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HomeMy WebLinkAbout0574 , I.ender's written agreeme~t or applicable law. Bor~ower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroof. . ~ Any amounts disbursed by Lender pursuant to thia parag~aph 7, with interest thereon, shall becomc additional indebtedness of Borrower secured by ~his Mortgage. Unless Borrower and I.enJer agrec to other tcrms of payment. such amounts shall be payabk upo~ ~otice f~om I.ertder to Sorrower requcsting payment thereof, and shall bea~ intercst from the date of disbursement at the rate payable from time to time on outatanding principal u~der the Note unless payment of ~ interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate ~ permissibk under applicable law. Nothing contained in this paragrpph 7 shall requine Lender to irtcur any expense or take : aoy action iureunder. . ~ & Isspeetioa. Lender may make or cause to be made rcasonable e~tries upon and inspcctions of the Propeny, provided ~ that I.ender shall give Borrower notice prior to any such inspectio~ specifying reasonable cause therefor related to Lender's ~ interest i~ the Property. ' , 9. Condetnnatba. 7T~e proceeds of any award or claim for damages, dircet or consequential, in connection with any condem~ation o~ other taki~g of the Propeny, or pa~t thereof, or for conveyance in lieu of condemnation, are hereby assigned ; and shall be paid to Lender, ~ In the event of a total taking of the Property, the proceeds shall be applitd to the sums sec~~red by this Mo~tgage. : with the excess. if any, paid to Borrower. In the event of a partial taking of the Propeny, unlesc Borrower and Lender othervvise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds `s as is equal to that ptoportion which the amount of Ihe sums secured by this Mortgage immediately prior to the date of ; taking bcars to the fair market value of the Praperty immediately prior to ihe dale nf taking, with the balance of ihe proceeds ~ ` ~ paid to Borrower. ~ If the Property is abandoned by Borrower, or if, after notice by Lender ta Borrower that the condemnor otfers to make i an awa~d ar settle a claim for damages, Bo~rower fails to respond to t.ender within 30 days after the date such notice is ~ mailed, L.ender is auttwrized to collect and apply the proceeds, at I_ender's option, either to restoration or, repair of the Propeny or to the sums securcd by this ~btongage. ; Unless Lender and Borrower ~thervvise agree in writing. any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly instatlments referrcd to in paragraphs 1 and 2 hereof or change the. amount of ~ such installments. ~ ~ 10. BorrosvEr Not Rekased: Extension of the time for payment or modification of amonization of the sums secured ; by this MoRgage ¢ranted by Lende~ to any successor in interest of Bc~rrower shall not operate to r+elease, in any manner, ~ the liability of thp original Borrower and Borrow•er i successors in interest. I_ender shall not be required to commence ~ proceedinga aga+nst such successor or rofuse to extenJ time for payment or otherwise modify amortization of the sums ; secured by this Mortgage by reason of any demand made by the original Borrower and Bor~ower s stucessors i~ interest. ; Il. Fotbearance by Y.ender Not a R?aiver. Any Forhearance by I_ender in exercising any right or remedy hereunder, or ~ o~herwise afforaed by applicable iaw, shail not be a waiver of or preclude the exercise of any such right or remedy. ~ The procurernent of insurance or the payment of taxes or other tiens or charges by I_ender shall not be a waiver of Lender's ~ right to accelerate the maturity of the indebtedness secured hy this Mongage. ~ 12. Remedies CwaWuth~e. All remedies provided in this Mortgage are distinct ~and cumulativt to any other right or ~ remesiy under ihis Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Soccessors aod Assigas Bound; Join1 aad Se~•eral i.iability; Captbns. The covenants and agreements herein contained shall bind, and the rights hereurtder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17. hereof. Atl covenants and agreements oE 8orrower shall be joent a~d several. The captiuns and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to , interpret or define the provisions hereof. ~ 14. Notice. Except for any notice required under applicable law to be given in another ma~ner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certiSed mail addressed to Borrower at the Property Address or at such other address as Bormwer may designate by notice to I.ender as provided herein, and ~ (b) any notice to Lender shall be given by certified mail, return receipt requested. to I.ender's address 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 Borrowe~ or I_ender when given in the man~er designated herein. ~ - l5. UniEorm Mortgage; Governin~ I.aw; Sevcrabi7ify. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jorisdiction to constitute a uniform security instrument covering = ceal property_ This Mortgage shall be governed by the law of the jurisdiction in which the Property is iocated.. In the : event that any provision or clause of this Mortgage or the Note conflicts w~ith applicable law, such conflict shall not af[ect r other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are declared to be severable. ~ 16. Qorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ t of execution or after recordation hereof. - 17. Transfer of t6e Pmpertr; Assumptlon. If all or an}• part of the Property or an interest therein is sold or transferred g by $orrower without I.ender'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 apptiances, (c) a transfer by devise. ~ descent or by operation of law upon the death af a joint tenant or (d1 the grant of any leasehold interest of threc 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 shatl have waived such aption to accelerate if, prior to the sale or transfer, Lender ' and the person to whom ihe Property is to be sold or transferred reach agreement in. writing that the credit of such person ~ is satisfactory• to Lender 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 Bonower's, successor in ~ interest has executed a written assumption agreement accepted in writing by Lencler, Lender shall release Borrower from ali ~ obligations under this Mortgage and the Note. if Lender exercises such opt+on to accelerate, Leneler sha11 mail Borrower notice of acceleration in accordance with i paragraph 14 hereof. Such notice shall provide a period of not less than 30 days 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 Borrower, invoke any remedies permitteci by paragraph 18 hereof. Norr•UrrtFOR~at CovEx~rrrs. Borrower and Lender further covenant and agree as follows: . 18. Accelen~ion; Remedies. Except sis provided io para~raph 17 6ereof. upoa Borrower's broach of aay rnreoawt or ~ asreemeet ot Dortower in th[s Mo~tgsge, incladla~ t6e covewnfs to pay whea dae any sams secared by tbis Mort=sae, Lender ~ prior to accekratioo s6a8 ~11 notice to Bormwer ~ providcd io parogrAph l4 6ereof specHyins: (l) the breach; (2) t6e scdoa ; reqoind to core mcti bresc6; (3) a date, eot less tban 3A days from t6e date tbe aotice i~ mailed to Borrower, by wbkb soc6 ` bresc6 mu~t be cared; ~ud (4) that hilore to cure wch breach on or beEore t6e date spec~ed ia the aotice may resdt ia sccde~ ot tl~e s~ms aecared br tLis Mort=a`e. forecbwre by jodicial proceedIna aod sde of tbe Propert~. 7be nMkt ' s6aii tort6er inform Sort~wer of t~e rig6t to rsinstate sfter sccekr~don snd tbe ~ight to a~ed ja t6e foreclowre proc~ ~ We non~ezistence ot a defaolt or any ot6er defe~e of Borrower to sccekratioa and forccbwre. If t6e breac~ is oot care~ oa ~ or betarc tbe date speciBed b t6e notlce, Lesder at Lende~'s option msy declare ap of t6e sums secnred 6y tLis MoA~e b be ~ imenediatdy dne aod payabk witboot fmtber demaod aod may toreclose ti~b Mortga~e by judlcjal pwcee~o~. Leader sbafl ~ be eadtkd to cdkct ia mci proceedi~ aR espeasea of forccbwn, h~cludi~, but oot limited to, rcawnabk attoraey's tas, ~ ~d casb ot doco~a~+ evideoce, abstrscts snd dtle tepods. 19. Bor[ower's RI~h! to Rei~stata Notwithstanding Lender's acceleration of tFie sums secured • by this Mortgage. } Borrower shall have tl~e rig6t to have any proccedings t~egun by Lender to enforce this Mortgage discontinued at any time ~ ~ (1 ~ ~ i ~~L! ~ . ~ ~ > 'e~~~.`_ ~ _ _ . _ - - - - ^ ; _ .