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HomeMy WebLinkAbout0722 L.ender's writte~ agroemcnt or applicabk low. Borrower shall pay the amount ot aU tnortgsge insuranoe premiurm in the - manne~ provided unde~ paragtaph 2 hereaf. Any amounts dislu~acd by I~nder pursuant to tha paragraph 7. with inte~est therooo, shall become additiond indebtedoess of Borrowcr secured by this Mortgage. Unkcs Bonower and LcnJer agrcc to othe~ temu of payaaent, such amou~ts shall be payabk upix~ ncuK-e fmm i.cnde~ to Bo~rowe~ requesting payment theroof, and shatl bear iotercst ft+om the date ot disbursement at the nte payabk from time to time on aUstanding principal under the Note unkss pi~t ot ioterest at such nte would be contrary to applicabk law, in which event such amounts shall bear interest at the hial~e.st rate permissibk under applicabk law. Nathing contained in this paragraph 7 shal) roquire I~ender to incur aay expeose or W[e any actio~ hercunder. S. I~spectio~. i.ende~ may make ~r cauu to be made rcasonable enlries upon and inspections of the Property. proroided that t.ender shall give Borrower nc~tKe prior ta any such inspection specifying rcasanabk cause theretor rclated to I.et~ders i~tercst in the Propeny. ~ 9. Coedemsatbu. The proceeds of any award or claim for damages, direct or consequential, in connection with any coodemnalion or other taking of the PropeAy, or pa~t thereof, or for conveyance i~ lieu of condemnation. are heeeby assianed ; and shall be paid to i.ender. in the event of a total taking of ~he Propeny, the p~oceeds shall tx applitd b the sums securod by this Mataaae. ; w i t h t h e e x c e s a, i f a n y, p a i d t o B o r r o w e r. i n t h e ev e o t af a partial takin g of the Pro p e r t y. unle.ss Bornuwer ar~d Ira~de~ ; o~herwise agrce in writinR, there shall be applied to the sums secured by this Mortgage such p~+oportioo of the prooeeds t as is eq~al to that proporticu~ v?hich the amount of the sumc securcd by this Mortgage emmediately prior to the date ot taking bears to the fsir market value of the Propcrty immediately priar to the date of taking, with the balance of the proceeds paid to Bornower. ? if the Property is ahandoned by Borrower, or if. after natice by I.ender ta Borrowe~ that the condemnor oRen to malte ~ an award or settle a claim for damages, Borrower fail~ to respond to l.ender within 30 days after the date such notice is ` mailcd. Lender is authorized to rnllect and apply the proceeds. at 1_ender's option, either to rettontion or- repair of tbe i Properiy or to the sums sccured by this Mor~ga1¢e. ~ Unless [_emie~ and Borrower cthervvi~e agree in writing, any such application of proceeds to principal shafl not extend ~ or postpone the due date af the monthly installmcnts referred ta in paragraphs 1 and 2 hercof o~ change the amount of { ~uch irtstallmeMs. ~ 10. 8orroner Not Reka~ed. Extension of the time for payment or modilication of amortization of the sums secured _ by thia Mortgage granted by i_ender ta any cuccecsor in interest of Borrower shall not opente to nlease, in any manner, - the liability of the original Borrower and Be~rrower s s~~ccessc~rs in interest. Lender shall not be requircd to rnmmence proceedings against such successor or refuse to ertend time for payment or otherwise modify amartization af the sums secured by this Mortgage by reason of any demand made by the ori¢inal Borrower and Bor~ower's successors in intercst. ll. Forbeuance by I.e~der Not a Waiver. Any forhearance by Ixnder in exercising any right or remedy hertunder, or otherwise afforded by applicable law. shall not ?x a waiver ot or prcclude the exercise of any such right or remedy. The procurement of insurance or the payment of ta~es or other lie~s or charges by Lender shall not be a waiver of Lender's right to arcelerate the maturity of the indehtedness cccored hy thic iNortgage. ~ l2. Remedks Comulati~e. All remedies pmvided in thic Mortgage are distinct and cumulative to any other right or ; rcmedy under this Mortgage or afforded hy law or equity. and may be exercised coocurnntly, independently or successively. _ ' 13. ~Sacce.ssors and Assi~as Bouad: Joint aod Sereral i.iabi~fy; Csptbns. 'll~e covenants and agreements herein ~ contained shall bind, and the rights hereunder shall inurc to, the respective successors and assigns of Lend~r at~d Borrower. ; subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jar~ and several. $ 77~e captions and headings of the paragraphc of this Mortgage arc for convenience only and are not to be~ned to interpret or define the provisions hereof. ~ ~ ` 14. Notice. Except for any notice rcquired under applicable law to be given in another manner, (a) any notice to ~ Borrower provided for in this Martgaee shall be given by mailing such notice by certitied mail addressed to Borrower at ' the Propeny Address or at such other address as Bo~rower may designate by notice to T.ender as provided herein, and ` (b) any notice to L~nder shall he givcn hy certified mail. retum receipt rcquested. to I.ender s address stated herein or to such other address as Lender may deciqnate by notice to Bormwe~ as provided herein. Any notice provided for in this Mortgage shall be deemed to have t+een given to Borrower or Lender when given in the manner desigoated herein. ' 1S. Uniform Mort~e; Governin~ I.aw: Sevcrability. This form of mo~tgage combines uniform covenants for national 'i use and non-uniform covenants with limited variations bp jurisdiction, to constitute a uniform security instrument rnvering j real property. This Mortgage shall be governed hy the lew of the jurisdiction in which the Property is located. In the ; event that any provision or clause of thic _Morigage or the Note conflicts with appticabk law, such conflict shall not atfoct ~ other provisions of this Mortgage ar the Notr which can be given effect without the conflic~ing provision, and to this - end the provisions of the Mortgage and the NMe are Jeclared to be severable. ~ 16. Borrowe~s Copy. Borrower shall tie furnished a conformed copy of the Note and of this Mortgage at the time S of ezecution or after recordation hereof. 17. T~cr of tbe Property: Assumplion. lf all or any part of the Property or an interest thercin is sold or transferred by Borrower without I.ender's prior writ~~n consent. excluding (a) the creation of a lien or eauumbrance subordinate to _ this Mortgage. (b) the crcahcx~ of a purchace m~.ne}• cecurity interest for household appliances, (c) a transfer hy devise. descent or by operation of law upon the cieath of a joint tenant or (d1 the grant of any leasehold intercst of threc years or less . not containing an option to purchase, Lender may. at l.ender c option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have a~ived such option to accelerate if, prior to ihe sak or transfer. Lender and the person to whom the Property ic to be :o1J or transferred reach agreement in writing that the crcdi~ of cuch person is satisfactory to I.ender and that the intercct pay~able on the sums secured by this Mortgage shall be at such rote as I_ender ; shall roquest. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has eaecuted a v?ritten assumption agreement accepted in writing by Lender. Lender shall release Borrower fram all ~ obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekration in accordancc u~ieh ~ paragraph 14 hereof. Such notice shall provide a pe~iod of not less than 30 days from the date ihe notice is mailed within ~ which Borrower may pay the sums declared due. 1f Borrower fails to pay such sums prior to the expiration of cuch peric~d, Lender may, without further notice or demand on 13orrower, invoke any remedies permitted by paragraph IR hercof. ~ Norr-UrttFORtrc CovetveNTS. Borrower and Lender further rnvenant and agree u follows: ~ _ t ~ ~ ls. Accde~atio~: Rea~edks. E:cep as provided in para6rspb 17 6ereof. u~w Sorrowers brrsc~ of awy co~ewt or ~ a6ree~t of dorrower h t~ Mortaa6e. includjng tbe co~easMs to pay w~e~ doe soy saais sccored br tah Mort~a~e. [.euder ~ Prior !O ~eceletstlo~ sbaY ma~ sotice to do~ower as provided la psra6rapU 14 henot specif~q: (1) N~e b+esch: (2) the attbn • requinei b cue su~i bKSer; (3) a d~te, wot less thaa 30 days fr+om the aate tl~e wotiee r raiki b ierrnwer. y' w6icr s~ y~ ~ 6~ese~ ~~st be c~red; ad t4) t6at f~ee to cur+e sscl~ breacM oe or 6etore the date ~eei6ea ~ tMe wotiee aisy resaft io : ~ acceleratio~ ot Ire sn~s secwed by t6k Mo~a~e. toreclosnrr by j~dicid proceedi.t wi sde of tbe hoperty, 'ltie .otice ` I ~ sbM fsrtber inforM Eorr+ower ot tbe ri~M to rei~tate dler secekratjoo and tbe risM b a~sert iw tbe torcclesrre NoceeBi~ ~ t~e ~o~-e:isteace ot s defsek or asy otber dcfense ot BoROwer to sccekratio~ aed toreclowre. N tbe brescr is ~ot c~x~ed os i ~ or before the da~e spaiied io tbe ~otice. Lender at [.eader's optios mar decbu+e aY of tLe s~~ see~rri by H4 Mwt~a~e b be i ~ iie~aedbtety dne ai p~y~We wkbodt ttuther demand ~nd may toreclose th4 Mort~a~e y' jriicW l~oaedi~. Lender sl~ll bs eNided to cdkd i~ s~ Proeeedia~ a~ e:penses of foreclosrn. iacl~a~, brf ~ot W~ite~ W, reaso~abie att~xnep's fees. ~ a~i casls d doe~ee~hry e+ideoee. abstr~cb sed INk rtports. ~ 1!. Eonowe~'s Rtpt to Reidt~te. Ncxwiths~anding l.ender s accekration. of the sums secured by th~s Mortsase. ' Borrowu shall have the right to have any procoedings be~un hy l.ender to enforce this Mortgage discontinued at a~y time ~ ~ ~ BOCK ~c79 PAGE 722 ~ ~ f r_- _ , _ _ ~ . m ; - . _ - - ~~f'fi ~ _ _ .