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HomeMy WebLinkAbout0890 t.e~der's writtcn agroement or applicabk law. Borrower shall pay ~he am~unt of al~ mortgagc i~surat~ce premiunu in the manner provideJ under pa~ag~~plr 2 hereoE. Any amoGnts disbuaed 6y i.enckr pursuant to this paragraph 7, with inte~cst thercon, shall btcome additional ioclebtedr~ess of Borrowcr secured by Ihis Mottgage. Unlcts Bo~rower and I.enJer agrec to other temu of paymtot. such amaunts shall be payabk upcu~ nc~lice from I.ende~ to Bormwer requestiog payment thereof, anc~ shall bea~ interest from the date of disburstment at Ihe rate payahk frcxn time to lime on ootstanding prp~cipal unAe~ the,tlote uniess payment of intercst at such rate would be contrary to applicable law, in which event such arriourtts shall bear iotercst at the highest nie permissibk under applicablc law. Nothing containtd in Ihis paragraph 7 shall rcquiro i_ender to incur any expensc or take any artion hereunde~, 8. laspectioe. tender may make or rauu to be made reasonable en~riec opon and inspectians of the Property, provided that I.ender shall give Borrawer ~atice prior ta any suc~ +nspection spccifying rcasonabk cause therefar related ta I.endet's interest in the PropertY• . 9. Co~demaation. The proceedc of any award ar claim for damaga, direct or conuquential. in con~ection with any condemnation or other taking of the Property, or part thereof, ar for conveyance in lieu of candemnation, are het+eby assigned and shall be paid tc+ I.ender. In Ihc cveM of a total taking of thc Property. ~he pra:ecds chall be applied to the sums secured by this Mortgage, with the excess, iF aoy, paid to Borr~we~. ln thc cveot of a partial taking af the Property, unless Borrower and Lender otherwi~e agroe in writing. there shatl be applied to the ~ums secured hy this Martgage such proportion of ihe Procuds as is equa! to that proportion a•hich ihe amount i~f thc se~mc secured by ~his Mortgage immediately prior to the date of taking bears ta the fair market value of the Pmpe~ty immediately prior to the date af laking, with tha balance of the proceeds paid to Borrower. If the Propehy ic a1?andoned by $orrower. or if. aRer notice by t.ender to Bomawer that the condemnor ofters to makt an award or sNde a claim for damage+. 8orrower f~ils 1~~ res~nd fo l.ender wilhin 30 days after the date such notice is mailed, Len~Jer ic authorized ta collect and apply ~he proceeds. at l.encier'~ option, eithe~ to restoration or rapair of the Propeny or to thc sums sccurcd by this Mortga~c. Unless [_ender and Borrower othcrwice agree in w•ritine. any such application of procecds to principal shall not extend or postpone the due da~e of the monlhly installmcnts referred to in parag~aphs 1 and 2 hereof or change ihe amount of cuch installments. 10. Borrower Not Rtksxd. Extencion of the time for payment or modification of amortization af the sumx secured by ihis Mor~gage granted by l.ender to any a~ccecu~r in interect of Borcower shall not operate to release. in any manner. ths liabitity ot the original Borrower and ~iorrower'~ successors in interest. I_ender shall noi be required to commence proceedings against such succescor or refu~e ~o ertend time far payment or olherwice modify amortizat~on of thr .ums secured by thic Mortgage by reason af :~ny dcmand made by thc oriRinal Borrower and Borrower s succesaors in intere~t. IL Forbtannct 6y I.ender Not a Waiver. An}• iorhearance b}• I.ender in e+eercising any right or remedy hereunder, or otherwise afforded 6y applicable law. shall not he a waiver oi or preclude the exercise of any such right ar remedy. The procurement of insurance or the payment ~f tares or ather liens ur charges by l.ender shall not he a waiver af I.ender's right ta accele~ate the maturity of thc indehtedneu ~ecured hy lhis Mortgage. 12. Remedks Cninulatire. All remeelies provided in this biortgage are distinct and cumulative to any other right or remeJy under this Mongage or afforded hy law or equity. :~nd may he exercised concurrently, independently or successively_ ~ 13. Successors and Assi~os Bournl; .Joint and Sereral I.iabilNy; Captb~a. The covenants and agreements herein contained shall bind, and the riRhts hercunder shall inure to. the respective successors artd ascigns of I_ender at~d Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shalt be joir~ and several. 'Il~e captians and headings of ~he paracraphc of ~hic Mongage are for convenience only and are not to be used to interpret or define the provisions hereof. id. Ptotice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in this Mnrtgaee shall he ~ivcn hy mailing such notice by certified mail addressed to Borrower at , the Properiy Address or at such other addre~c as Bormwer ma~• designate by notice to 1_ender as provided herein, and (b) any notice to Lende~ shall he givcn by certifkd mail. retum receipt reque~ted. to l.ender s address stated hercin o~ to such other addres~ as Lender may detignate by n~tire t~ 8orrow•er as proveded herein. Any notice provided for in this Mortgagc shaq be deemed ta ha~•c t~ccn gi~•c~ to Bc?rrower or 1_ender when given in the manner designated herein. I5. LJniform }Nort~~e; Governin~ Iaw; Se~eral?ilit~. This form of mortgage combines uniform covenants for national use and non-uniform covenantc with iimited variations hy juriuiiction to rnnsti~ute a uniform security instrument covering rea1 property_ This Mortgage sha!! t?e gover~ed h~~ the law• of the jurisdiction in which the Propevty is located. In the event that any provision or clau~e of thic Mortgaee ~~r the Note conflicts w~ith applicable law, such conflict shalt not afiect other provisions of this Mongage or the Notr which can be give~ efTect without the canflicting provicion, and to this end the provisions of ~hc Morlgage and thc Votc arc dcciared to t~e sevtrable. ~ 16. Borrower's Copy. Borrow•er shal} tx: forni~hcd conformed copy of thc Note and of thic Mortgage at the time of execution or after recordation hereof. 17. Tru~sier of tbe Propertv; Ascumplion. 1~ all or an~• pan of the Property or an interest therein is sotd or trancferred by Borrower without I~nder's prior writ~~n ~~~nsent. e~cluding (al the creation of a lien or encumbrance suhorJinate to this Morigage. (b) the creation of a~+urch~ce mnne~• ~ecurity mterest for household applianees, (cl a trancier h~• devise. descent or by operation of law upon the death of a j~~~nt tenant or (d? the grant of any leasehold interest of threc ycars or less not containing an option to purchase. [.ender ma~~, at l.ender's option. declare all the sums stcured by this Mortgage to be immediately due and p3yabie_ Lender sha11 hac•e K:~i~~ed c~~ch opt+on to acce]erate if, prior to the cale or transfer. 1_ender and the person to wh~m the Property ic t~~ I~c :oIJ c,r transferred reach agrcement in writing that the credit c•f such percon is satisfactory to Lender and that the interr.t papable on the sums secured by this Mongage shall be at such rate ac I.ender shall request. If Lender has waived the option to accelerate provided in this paragraph t7, and if Borrower's successar in inte~est has executed a written assumption agreement accepted in writing by I_ender. I.ender shall release Borrow~er from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. I.ender ~hall mail Borrower notice of acceleration in accordanc~ ~~h paragraph 14 hereof. Such notice shall provide a period ~,f not less than 30 days from the date the norice is mailed xithin which Borrower may pay the sums declared d~ee. Jf Borrower fails to pay such sums prior to the expiration of ~uch per~.xl. Lender may, without further notice o~ demand on l3orrower. invoke any remedies permitted by paragraph 18 hercof. No[v-UNiFORtit CovErrANrs. Borrower and Lender funher covenant and agree as followr t8. Accekratae; Remed+ks. Exceq as pmvided in paragraph 17 hereof, upon Sorrorrer's bresch of any co~ensnt or ngreement of Borrower in this Mortgage. including tbe corenants to pay whea due sny snn~s secured by t6is Mortgs~t. I.ender Prior to sccekrstlon sh~dl mail nolice to Eomower us pmvided in pangraph 14 hereof specifyiu=: (1) tbe ~esch; (21 the action required to core snc6 breacb; (3) a dste, no1 tess fban 3Q days from the date the notict is ~aHed to dorro~+er~ by whkh sucb br~each wnst be cnred; ~ad (4) Ihat fsulure fo cnre such bresch oa or before Ihe date specVied ia the aotice may resWt in sccekratbo of tbe soms secored by this Moriq~e. toreclowre by judicial Proeeedin= and sale of tbe PmpeNy. 'il~e notice sball further ieform ~orrower of the riRht lo reinstnte after accekration and fhe ~ht to assert in the forecbsure Pmceedl~ tbe ooo-existence of a detaulf or say Wher defease of Borro~.er to accrkr~tion and foreciosnre. If the bnacb ~ not cnred on or btfore the dste speci6ed ia tbe notice. Lender at I.ender's option may declare ap of tbe snn~s secwrcd 6y th~s MortRaRe to be immediately dut and payabk without tuAher demand and mt~y foreclost this MotiXa`e by jndicW proceedia~. I.en~er chall be eotitled to collect in sucY proceedin6 afl expenses ~f foreclosurc, inctudi~, Iwt sot ~eited to, rrasonabk att„rnrr's fees. sad costs af docnmentary erideace, abstracts and Iitk rrports. 19. Dorrower's Rt~bt to Reinatate. Notwiths~anding Lender's acceteration of the sums secured by th~s Mottgage, Borrower shall have the right to have any p~oceedinF. hc~~~n ~,y 1_ender to enforce this Mortgage discontinued at an}• time BOQt 29~ FACf SOO ~ ` > - - _ _ ~ ~ ~ ' y : ~ r~~` ~ t ~ „e~ ~ ~ ' ~ - ~ ~~"~,.~~^,.'4.~ -~`<~ar.t-~='~. 'K w° =..ti '~?+s~~ »c~;-. ~Y:J _ =~:`~~*x`~~4~~":~"