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HomeMy WebLinkAbout0889 Lender's written agreement or applicable law. Borrowe~ shall pay the amuunt ot all mortgage insurance premiums in the manner provided under paragraph 2 hercot. Any amounts disbursed by I.ender pursiiant ta this paragraph 7, wi~h interest therc~n, shall become additional indeb~edocss of Borrow~er secured by this Mortgage. L.'nle.s Barrower and I.ender agrce to other tetms of payment, such amounts shall be papabk upon notice from Lender to Rorrowr~ ~equ~s~ing payment the?eof, and shal! hcar intcrest from the date of disbursement at the rate payable f~om time to time on oulstanding principal under the Note unless payment of interest at such rate would be cont~arv to applicable lavv, in w•hich event such amounts shall bear interest at the highest rate , permis~ible u~der applicable law. Nothi~g contained in this paragraph 7 shall require I.ender to incur any expense or take any action hereunder. ~ 8• laspectioa. Lender may make or cause to be made reasonable rn~ries upo~ and inspections of the Property, provided that I.ender shall give Borrower notice priar to any such inspectian specifying reasonablo cause therefor related to Lender's interest in the Property. ~ 9. Condemnatbn. The proceedc of any award or claim for damages, direc~ or consequential, in connection with any condemna~ion or other taking of the P~openy, or pah thereof, ar for conveyance in lieu of condemnation, are hereby assigned ~ and shall t+e paid to Lender. ~ in the event of a total taking of the Property. the pra;eeds shall he applied to ~he sums secured by this Mortgage. i with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Barrower and Lender otherwise agree in writing. there shal! be applicd to the sum~ sec::red h~• thix Mortgage such ptoportion of the proceeds I as is equal to that pmportion which the amount o[ the sums sccured by this !1lortga~ee immediately prior to the date of I 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. i Tf the Property is abandoned by Borrower, or if. after notice by I.ender to Bormwer that the condemnor offers to make ~ an aK•ard or settle a claim for damages, Borrower fails to respond to 1_ender within 30 davs after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at l.ender's option, either to restoration or repair of the Property or to the sums secured b~~ this Mortgage. Unless I_ender and Borrow•er otherwise agree in w•riting. any such application of proceeds to principa! shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Rdeased. tixtcnsion of the time for payment or modification of amortization of the sums secured by this Mortgage granted by l.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrow~er and Borrow•er~~successors in interest. Lender shall not be required to commence proceedings against such successor or refuce to extend time for payment or otherwise modify amortization of the sums secured hy this Mortgage b~• reas~~n of any demand made b~• the ori¢inal Borrower and Borrower s successors in interest. 11. Forbearance by I.ender ?~ot a Wai?er. Any forbearancc by I.cnder in ex:::ising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or precl~de the exercise of an~• such right or remedy. The procurement of i~surance or the payment of taxes or other liens or charges by I.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness cecured h}~ this Mortgage. 12. Remedks Cumulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded b~~ lave or equity. and map be exercised concurrendy, independendy or successively. 13. Successors and Assiqns Bound; Joint and Several 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 Borrower, ~ subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shal) be joint and several. The captions and headings of the paragraphs bf this Mortgage are fnr convenience only and are not to be used to interpret or define the pro~isions hereof. li 14. Notict. Except for any notice required under applicable law• to be given in another manner. (a) any notice to , Borrower provided for in this Mortgage shall he given b~• mailing cuch notice by cenified mail addressed to Bormw•er at the Property Address or at such other addrec~ as Bnrrow•er ma~• designate by notice to l.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. retum receipt requested. to Lender s 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 Bormw•er or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governin~ La~v: Severabilit}•. Thic form of mortgage combines uniform covenants for national use and non-uniForm covenants with limited ~•ariations b}• jurisdiction to constitute a unifortn security instrument covering real property. This Mortgage shall be governed hy the laK of the jurisdiction in W hich the Property is located. In the - event that any provision or clause of this Mortgage ~r the Note conflicts with applicable law, such conflict shall not aftect . other provisions of this Morigage or the Note which can be given efiect without the conflicting provision, and to this end the provisions of the Martgage and the tiote are declared to be severable. 16. Borrower's Copy. Borrow•er shall be furni~hed a c~nformed copr of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If all or anc part of the Propeny or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding fal the creation of a lien or encumbran~e subordinate to this Mortgage. (b) the creation of a purchase money cecurity interest for household appliances. (e) a transfer by devise. descent or by operation of law upon the death of a joim tenant or (d? the grant of an~~ leasehold interest of three ~ears or less no! 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. I_ender 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 person is satisfactory to Lender and that the interest pa}•able on the sums secured b)~ this Morigage shall be at such rate as Lender shall request. If Lender has waived ihe option to accelerate provided in this paragraph 17, and if Borrower's successor in interut 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 t_ender 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 Iess than 30 da)•s from the date the notice is mailed within which Borrower may pay the sums declared due. lf Borrower fails to pa}' such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitte~i b}• paragraph 18 hereof. Nox-UN~FOei?t CoveN~xTS. Borrower and [.ender further covenant and agree as follows: ~ 18. Acceleratan; Remedks. Ezcep as provkled ia paragraph 17 hereof, upoo Borrower's breach of any covenant or agreement of Borrower in t6is Mortgage, including t6e covenants to pay when due any sums securcd by thk Mort=age, Lender prior to accekratioo shall mall notice to Borrower as provided in paragraph 14 6ereof ;pecifying: (1) tf~e breach; (2) tbe action requlred to cure snch bresch; (3) a date, nM less than 30 days from the date the notice is mailed to Borrower, by which snc6 breac6 must be enred; and (4) thst failure to cure such breach on or befors the date specified in the notke msy reanlt in accekratfon oE the snnts secnred by tbis Mortgsige, foreclosurc by judicial proceedL~ and sale of t6e Property. 'Ibe notice shaU fnrther taform Borroaer ot tbe right to reinctate after accelerstbo and tbe rfght to ~ert in t6e foreclosure proceeding the aon-ezjsteace of a default or noy Mher defense of Borrower to accekntion and foreclo~vre. If the breach is not cun.i on or beforc t6e dste speci6ed in the aotice, Lender at [.eoder's optlon may declare all of the snms secored by this Mortgafe to be immedistdy dne and payabk witboat foriber daaaad and may foreclose thk Mortgsae by judicial proccedins. Lender shatl be entitkd to coUect in soch proceedln= al! expeoses of forectosnre, including, but not I~mited to, reasona6ie attorney's fees, and costs of docnmentary evidence, a6stracts and Ntk reports. 19. Borrower's Rlgbt to ReinNate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings hegun by I_ender to enforce this Mortgage discontinued at any time ~ ~gU ~89 ~ ~ - » ~ - : ~ r_ - ~ - ~ a~~ ~t a_ _ .