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HomeMy WebLinkAbout0015 LenJer's writteo agreement or applicabk law_ Borrower shall psy ihe amount of ail mor~gage insuianee ~prem~ms in tlsc. ma~ner pravided under paragraph 2 heneof. Any amounts disbursed by I.enJcr punuant to this paragraph with interest thereon, shall become additiond inJebtedness of Horrower secured by this Murtgage. Unless Barrower and I.enJer agree to other terms of payment, such amcwnts shal) be payablc upc?o n~~~ice fmm Lender to BarroweK roqucs~ing payment thereo(, and shall bcar interest from the date af disbursement at Ihe ratc payahk fram time to time on oatstanding p~incipa) under ihe Note unless payment ot interat at sueh rate would he cantrarv to applicable law, in which event such amounts shall hear inte~est at the highat nte permissible under applicabk Iaw. Nothing contained in ~his paragraph 7 shall require I.ende~ to iocur any expense or take any action hereundcr. 8. lnspectbn. [.ender may make ~ir rausc to !+e made reau?nable cntrics upan and inspecteons af the Property, provided that l.ender ~hal! giee Borrower ne~~i~c prinr ta any such inspection specifying reasonabk cause therefor related to Lender s interest in the Propeny. 9, Coodemnation. The proceedc of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking af the Propeny, or part thercof, or for conveyance en leeu of condemnation, are hereby assigoed and shafl be paid to l.ender. In ~he event of a total taking of ~he Pmpcrly, the prcxccds ~hall hc applied to the sums secured by this Mortgagc, with the e+ccess, if any, paid to Barmwcr. ln the cvcnt of a partial taking of the Property, unless Borrower and Lender othen~•ise agree in writing. there shall be applied tc+ the sums sect~rcd hy Ihis Mortgago such proportion of the proceeds as is rqual to that proportion w•hich thc amoun~ of thc sumti ~cc~~rcd by thic Mortgage immediately prior to the date of taking bears to the fair markei value of thc Pr~Fx:ny immediatcly prior to the date of taking, with the balance of the proceeds paid to Borrower. ~ , If the P~openy is abandonect by Borrower. or if. after notice by I.ender to Barrower that the condemnor offers to mulct an award or seule a claim for damaKe,. Borrower faik to res~xmd to l.ender within 10 days after the date such notice is mailed. Lender ic authorized to collect and apply the procecds, at 1_ender's option. either to ratoration or repair of the Propeny or ~o the sums securcd hy ~his M~~rifisi~. Unless I.ender and Borrnw•er otherwicr agree in writ~ne. am• sueh application of proreeds to principa) shall not extend or pcnlpone the due date of thc monthly in~~:?Ilments referrcd to in paragraphs 1 and 2 hercof or change the amount of such installments. 10. Borrower Not Released. Extencion o~ the time for payment or modification of amortization af the sums secured by this Mortgage granted by I ender to am~ cucceccor in interect of Rorrouer shall no~ operate to release, in any manner. the liahility rf the original $orrower :ind Rorrowe~ ~ s?iccessors in interest. t.ender shall not be required to c~mmence proceedings against such s~eccess~~r or rc(uce t~ erten~l time for payment or ot6eru•ise modify amortizat~on of thr ~ums ~erured h~• thi~ Morlgage by reason of :?n~• demanct made b~• the orieinal Bo~rower and Borrowers succes~orc in imeree~. ll. Forbearance by i.ender Not a Waiver. Anv f~rtxarance b}~ I.ender in exercising any right or remedy hereunde~. or otherwise afforded by applicahle law, shall n~t he a waivcr of or preclude the e~cercise of any such right or remedy. The procurement of insurance or the payment of tare. or othe~ liens or charges by I.e~der shalf not t?e a waiver af I_ender s right to accclerate the maturity of the indehtcdne~s c~:cured hr thic Mort~age_ 12. Remedies Cumulatire. All rcmeclies pro~~idcd in thic Mortgage are distinct and cumidative to any other right or remedy under this Mortgage or afforded M• law• or equity. and ma}• be exercised concurrentlp, independently or successively. ' 13. Successors and Assi~ns Bound:.Joint and Several I.iabiiity; Captions. The covcnants and agrcements hercin contained shall hind, and the riqhts hereunder shall inure to, the respective suceessors and assigns of I.ender a~d Barrower. aubject to the provisions of paragraph 17 hereof. All covcnants and agreeme~ts of Bo~rower shall t~e j~~ir~ and ceveral_ The captions and heading~ of the paracraphe ~f thic Mor~gage are for convenience only and are not to t~e used to interpret or define thc provision~ hereof. ; 14. Notice. Except for any notire rryuired under applicable law to be given in anather manner. (al an}• notice to Borrower pm~•ided for in this Mort~age tihall he givcn hy mailing such notice by certified mail addressed to Borrower at ~ the Property Address or at cuch ~~ther addres, as R~xr~~v?•er may designate b}• notice to 1_ender as Fmvided herein. and ~ (h) am• notice to Lender shall he gi.•cn hy certificd mail. retum recei~?t requested. ~o l enders address stated herein or to ~ cuch ~other address as I_ender ma~~ dc~i¢nate h}~ n~tire t~• Bormwer as provided herein. Aoy notice provided for in this ilortgage shall he decmed to ha~c t?ccn c~~cn to B~rrowcr or I.cnder when given in the manner designated herein. 15. Uniform MorlRa~e: Governin~ I.aw; Se.erabilit~•. This form of mortgage combines ~miform co~enants for national ~ use and non-uniform covenant~ wilh timitr~i rariation. hc juricdietion to constitute a uniform security instrument covering rea! propeny. This Mortgage shall M: governed hv Ihe law• e.f the jurisdic~ion in which the Property is located. In the event that any proyision or clauce of thi. Mong:?ge ~.r the Nate rnnflicts w-ith applicable law, such conflict s6alt not affect other prov~sion~ of Ihis Mortgage i~r the N~uc which can he given e(iect v?-ithoirt the eonflieting provi~ion, and to this end the pro~•isions of thr NortRagc and thc 'Vote are ~leclared to be severable. l6. Bormwer's Copy. Borr~~rer chall I.r furni.hed a a•nformcd copy of the Note and of this ]~iortgage at the time of execution or afrer recordation hereof. ` 17. Transfer of the Propertv: Accomptian. (f al( ~~r am~ part of the Pruperty or an irtterest therein is sold or transferrcd ~ by Borrower without Lender's pricir Nrit~cn «~menl. r~rluding lal the creation of a lien or encumhrance suhordinate to this Mortgage. (b) the creation of a pur~h:+~c m~~ne~~ tecurit}• int:rest fc•r household appliances. (c) a t~an~fer M• devise. descent or by aperation of law~ upon the Jcath c.f j~~~m tenant or (d~ the grant ~f any fcaschold inlerest of thrc~ yrars or Icss E not containing an option to pureF~ase. Lender ma}•, at i.ender'~ apt~on, declare aA ~he sums secured by this Mortgage to be ~ immediately due and payable. I.ender ~hall have w;u.•ed such option ro accelerate if, prior to the ~ale or transfer. I.ender and the person to whom the Property i. a~ be :~I~l or tr~nslerred reach ag~ecment in writing that the credit ~f wch person ~ is satisFactory to I.ender and that ~he intcr~.t pa~•able on the sums secured by this Mortgage shall be at such rate a~ 1_ender shall request. If [_ender has waived thr option ro acceterate provided in this paragraph 17, and if Borrower's suceessnr in ; interest has executed a written assumption agreement accepted in writing by I.ender. Lender shall release Borrower from all obiigations under this Martgage and the Notc. If I.ender exercises such option to accelerate. Lender ~hall mail Borrower notice of acceleration in accordanr~ ~~+~h paragraph l4 hereof. Such notice shait provicte a pericxl of nnt Iess than 30 days trom the date the notice is mailed within which Borrow~er may pay the sums declared due. If Borrower fails to pay such siuns prior to the expiration of ~uch pen~xl. l.ender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hcrcof_ ' Norr-UtvtFORi?t CovFVetvTS. Borrower and l.ender further covenant and agree as follows: 18. Acctleratioo; Rtmedks. E:cept ~s providcd in paragmph 17 hereof. upon Borrowet's breach of aey covenant or agreemeat of Borrower ia t6is Mortgsge, includi~ the covenants to pay when due any soms secured by this Mort~sge. i.ender prior to accekrstion shdl mail notice to Borrower as provided in para~raph 14 hertof speeNrfas: (l) the bresch: (21 the ac(ion required to cnre sucb brrach; (3) a date. not less than 30 days from the d~e t6e notice ts mailed to dorrovrer. by whicb sucb breach must be cored; and (d) thst failure to cure such breach on or betore the dale spec~'ied in the notice msy recult in accekration of tbe sun~ stcurod by this MortgaRe. foeec{osure by judicid procetdina and sak of the Prapertr. 77~e notice shall further inform Borrower of the right to reinstate after acceleratjon and tbe right fo assert in the foreclosure proceedin~ tbe non-e:istence ~ a detault or any dher defense of Borrower to acceleration and (orecbwre. If the breach ts not cund oa - or befon the date specified ia the notice. Lender at I.ender's option msy declare al! of the sams secured by t6is Mo~tga~e fo be immediately due and p~yable without further demand aod may foreclose fhis MortRa6e by jadicW proceedireR. I.ender chall be endtled to co0ect in suc6 Proceeding aR expenses nf foreclosure. iorluding. but not limited fo~ reasonsbk at~•,rnev's fees. and costs of docuauntary eridence.:bstrsrts snd ~itk reports. 19. dorrower's Ri6ht to Reinstate. NMv?•Hhctanding Lender s acceltrat~on of tht sums secuted by th~s Mortgage, Borrower shall have the right to have an~~ proce~d~ngti he~un %.y t.ender to enforce this Mortgage discontinued at an}• time ~l~} ~VV r.~l• ~ ~ - - y.~_ "~:+u,~ r, ~ _ - '