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HomeMy WebLinkAbout0624 l.ender's written agreement or applicable law. Borrower shall pay the amount of all mortgage i~surance premiums_in the manner provided under paragraph 2 hereof. Any amounts disbursed by I_znder punuant ta this parag~aph 7, with interest therton, st~alt become additi~nal indebtedneu of Bor~ower secured by this Mortgage. Unless BorroNer and Lender agree to other terms of payment, such amounts shall be payabk upon notice from I.ender to Borrower ~equesting payment thereof, and ~hall bea~ intercst from the date of disbursement at the rate payable from time to time o~ outstanding principal u~der thc Note unlcss payment of intercst at such rate would be contrary to applicable law, in which event such amounts shall bear int~rest at the highest rate permiuibk under applicable law. Nothing contained in th}s paragraph 7 shall require Lende~ to incur any expense or take any action hereunder. ~ 8. lnspectloa. Lender may make or cauu to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying rcasonabie cause therefor related to Lender's interest in the Property. 9. Condeu~aatbn. The proceeds of any award or claim for damages, direct ar consequential, in connectioo with any condemnation or other taking of the Property, or paN thereof, or for conveyance in lieu of condemnation. arc~hereby assigoed and shall be paid to Lender. ' 1n thE event of a tnfa) takino nf tlu~ Pmnrrlv the~ nrnr.~wic chall M annli~d tn the enme sa•currt) bv fhis Mnrtoave. • - . - . - with the excess; if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree 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 thc 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 Bormwer that the co~demnor offers to make an award or settle a claim for damages, B6rrower fails ta respond to l.ender within 30 days aftor the date such notice is mailed, Lender is authoriud to collect and apply the proceeds, at I.ende~'s option, either to restoration or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree io writing, any such application of proceeds to principal shall not extend or pcu~pone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amQUnt of such installments. 10. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by LenJer to any successor in interest of Borrower shall not operate to celease, in any manner, . the liability of the original Borrower and Bonower'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 amortization of ihe sums secured by this Mortgage by reason of any demand made by the origioal Bornower and Borrower's successors in interest. . 1.I. Forbearance by Leader Not a Waiver. Any forbearance by I.ender in exercising any right or remedy hereunder, or othenvise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right ar nmedy. The procurement of insurance or the payment of taxes or other liens or charges by I_ender shall not be a waiver of Lender's right ta accelerate the maturity_of the indebtedness secured hy this Mortgage. 12. Remedks Cbmulafi~e. All remedies pravided in this Mortgage are distinct and cumulative :o any other right or remedy under this Mortgage or afforded by law or equity, and ma~• be exercised concurrently, independently or successively. 13. Saccessors and Assigos Bound: Jant and Sereral I_iability; Captioas. The covenants and agreements herein contaiced shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Bonower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of BoTrower shall be joint and several. 'Il~e captions and headings of the paragraphs af this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. I4. 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 hy mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i_ender as provided herein, and (b) any~ notiCe to Lender shall he given by certified mail, retum receipt requested, to I.ender s address stated herein or to such other address as Lender may designate by notice to Barrow•er as pro~~ided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrow~er or l.ender when given in the manner designated herein. 15. Uniform Mortgage; Governin~ Iaw; Sererability. This form of mortgage combines uniform covenants for national i use and~non-uniform covenaMs with limited variations by jurisdiction to constitute a uniform security instrument covering . ~ real propeny. This Mortgage shall be governed hy 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 Mo:tgage 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. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. - ~ 17. Transfer of t6e Propertv; Assumption. If all or an~~ part of the Property or an interest therein is sold or transferred ~ by Borrower without Leader's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to 6 this Mortgage. (b) the creation of a purchase money security interest for household appliances, (e) a transfer by devise, ~ descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three 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 shall have waived siich option to accelerate if, prior to the sale or transfer. Lender ~ and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to.Lencier and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender haz waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest hat executed a written assumption agreement accepted in writing by Lencier. Lender shall release Borrower from all : obiigations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a periocl of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums declared due. lf Borruwer fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower. invoke any remedies permitted by paragraph 1R hereof. ~ ~ NoN-UwFORUt Covexetv'rs. Borrower and Lender further covenant and agree as follows: * ~ 18. Acceleratlon; Remedies. E:cept s~s provided io paragraph 17 hereof, upon Bomnwer's breach of any covenant or i agreement of Borrower In tb~ Mortgige, inclnding tbe coreaants to pay v?hen due any sams secured by this Mortga~e, Leader prior to accekratbo s6aU mail rwtice to Borrower as provided ia paragrap6 14 6ereoE specifyiug: (1) tbe breach; (2) tbe action ~ requtred to cnre soc~ breac6; (3) a date. not !as than 30 days fmm t6e date t6e notice b ma~ed to Borrower, Iry whic6 snc6 ~ breach mnst be cnrtd; and (4) tlwt failure to curc wch breach on or before t~e date speci6ed in the notke tnsy resdt in ~ accekratbo ot tbe sams secared by Wi~ Mortgsge. forecbsure by jadkial proceedios smd sale ot t6e Property. 'ILe notice G shaU furt6er inform Borrower of tbe right to rcl~tate after sccekration and t6e riglU to a~ert ie the forec{osnre proceedi~ n ~ t6e non-e:~steace o[ a defanlt or aoy other defenge of Borrower to ~ccekratlon and foreclosnre. If t6e breacb is not carcd oo ~ ~ or betore t6e date specitkd in t6e notke, Lsnder at Lender's option may declare aU o~ the sums secnred by thb Mort~aae to be ~ ~ immedLtely dne and payabk withoot further demand and may foreclose thLs Morta~e by jndicial proceedio~. Lender s~aq ~ ~ be eotitled to collect ia soc6 Pmceedi~ sll e:penses of foreclosore, iacludin=, but aot Hmlted to, reasoosbk attoruey's fas, ~ i11d COfi~f OE dOCDmtO~ !~dlOtt~ f~Mf iDd f~U! t'EpOr15. ~ ~ 19. Bon~ower's Ri~6t to Reiosfate. Notwithstanding Lender s acceleration of the sums securcd .by this Mortgage, ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ; _ ~ ? ~ g~~K~98 ~ "S24 ~ ~ ~ y = ~ ~ x s~ I ~ ~ '~~`~"~~'°i~.~ , _ . , .