorroMe~ shall pay the amount o( all mortgagt insu~ancc premiums in the manner provided under. paragraph Y hereof. ~ ~ A~y amou~ts disbursed by Lenderpunuant to t~is puag~aph 7. witli interest thercon, shall become additional in- debtedness o[ Borrower secutec) by this \tortgaga Unleu Borrowe~ and Lender agree to other terms ot paymeut, such amounts shall be payable upon notice t~om Le~ider to Borrowcr rcquesting payment thereot, and shall bear interest trom the date o( disbursement at the rate payable from time to timc on outstanding principal wider the \ote u~leu payment of intetest at such nte would be contnry to applicable law, in which event such amou~~ts shall bea~ interest at the highat r;~tr pertnissible under applicable laM. Nothing contained in this paragraph 7 shall require Le~ide~ to incur any expei~se or ' cakc any action hereunder. 8. In~pectioa. Lender may make or cause to be made reasonable entries upon and inspations o[ the Property, pro- ~~ided that Lender shaii give Borrower notice prior to any such inspection speci[ying reasonable caux therefor related to Lender s interrst in thc Property. 9. Condt~aaation. The praeeds ot a~y award or claim for damages, direct or cons~quential. in connection with any condemnation or other wking of the Property, or part thenof, or [or con~~eyance io lieu ot condemnation, arP hereby as- signed and shall bt paid to L.ender. In the event o[ a total taking o( the Property, the proceeds shall be applied to the sums secured by this Afortgage. with the excess. i[ any. paid to Boriower. In the e~•ent of a partial taking o[ the Property, unless BorroNer and Lender ~ otherwise aRrte in writing. there shal! be applied to the sums secured by this ~tortqage such proportion of the proc~cds aa is equal to that proportion which the amount ot the sums secured by this lfortgage immediately prior to the date of taking bean to the tair muket ~alue of the Property immediately prior to the date of taking, with the balance ot the pro- ceeds paid to Borrorrer. I[ the Property is abandoned by Borrower, or iE, after notice by Lender to Sorrower that che condemnor otfers to make an aw~rd or settle a claim for damages. Borrower fails to respond to Lender within 30 days a[ter the date such notice is mailed. Lender is authorized to collect and apply the praeeds, at Lendei s option, either to restoration or repair of the Property or to the sums secured by this liortgage. Unlcss I.ender and Borrower otherwise agree in'writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments reEerred to in paragraphs 1 and 2 hereot or chanRe the amount of such installtatnts. 10. Borro~rer Not Rekased. Extension of the time for payment or modification of amorti:ation oE the sums secured b}. this ~tortgage grented bY Lender to any sutcessor in interest of Borrower shall not operate to release, in any manner, the liability o[ the original Borrower and Borrower's suctesson in interest. Lender shall not be required to commence proceedings against suth successor or re(usc to extend time for paytnent ar other~vise mociify amortization of the sums se- cured by this ~iortqap,e by reason of any demand made by the original Borrower and BorroNer's successors in interest. 11. Forbearance by Lender Noc a Wairer. Any [orbearance by Lender in exercising any right or remedy hereunder, ~ or otherwise aE[orded by applicable law, shall not be a waiver at or preclude the exercisc of any such right or remedy. 'The procurement ot insurance or the payznent of taxes or other liens or charges by Lender shall n~t 6c a wai~•er of Lender s riRht to accelente the maturity of the indebtedness secured by this !lfortgaqe. . lY. Remedies GLmulative. All remedies pro~•ided in chis ~iortgaRe are distinct and cumulati~•e to an~ other right or remed~~ under this ~lortRage or af[orded by law or equity, and may be exerciseci concurrently. independentl}• or successi~ely. 13. Suttes~ors and Aadgns Bound; Joint and Streral Liabilitr; Captiona. The co~•enants and agreements herein contained shall bind, and the righu hereunder shall inure to, the respective succeswrs and assigns o( l.ender and Borrower. subject to the provisions oI paragraph 17 hereoL All rnvenants and ap,reements of Borrower shall be joint and several. The captions and headings oE the paraqraphs of this ~tortgap,e are for com-enience only and are not to be used to interpret or define the provisions hereoL 14. Notice. Extept for an? uotice required under applicable law to be qiven in another manner, (a) an}' notite to Borrower pro~•ided for in this \tortgage shall be gi~•en by mailing such notice b} certitied mail addressed to Bortower at ; the Propert~ Address or at such other address as Borrower may designate by notice to l.ender as pm~~ided herein, and (b) any notice to L:ender shall be gi~er. b} certi[ied mail, return mceipt requested, to Lender's address stated herein or to such ~ other address as I.ender may designate by notice to Borrower as provided herein. An}• notice provided for in this `lortgage ~ shall be deemed to have been gi~~en to Borrower or Lender when given in the manner designated herein. E 15. Uniform Mortgage; Go~erning Law; Severability. This torm o( mortgage combines uuiEorm cocenanu [or na- ~ tional use and non•uni(orm rn~•enanu with limited variations by jurisdiction to constitute a uni[orm ~ecuritv instrument co~~ering real property. This ~tortgage shaU be go~~erned by the law oE the jurisciiction in which the Property is located. ~ In the event that any provision or dause-ot this ~tortgage or the Note conflicts with applicable law, such contlict shall not ~ atfect other provisions of this Aiortgage or the \ote which can be gicen effect without the conQictinR pro~~ision, and to this end the ptovisions o[ the ~Iorq{age and the Note are dedared to be severable. ~ ~ 16. Borro~rer's Copy. Borrower shal! be (urnished a contormed copy of the \ote and of this ~(ortqage at the time ~ of execution or a[ter recordation hereo(. ~ 17. Transfer of the Property; Assumption. If all or any part of the Propert~ or an interest thcrein is sold or tran~ (erred by Borrower without~Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this \fortgage. (b) the creation of a purchase money security interese for household appliances. (c) a eransfer by de~~ise. descent or by operatiop of law upon the death of a joint tenant or (d) the Rrant of any leasehold interest o( three }'ean or less not containing an option to purchase. Lender may, at Lender's option, dedare all the suras secureci by this ~tottqage to be immedia[ely due and payable. Lender shall ha~•e waived such option to accele~ate if, prior to the sale or transter. Lender and the person to whom the Propeny is to be sold or transferred reach agreement in rvriting that the credit o[ such penon is satisfactory to Lender and that the interest pa~•able on the sums secured by this \fortgaqe shall be at such rate as I.ender shall request. If I.ender hu waived the option to accelerate provided in this paragraph 17, and i[ Borrower's successor in interest has executed a written assump[ion agreement accepted in writing by I.ender, Lender shall release Borrower irom all obligations under this 1lforcgage and the Noie. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 19 hereof. Such notice shall pro~•ide a period o[ not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declamd due. If Borrower fails to pay such sums prior to the expiration oF such period, Lender may, without further notice or demand on Bonower, invoke any remedies permitted by paraqraph 18 hereof. r: ~ I\ON-UNIFORN Cov~vwtr-rs. Borrower and Lender [urther mvenant and agree as (ollow~s: f~ 18. Accelmtioo; Remedia. Eacept as provided in pangraph 17 hereof, upon Borrowe~'s breach oE any rnvenant or "1 ~ agreement o[ Borrosvet in this Mortgage, induding the rnvenants to pa' whrn due any sums secured bv this ~tortgage, ~ I.ender prior to aadention sttall mail notice to Borrower as provided in paregraph 14 heno[ speci[ying: (1) the bnuh; s ~s the action required to cure such breach; (3) a date, not kss [han 30 dars from e6e date the notice is mailcd to Borrower, ~ ~ by which wch breach must be cured; and (4) that tailure to ture wch breach on or befon ~he d~te speci[ied in the notice may ~ rcwlt in acaelrntion of the sums secured by this Mongagr, ioreclosun by judiaal proceeding and aale of [he Roperty. The ~ notice sball further inform Borrower of the right to reinstate alter aocelention and the right to a~sert in the foreclasare ~ proceeding the non-eacisteace o[ a default or anf ot6er defenx o[ Borrower to uceleration and torecloaurt. If the brach is ~ not cured on or be[ort the date speci[itd in the notice. Lender at I.ender's option map dtclare all of the sums stcured by this ~ Mortgage to be immediatd~ due and parabk without iurther demmd and may fortclose this Mortgage by judicial proceed- ~ ing. Lrnder sltall bt entitled to collect in such proceeding all expenses of [oreclosure, induding, but not limited to, reaion- able attorn,_ry's tees„ and cow of documentary evidrnce, abstrads and tide reports. ~ Z ~ ~ ~~~~K285 ~a~: 4~3 - - ~v .'.y 3" e4-e~r5k" . `~a`~S~~.e~ g Y . . , v ~z ~ vrt' - ~ ~1?"+~" ~s9`r'8'+''~'.e~ii> Ae-S!1~~ .L.F, .r.. " ' ~ -Fard~$'