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HomeMy WebLinkAbout0936 ~ , ~ . • ~ Le~der's written agreemeni or applicable law. Borrower shall pay the amount of all mongage insurance prcmiums in the ; manne~ provided under parag~aph 2 hereof. ; Any amour?ts disbuned by Lenckr pursuant to this pa~agraph 7, wi~h interest therca~n, shall become additional ; indebtedne:s ot Borrower securcd by ~his Mongage. Unless Borrower and Len~ler agrce to other terma of payment. such ~ amounts shall be payabk upon natice f~om ~ender ta Borrowe~ requesting payment thereot, and shall bear interest trom the date of disburxme~t at the rate payabk from time to time on out:tanding principal under the~Note unless payment of intercst at :uch rate would be contrsry to applicable law. io which eveot such amounts shall bea~ interat at the highest nte ~ permissibk under applicabk law. Nothing contained in this pangraph 7 shall rcquire Lende~ to incur any expense or talce any action hercunder. S. is~peetb¦. Lendsr may make or cause to be madt rcasaiable ent~ies upon and inspections of the Property. provickd that [.ender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to I.~nder's - interesl in the Property. 9. Cosdemastba. The~ proceeds of any award or claim for damages. diroct or consequential, in conoection with any condem~ation or other taking of the Property, or part thereof, or for conveyance in lieu ot condemnation. are hercby assigned and shall be paid to l.ender. In the eveot of a total taking of the Property, the proceeds shall be applied to ~he sums secured by this Mo~tgage. with the exceu, if aoy, paid to Borrower. In the event of a partial taking of the Propeny, unless Borrower and Lender oiherwise agrce in writing, there shall be applied to the sums- securcd by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount ot the sums securcd by this MoRgage immediately prior to the date of taking bears to the tair market value of the Property immediately prior to tho date of ~aking, with the balanct of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if, after notice by t.ender to Borrower thst the condemnor ofFers to make an award or settk a claim for damages, Borrower fails ta respond to i.ender within 30 days atter the date such notice is mailed, Lender is authoriud to collect and apply Ihe proceeds, at T.ender's option, either to restoration or npair of the Propeny or to the sums securcd by this Mortgage. Unless Lendtr and Borrower otherwise agree in wriling, any such application of proceeds to principal shal) not extend or postpone the dtie date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installMt~ts. l0. ~o~rowq Not Releated. Extension of the time for payment or modification of amortization of the sums securrd ~ by this Mo:'.gage granted by I.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of thr urigiiiat Borcower and Borrawer's successon in interest. Lender shall not be required to commence proceedings again~t such successor or retuse to extenJ time for payment or othenvise modify amortization of the sums secured by this Mottgage by reason of any demand made by the oriqina) Borrower and Borrower's successors in interest. 11. l~orbearance by I.eader Not s Wairer. Any forbearance by I.ender in exercising any right or remedy hercunder, or otherwix afforded by applicable law, shall not be a waiver of or preclude the eaercise of any such right or remedy. 'T?~e procurement of insurance or the payment of ta~es or other liens or charges by I.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. l2. Remedies Cnwulstite. All remedies provided in this Mortgage ar+e distinct and cumulatirc ta sny other right or remedy under this Mongage or at[orded by law or equity, and may be exercised concurrently, independently or successively. 13. 3occessors aad Asdges dound; Jo[nt aad Sereral ILbiNty; Captbns. The covenants and agreements henin contained shall bind, and the riRhts hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mohgage are for convenience only and are not to be uxd to interpret or de8ne the provisions hereof. 11. Notke. Except for any notice rcquired ~nder applicable law ta be given in another manner, (a) any notice to Borrower provided for in this Mortgage shal) tx given by mailing such notice by ce~tified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by no~ice to i.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt requ~sted. to I.ender s add~ess stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice Provided for in ihis Mortgage shatl be deemed to have been given to Borrower or l.ender when given in the manner designated herein. 1S. UnNona Morigage; Govemlu~ I.sw; Se~erability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering real p~openy. 'il~is Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the event that any provisioo or clause of this Mortgage or the Note contlicts with applicabk law, such conflict shall not affeet ~ other provisions of this Mortgage or the Note which can be given efiect wi~hout ihe conflieti~g provision, and to ihis j end the provisions of the Mortgage and the Note are declared to be severable. ' 16. Borrowe~'s Copy. Borrower shall bc furnished a con(armed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Traosfer of fbe Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without I.ender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgagt, (b) the creation of a purchase money security intRrest for household appliances, (c) a iransfer by devise, descent or by operation of law upon the dcath 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 such 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 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 acce)erate provided in this paragraph 17, and if Borrower's successor in . interest has executed a written assumption agrcement accepted in writing by LenJer, Lender shall release Borrower from al) obligations undtr this Mortgage and ihe Note. If Lender exercises such option to accelera~e, [.ender shall mail Borrower notice of acceleration in accordance with paragraph !4 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 dtclareci due. lf Borrow-er fails to pay such sums prior to the expiration of suth period, l.ender may, without further notice or demand on f3orrower, invoke any remedies permitted by paragraph 18 hereof. NoH-UrttFORM CovErvetvTS. Borrower and I.ender further covenant and agree as follows: 18. Accderdios; Remedks. Fa~cept a~ provided in pm~raph 17 hereof, npon dorrowtrs breach of any coreoaat or agreement of Sorrower i. tLi~ Maisa~e, isclndin~ ~6e covenann eo pay wheo due any anms secured by chfs Morr=a`e, I.ender prior to aecekrstbe s~a~ ma0 notke to Borrower as prorided ia pan~rsph 14 hereot speclf~: (1) tbe bresc6; (2) tbe ~ictioa ~ roquired to eore soc~ breacl~: (3) a date. not las Wsa 30 days from the date tbc sotke M maikd to Eorrower, by w6kb snc~ brescb mad be cored; and (4) that fa0are to cnre a~b bresch oa or. betors t6e date specl6ed ia tbe ootke my ra~lt ia accdcntfon ot tie wms ncrrcd by this Mo~t~e, foreclosare by jodkW proceedin~ aad ~ale of t`e Property. 'll~e uotice ~all fnrtrer iwtora~ Dorrowa d the ri~b1 to rclaNatc after sccekraion and tbe risbt to arert fa tbe toreclowrt proeeedi~ We noo-e:Wence ot s detaqft or aor otier dete~e of Borrowcr to acceleratbn and toreclosnrc. it the brescb M oot cured oo ~ ) or before t6e da~e spec~8ed ia t~e eotke, Leeder st I.ender's optba may decboe sll ot t6e wms ucnred by t6is Mortp~e b 6e 4 ime~ediately doe aud p~yabie witbodt tnrt6er demand and msy forecbse t6k Mort~a~e br judkW proceedi~. Le~der ~6a9 ~ be eelNkd to collect b sech proc~edio~ ~fl ezpeosa of torecbsure, ieclndin~, but aot limited to, reawnabk sttorse~'s tea, } aod cods ot doca~eohry evi8coce. abstrscb and tlde reporb. ~ € 19. dorrower's Ri~6t to ReioN~e. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, ~ Borrower shall have the right to have any proceedings begun by l.ender to enforce this Mortgage discontinucd at any time 8~~ 2~3~ ~ ~ ~36 ~ ~ ~ ~ - _ _ _ _ _ ~ - ~ ~ ~ ~ ~ y~~ ~ ~ ~y .i. _ r