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HomeMy WebLinkAbout0181 ; . I.ender's writte~ a~reement or applicable Isw. Bo~rower shall pay the amount of all mortQage insurance premium: in .the manner provided under pa~agnph 2 hereof. • Any amounts disbuned by ~e~dcr pursuam to this paragraph 7. with intcrest thetroo, ahaU become additional indebtednaa of Bor~a~rer aecurcd by this Mortgage. Unless Borrower anJ I.cnJcr agrce to othe~ terms of payment, such- ~ amounts shall be payabk upoe notice from l.ende~ ta Borrow•er rcquesting paymcnt thereot, and shali bear interest fYom the date nf disbursement at the nte payable from lime to time on outatanding principal under tho Note unless payment of interest at such ryte would bc contrary to applicable law. in which event such amount: shafl bear interest at the highest rate permiulbk under applicable law. Nothing contained in this parag~aph 7 shall rcquire Lender to incur any expense or take any action htrcandar. S. I~pectio~. Lender may make or cauu to be made reasonable entries upon and inspections of the Property. pravided that Lender shall give Borrower notice prior to any such inspectio~ specifyin~ rcasonable cause thercfor related to T..ender's interest in the Property. 9. Condemostbs. The proceeds of an~ award or claim for damages, diroc~ or consequential, in connection with any condem~ation or othe~ taking of the Property, or part thcreof, or for convcyance in lieu of condem~ation. are hercby assigned and shall be paid to i.ender. In the event of a total taking of the Property, the proceeds shall !~e applied to Ihe sums securcd by this Mortgage, with the excess, if any, paid to Borrower. ln the event of~ a partial taking of the Property. imless Borrower and i.ender otherwise agra in writing, there shall bt applied to 1he sums socurec) by this Mortgage such proportion of the proceeds aa is equai to that proponion which the amount of the sums secured by this.Mortgage immediately prior to the date of taking bean to the fair market value of the PropeNy immediately prior to.the Jate of taking, with the bala~ce of the procetds paid to Borrower. ~ ~ If the Property is abandoned by Borrower, or if, after notice by l.ende~ to Bornower that the condem~or offen to make an award or settk a claim for damages, Borrower fails to tespond to i.ender wilhin 30 day~s after the date such notice is ~ mailed. Lender is authorized to collect end apply the proceeds, at I.ende~'s option, either to ratontion or repair of the Propeny or to the sums secured by this Mortgage. Unless I_ender and Borrower otherwise agree in writing, an}~ such applicstion af proceeds to principal shall not extend or postpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or changt the amount of such installments. 10. Borrower Not Rekased. E~tension af the time for payment or modiflcation oF amortization of the sums secured by this Mortgage granted by Lender to any cuccessar in.interest of Borrower shall not operate to releaxe., in any manner, the liability of the origina) Borrow~er and Borrower e successors in interest. i_ender shall not be required to commence proceedings against such successor or ~efuse to extend time for payment or otherwise modify amortization of the sums secured by ihis Mortgagt by reawn of any demand made by the original Borrower and Borrower's successors in i~terest: 11. Forbearance by Lender Not a W~iver. Any forbearance by I_ender in exercising any right or remedy hereunder. or ~ atherwise afforded by applicable law, shatl not he a waiver of or preclude the exe~cise of any such right or remody. The procurement of insurance or the payment of taxes ar other liens o~ charges by t_ender shall not be a waiver of L.ender's right to accelerate the maturity of the indebtedness cecurcd hy this Mortgage. - I2. Remedks Camulatfre. All remedies provided in this Mortgage are distinct and cumulative to any other right or remeJy under this Mongage or afforded by law or equity, and may be exercised concurrently, independenUy~or successively. l3. Srccesson aad Assi~as Bound: Joint and Sereral i.iaMlify; Cnptions. The covenants and agreements herein contained shall bind, and the righti hereunder shall in~~re to. the rcspective successors and assigns of Lender and Bornower, . subject to the provisions of paragraph 17 hcreof. All covenants and agreements of Borrower shall be joint and several. 'Tl~e captions and headings of the paragraphs of this Mortgage are for convenience only~ and are not ta be used to - interpret or define the provisions hercof. l4. Notice. Except for any notice reqiiired under applicable lav?• to be given in another manner. (a) any notice to Borrowe~ provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addrecc as Bnrrower may designate by notice to l.ender as provided herein, and (b) any ~otice to Lender shal) be given- by certified mail, return receipt requested. to I.ender s address stated hercin or to such other address as I.ender may desigoate by notice t~ Borrower as provided hereio. Any notice provided for in this Mongage shall be deemed to have been given to BorroK~er or l.ender when given in the manner designated herein. IS. Unfform Morig~e; Gorerning I.aw; Severability: This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variationi hy jurisciiction to constitute a uniform security instrument rovering 'i real properry. This Mortgage shall be governed hy the law of the juricdiction in which the Property is located. 1n the ~ event that any provision or clause of this Mortgage or the Note conflicts u~ith applicable law; such conflict shall not atfect other provisions of this Mortgage or the Note which can be given efiec~ without the confli~ting provision, and to this ~ end the provisions of the Mortgage and the Note are Jeclared to be severable. ~ 16. Borrowe~s Copy. Borrower shall be furnished a conformed copy of the Note and af this Mortgage at ~the time E of execution or after recordation hereof. - 17. Transfer of the Property; Assumption. Tf all or an}• pan of the Property or an interest therein is sold or transferred - by Borrower without Lender's prior wrinen consent, excluding (al the creation of a lien or encumbrance subordinate to ihis Mongage. (b) the creation of a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent or by operation of law• upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less not containing an opfion to purchase. I.ender may, at Lender'~ option, declare all ~he sums secured by this Mortgage to_ be immediately due and payable_ 1_ender shall have waived such option to accelerate if, prior to the sale or transfer, L.ender 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. tf Lender has waived the option to accelerate provided in this poragraph 17, and if Borrower's succe.xuor in _ interat has executed a written assumption agreement accepted in writing by Lender,- Lender shall release Borrower from al) obligations unJer this Mortgage and the Note. _ if Lender exercises such aption to accelera~e. Lender xhall mail Bortower notice of acceleration in accordance with paragraph 14 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 declared due. If Borrov?er fails to pay such sums prior to the expiration of such period. Lender may, without further notice-or ckmand on 13orrower, invoke any remedies permitted by paragraph 18 hereof. NoH-UtvtFORtit Covetvetwrs. Borrow~r and I_ender further covenant and agree as follows: ~ 18. Accderatbn; Remedies. Except as pmvWed la pa~raph 17 hereof, opon Borroae~'s brcsch of any co~eaaat or ~ a6reea~t of Borrower ia thb Mortga~e, inciudj~ tbe coveoaats to psy whcn dae any soms ~ecored by tbis Mort~~e, Lender prior to accekntba s~ ma0 eotke to Borrower as prorided ia para6raph 14 6ereot specifyi~: (1) t6t bssch; (2) tbe actios ~ reqdred to core suc~ breach; (3) a date, not {eae tban 30 days irom tle~ date t6e aotke b maikd to Dorrower, by wLkb rncb ~ breac6 m~ut be cered; aad (4) that failnre to cnre soch breach on or before tbe date spectied h the ootict a~q raalt in ~ accekratbn of tbe wms secnrcd by this MortE~e. toreclosun by judkial proceedL~ aod ~ale of tbe Property. T6e notiee ~ s6aU fortber In[orm Eorrower of the rigM to reiastate dler accekratba ~usd tbe riabt to aesert in He toreclwnre proceedie~ ~ tbe aoo-esWence ot s defsnlt or any other defense of Borrower to acceleratioe and foreclosnre. It the bresch is not cored oa or before tbe dste ~pecified In tbe ootke. Lender At Leader's optbn may declare a~ of tbe soms secared br t~ Mortsa`e t~ be [mmediahly dne and paysbk wit6oot fartber demaad and msy foreclase f6h Mort~e by jndkial proeeedis~. Leader shaN be eotidcd to colleet ie we6 proceediu~ al! espenses of foreclosore, inclndiu~. but not Wnited to, reasowbk attor~ey's [ees, aad cos4 of docn~eatary evidencq abstracb aod titk reporb. 19. eorroae~'s Ri~6t to Reimtste. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. Bonower shall have the right to have any proccedings begun by Lender to enforce th'ss Mortgage discontinued at aoy tinx ~ eo`~ ~99 ~ P~c~ 181 ~ ~ ~ ~ : , _ _ _ _ - ~9 - ~ . ~,~x Y . _ ^Y"}" dB +o-. ~ ~~..`b- =L'~/..,y SZ ~ S..i = - . _ _ _ - _ . u - ~izTR''<v _ . . . . _