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HomeMy WebLinkAbout0403 i Leader's written agreemett or applicable law, Borrower shall pay the amount of all mortgage insurance pretnitura in the manner provided under puagraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to tithe on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permis:ibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. - >t. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. , A t• , ~ • ; 9. Coademnsdort. The proceeds of an)i` awAtd or claim for damages, dirret or consequential, in connection with any condemnation or other taking of the Property. or part thereof. or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceed: shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the procxeds as is equal to that proportion which the amount of the sums secured by -this Mortgage immediately prior fo the date of taking bears to the fair market value of the Property immediatety prior to the date of taking, with the balance of the proceeds . paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make air award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to rnllect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and-Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of j such installments. - 10. lorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in atiy manner, # the 6abJity of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums 9 secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. j il. Forbearance by Leader Not a Wainer. Any forbearance by Lender in exercising any right or remedy hereunder, or L otherwise afforded by applicable law, shall not be a waiver of or preclude 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 be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. - Remedies Cnmuhthe. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Soccessors sad Assigns dooad; Joint and Several i.iability; Captions. The covenants and agreements- herein contained shall bind, and the rights 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. 71~e mention-a and headings of the oara_aran_ hs of this Morta_a¢_e are for convenience only and are not to be used to - € _ interpret or define the provisions hereof. - 14. Notice. Except for any notice required 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 certified mail addressed to Borrower at ~ the Property Address or at such other address as Borrower- may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lenders address stated herein or to } such other address as Lender may designate by notice to Borrower as provided herein. Any -notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. a 1S. Uniform Mortgage; Goveralag Law; Severability. This form of mortgage combines uniform cvvenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage .or the Note conflicts with applicable law, such conflict shall not affect 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. Iilorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after r4cordation hereof. • 17. Transfer of the Property: Assumption. 1f all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to _ this Mortgage. (b) the crc~tion 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 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 imrediately 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 Lender 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 accelerate provided in this paragraph 17, and if Borrower's successor in ~ ~ a 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 acceleration in accordance with 1 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 Borrower fails to pay such wms prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. 1 Note-UNIFORM COVFrrenrrs. Borrower and Lender further covenant and agree as follows: Ig. Acceleration; Remedies. Fscept as provided is paragraph 17 hereof, rtpoo Iorrower's breach of gay covenant or I agreement of Borrower m tlris Mortpge, indndiag dre covenants to pay when dne any sums secured by this Mortga=e, L~der prior fo sccderatbo sbaH mail tsodte to Borrower ss provided is paragraph 14 hereof spetKyiog: (1) the breach; (2) the adbo ' required to cure sstctt breach; (3) :date, cot less rhea 30 days from the die the notice b mailed to Borrower, by wbkh web btYatb must 6e crtred; and (4) than failure to cure strtb breach oa or before the date spsciBed is the notice rosy resole in acceleration of dre wms iecured by this Mortgage, foreclosure by judicial proceeding aril sale of the Property. The notice sba0 farther bform Borrower of the right to reinstate after scceknttioo sad the right to assert h the foreclowre prnc the coo-existence of a defsuk or shy other defense of Borrower to accekrstioa sad forecbwrc. If the bresc>t is got ctsred oo . or 6dore dre date specibed io tie ratite, Leader at Lender's option rosy declare a0 of the wms secured by this Mortgage so be immedhtdy due and pgsbk wkbout further demand and may forec{ose this Mortgage by jaditial per. Leader s1haB _ be eatkled to co®ect is web proteedia; all expenses of forecbwre, iacludia=, hot not Wilted to, r+asoaable attoreey's fees, grad cosh of docuasentary erideoce, abstracts ana tide reports. 19. Borrowa's Rtgbf to Reiastste. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at gay time 1; ~ 300 r~c~ X03 50~7K - _ f ~ r. - - _ ~L