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HomeMy WebLinkAbout0086 l.ender's writtcn agre~ment o~ applicablo law. Borrower shall pay the amount of aU mongage insurance prcmiuma in ihe manner provided under psragraph 2 hereof. ~ ' ` Any amounts disbursed by Lcnder pursuant to thia paragraph 7, with inteiest thereon, shall become additional inciebtedness of Borrower securcd by this Mortgage. Unless Borrower and Leod~r agrce to other terms of payment, such amounts shall be payable upon notice from Lendu to Borrowe~ rcquesting payment thereof, and shall bear interest from the dafe of disbunement st the rate payabte from time to time on outatanding principal under the Note unless payment ot interest at such rate would be contrary to applicable law, in which event such amounta shal) bear interest at tho highest rate permiuible unde~ applicable IaW. ~Iqtt~ip~ co~tained in this paragraph 7 shall rcquirc Lender to incu~ any eapense or take any actio~ hereunder. . . ~ . . 8• i~tpectioo. Le~dcr may make or causc to be ma~e reuonable entries upon and inspections of the Property, provided that I.ender shall give Bonower notice prior to any such inspection specifying rcasonabk cause therefor related to Lender's interest in the Property. 9. Coademastbn. The proceads of any award or claim for damages, dircct or consequential, in connection with any ~ condemnation or othe: taking of the Property, or part thereof, or tor cooveyanc~ in lieu of condemnation, arc hercby assigned and shall be paid to Lender. in the event of a total taking of the P~openy, the proceeds shall be appli~d to ihe sums securcd hy this Mortgage. with thc excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and I.ender otherwix ~gree in writing, 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 tFte balsnce of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lende~ to Borrower that the condemnor ofters to make an award or uttle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, LendSr is suthorized to coUect and apply the procetds, at I.ender's option, either to restoration or repair of the Property or to the sums secured by this MortRage. Unless Cender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date ef the monthly installments referred to in paragraphs 1 and 2 hereof or change the smount of such installments. 10. Bomower Not Rekased: Extension of the time for payment nr moditication of amortization of the sums secured by this Mortgage granted by Lender to any successor in intorest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. Le~der shal! not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify ~amortization of the sums secured by this Mortgage h~~ reason of any demand made by the original Borrower and Borrower s successors in interest. t 1. Forbearance by I.ender Not a Wdver. Any forbearance by I_ender in exercising any right or rcmedy hercunder, or ~othenvise afiorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rcmedy. The procurement of insurance or the payment af taxes or other liens or charga by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness securcd hy this Mortgage. l2. Remedks Cnmulati~e. All rcmedies provided in this Mongage arc distinct and cumulative to any other right or remedy under this Mortgage or afTorded by law or equity, and may be exercised concurrently, independ~ntly or successively. 13. Soccessura ~nd Assigos gouad; Joiat and Several i.iaW~fy; Captions. The covenants and agreements htrein contained shall bind, and the rights hereunder shall inurc to, the rcspective successors and assigns of Lender and Bornower. subject to the provisions of paragraph 17 hereof. All covenants and agrcements of Borrower ahall be joint and several. 7lu captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be use~ to interpret or define the provisions hereof. 11. 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 notia by certified mail addressed to Borrower at the Property Addrtss 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 rec~ipt roquested, to I.ender s address stated herein or to such other address as L.ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have ~een given to Borrower or Lender when given in the manner designated her~ein. 15. Uniform Mortgaee; Governla~ Law; Severability. This form of mortgage combines uniform covenants fpr national j use and non-uniform covenants with limited variatiQns by jurisdiction to co~utitute a unifor*n security instrument covering I rcal property. This Mortgage shall be governed by the .law of the jurisdiction in which the Property is locattd. In the event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such•conflict shall not affect other provisions of this Mortgage or the I~ote 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. Borrower'a Copy. Borrower shail be furnished a conformed coPy of the Note and of this Mortgage at the time of execution or after recordatior hercof. 17. Trnnster of the Pruperty; Assumption. Tf all or any part of the Property or an interest thercin is sold or transferrcd by Borrower without I.ender's prior written conunt, excluding (a) the creation of a lien or encumbrance subordinate to _ this Mortgage, (b) the creation of a purchase money xcuriry interest for houxhold appliances, (c) a tranffer by devise, f doscent or by operation of law upon th~ death of a joint tenant or fd) the grant of any leasehold interest of three years or less not containing an option to purchase, I.ender may, at Lender's option, declare all the sums secured by this MoKgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, I.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the crcdit of such person is satisfactory to L.ender and that the interest payable on the sums securcd by this Mortgage shall bo at such rate as I.ender 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 atsumption agreement accepted in writing by Lender. Ixnder shall release Borrower from all obligations under this Mortgage and the Note. , If Lender exercises such option to accelerate. Lender shall mail Borrower natice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not las 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. f Lender may, without further notice or demand on 13orrower, invoke any remedies permitted by paragraph 18 hereof. _ Norv-UrrrFOai?t CovEriexTS. Borrower and Lender further covenant and agree as foltows: . 18. Accelerulon; Remedks. Facep as pmvided ie para~rnpi~ 17 hereot, upos Borrower's bresc6 of aoy cove~t or ~ ~rcement ot Borrawcr in thb Mortisee, includiu~ tbe covensots to pay wbeo d~e any ~ros secared by thM Mort=a~e, Lender 3 prbr to accekrs8os s6ap md1 ootke to gorrower as provWed ia pira~rapb 116ercot specHyi~: (1) tbe brracb; (2) tbe sctios + nqnired to cnre soc6 breach; (3) a date, not le~ tbw~ 30 days tro~s tbe dste tbe sotice b maiied to Eorr+ower, by whk6 ach 5 breach mwt be cared; sod (4) tbat fallure to curc auch breacb on or before tbe d~e spec~ed fe tl~e uotlce ~oay resdt ia sccekratloo ot the snm~ iecar+ed by thb Mort~a`e. toreclosure by jedicial procesdi~ sed sak ot tbe Propertr. 'Itie notice s6aU turtber Inform lbrrower af the ~6t to reiustate dter sccekrstbn sod tbe rl~bt to a~rert is t~e forcclowre proce~ tbe noa-e~tence oE a dcfauft or aey other detease of Eorrower to sccekratloa and foreclaare. It tre breseb r oot cored o0 or before the dste specl6ed i~ tbe notice, Lender d L.eader's optbA roay declare all of tbe san~ fecnred by tl~is Mort=a~e to be immedLtcly due and Qayabk wit6oot furt6er deu~d aod may forecloie tbis Mo~~e by fadlcial proceedl~. Leeder s6ap be eotitkd to coUect ia wc6 proceed[ag ~p ezpera ot foreclosuro, includiog, bnt not Umited to, rcawnsble attorsey~ tea, and costs et docnmen e~i~e aMRracb aad titte reporfs. 19.. ~~rror?M~~`t ~~{o ~~e. Notwithstanding I,end~r s acceler~tion of the sums secund by this Mortgage. Borrower shall have the right to have any proceedings begun by l.ender to enfoice this Mortgage discontinued at any ume . a~ ~ ~~7 NaGF ~ ~ . . ' _ ~ ~ - . ~ ~ - - - ~~~,.~_a ` . _ v : _ ~ _ .