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HomeMy WebLinkAbout0241 l.cadcr's written agreeauent a applicabb l~w. Borrower ihall pay the amouut d aU mottga~ im~raace premiums in the maanc~ providcd undct paragraph 2 hereof. Any amounts disburad by l.ende~ punuant to thn pangraph 7, wilh iaterest thereon. ahall becara additio~al indebtedaeu of Borrovrc~ stcurod by this Mongaae. Unless Bonowe~ and LenJer agroe to other terms of paymen~ such amounts shall 6e payabk upoo ~atice from t.ender to Barrowc~ rcqucstin8 paYment thercof. and shall bear interest Ft+oa~ !he ' date of dhbursemcnt st the nte payabk from time to time on a~istandir~~ principal under the Note unkss payn~eut ot intcrest at such rate would be corttnry to applicabk law, in which cvent such amounts shall bear interest at the hishest rate pe~'mi~'bk under applicabk law. Nuthing co~tained i~ this pangnph 7 shatl roqui~c Lende~ to incur any ea~peme or taice • any actiw~ hcceundert S. i~spectio~. Lende~ may make or ca~~e to be made rcaso~~abk entriGS upon and inspectians of the Property. provided that I.orKier shall givr Borrower notice prior to any such insp~ction spccifying rcasonabk cause theretor related to I.ender's intercst i~ the Property. 9. Cowdeiwuatbs. '1'he proceeds of any award o~ claim for damages, di~ct or consoquential, in rn~nectioo witl~ any coodemnation or othe~ faicina of ihe Propeny, or part ihereof, or for conveyanee in licu of condemnatioo, are hereby assianal and shall be paid tp I.ender. in the event of a total taking of the PmpeNy, tht proceods ~hall bt applied to the sums seamed by this Mort~age, with the excess, if any, paid to Borrawer. 1n the event of a partial taking of the Property, unlaa Borrowe~ and Lend~r othenvise agroc in writing, there shall be applied to the sumc securrd by this Mongagc-such proportion of the pmceods as is equa! to that proportior~ which ihe amount of the sumc seciued by this Mortgage immediately p~ior to the date of taking bears to the fai~ market value of the Property immediately prior to thc date of taking, with the balance of the procads paid to Borrower. i[ the Property is al~andoned by Borrower, or if, after notice by ~ender to Borrower that the condem~or ol[en to make an award or senle a claim for damages. Borrower failc to respond to l_ender within 30 days after the date such notice is mailed. I.ender ic authorized to collect aod apply the prc~ceeds. at I_ende~'s option, either to ratotation or repair of the Property or to the sums securcd by this Mon~rage. Untes~ Leader and Borrower otherwice agree ir1 W~riting, any such application of praceeds to principal shal) not extend or p~,atpone the due da~e of the monthly installmcnts rcferrcd~to in paragraphs 1 and 2 hereaf or change the amount of such installments. 1A. Eorrower No! Rele~sed. Extension of the time for payment or modification of amortization of the sums securcd by this ldortgage granted by Lcnder to any cuccessor in intercct of Bc~rrower shall not operatc to rekase, in any manne~. tfie iiability of the original Borrower and Bc~rrowcr s si~ccessors in ioterest. Lender shall not be nquired to commence proceedings against such successar or refuse to ecteod time for payment or otherwise modify amortization of thr ~ums secured by this Mortgage by reason ot any demand made by the original 8ormwer and Borrower's successors in in~erect. l l. Forbesn~ate by Lender Nof a Wairer. Any fofiearance by I.ende~ in exercising any right or remedy hereunder, or othetwise afiorded by applicabk law. shall not be a waiver of or preclode ihe exercise of any such right or remedy. The procurement of.insuranoe or the payment of taxes or other liens or charges by Lender shalt not be a waiver of Lender's right to accelerate ihe maturity of the indehtednecs cecured hy this Mortgage. l2. Retwedks Cumuiat~e. All remedies provided in this Mortgage are dislinct and~cumulative to any other right or remedy underthis Mort~tage or atfordcd hy law or equity, and may be exercised concurrently, independently or successively. ' y3. Sacce~ors aad AssiRas Bound; Jaaf and Several [.i~M7ity; Captioas. The covenants and agreemertts herein contained shall bind, and the rights hereunder shall im~re to, ihe respective successors and auigns of Lender at~d Borrower. subject to the provisions of paragraph 1'I hereof. All covenants and agreements of Borrower shall be jairy and several. 'il~e captions and headings of the paragraphc of this Mortgage are for conveoience only and are not to be ~roed to interpret or define the provisions herec~f. - 14. Notice. Except for any notice rcyuired under applicable law to be given in another manner, (a) aoy notice to Borrower provided for in this Mortgaee chall be give~ by mailing such notice by certified mail addressed to Borrower at the Property Address or at such wher addresa as Borrower may designate by ootice to I.ender as provided herein, anc! (b) any notice to Leoder shatl he given by cenified mail. return receipt requested, to I.ender s addras stated herein or to such other address as Lender may designate by notice to Bormwer as provided herein, Any notice provided for in this Mongage shall be deemed to have been given to Bc~rrower or Lender when given in the mannar designated herein. ! 15. Uniform Mori~nRe; Governin~ Iaw; Sercnb'lity. This form of mortgage combines uniform covenants for national use and non-uniform covenantc with timited ~•ariaticx~s b~~ jurisdiction to constit?ue a uniform security instroment covering ~ real property. This Mortgage shall be Roverned hy the law of the jurisdiction in which the Propeny is located_ in the event ~hat any provision or clause of thi~ Mortgaee or the Note canflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given efiect without the conflicting provision, and to this end the provisions of the Mortgage and the Vote arc declared to be severable. , 16. Eorrower's Copy. Borrower shall bc furniahed a contormed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. I'7. Trausfer of the Property: Assumption. (f att or any part of ~he Propeny or an interesi therein is sold or transferred by Borrower without L.eoder's prior wriprn consent. excluding fa1 the creation of a lien or encumbrance subordinate to this Mortgage. {b) the creat~on of a purch:,ce mone~~ ~ecurity interest for household appliances, tc) a transfer hy devise, descent or by operation of law upon the dcath of a joint tenant or (d1 the grant of any leasehold interest of threc }cars o~ tess not containing an option to purchase, Lender may, at Lender s aption, declare all the sums secnred by this ~fortgage to be immediately duc and payable. Lender shall have w~aived such option to accelerate if, prior to the sale or transfer, I.ender _ and the person to whom the Properry ic to be +c~W or transferred reach ag~eement in writing that the credit of such pe~n is satisfactory to L.ender and that the imere.t pa~•able on the sums secured by this Morigage shall be at such rate a~ Lender shall requat. if I.ender has v?+aived the option to accelerate provided in this paragraph 17, and if Borrower's successor in +nterat hu exceuted a written assumption agreement accepted i~ writing by ixnder, Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender chall mail Borrower notice of aeceleration in accordancr ~~+~h ' paragraph 14 hereof. Such notice ahall p~ovide a period of not [ess than 30 days from the date the notece is mailed within which Borrower may pay the sums declared due. If Borrower faiLs ~o pay si~ch sums prior to the eapiration of ~uch period. Lende~ may, without further notice or demand on I3orrower. invoke any remedies permitted by paragraph 18 hereof. Notv-Ur?tFORUt Cove~~Nrs. Borrower and 1_ender further covenant and agree u follows: _ ls. Accdentbe; Remedies. E=cept as provided ia para6raPb 17 hertof, apoo Eorrower's breac6 of s~r co~eesat or a~reew~t of Eorrower i~ t6is Mortaaae, iscludin~ fbe co~ensnts to pay whew dne sey wms xawred by t6is Mort~e. Leader prior to sccdentbn sba~ e~ail aotice to lbrrower as prorided is para6raph 14 ~ereof specif~: (l) ttie breacl~: (2) tbe action eeq~dred to core soc~ brrach; (3) a da~e, oot las t~an 30 dsys froa~ the date rie aotiee b a~ed to Eo~rower. by wbkb sncM b~escb mwt be cmd; aod (4) t6at hilnre to csre soch bresc6 os or befoee tbe dats speci6e8 ia tbe aotice may nsdt ia aecekrstion ot tbe ssoas secm^ed by t6~s Mort~aa~ee, torccbsore by jadicial proceedia6 sd saie ot tbe Properry. 71~e notke sball feNber infora~ Eorrower of fhe ri6M to rciusfatc after sccele~tias snd tbe ri66t b s~aed jw tLe forrdos~re p~oceedi~ t4e ooo-exjsteaee of a defaolt or ~y dher defeasc of eorrowet to secelerstios aad foreclostre. N Me breaeM is eot cored o~ . or before the dale speci6ed i~ l6e eotke. Lende~ at [.ender•s optioa atay declar~e sA d tMe s~a~s sec~red by tl~is Mort~a~e fo be _ i~swediatefy due snd payabk rriHaot f~rther demand ~nd msy forecbse thb Morf6a~e b~ j~rdlcid pooeeNiaR. Lender chaN be eMiHed to colket ia snc6 proeeedloa a~ ezpeoses ~~f foreclosurc, Mcladi~. b~f ~ot lia~itd to, r+ero~s6k m~,rney's Eea. asd oosb ~ doc~a~e~tarf eridesce. abstiscts and ~i1k nporis. 19. Dorrower's Ri`6t to Re~tate. Ncxvvithstanding ~ender s acceleration of the sums secured by th~s Mortgaae, . Borrower shall have the right to have any proceedings hegun hy [_ender [o enforce this MortRage discontinued at any time BCUX295 ~.,cE'240 ~ h~ ~ ~ - - - - - - - --t ~ ; ~ ~ ~ T~-'