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HomeMy WebLinkAbout0225 Lender's written agreement or applicable law. Borrower shali pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hercof. Any amou~ts disbursed by I.ender,pursuaat to thia p~ragraph 7, with interest thercon, shall become additional indebted~ess of Borrower securcd by ~is •Mortgage. Unloss fc+rrow~er and l.ender agree to othet terms of payment, such ~ amounts shall be payable upon notice rom I_e~der to Borrowe~ requesting payment thereof, apd shall bear interest from the } date of disbursement at the rate payable from time to time on outstanding principar und~t tlie Note unless payment of : i~terest at such rate would be contrary to applicable law, in w~hich event such amount: shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereuader. S. iaspectbn. Lender may make or cauu to be made rcasonable entries upoo and inspoctions of the Property, provided that Lende~ shall give Borrower notice prior to any such inspection specifying reasopable caux thtrcfor related to Le~der's interest in the Property. 9. Coadetawtbn. The proceeds of any award or claim for damages, dircet or consequential. in coooection.with any ~ coodem~ation or other taking of the Property. or part thercof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to L.ender. In the event of a total taking of th~ Property. the proceeds shall be applied to the sums securcd by this Mongage, with the excess, if any, paid to Borrower. in the event of a partial taking of the Propeny, unless Borrower and Lender othenvise agrce in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as•is eq~al to that proportion which the amount of the sums secured by this Mortgage immediat~ly prior to the date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the pr+oceeds paid to Borrower. If the Property is abandootd by Borrower, or if. after notice by Lender to Borrower that the condemnor offiers to make an award or settle a claim for damages, Borrower fails to rcspond to Lender within 30 days after the date such notice is mailed, Lender is authoriud to collect and apply ~he proceeds, at I.ender's option. either to rcstoration or r~epair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrow•er other.eise agree in writing. any such applicatio~ of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 herrof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage grantcd by I.ender to any successor in interest of Borrower shall not operate to releau, in any man~er, the liability of the original Borrower and Borrower's successc~rs in intercst. Lender shall not be required to commena proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made b~~ the original Borrov?~er and Borrower s successors in interest. 11. Forbear~qce by Lender Not a R'atrer. An~ forbearance by Lender in exercising any right or remedy hereander, or otherwise afforded by_ applicable law, shall not be a waiver of or preclude ihe exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedks Cbmulati~e. All remedia provided in this Mortgage are distinct and cumutative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. l3. Soccesson aed Asai~m Bouad; ]oint aad Sereral I.iabitify; Captioos. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subjoct to the provisions of paragraph 17 hereof. All covenants and agreements of Borrow~er shall be joint and several. 'I~e captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define ihe provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mottgage shall be given by mailing such notice by certified mail addre~ced to Borrower at - the Property Address or at such other address as Borrower may designate by notice to i_ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requ~sted. to l.ender s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be dcemed to have been given to Borrower or Lender when given in the manner designated he~ein. 1S. Uaiform Mortg~e; Governiu~ Law: Severalntity. This torm of mortgage combines uniform covenants for national - use and non-uniform covenants with limited variations b}• jurisdiction to constitute a uniform security instrument covering ; ! real property_ This Mortgage shall be governed hy the law of ihe jurisdiction in which the Property is located. In the ! event that any provision or clause of this Mortgage or the Not~ conflicts with applicabk law. such conflict shall not af[ect ~ other provisions of this Mortgage or the Note which can be gi~•en effect without the conflicting provision, and to this ; end the provisions of the Mortgage and the A`ote are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a confoimed copy of ,the Note and of this Mortgage at the time ~ of ex~ecution or after recordation hereof. _ 17. T~ansfer of tbe Property; Assumption. If all or an~~ part of the Property or an interest therein is sold or transferred ~ by Bonower without L.ender s prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase money security interest- for household appliances. (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold intercst of three years or less not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to acxelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agrcement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums ~ecured by this Mortgage shall be at such rate u Lender shall requat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest has executed a written auumption agrcement accepted in writing by Lender, Lencier shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate, i_ender shall mail Borrow•er notice of acceleration in accordance with = ~ paragraph 14 hercof. Such notice sha~l provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay ihe sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. L.ender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ; ~ Nox-UN~FOaNt Coverr~rrrs. Borrower and ~ender further covenant and agree u follows: ~ 18. Acedentba; Remedia. Ezcept as pmvided in pangrapb 17 hereof, a~w aorrower's breach of aey covensnt or ~ sq~reemcat ot Borrowu in thb Mort~e, iecludin~ the coveaauts to Pay whee dae aoy sa~ secered by Wk Mortgage, Lender ~ prbr to sccderatbn s6a~ mdl ootlce to Borrower as prorided ie puagraph 14 hereof specifyiu~: (1) the brescb; (2) tLe adion ~ reqnired ~o care a~cb brescb; (3) a date, not ku than 30 days fwm t6e date t6e ~otice L ms~ied to Eorrower. 67' which sac6 ~ breac6 mwt be corsd: and (4) t6st failnre to care soc6 bnacl~ oa or beEore t~e date speciBed ia the ootke sq rssalt io ~ scederattoa ot t6e sams secored by t6ts Mor1~e. foreclosnre by judicid proceedin~ ~ sale of tbe Property. 'iLe notke r shsq farther ieform Borrower ot the right to rei~te after sccdera8oa sad tbe ri~t b a~eN i' the foreclos~re ~roeeedlaB ~ ~e oowezbtence af a detanlt or any otber defeme of Eorrower to accekratioa aed toredosnre. It t6e brescl~ is oot cered oe or before tbe dNe speci8ed in the notice, Leoder at Leader's optioo may declue aY of t6e sa~ secsred b~ tLis Mo~e b 6e immedittdr dne aad payabk wftboat furtber dema4d aad ~ay foreclose tbb Mort~al~ b7 ~odiCW I.nder s~ ~ be ~tltkd to cdiect ia s~ proceedia~ aH e~emes of foreclosore, iacieding, bot ~wt Wdted t0. ~ attorne~'s fca, aod casb of docame~tary evideace, abtrscb aod.tide reparb. ~ 19. Dorrower's Ri`bt to Reiastate. Notwithstanding I.ender s acceleration of the sums securcd by this Mortgage. ~ Borrower ahall have the right to have any procoedings begun by Ixnder to enforce this Mortgage discontinuod at any time ~ ~ s~~~ 295 e~c~ ' 224 Y ~ ~ , : i =t , ~ ~ : ~ y - ~ ,~fr ~~<~l*-""`~ g~-t ~ _