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HomeMy WebLinkAbout0468 Lender's written agrcement or applicable law. Bo~rower shall pay the amount of all mortgage insurance prcmiums in the ~ manne~ providc~i under parag~aph 2 hereof. Any amounts disbursed by Lender pursuant to this parag~aph 7, with interest therco~, shali bccome additional indebtedneu of Borrower securcd by this Mongage. Unless Borrower and 1_ender agrce to othe~ ternu of payment, such t amounts shall be payable upon nolice from I.ender to Borrower rcquesting payment thereof, and shall bear interest from the date of disbunement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interat at the highest rate permiuible under applicabk law. Nothi~g co~taincd in ihis paragraph 7 shal) require I.ender to i~cu~ any eapense or take ' any action hercuader. _ 8. Inapecfbn. Lender may make or cause to be madt reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to a~y such inspection specifying reasonsbk cause therefor related to Lender'a ' interest in the Property. - ' 9. Coademnatba. The proceeds ~of any award or claim for damages, dircct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hercby assigned and shall be paid to Lender. Tn ~he event of a total taking of the Property, the proceeds shall be applied to ~he sums securcd by this Mortgage, with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Propcrty, unless Borrower and i.ender otherv?~ise agree in writinR. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds ~ paid to Borrower. . if the Property is abandoned by Borrower, o~ if. after notice by Lender to Borcower that the condemnor olfers to make an award or uttlt a claim for damages, Borrower fails to respond to Lender within 30 da~~s after the date such notice is mailed, Lender is authorized to cellect and apply the proceeds. at Lender's option, either to restoration or repair of tht Property or to the sums secured by this MortgaFte. ~ Unless I.ender ~nd Borrower otherv?~ise agree in w•riting, any such application of proceeds to principal shall not extend or postpone the due date of ihe monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. • 10. Borrower l~1ot Released. Extension of the time for payment or modification of amortization of the sums secured ' by this Mortgage granted by Lender to any successor in interesl of Borrow~er shall not operate to releau, in any manner, ~ the liability of the original Bonower and Bo~rower's successors in interest. Lender shall not be required to commence ~ proceedings against such successor or refuse to extend time for payment or otherwise modify amonization of the sums ` ~ secured by this Mortgage by reason of an}• demand made by the original Borrower and B~rrower s successors in interat. ll. Forbearance by Lender Not a Wsiver. Any forbearance by I_ender in exercising any right or remedy hereunder, or othenvise affordcd by applicable law, shall not be a waiver of or preclude the exercise of any such right or rem~dy. The procurement of insurance or the payment of taxes,or other liens or charges by Lender shal) not be a waiver of [.ender's ~ right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remcdies CnmulaNve. All remedies provided in this Mortgage are distinct and' cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurr~ently, independently or successively. 13. Soccesso~s ond Assigns Bouod: Joint And Sereral i3ability; Captions. The coveoants and agreements herein ~ contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, ~ ~ subject to the provisions of paragrap6 17 hereof. AI! covenants and agreements of Borrower shall be joint and several. •g The captions and headings of the paragraphs of this Mongage are for convenience only and are not to be used to ; interpret or define the provisions hereof. ~ ~ t4. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to ~ Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at ~ the PropeRy Address or at such other address as Borrow•er may designate by notice to T_ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to I.enders address stated hereio 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 deemed to have been given to Borrower or Lender when given in the manner designated herein. - ~ 1S. Uaiform Mortgngr. Governin~ Law; Sererability. This form of mortgage combines uniform covenants for national ; use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instr~ment covering ~ real property. This Mortgage shall be governed b~• the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting pmvision, and to this ! end the provisions of the Mortgage and the Note are declared to be severable. 16. Bormwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage a1 the time ; of execution or after recordation hereof. - 17. Transter of t6e Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred i by Borrower without Lender's prior written consent, excluding (al 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 fd? the grant of any leasehold interest of three years or less i not containing an option to purchase, Cender may, at Lender's option, declare all the sums secured by this Mortgage to be j immediately due and payable. Lender shall have waived such option to accelerste if, prior to the sale or transfer, I.ender _ and the person to whom the Propert} is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to i.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender = shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in : interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all f obligations under this Mortgage and the Note. - _ If Lender exercises s~ch option to accelerate. 1_e~der shall mail Borrow•er notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 da}~s from the date the notice is mailed within ; which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Bcirrower, invoke any remedies permitted by paragraph 18 hereof. _ Notv-Urr~FORUt Covexerrrs. Borrower and Lender further covenant and agree as follows: 18. Accekration; Remedies. E:cept as pror•ided io paragraph 17 hereof, upoa Borrowe~'s breach of aer coreoant or a~reemeat of Borrower in t6h Mortgage. iacladiu= tbe coveaants lo pay v?hea doe any soms secared by tLk Mort~ate. Lender prbr to accdention shaQ mail notlce to Borrower as provlded ln para~raph 14 bereof specifyia~: (1) t6e brescb; (2) tbe actioa reqnired to cnre soc~ breach; (3) a date~ not le~s thsn 30 days from tbe date t6e notice M maikd to Eomower, by w6kh aoch ~ ~ breach mad be cend; and (4) t6st failare to curc suc6 breach on or before tbc d~e specMied ia t6e notke mq raoh in sccderatloa oi tbe snms iecand br t6is Mort~ags, forecbwn by jodlcial proceedtn~ and sak of tbe Prope~. The notke ~ shaU furtber inform Eomowu of t6e risht to ninstate after accekration aad tbe ri~t to ~ert te t6e foreclowre proceedie~ tbe ooa-ezkteoce of a defaolt or u~y Mher defeme of Eorrower to accekndop and tomWwrr. It t6e bre~c6 i~ not cartd oe or 6efore tbe dah speci8ed in tbe nMk~. Lender at Lender's opNoo roay dectsre stl of tbe sams secnred by t6is Mort~e b be immedhtdy~dne aod payable witboat tart6er demaod sad may forecbse t6ic Mort=a~e by judkW proceedin~. I.eader s6a~ be ent~ded to collcet ln tuch pruceedin~ a9 e:peoscs of foreclosnre. includin~, bnt not limited to, rea+oaa6k attoree~'s fea, and cosb of docno~eotary eddeoce. a6stracb and thle reporb. ; 19. Eorrower's Rijht to Reia~ate. Notwithstanding Lender s acceleration of the sums secund by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at aay time R 295 ~A~"467 l ~CsK E.. _ " . ~~~+c. ~ _ . _ ' " _ _ ' `*-ti`' ~ nl~~~ ~y il"v~-+- KF~d,eF-6'~'~ .b+x. .rV • . - - . aF V - ~ ..:~,w-.~:;;::