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HomeMy WebLinkAbout0807 . Lcnder's written agretme~t or appiirable law. BorruWCr shali pay ~he amuunt uf all mortg:~gc in.urance premiums in the manner proviclcd under paragr3ph 2 hercof. Any amounts disbursed by l.endcr purcuant to this paragraph 7, with in~rrcst theram, shal) brcome additional itxlebtedness of Borroa~er securcd by ~hic Mongage. Unlesc Borrow-er and l.enJer agree to othe~ tertns of payment, such amounts shatl hc payable upon notire from L~nde~ to Borrowcr requesting payment thercof, and shall hear interest from the datc ot disbursement at the rate payahle fmm timc tb time im outstandinq principal under the Note unless payment of interest at such rate would be contrary to applirable law, in ~•hich event such amoun~s shall hear interast at the highest rate pe~m~isi6Te`un`c1c~ applicablFt~w:'l~othing-rontained-ert thii-~+sregrwpi? :-shatl-rcquire Lcnd~tlQinct~r any expe~se or take any action hereunder. 8. inspection. i.ender may make or r~use to be made reasonable emriec u~n and inspections of the Propeny, provided that I.eoder shall give Borrower notice prior to any such iizspection specifping reasonable cause thercior related to I.ender's interest in the Property. • 9. Coademnation. The proceedc of any aW~ard ar claim for Jamages, direct or consequential, io connectia~ with any condemnation ar other taking of the P~operty, or part thereof. or for conveyance in lieu of condemnation, are hereby assigned and shall bc paid to I.ender. ~ • in ~he event of a tatal taking of thc Pmperty, the prc.ceeds thall he applicd to ~he sums secured by thia Mortgage. w~ith the exccss, if any, paid ta Borrowcr. ln ~hc evcnt of a partial taking of the Praperly, unlest Borrower and I.ender otherwice agree in writing. there sfiall he applied lo the sums securcd hy this Mortgage such pmportion of the proceeds as is equal to that proporlion which the amount of the sumc ~ecured by this Mortgage immediately prior to the date of taking bears to the fai~ market valuc of thc Propcrt~• immediately prior to the date of taki~g, w•ith the balance of the proceeds paid to Borrower. • ~if the Property is abandoned M~ BorroHCr, or if. afrer notice by l.ender to Borroveer that the condemnor oPfers to make an award or settle a claim for damaces. Borrower failc ro rrspond to Lende~ within 30 days 3fler the date such notice is mailed. T_ender ic authorized to collect and apply the prc~ceedc. at I.ender's option. either to restoration or repair of the Prope~ty or :o the sums secured by this Mortgage. Unlesc l.e~der and Borrower otherw~ise agree in writing, am• xuch applicati~n of proceeds to principal shall not extend or postpon~ the due date of the monthly installmrnts rcfe~rcd to in paragraphe 1 and 2 hereof or change the amount of such installments. l0. Borrower Not Released. Extension of the time fc?~ pa~-ment or modification of amortization of the sums secured by this Mortgage granted by I.cnder to any succecsc~r in interest c~f Borrower sh,~ll not operate to release, in any t~tanner, the liability of the original Borruw•er and Borrow~er'c succexcora in interest. i.ender shall not he required to commence proceedings against such succecsor or reft~~e to erlend time for payment or othen+~ise modify amortization of the sums secured b~' lhis Mortgage h}' reason of anp demand made b~~ the ori¢inal Borrower and Bo~rou~er s succe~ors in interest. 11. Forbearance by ixnder \ot A Wai~•er. An~• forbearancc h}• I.cnder in excrcising am• right or remedy hereunder, or otherwise aHorded by applicable lav?~. shall not he a waiver of or preclude the exercise of _any such right or remedy The procurement of insurance or the payment of taYCS or other liens or charges by l.ender shal) not be a w~aiver ef Lender s right to accelerate the maturity of the indebtednets cecu~ed h~• thic 1~lortgage_~ ~ 12. Remedies CumulaHve. All remedies pro~~ided in ihis Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aftorded by law or equity~. ~nd may be erercised concurrently, independently or successively. 13. Successors and_ Assigns Bound; Joint and Se~e~l I.iability; Captions. The covenants and agreements herein contained shall bind, and the riRhts hercunder shall inure to. the respective succeccors and~ assigns of ~ender and Borrower, subject to the provisionc of paragraph 17 hereof. All co~•en•rnts and agreements of Borrower shall be jaint and uveral. The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to interpret or de6ne the provicions hereof. 14. l~otice. Except for any notice req~~ired ander applicable law• to be given in another manner. (a) any notice to Borrower provided for in this Mortga¢e shall he given b~• mailing wch notice b~~ certificd mail addressed to Borrower at • the Property Addresc or at such other address as Borm~•er may designate b~~ notice to 1.ender as prmided herein. and (b) any notice to Cender shall be given by certified maiF, r~turn receipt requected. to Lender s address stated he~ein or to - wch other addrcsc as I_ender ma}• designate b}• notice to Bormwer as pro~~ideJ herein. Any notice provided for in this ilortgage shall be deemcd to ha~•e been givcn ro Bormw•e~ or Lender when given in the manner designated herein. 15. Uniform MortRa~e: Governin~ Law; Severabilif~•. This form of mongage combines uniform covenants for national i use and non-unifurm covenantc with limifed ~~ariations b}• jurisdiction to constitute a uniform security instrument covering j real p:oper~}~. This Mortgage shall be governed hy the law• of the jurisdiction in which the Property is located. In the { event that any provision or clauce of this 4lortgage ~r t6e l~ote rnnflicts w-ith applicable law, such conftict shall not affect ~ other provision~ of this Mortgage ur the Note w•hich can be given effect withoot the conflicting provision, and to this € end the provi~ions of the Mortgage and the Note are drdarcd to be severable_ ~ 16. Borrower's Copy. Borrower shall tx furniched a conf~~rmed copy of the Note and of thit Mortgage at the time of execution or after recordation hereof. ~ 17. Transfer of the Property: Assumplion. if all ~~r am• part of the Propert}• or an intercst therein is sold or transferred b~~ Borrower without I.ender s prior w•ritten consent. e~cluding la1 tHe cmation of a lien or encumbrance suborJinate to ~ th~s Mortgage. (bl the creation of a purchase m~ney cecurit}~ interest for househ~ld appliances, (c) a transfer b} devise. descent or by operation of law~ upon the Jcath ~f a jc.~nt tenant or (d) ihe grant of any leasehoid interest of three pears or less noC c~ntaining an option to purchase. [.ender may. at l.ender s option, declare a!! the sums secured b}~ this MoRgage to be ~ - immediately due and payable. 1_ender shall have v?•aived ~uch option to accelerate. if. prior to the sale or transfer. I_ender and the person to whom the Property is to be soW or transferred rcach agreement in writing that the credit of such person ic satisfactory• to Lxnder and that the interest pa~able on the sums secured by this Mortgage shall be at such rate as Lender shall request. If I_ender has waived the option to acceler~te pro~ided in this paragraph 17, and if Borrower's successor in - ~ interest has executed a written assumption agreement accepted in writing by LenJer, Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ If I.ender exercises such option !o accelerate. Lender tihall mail BorroN~er nolice of acceleration in accordance with para~:aph 14 hereof. Such notice shall provide a periocl of not less than 30 days from the date ihe notice is mailed within which Borrower may pay the sums declared due. lf Borro~er fails to pay such sums prior to the eapiration of such period, ~ Lender may, without further notice qr ciemand on ~rrow.er. im•oke any remedies permitted by paragraph 1 S hereof. ~ Nox-[1N~FORt~t CoveH~rrrs. Borrower and Lender further covenant and agree as follows: ~ IS. 4cceleration; Remedies. Escept as provided in p~rsq~rap6 17 hereof. apoa Borrower's breach of aoy covenant -or n a~reement of Borrower ia this Mortgage, including t6e covenants to pay when due any surnc secnred by thk Mort~age, Leader prior to accekntion shall mail ootice to Borrower as provWed in paragraph 14 heteof specifying: (1) t6e breach; (2) tbe actbn ~ reqnired to cure socb breach; (3) s date, not less t6an 30 days from the date the notice Ls mailed to Borrower, by whic~ suc6 ~ brtach mu~t be cered; and (4) t6at faUore to cun such bnsch on or beforc the date speci8ed ia t6e notict a~ay rssoh in ~ accderstba of tbe sams aecond by this Mortgage, foceclosurc by judicial proceedin` aad sak of t6e Property. 'Ibe notke ~ ~ sball furt6er inform Borrower of the ri6bt to rei~~tatt ~fter scceleration and t6e righi to assert ia tlrc torecMsnre prnceeding ~ tbe non-ex~stence ot s defsnk or any Mher defense of Borsowu to accekration and .foreclosnrr. if tbe bnsch ia not cured on ~ or betore the date speci8ed fa t6e notke. Leoder at Lende~'s optbn msy declar~e a0 of tbe soms secored by thts Mortga`e b be ~ immedfately due and payabk wit6oat forther demand and m'y foreclose thk Mortga`e by fodicW procadio~. I.ender s1iaU ~ be eotlded to colket ia sach proceedin= a0 eipeases of foreclosnre, including, bnt not limited to, re~sonable .attoroe~'s fees, and costs of docamentary eMdence, a6stracts aod titk reports. 19. Bornower's Rf66t to Reinstate. Notwithstandir~g L.ender s acceleration of the sums secund by this Mortgage, ~ Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinuod at any time ~ EO~il~ ~iV~1 PJ1i,~ ~ ~ - :w : ~ ~ _ ~ _ ~~="'ck~ ~'~e.~,~~~ h ~ ~ ~ ~~.~w " ~~'~N'..