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HomeMy WebLinkAbout0716 ~ . . F Lender's written aaooement or applicabb kw. Borrower shall pay. the anwunt c( all mocigage insuranoe premiumt in the manner p~ovided under paraaraph 2 hereot. ' Any amounts dis6ursed by I.ender pursuant to tha paraa~aph 7, with interest thereon, shall become additional inJebtodnas ot Borrowe~ secured by this Mohgage. Unless BoROwer a~d Leode~ a~ree to other te~ of paymeM. such i amounts shall be payabk upo~ natice f~m l.ende~ Io Bonower rcquas~ing payment thereof, and shall bea~ ioterwt from the ~ date of disbursement at the ntc payabk from time to time on ou~itandi~t principal under the Note unless paya~eat of intercst at such rate would be contrny to spplicabk law, in which event such amou~ts shatl bear inte~st at the hiahest n~te ~ perntitsibk unde~ applicabk law. Nothiog contained in this paragraph 7 shdl roquine i.ender to ir~cur aay espetae or tate . any action hereunder. a. I~spectio~, i~nder msy make o~ cause to be made reasonabk entries upon and inspections of the Property. provided thal i.ender shall give Borcower notice prior to any such inspection spocifyina reasonabk cause therefor related to I.ende~'s interat in the Property. - 9. Co~demsatb~. The proceeds of any awa~d or claim for damages, direct or consoquential. in connection with any # condemnation or othe~ taking of the Property, o~ pan thereof, or for conveyance in lieu of condemnation. are hereby a~igned ~ and shall be paid to 1..erider. _ in the event of a tot~l taking of the Propeny, the proceeds thall be applied to the sums xcured by this Mortaaae. with the excess, .if any, paid to Bonawer. ln the cveot of a partial taking of Ihe E~roperty. untess Bornower and Ireoder i othervvise agroe in writing, therc shall be appliod ta the sums secured by this Mortgage such prnpation of the prooeeds ~ as is equal to that proportion which the amount ~f ~he sumc secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanoe of the pwceeds ~ paid to Borrower. ~ a 1f the Proptrty is abandonec! by Borrower, or if. afte~ notice by I.ender to Bomower that the oondemnor of[en to mate ae award or xttk a claim tor damages, Borrnwer fails to rcspond to Lender within 30 days after the date siich notice is maikd, I.ender is authorized to colkct and apply ~he proceeds, at [.ender's option, either to ratoration or repair of the Propeny or Ia the sums securcd hy this Martga~te. Unless [_ender and Borrower othenvise agree in writing, any such application of procoeds to principal shall not eztend or pcutp~xu the due date of the. monthly installments refemed to in paragraphs 1 and 2 hereof or change the arinount of suzh instaliments. 10. eorrowe~ Not Rekased. Extension of the tirtx for payment or modiflcation of amorti2ation of ihe sums secured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to rekase. in any maoner, the liab1ity of the original Borrower and Borrower s successorc in interat. Lender shall not be requircd to commence ~ procetdi~gs against suCA suCCess~r or rcfiuse fa eciend t~me for payment or oUxrwix maiif)i amortizat~on ~i ihr ~unt3 securcd by this Mortgage by rcason of any demand made by the origioal BoROwer and Borrower's successors in intercst. ; 11. Forbeuance Iry I.ender Not s Wairer. Any f~rtxarance by Lender in exercising any right or temedy hereunder, or ; othenvise afforded by'applicable law, shall nc~t be a waiver of or proclude the exercise of any such right or remedy. ' The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not ba a waiver of [.ender's ~ right to accelerate the maturity of the ir~dehtednesx ~ecared hy this Mortgage. 12. Remedies Lbmnlati~e. All remcdies~ pmvided in this Mortgage arti distinct and cumulative to any other right or ~ rcmedy under this Mortgage or afforded hy law or equity, and may be eaercised concurrently, independently or successively. ' 13. S~ccessors aad AsdRis Eonnd; ,Joiwt aad Several i.iabiBq; Csptbos. The coven~nts and agreements hereio ~ contained shall bind, and the rights hercunder shall inurc to, the respective successors and assigns of Lender ae~d Borrower. subjoct to the provisions of paragraph 17 hereof. All covenants and agrcements of Borrower shall be jaM and several. _ The captions and headings of ~he paragraphs of ~his Mongage arc for convenience only and are not ta be uad to ~ interpret or define the provisions herrnf. ~ ~ 14. Notice. Except for any natice rcquired under applicabk law to be given in another manner. (a) any notice to ~ Borrower provided for in this Mortga¢e shall be given by mailing such notice by cenified mail addressed to Borrower at the Property Address or at such dhcr address as Bormwer may designate by notice to T.ender as provided herein, and ~ ~ (b) any notice to Cender shall he given by certificd mail. ~ctum receipt requested. to i.ender s address stated herein or to g such other addrcss as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this ~ Mongag~ shall be deemed to ha~e been givea to Bc+~rower or Lender when given in the manner designated herein. : 1S. Uaitorm Morf~a~e; Govtrnfu~ Law; SevcraMlity. This form of mortgage combina uniform covenants for national ; use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform socurity instrument vovering ~ ~ i rcal properry. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. tn the ~ ~ event that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not atTect ~ ~ other provisions of• this Mortgage 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. Sonower's Copy. Borrower shall be furnisheci a conformed copy of the Note and of this Mortgage at the time ~ of execution or after rocordation lxrcof. . , 17. Traasfer ot tre Property: Assnmption. if all or any part of the Property or an intercst thercin is sold or transferrcd by Borrower without Lender's prior writ~cn consem. excluding (al the creation of a iien or encumbrance subordinate to - this Mortgage. (b) the crcat~cxe of a purchace money cecurity interat for household_ appliances, (c) a transfer hy devise. . descent or by operation of law upon the ckath of a joint tenant or (d) ihe grant of any kasehoW intercst of three years or less 4 not containing an option to purchau, Lender may, at Lender s option, declarc all the sums securcd by this Mortgage to be = immediately due and payable. Lender shall have w••rived such option to sccelerate if, prior to the sale or transfer, Lender ? and the person to whom the Property ic t~~ be colJ or transferred reach agrcement in writing that the crcdit of cuch person ~ is satisfactory to I.ender and that the inter~~ct payable on the sums securcd by this Mortgage shall be at such rate as Lender shall rcquest. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has eaecuted a wtitten atsumption agreement accepted in writing by Lender, Le~der shall release Borcower from all ~ obligations under this Mortgage and the Nae. _ If Lender exercises such option to accelerate, Lencier shall mail Borrower notice of accekration in accordancr v?~~h r paragraph 14 hereof. Such notice shali provide a period of not las than 30 days from the date the notice is mailed within ? > which Borrower may pay ihe sums declarcd due. If Borrower fails to pay si~ch u~ms prior to the expira~ion of cuch peric~d, L.ender may, without further notice or demand on 13orrower, invoke any rcmedia permitted by paragraph 18 hereof. . NoN-Ux~FOatK CovErurns. Borrower and Lender further covenaot and a~ree as follows: ~ l S. Acedentio~; Rea~edia. E:cept a~ provided i~ Nra~npM 1'f rereof. ~ Sorrawer's breac~ ot a~r co~e~snt or a~ree~cot of Eorrower i~ tbi~ Mo~a~e. hcludi~ tbe cw~e~awts to psy wbe~ d~e s~r srss sec~rsi b~ ttib Morqta~e. I.e~der = ~ prior M sccekntba s6aY w~aH wofke fo Eorrower as pro~ided iw para~apr 14 bereot s~cit~: (1) tl~e breacb:12/ the aetfow ~ rcqdrei b c~+e wcU rrracr: t3) s~a1e, ~ot le~s tlaa 3o dsys tro~w t1~e iate tMe ~otice M ea&i to fo~ower. by wbkh s~c6 ; bnac~ a~dt be c~ ui tMat tai~re b erne srcl~ brescl~ o~ or betore. tbe dafe speeiRed i~ tbe ~otice ~nay resWt i~ ~ i sccdaafioo ot !re s~as scc~ by trb Mo~a~e, Mieclosnre b7' ~ l~~K s~i sak of tbe Property. 'll~e notice ~ , ~ sMaY fYrtber istona Eorrdwer of tre ri~M to reia~t afler scceleratb~ ad tLe rieft to a~ert h tre foreclo~s ~roceedt~ ; ~ 1`e ~-e:ktesee d a dets~lt or mr atl~ detease of sor.ower to ~ccele~bw aua to~eclowre. H tl~e breac~ k ~ot c~d o~ ~ or betore tbe dale spetiie~ i~ tl~e aolice. Le~der at [.eadtr's opio~ ~ declare a~ ot tre saa~ sea~red by t6b Morf~e to be : ie~medhtely due aw~ pyalk wit1~N t~ril~ dea~and aad a~sy toreclose 11~ Mo~a~e ~ j~kW ~rotecdi~R. Lender ~htll 6e eotidd to colkd i~ ssc~. rroceedi~ ar espe~ses ~I torecbsore. i~th~die~, 6~t ~ot Wwitd N. reaiosable ~t.xary's fea. . asd costs oE aocr~hry e~ide~ce, abqracls ae/ litk reprls. 19. loROwer's R~t to Rei~te. Nawithstanding Lender s accekration of the sums sccured by th~s Mortgage, Borrower shall have the rigbt to have any proccedings begun hy l.ender to enforce this Mongage discontinued at any time °~~~2~9 P~ 716 . ~ ; ~:..s ,~.a~n..'s~ = ; , - ~T~ ~~-x ~^,~5~ . ~'~'~w~%"~_.~ s~rzr. - _ , - ~a~- .