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HomeMy WebLinkAbout0172 Lender': written a~reeatent or applicabk law. Borrower ahall pay the amount ot all mortgage insunnce premiurtu io the ma~ner provided undar pus~nph 2 hereo[. Any amounb disbursed by I.ende~ punuaot to this paragrsph 7, with inte~est thercon, shall become additional i~debtedness of Bonower'ecurod by this Mortgage. Unless Borrowe~ and Lenckr agrce to other terms ot payment. such amounts shall be payabk upon notice from I.ender to Borrower rcquesting payment theroof. snd shall bear interest trrnn the date of dhburxmeot at the rate payable from time to tima on out:tanding principal under the Note unless p~ymait of interat at iuch nte would be contnry to applicable law, in which event such amounts shall bear interest at the hi~hest rate permi:sibk under applicabk law. Nothing contained in this paragnph ~ shall tequic+e Lender to incur aay expense or take any action hereuader. • i. 1Mpecfio~. i.ender may make or cause to be made reasonable entries upon and inspoctions of the Prapetty. provided that Leoder shall give 8orrower notice prior to ~ny such inspectio~ specifying rcasonabk caux thercfor related to Lender's interest in the Pt+operty. . 9. Co~dew~aNo~. The procecds of any award o~ claim [or damages, dirocl or consequential, in connection with any coodem~ation or dher taking of the Property. or part thereof. or for conveyance in lieu of condemnation. are he~+eby assigned. and shaU be paid to I.ender. ~ in the eveet of a total taking of the Propeny, the proceed: shall be applied to ~he sums securod by this Mortgage. with the exce~, if any, paid to Borrower. in the event of a partial taking of the Property. unless Borrower and Lender • othervvise agroe in writing, there ahall be applied to the sums secured by ihis Mortgage such pmportion of the procxed: u. is equal to that proportion_which the amount of tFu sums securcd by this Mortgage immediately prior to the date of taking bean to the tai~ market vatue of the Propeny immediately prior to the ciate of taking, with the balance of the proc~~! paid lo Borrower. if the Property is abandoned by Borrower, or if, after notice by i.eoder to Borrower that the oondemnor otten to make an award or settk a ciaim for damages. Borrower fails to respond to I~nder within 30 days after the date such notice is mailed, L:•nder is authorized ta collect and apply the proceeds. at I.ender's option, either to restoration or repair of the Propeny or to the sums securrd by this Mottgage. ' Unleu Lender and Borrowe~ otherwix agroe in writing, any such application of proceeds to principal shal) not extend or postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hercof or change the amount of such installments. lA. ~r~ower Not Rekascd. Extcnsion of the time for payrtunl or modiflcatio~ of amortiution of the sums secured by this Mortgage granted by I.ender to any successor.in interest of Borrowe~ shall not operate to rclease, in any manner. the liability of the original Borrower and Bc+rrower s sikcesson in intercst. Lender shall not be required to commence proceedings against such successor or refuse to extend time for. payment or otherwise modify amortization of the aums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers succcssoss in interest. l l. Forbeanace bp i,ender Not a Waiver. Any fort~earance by I.tnder in exercising any right or remedy heteunder. or othervvise afforded by applicabk law, shall not be a waiver of or proclude the exercise of aoy such right or remedy. The procurement of insunnce or the payment of taxes or other liens or charges by I.ender shall not be a waiver of Lender's right to accelerate the maturity of the i~debtedness secured hy this Mortgage. 12. ~ Remedia CemeWi~a All remedies provided in ihis Mortgagt arc distinct and cumulative to any other right or' remedy under this Mortgage or afforded by-law or equity, and may be exercised concurrrntly, independently or auccessively. 13. Soccessors aad A~~s Eoaad; Joial and Severd i.iabiUty; Csptb~. The coveoants and agreements herein contained ~hall bind, and the rights hereunder shall inurc to, the respec~ive successors and assigns of Lsnder and Bornnwer, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrovre~ shall be joint and several. 71~e captions and headings o[ the paragraphs of this Mongage are for convenience only and are not to be us~ to interprct or define the provisions hercof. ~ ~ 14. Notke. Except for any notice rcquired 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 notice by certifled mail addressed to Borrower at the Property Addross or at such other address as Bormw•er may designate by notice to T_ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipi rcyuesfed. to i.ender s address atated herein or to such other address as I.ender may designate by notice to Borrower as provided hercin. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I_endtr when given in the manner designated herein. lS. UnUor~ Mo~sae; Go~ernia6 La; SeverabiUty. This form of mortgage combines uniform covenants for national j use a~d non-uniform covenants with limited variations hy jurisdiction to constitute a uniform socurity instrument covering real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Propetty is located. In the ~ event that any provi:ion or cla~se of this Mortgage or the Note conflicts w~ith applicabk law, such conflict shall not aBect. ` other provisions of this Mortgage or the Note which can be given efiect without the conflicting provisibn, and to this i end the•provisions of tlx Mortgage and the Note are ckclared to be severabla ~ 16. Bon+ower's Copy. Borrower shall be furnished a confarmed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hercof. 17. Tramfer ot t~e Propeet~; Assomptba. (f all or any part of the Property or an interest therein is sold or transf~rred ~ by Borrower without L.ender'a 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 appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intercst of three years or less ~ not containing an option to purchase; Lender may, a~ 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 sate or transfer. Lender and the person to whom the Property is to be sold or transferrcd reach agreement in writing that the credit of such person is satisfactory to Lenckr and that the interest payabk on the sums secured by this Morigage shall be at such rate as Lender shall request. if Lender has waivod 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; Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekration in accordance with paragraph 14 hercof. Such notice shall provide a period of not less than 30 days from the datc the notice is mailed within which Borrower may pay the sums doclared due. lf Borrower fails to pay such sums prior to the expiration of such period. ~ C.ender may, without further notice or ciemar~d on Borrower, invoke any remedies permitted by paragraph 18 hercof. ~ NoN-UrnFORt~t CoveN~rrrs. Borrower and Lender further covenant and agree u follows: = 18. Accduatioo; Reaiedia. Escep r prorlded ia ~rap6 17 6ereo~, ~poa dorrower's b~each oE say coreoaot or ~ a~reeme~t of Eorrower ii tl~is Mort~aee. inctudiai tbe co~a~snts to ps~ wbes dre say soms secnred br t6M Morl~~e, Leader ~ pdor to secekratba ~6aq ~B notlce to dorrower a~ provided ia p~n`rap~ 14 bereof specN~: (l) t6e breacb: t6e setbn ~ rcqnired to care wc6 breac6; (3) a date. aot la~ t6sa 30 days [rom the date tbe ooHce i~ maikd'to Dorrower, by w61c~ sreb ~ bresc~ mad be c~red; a~d (4) t6st idlure to cure soch brssch oa or before the dale speciied io tl~e aodce at~y ns~lt ia sceder~Ho~ d tre s~ass ucved by tl~ Mortta~e, forecloenre by jedkial proeeedina aad sak ot t6e Property. 1be aotke ~ s~d tortber 1~form Eorr~nwer of tbe ri~ht to refostste dter sccekr~dos aod tbe riaht !o a~sert is tLe torecloarre proceed~a~ ~ t6e soa~e:Mtewce d a detadt or a~y ot~er defcme of.eorrower to acceleratbn and [oreclowre. If tbe breacl~ i~ eot esrtd os or belore tbe dah speci&d b tbe nodce, I.eoder st i.eaders optbo a~ay declare. afl of tbe soas secrred by tWs Mort~e to be ~ immedlatdy doe aaa prabk wit6ort f~utber demaod and ~oay forrcloa thi~ Mort~ai~ bp jndiCid ~roceedie4 Lender shap be e~lei to coqest L~ pnec~edie~ s~ ezpe~es of toreclosnrs, inclodins, bat not Wdted to. rea~o~a61e ~tto~e~'~ tea, ~ ~ coN~ of docr~ eridtece, a6strseb aoa tlNe t~eporb. ~ 19. eon~ower's Rl~Mt to Rebsfate. Notwithstanding Lender s acceleration of the sums sccured by this Mortgage, ~ Borrower shall t~ave the right to have any proceedinga begun by Lender to enforce this MortQage discontinucd at any time ~ 299 P,~ 172 ~ ~ ~y~ - r. ~ .~,,^K _ : ~r~~-~~'