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HomeMy WebLinkAbout0083 l.cnder's w~itten agrerment or applirablc law~. Borrower shall pay ;hc amu~mt uf all mortgagc insurancc premiums in thc manncr provided under pa~agraph 2 hereof. Any amounts dishursed by LenJer punuant t~~ this paragraph 7, with intcrest thercu~, shali tx:comc additional inJebtedness ~~f Borrower secured hy ~his Mongage. l;nle~s Rorraµ~er and l.en~er agree to other terms of payment, such amaunts shall be payable uEx~~ notice from l.cndcr tu Barrawrr ~cyuc~ting payment thereof, and Shall bcar intcrest f~om the Jatc of disbursement at thc rate payahle trom time t~ time on outstanding principal under ~he Notc unless pay~ment of interest at such rate wauld be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permis~ible under applicable law. Nathing contained in this parag~aph 7 shall require I.ender to incur any expense or take . any action hereunder. 8. iospectioo. l.ender may make or cause to be made reaconable entriec u~n and inspections of the Property, provided that Lender shal) give Borrower notice priar to any such inspection sEx:cifying rcasonable cause theretor related to I.ender's interes~ in ihc Propeny. 9. Co~demaatbn. The proceeds of any award or claim for clamages, direct or concequential, in connection with any condemnation or other taking of the Property, or part thereaf, or for conveyance in lieu of condemnation, are hereby asxigned . anu aiiaii in; pniu iv LCIIYCI. In Ihe event of a total taking af the Property, the proceeds ehall he applied to ~he sums secured by ~his Martgage. with the ercess, if any, paid to Borrower. In Ihe evcnt of a partial taking af the Property, unless Borrower and I.ender otherwise agree in writing, there shall be applied to the ~ums securcci by thic Mortgage cuch proportion of thc proceeds as is equal to that proportian which the amount of the sumc sccured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propchy immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned b~~ Borrower, or if, after notice by Lender to Barrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails res~nd to l.ender within 30 days after the date such notice is mailed. Lender is authorized to collect and applp ~he proceeds, at [.ender'c option, either to restoration or repair of the Proper~}• or to the sums sexured hy this Mortgage. Unless I_ender and Borrower otherw~ise agree in writinc. any such application ~f proceeds to principal shall not extend or pcxtpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change thc amount of such inslallments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I_enJer so am~ soccessor in interest of Borrower shall not operate to release, in any manner, !he liability of the original Borroaer and Borrower's success~rc in interest. l.ender shall not he required to commence prckeedings against such succecsor or refuce to ertenJ time for payment or otherwise modif~ amortization ot the sums secured b~~ this Mortgage b}• rea~on of yn~• demand made b~• the ori¢inal Borrow•er and Borrower s succes.~ors in interest. 11. Forbearance by I.ende~ Not a Waiver. Am• fonc~aran~e hr Lcnder in crcrcising am~ right or remedy hcreunder, or othenvise aBorded hy applicahle ~ law, shall not he a waiver of ~~r preclude the e~ercise of any such right or remedy. The procurement of insurance or the payment of ta~ec or other liens or charges by I_ender shal) not he a waiver of I_ender s ~ right to aceelerate the maturity of ihe i~debtednecs ~:curcd h}~ thic rlortgage. l2. Remedies Cumulati~e. All remedies prm•ided in this Mortgage are distinct and cumulative to any other right or remed~~ under this Mortgage or afforded hy taw or equity. and ma~• he exercised concurrzndy, independendy or successively. 13. Sncceswrs and Assigns Bound; Joint and Se~~eral i.iabilif~~; Captions. 'i~e covenants and agreements herein contained shall hind, and the rights hereunder shalt inure to. the recpective successors and assigns of i_ender and Borrower. subject to thc provisionc of paragraph 17 hcreof. All co~~cnants and agreements of Borro~•er shatl be joint and several. The captions and headings of the paragraph~ of this Mortgage are for convenience onl~ and are not to be used to interpret or define the pro~ isionc hercof. 14. Notice. Except for any notice reyuired under applicable law to be .given in another manner, (a) any notice to Borrower pruvided for in this :4tortgage shall he gi~•en h}' mailin~; cuch notice hy~ certified mail addressed to Bormwer at the Property Addrecs or at such other addre`s as Borre,w~er ma~~ design:ite by notice te• i.ender as provided herein, and . (b) any notire to Lender shall be given by certified mail, return reccipt requested. to Lender'c adJrecs stated herein or to such uther address as I_ender may designate bp notice t~• Born,wer as pro.•ided herein. Any notice pmvided for in this l~iortgage shall be deemed to have been givcn to Borr~~er or Lrnder ~~heo given in thc manner designated herein. 15. Uniform MortRage; Go~ernin~ I.aw; Se~erabilif}~. Thi~ h•rm of mortgage combines uniform covenants for national use and non-uniform covenants v?ith li~ited variations M• iurisdirtion to constitute a uniform security instrument covering real property. This Mortgage shall be governed h~• the law~ of the jurisdiction in which the Property is located_ tn the - event that any provision or clause of this Mortgage c?r the Note c~nflictt ~ith applicable law, such conflict shall nat af~ect other provisionc of this Mortgage or the Note whinc ~an be given effect without the conflicting pmvision, and to this ` end the provisions of the Mortgage and the '`otc are declared t~ he scveraMe. ~ 16. Borrowe~'s Copy. Borrow•er shall be furniched a conf~~rmed copy of the Note anJ of thic Mongage at the time of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If all or am- part of the Property or an interest thcrein is sold or transferred by Borrower without Lender's prior wriuen rnnsent. excludin~ la~ thc creation of a lien or encumhrance subc~rdinate to this Mortgage. (b) the creation of a purchase money security~ interest .for household appliances. (cl a transfer b~~ devise. descent or by operation of law• upon thc death of a j~?i~t tenant or (di the grant of any Ieasehold interest of three }•ears or less not containing an option to purchase. I_enJer may, at Lender's ~•ption. declare all the sums secured hy this Mortgage to be immediately due and payable. Lender shall have waived tuch option to accelerate if, prior to the sale or transfer, Lender and ihe person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ic satisfacton• to i_enJer and that the interest pa}~able ~~n ~he sums secured by this Mortgage chall be at such rate as Lender " shall req~est_ If I.ender 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. i_ender shall release Borrower from all obligations under this Mortgage and the Note. if I_ender exercises such option to accelerate, Lender ~hall mail Borroaer notice of acceleration in accordanee with paragraph 14 hereof. Such notice shall provide a Fx:riod c~f not less than 30 dayc from the date the notice is mailed within which Borrower may pa~• the sums declared due. If Borrotier fails to pa}• such sums prior t~ the expiration of such p~riod. Lender may, withaut further notice or demand on Borrower, inEOke am~ remedies permitteti bt~ paragraph I8 hereof. No~v-UtvtFOR~t CovEH~tvTS. Borrower and Lender further covenant and agree as follows: 18. Acederntloa; Remedies. Except as provided in paragraph 17 hercof, upon Borrov+er's breach of any covenaat or f agreement of Borrower in this Mortgage. inclnding the covenants to pay w6en due any sums securcd by th[s Mortgage, Leader prior to acceleration s6a0 mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) tbe action - requtred to cure snc6 brcach; (3) a date. not less tt~an 30 days from the date t6e notice is mailed to Borrower, by whkh suc6 breach mast be cnred; and (4) tlwt failure to cure such breach on or beforc the date specified !n the notice may result in acceleration ~sf the sums secured by Ihis Mortqage, foreclosurc by judicial proceeding and sale of t6e Property. 'il~e nMice shall furthcr iaform Borrower of the~ right to reinctate after acceleration and Ihe right to assert ia the foreclosnre proceeding the non-eststeoce of a defauk or any other defe~e of Borrower to acceleration and foreclosure. If fhe breach is oot cnred on or before the date specified ia tbe notice. Lender at Lender's option may declare alt of the sums secured by thk Mortga`e to be immedLtely dur and payabk withodt further demand and may foreclose thts Mortgs~e by judicia! proceeding. Lender shall be entided to co0ect in suc6 proceeding aU e:peoses of foreclosurc, includiag. but not limited to, rcasonabk attomey's fees, and costs of documentary evidence, a6stracts and titk reports. 19. Borrower's Rjght to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by I_ender to enforce this Mortgage discontinued at any time ~ , BOR~. i'~~{ ~ . ~ ~ . . _ .~T;c '4`.. ,w:4 i';' _ ~ "~~+",F' ~.'~e. i~,n- V ~i~~~-..-:. -rP, 1,~~,p~.w. ~ . ' ~"5~ _ 2 .