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HomeMy WebLinkAbout0680 i ~ Lender's w~tteo agreeaxnt or applicabk lawt' Abrtower shall pay the amount of al) mortgage insuraace premiums in the manne~ p~ovidcd undc~ pa~aa~aph 2 heroot. Any amounts disbursed by l.enck~ pursuant to thia parag~aph 7, with interest thereon. shall become additional imieb~edness of Borrowc~ secured by Ihis Mohgage. Unless Borrower anJ I_enJe~• atro~ co_ at~ ~erms ot wyment, such amour?ts shail be payabk upon nnticc from I_c~der to Borrowcr roquesting payment thercof.~and shall bear intorest from the date of disbursement a! the ratc payahk fram timc to time on aitstanding principa) u~iter the Note unless payma~t of interest at such rate would be coninry to applicnbk law, in which event such amounts shall bea~ interest at the highest rate permissibk under applicabk law. Nathing cc~ntained in this pa~agraph 7 shall requine i.ende~ to incur a~y expenx or take any action Aorcunder. s. i~speetio~, I_ender may make or cause ta be mack reasonabk eotries upon and inspections oF the Property, provided lhat I.ender shall give Borrower natKe prior to any si~ch i~spection specifying rcasonabk cause thtrefor rclatod to Lender'a interesl in thc Propcrty. 9. Condcrosafba The proceedc af any award or claim for damages, direct or consequential, in con~ectan with any condemnation or other taking of thc Property, or patt thercaf, or for conveyance i~ lieu of condemnation, aro hereby assigned and shall be paid to I_end~r. in the event af a tatal taking of the Property, the pr~xeeds chall he applied ta the sums securcd by this Mort~age, with the excess, if any, paid to Borrower. In the evcM of a partial taking of the Property, unl~ss 13orrowe~ and Lender otherwise agroe in writing, there shal! be applicd to ~he cumx secured by this Mortgage such propo~tion of the proceeds as is equal to that proponion which the amount of the sumt ~ecured by ~his Mongage immediately priar to the date af taking bears_to the fair market value of the Propertv immediately prior to the da~e~f taking, with the balance of the proceeds paid to Bomower. If the Property is aha~doned by Borrower, or if. after notice hy I.ender to Bormwer that the rnndcmnor offen to maice ' an awa~d or settle a claim tor dama¢es, Borrower fail~ to respond to I_ender within 30 days after the date such notice is maited. ~ender ic a~:thorized to collect and apply the prnccedc, at I.ender c option, eith~r to restontioo or repair of the Properly or to the. sums secured hy this Mongage. Uniess Lender and Borrawe~ otherwice agree in writing_ any such applicatio~ of prc+ceeds to principal shall not extend c?r postpone the due da~e ot the monthly inslallments referred to in paragraphs 1 and 2 hereof or change the amount of such installmeMs. t0. Borrower Not RekASed. Extension of the time for payment or modification of amortization of the sums securcd by this Mortgage granted by I.ender tn any auccecu~r in interc~t of Borrower ~hal1 not operate to releax, in any manner. the liability of the original Borrower and &~rrower'c successc~rc in interest. Lender shal) not be required to commence proceediogs against such successor or rcfuce t~ ertenJ time for payment or otherwi~e modify amortizat~on of thr si~ms secured hy this Mortgage by r~eason of an}• demand made b~~ the original Borrower and Borrower s sucee~ors in inlerect. l l. Forbesrance by I,ender Not a Waivct. Any fc?rhearance by l.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver af or preclude the exercise of any such right or nmedy. The procurement of insurance or the payment of tates or other liens or charges by ~ender sha11 not be a waiver of Lender s right to accelerate the maturity of the indehtednecs cecured hy lhis Mortgage. l2. Remedies Comulstite. All remedies provided in this Mortgage are distinct and cumulative to any other right or rcmedy under this Mortgage or afforded h~ law or equity. and may be exercised concurrently, independentty or successivety. ' 13. Snccessors and Assi~ns Bound; Joint and Sererat [.iaM'tlty; Captions. The covenants and agreements herein co~tained sha11 bind, and the rights hercunder shal! inure to, the rcspective successors and assigns of I_ender a~d Borrower. subject to the provisions o( paragraph 17 hereof. All covenants and agreementc of Borrower shall be joiry and several. 'il~e eaptions and headings of the par~graphc of thic Martgage are for eonvenienee only and are not to be ased to interpret or define tf~e provi~ions hereof. - 14. Notiee. Except for any notice reyuired under applicable law to be given in a~other manner, (a) any notice to Borrower provided for in Ihis Mortgage shall be given by mailing such ootice by certified mail addressed fo Bcxrow•er at the Property Address or at such o~hcr addrec. as Borrow•er may designate by no~ice to i.ender as provided herein. and (bl any notice ro Lender shall be givrn by certified mail. return receipt requested. to I.ender s addrcss slated herein or to se~ch other address as I_ender may decignate b}• n~tice to Bormw~er as provided herein. Any notice pmvided for in this Mortgage shall be deemed to havc hccn given to Bormw-cr or Lender when given in the manner designated herein. 15. Uniform MoMRa~e; Governin~ I.aN; Se~erabilit~•. Thi~ form of mortgage combines uniform covenants for national use and non-uniform covenant~ with limited variatic*ns h~• je~risdiction to constitute a uniform security instrument covering real p~operty_ This Mortgage shall be gove~ned hv the law of the jurisdiction in which the Property is located. In the event that any provision or claute of thit Mortg:~ge ~r the Note conflicls with applicable law, such conflict shalt not at~ect other provisions of Ihis Mongage or the Natr which can be given effect without the conflicting provicion, and to this end the provisions of the Mortgage and the 'Vote are Jcclared ro he severable. 16. Borrower's Copy. Borrow~er shall M: furnisheJ a rnnformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Traasfer of the Property; Ascumption. If ali c.r any- part of the Property or an interest lherein is sold or transferred by Borrower without Ixnder's prior writtrn consent. excluding (al the creation of a lien or encumbrance subordinate ta this Mortgage. (bl the creat~on ot a purchace m~~ne}• uxuritr interest for household appliances, tc) a tran~fer hy devise. desce~t or by o{?eration of law• upon the death of a joint tenant or (dl the grant of any leasrhold interest of three ~•ears or lecc not containing an option to purchase, [.ender may. at Lender's o~tion, declare all the sums secured by this Mortgage to t+e immediately due and payable. I_ender shall h~ve waived such option to accelerate if, prior to the cale or transfer. I.enJer and the person ro whom the Property i~ to ~x :o1J ar transterred reach agreement in writing that the credit of wch percon is satisfactory to Lender and that the intcrr~t pa}•able on the sumt secured by this Mortgage shall be at such rate ac I.ender shall request. if [_ender has waived thc option to accelerate prrnided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by I.ender, I.ender shall releau Borrower from all obligations under this Mortgage and the Note. lf Lender exercises such option to accelerate. I_ender shall mail Borrower .notice of acceleration in accordanc~ ~++~h paragraph 14 hereof. Such notice shaN provide a period of nnt less than 30 days from the date the no~ice is mailed vvithin which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior ta the expiration of ~uch peri~xi, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph tR hereof. Nox-UrnFORt~s CovErr~tv-rs. Borrower and Lender further covenant and agrce as follows: 18. Accekrdioe; Remedies. E:cep as proridcd in para~raph 17 hcreof. npoa Dorrowe~'s breacM of any co~easnt or a6nee~ent of Borrower [n th~s Mortgaqe, iacludiug the co.enaats to pay w6ea due any snms secnrcd 6ry thk Mort~age. Ledder prbr !o accekntbti s6d1 n~afl aotke fo Bomower as provjded in para6raph 14 hereot specHria~: (l) tbe bresch: (2) the sction reqnired to core sac6 brsscb; (3) a date. aM less tbsn 30 days from the date the aotice is maile~ to Eorrower. by which such bresc6 mnd be cured: aed (4) thst failure to cure sucb breach on or betorc H~e date specilied ia the notke msy rexuN ia accekrstion of t6e sae~s secand by thfs Mo~age. foreciown 6y judicial proceediu` sad sde of tbe Property. 71ec wotlce shall fnrtber iatorm Sono~+er of ti~e ri~ht to reinstste sfte~ sccekratioe and the ria6t to assert in tbe foreclosun proeeMia~ t6e noa-e:istence d a defan~ or auy Mher dcfense of Borrower to accekration aad toreclos~re. 11 fbe brescb is oot cored on or bef'ore the date qeci6cd in the nofice. l.ender ~t l.ender's oplion mty dcclare aU of the sams fecond by thb Mort~sRe b be immediatcly dne and payaWe withoat furllser demand ~nd may forcciose Mis Mart~a~e 6y judicial proceedia~. I.ender chall be eotided to coileN b~ soci proeecdia~ a~ expenses of forcclosure. jncludiu`, but ~ot limited to, rrasoiubie attorney's fees. snd eosts of doc~~tary erideece, sbstracfs and Iitk rrports. 19. dorrower's Ri~ht to Rei~tate. Notwith~tanding l.ender's acceltration of the sums secured by th~s M~rtgage, Borrower shall have the right to have any proceedings he~~m hy i.ender to er force this Mortgage diuontinued at any time SCax ~~71G PAti U~ ~ : - - - - - - - - ~ ~ : _ _ ~ ~r°~~ ~~".a~~~~~~"~ _ ~ ~ ~'~`~'~"sr~: ~a.,,`'-~r ~ , . T, .r ~,~Z~~``~~x'-~~.~~ ~~~7z~~^'''~.~ a ' ' ~-~"r~'-.~ ~ x ~ ~ '