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HomeMy WebLinkAbout0466 . . l.ender's writtea agroemrnt or applicabk law. 8orrowe~ ~ha1! par the artwunt of a!! mortga~e insuru?ce ptemiums in the manner provided under puagraph 2 hereof'. Any amounts disbur:ed by I.eoder pursuant to thia parag~aph 7, wilh intcrest thection. shal) become additionsl indeb~edncss of Bomowcr secured by ~his Mohgage. U~less Borrower and [_ender agroe to other terms of pay~neo~ such amounts sha111x payabk upcM notice tram I.ende~ to Borrower roquesting payment thereof, aod shal) bear intere~t from the date of disbursement at the rate payabk from time to lime an a~tatanding principal uoder the Note unless payment ot ioterest at :uch rate would be contrary to applicabk law, in which event such amounts ahall bear interest at the hiahest rate pernnissibk under applicabk law. Nathing rontained io this pangraph 7 shall require I.ender to incur any eapense or talce any action hereunder. Isspectbw, ~I_ender may ti~ake or cause to be mack rcaconabk entries upon and inspections of the•Propert~, provided that Londe~ shall give Bornawer ndico prinr ta any such inspection specifying reasonabk cau~e ther+efor felatod to Ltoder's int~rest in the Property. 9• Cadea~ualbw. The proceedc ot any award or claim for damages, dircet or consequentisl. in connection with any condemn~tion or dher taking af the Property, or pan thereof, or tor ccx~vcyance in lieu of co~demnation, are heeeby assigned and shatl be paid to i.er~de~. ~ ln ~he event of a tot~l taking of thc Ampeny, the praceeds ~hall bc appliai to the sums secured by this Mortgage, with the excYSS, if any, paid to BoROwer. In thc evtrtt of a partial taking af the Property. unl~ss Bo~ower and Le~de~ otherwiu agree in writing. there shall be applied to the sums secured by this Mongage such proportion of the pmceeds as is equal to that propoKion w•hich the am~xmt of the sumc secured by this Mortgage 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 !ha pnoceeds paid to B~rrower. it the Property is abando~ed by Borrawer, ar if. after notice by 1.ender to Bormwcr that the condemnor otfers to maice an awsrd or settk a claim for damages, Borrower failc to respond to l.ender withio 30 days after the date such notict is mailed, Lender is authorized to cc~lkct and apply ~hc prcueeds, at 1_ender's option, eether to restoration or repair of the Property or to the sums sccured by lhis Mortgage. Unless Lender and Borrower othenvice agree in writing, any such application of proceeds to principal shall not extend or poslpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereot or change the amount of such installnxnts. 18. ~t~rower Not Rekased. Extensian of the time for payment or modiRcation of amonization of the sums xcured by this 1Norigage granted by t.ender to any cuccessor in intcreu of Borrower thall not operate to release. in any manner. ihe liasility of the original Borrower and Bc?rrawer e successors in interest. Lender shall not be requircd to comrrKnre proceedings agai~st sueh succescor or refuse to eYtend time for payment or othenvise modify amortizat~on of thr ~ums secured by this Mortgage by reason o( an~ demand made by the oriqinal Borrower and Borrower s succenors in intere~t. 11. itorbeannce by Lender Not a Waivc~. Any forhearance by l.ender in exercising any right or remedy hereunder, or othen~rise afforded by applicable law, shall not be a waivet of or prcclude the exercise of any s~ch right or rrmedy. The procuremtnt of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right ta accelerate the maturity of the inde6tedness ~ecored hy thic Mortgage. 12. Remedies Comulatire. All remeclies provided in this Mortgage are distinct and cumulative to any ofher right or - remedy under this Mortgage or afforded hy law or equity, :~nd may be exercixd rnncornently, independently or sueceuively. ' 13. Srccessors and As~es Eound; ,Janl And Several i.jability; Captfoas. The covenants and agreements hcrein - contained shall bind, and the rights~ hercunder shall inure to. the respective succecu?rs and assigns of I_ender at~d Borrower. subject to the provisions ot paragraph 17 hereof. All covenants and agreements of Borrower shail be joiry and several. 'il~e captions and headings of the paragraphc of this Mongage are for convenieoce only arld ara not to be used to interpret or de~ine the provisions herenf. 14. NMice. Except for any notice rcyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in Ihis Mortga¢e shall be given hy mailing such notice by certifted mail addressed to Borrower at the Propeny Address or at such wher addrec~ as 8orr~wer may designate by no~ice to i.ender as provided herein, and - (b) any notice to Lender shall he giv~n by cenified mail, retum receipt requested. to I.ender's addresS stated herein or to such other address as I_ender may decignate by n~tice to Bormwer as provided herein. Any notice pravided for in this Mortgage shall be deemed to ha~~e I~ecn ~iven to Hc?rrower or Lend~r when given in the manner designated herein. 15. Uniform Mort~~e; Gor~rni~ Iaw; Sererability. This form of mortgage combina uniform covenants for nationai use and non-uniform cove~an~s with limiteJ variations hp jurisdiction to constitute a uniform securiry instrument covering rcal property. This.Mortgage shall be governed hv the law of the jurisdiction in which the Property is located. In the event that any provision or clause of thic Morigage or the Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given etiect wilhout the conflicting provision, and to this end the provisions of thc Mortgagc and the No1e arc Jeclared to be severable~ l6. Borrower's Copy. Borrower shall be furnished a confarmed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Traasfer of t6e Property; Aswmption. If all ~r any part of the Property or an interest thercin is sold or transferred by Borrower without L.ender s prior wrin~ n cun~ent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creat~on of a purchace m~•ne}• trcurity in~erest fM househoid appliances. (c) a transfer hy devise, descent or by operation of law upon the death of a jo~nt tenant or (dl the grant of any leasehold intercst of thrce ycars or less not containing an option to purchase. Lender may, at I_ender'~ option, declare all the sums secured by this Mortgage to be immediately due and payable. [_ender shall have ~•:?ived such option to accelerate if, prior to the sale or tr~nsfer. [.enckr and the person to whom the Property i~ ta bc co1J or transferred rcach agreement in writing that the credit of wch percon is satisfactory to Lender and that the interc.t payable on the sums securcd by this Mortgage shall be at such rate ac I.ender shall mquest. if Lender has waived the option to accelerate provided in this parag~aph 17, and if Borrower's successor in interat has executed a written assumption agreement accepted in writing by Lender, Lendtr shall rclease Borrower from alt obligations under this Mortgage and the Note_ • if Lender eacercises such option to accelerate. LenJer shall mail Borrower notice of acceleration in accordancc ~ci~h 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 Bonower fails to pay such sums prior to ihe expiration of cuch }xriod. Lende~ may, without further notice or demand on E~rrower, invoke any remedies perntitted by paragraph IR hereof. NoH-UtviFOxtK Cove~~NTS. Borrower and Lender funher covenant and agree u follows: ls. Acceleratba; Rea~edia. G:cep as provided in pan~raph 17 6ereof. apn eorrowe~s brcac6 ot aey co~enaet or a6reemeat of Eorrower i~ tbis Mort~a6e, inciudie~ tbe co~eaanh to par whcw ~+re ~ny soms aecared by tbk Mortgage. I.eader prbr to acedentios sha~ mail notlce to sorrower as pro~ided ia parajnph 14 bercot s*tcK~: (1) tl~e brcach: (2) the action reqoired to cwe mc6 beeac~; ~3) a d~e. aot kss than 30 days fmm tbe date tbe notke b w~ed b~orrower. by whkh wci bnac6 mn~t be c~red; aed (4) tlut hilnre to care soch breach w~ or betore tbe date speci6M is tMe aotice ~aay res~dt ia sccekratio~ ot t6e s~ss secrred by this Mort6aKe. (onecbsure by jedklal proceedina aed de of tbe Property. 71~e notke shad fnrtber iafo~ dorruwer ot tbe ria1M to rei~tate sfter sceekrstioa aad tbe rigbt to aseirt ia tYe tonclosure procee~ tbe aoo-existence d s defauk or any other dcfeme of Eorrower to accekratio~ aad foreclostre. IE tAe brescle Ls aot crred o~ or betore the date speci~ei io the aotice. Leeder at t.ender•s option nay dechre all of the srms sec~rred by tbb Mort~aRe to be immcdistdy d~e an~ psyabk witlwrt furthtr demand and mar forecbst tbb Mortsa~e by judicW pt~oceedie~. Lender ~hall ' 6e e~titled !o co8a~t b~ s~ proceedio` aN e:peoses nf foreclosnre~ ipclydie~, bN ~of lisited to, reaioasbk m~,rney's fea. asd oa~sts of doc~~ary e.idence, sbstricts ~d lilk reports. 19. Sori+uwer's R(`ht to Reio~t~te. NMw•ithstanding Lender i accekration of the sums stcurcd by th~s M~rtgage. Borrower shall have the right to have any proceedinp.s hegun hy l.ender to enforce this Mortgage discontinued at any time £Ct~# ~.s7~ P~ s ~ ~ ; . - ~ _ - ~ ~ - _ ~ ~ ; ~ ~ ` ~ - . _