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HomeMy WebLinkAbout0866 l.e~der's written agreement or applicabk low. Borrowe~ shall pay the amount of all mongage insurance premiums in the maaner providcd under parag~aph 2 heroof. , Any amounts disbursed by 1_cnckr pursuant to this paragraph with inl~R~t thereon, shall become additional inciehtednes.s of Borrowcr securod by this Mortgage. U~lecs Borrower and I.ender agroe to othe~ terms of payment. such amcwnts shall be payabk upan nc~~i~.-c from I.endcr ta Borrowcr requesting paymeot thereot. ind shall bear interest f[an the date of disbursement at the ratc payabk from time to time on w~tstandiag principa) under the Note u~less payment of intercst at such rate would be contrary ta applicabk law, in which event such amounts shatl bear interost at the highest nte permissibk unde~ applicable law. Nothing contained in this paragraph 7 shall tequire l.ender to incur aoy eape~e or take any action hereu~der. 8. laspectiow. I.ende~ may make or cause to he made reasonable e~tries upon and inspections of the Property. provided that l.ender shall give Borrower natire prior t~ any sikh inspectian cpecifying reasonabk cause therefor related to t.ender's interest in the Property. 9. Condemnatba. The proceedc of any award o~ claim for damages, dircc~ or rnnsequerRial, in con~?ection with any condemnation or other taking of the Property, or part thera~f, ar for conveyance in lieu of condemn~tion, are hereby assig~od and shall be paid to l.ender. In the event af a total taking of thc Pmpeny. the prcx:ecds ~hall he applied to ~he sums secured by this Mo~tgage, with the excess, if any, paid to Borrower. lo thc cvcnt of a partial taking of the Property, unkss BoROwtr and Ltnder otherwix agree in writing. therc shall be applied to the sums secured by this Martgage such proportion of the proceeds as is equal to that proportic~n which the amount of thc sumc secured by this Mortgage immediately prior to the date of taki~g bears to the fair market vaiue of the Pmperty immediately prior to the date af taking, with the balance of the proceeds paid to Borrov?~r. If the Property is at+andoned by Borrower, or if. after notice by I.ender to Bormwer that the condemnor offers to make an award or setNe a claim for damages. Bc~rmwer fail. ~o respond to l.ender within 30 days after the date such notice is mailed. Ixnder is authorized to collect and apply ~he prc~cecds, at I.ender's option, either to rcstontion or repair of the Property ar to the sums sccured hy this Mortgage. Unless l.ender and Borrower otherwi~e agree in H~rit~ne. any such application of prc~ceeds to principal shall not extend or pos~pone the due date ot the monthly installmcnts referFCd to in paragraphs 1 and 2 hercof or change the amount of such installments. 10. ~omower Not Rekased. Extencion of the time for payment or modification of amoriization af the sums secured by this Mongage granted by I.ender to am• auccecx.r in interect of Borrawer chall not operate to release, in any manner. the liability of the original Borrower and Bi~rrower ~ successars in interest. I.ender shall not be required to commence proceedings against such successor or refuce to ex~end time for payment or otherw•ise modify amortization of the .ums secured by this Mortgage by reason of :~ny demand made b}~ the oriQinal Bo~rower and Borrower s successors in interet~_ 11. Forbearance 6y i.ender Not a Waiver. Any fortxarance by I.ender in exercising a~y right or remedy hereunckr, or otherwise afforded by applicable law. shall reot he a waiver o! or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liens or charges hy Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtedne~s cecured hy this Mortgage_ ]2. Remedies Cnmulatire. All remedies provided in this Mortgage are distinct and cumulative to any other tigfit or remedy under this Mongage or afforded hy law or equity, and may be exercised concurrently, independently or succecsively. ~ 13. Soccessors and A~as Bonnd: Joint and Several i.i~bility; Caplions. "i~ covenants and agreements herein contained shall bind, and the riRhtc hereunder shall inure to. the respective successors and assigns of [_ender and Borrower. subject to the provisions of paragraph 17 hercoL All covenants and agreements of Borrow•er shall be join~ and several. "il~e captions aod headings of the paraeraphc of thic Mortgage are for convenience only and are not to he uced to interpret or define the provisicmc hereof. 14. Notice. Except for any nolire rcyuired under applica~le law to be given in another manner. (a) any notice to Borrower prcwided tor in Ihis Mortga¢e shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such othcr addrecs as Borrow•cr may designate by notice to i_ender as provided hercin, and (b) anq notice to Lender shall he given by certified mail. return receipt requested. to I.enders address stated herein or to ' such other address as Lender may de~ignate by ne.~ice to Bormwer as provided here+n. Any notice pmvided for in this ~ Mortgage shall be deemcd to havc been gi~~en lo Borrower or Lender when given in the manner designated herein. i I5. Uniform Mori~a~e; Covernin~ Iaw•; Severabilih•. This form of mortgage combines uniform covenants for national ~ use and non-uniform rnvenan~c w~i1h limited variations h~- jurisciiction to constitute a uniform security instrument covering f real property. This Mortgage shall be governed h}• Ihe law~ of the iurisdiction in which ihe Property is located_ in the ! event that any provision or clauce of thic Mortgage ~r the Note confticts v?~ith applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the N~~tr which can be given effect without the conflicting pmvi~ion, and to this ~ end the provisions of thc Mortgage and the Note are declared to he severable. ~ 16. Borrower's Copy. Borrower chall be furni~heJ a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof_ ~ 17. Transfer of fhe Property; Assumption. 1f all or any part of the Pmperty or an interest therein is sold or transferred ~ by Borrower without I~nder's prior writ<<n c~~ncent. e~cluding (al the creation of a lien or encumbrance subordinate to ; this Mortgage. (b) the creation of a purcha.e mone~• ~ecurit~• interest for household appliances, (cl a tranc(er hy devise. ~ descent or by operation of law• upon the Jeath of a joint tenant or (d? the grant of any leasehold intercst of threc ycars or less ~ not containing an option to purchase, [.ender may. at Lender's option, declare all the sums secured by Ihis Mortgage to l+e ~ immediately due and payable. [_ender chall ha~c wai~•ed such option to accelerate if, prior to the cale or transfer. I_ender ~ ~ and the person ro whom the Properry ic ta be :old or transferred reaeh agreement in writing that the eredit ~f wch per~on ~ is satisfactory to LenJer and that the interr~t pa}~able on the sums secared by this Mortgage shall be at such rate aa l.ender ~ shall request. If I_ender hu waived the option to accele:ate provided in this paragraph 17, and if Borrower's successor in interest has exeeuted a written assumption agreement accepted in writing by I.ender. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ If Lender exercises such option ~o accelerate. I.ender thall mail Borrower notice of accekration in accordancr ~ ith paragraph 14 hereof. Such notice shall provide a period of not less than 30 days trom the date the ~otice is mailed w•ithin ~ which Borrower may pay the sums declared due. It Borrower fails to pay such sums prior to the expiration of cucfi peric.d. ~ Lender may, without further notice or demand on ~rrower, invoke any remedies permitted by paragraph 1 R hercof. ~ ~ NoN-UtvtFORtit CovE~r~xTS. Borrower and Lender further covenant and agrce as follows: X l8. Aceekration; Remedies. E:cept as pm~~ided in para~rspb 1~ bereof. upon Eorrower's breacA oE any covenant or a~reemeot of Borrower in t6is Mortgsge, includirq~ tbe corenants to pay when due any snms secared by this Mortgsge. I.ender prior to sceeleratioo shall maii aotke to norrower as provided ia paraataph 14 hereof specifyi~: (t) tbe brracb;l2) the sctan w required to care socb brcach; (3) a dste, not less than 30 days from the date tbe eotice_ ts n~cd to Sorrower. by whicb such preac~ mmt be rnred; snd (4) that fnllurc to cun such breach on or before tbe ds/e fpec~ed in tbe aotice may recult in accderaKoo of the wms secnred 6y this Mort`aRe. fo~ecbsure by judicial proceedin= aod ssk of tbe Property. The notice shaU furtber inform Sorrower of tbe ri6ht to rei~tste sfter accekn~tion and tbe riahl to asse~t ia the foreclosure procee~u~ r tbe oon-e:istence ot a defwk or any other defense of Borrower to accckratioa and foreclowrr. lf tl~e bresch is not cnred oa ~ ~ or before the date specified io the notice. Le~er at I.ender s oplion may declare all of the soms stcnred by t6is Mort~a~e to be immediatdy dne sad psyable w~itlwut turther demand and m9r foreclose thts Mort~a`e by judkid proceedin~. ~,ender chall ~ be eotiNed to collect in wcb proceedir~ a!I e:penses nf foreclosnrc. facludia=. but sot limited to. reasonable att~,rory's fees. ; aod cosfs o[ docnmentary evideace, abstracts and litk nports. 19. Sorrower's R~hf to Reiuttate. Notw•ithstanding l.ender's acceleration of the sums securcd by th~x Mortgage, ~ Borrower shal) have tt~e right to have any procecding~ hcEun hy l.ender to enforct this Mortgage discontinued at any~ time ~ ~ ~ o^~ ~~I~E O~~ _ ~ ~ - - - - - ~n ` - - ~ t ~ s~~~`~~~~~=;~ ~ ~ ~ ~ ~ r - ~ s" ~ ~ ~ ~ ~ x ~.v~ ~ -~r ,m ;t~~~ 3 ~~~,'t ~~...~.s~.~ -vF r- _ . _ . . a~-~:z~,_ . .