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HomeMy WebLinkAbout0202 t_ender's written agrerment or applicable law. Borrowc~ shall pay Ihe amount of all mortgage insurancx premiurru in the manner provided unde~ paragraph 2 heroof. ~ Any amounts disbursed by I.eode~ pursuant to thu pa~ag~aph 7, with interest thereon, shal) become additional indcbtcdness of Bo~rowcr secured by this Mortgage. Unlecs Borrower and LenJc~ agree to other ternns of payment~ such amaunts shall be payabk upan notice trom I.ender Io Borrowe~ ~equesting payment thereat, and shall bear i~tercst fmm the date of d'ubursement at the rate payable from time to Iime on outstandir~g principal under the Note unless paya~eat of interest at such rate would be conlrary to applicable law, in which event such amounts shall bear interest at the hiahest nte permiuibk under applicabk law. NMhing contaiocd in this paragraph 7 shall rcquire I.ender to incur any espense or Uke any action hereu~der: : 8. lospectio~. i.ende~ may make or cause ta be made reasonable entries upon and inspections of the Property. provided ; that i.onde~ shall give 8orrower notice prior to any s~~ch inspection specifying reasonabk cause therefor related to I.ender's : 's interest in the Properiy. 4. Coadra~uatbn. The proceeds of any award o~ claim for damages. direct or consequential, in connection with any condemoation or other taking of the Properiy, or part thereof, or for conveyance in lieu of condemnation. are heeeby ass~Sned and shall be paid to I.ender. in the event of a total taking of the Pmperty. Ihe proceeds thall be applial to Ihe sums securcd by this MoKgage, with the ezcess, if a~y, paid to BoROwer. In the evenl of a partial taking af the Property. unlesc Borrower and Le~der o~herwise agroe in writing, the~+e shall be applied to the sums securcd by this Mortgage such propottion of the proceeds • as is equa) to that pr~poriion w•hich ~hc amount a( thc sumc sccured by this Mortgage immediately prior to the date of ~ taki~g bears to the fair market value of the Propcny immediately prior ta the Jate of taking, with the bala~ce of the pr~oceeds paid to Borrower. If the Property is ahandoned by Borrower, o~ if. after notice by I.ender to Borrawer ihat the condemnor offers to mdce an award or settle a claim for damages. &•rrower fail. to respand to l.ender within 30 days after the date such notice is mailed. Lender ic authorized to collect and apply ~he proceeds. at I.ender's option, eithor to ratoration or repair of the Property ar to the sums secured by this Mortgage. Unless Lender and Aorrower otherwise agree in vvriting, any such application of proceeds to principal shall not extend or postpone the due date of the monthly inslallments rcferrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Eorrower Not Rekased. Extension of the time for payment or modification of amortization of the sums securcd .by this Mortgage granted by L.ender to any ~uccesu~r in interest of Borrower shall not operate to release, in any ma~ner, the liability of the original Borrower and Borrowcr'~ sucresu~rc in interest. Lender shall not be requind to commence proceedings against such successor or refuse t~ ertenJ time for payment or otherwise modify amonization af ~hr wms secured by this Mortgage by reason of any demand made by the oriRinal Borrower and Borrower s succestors in interest. , ll. Forbearance by [.eader Not a Waiver. Any forhearance by l.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of ta~es or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtedness secured hy this Mortgage. . l2. Remedies Cumulathe. All remeciies provided in this Mortgage are distinci and cumolative to any other right or remedy under this Mortgage or afforded hy law or equity, and may be exercised concurrently. independently or successively_ ' 13. Saccessors and A.~as Bound: .Joiot aad Sereral i.iability; CapBons. The covenants and agreements hercin contained shall bind, and the rights hereunder shall inure to. the respective successors a~d assigns of Lender at~d Borrower. subject to the provisions of paragraph 17 hereof. All covcnants and agreements of Borrower shall be joird and several. The captions and headings of tti~ paragraphc of tfiic Mongage are for convenience only and are not. to be used to interpret or deflne the provisions hereof_ - 14. Notice. Except for any notice reyuired under applicable law to be given in another manner. (a) any notice ta Borrower provided for in this Mortgaee shall be given by mailing such notice by cenifled mail addressed to Borrowtr at the Property Address or at such othcr addrecs as Borrower mav designate by notice to T.ender as provided herein, and (b) any notice to Lender shall he gi~~en by certificJ mail, return receipt requested. to i_ender s address stared herein or to such other address as Lender ma~ de~ienate hy notire to Borrower as provided herein, . Any notice provided for in this ~ Mortgage shall be deemed to have becn given to Borrower or Lender when given in the manner designated herein. - ' 15. Uniform MoriRa~e; GoverninR Law; Se.•errbilitv. 'ihis form of mortgage combines uniform covenants for national ~ ose and non-uniform covenants with limited ~~ariations hp juriuliction to constitute a uniform security instrument covtring ~ real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the ; event that any provision or clause of thic Mortgaee ~~r ~he Note conflicts v?ith applicable law, such conflict shall not affect f other provisions of this Mortgage or the N~?te µhich can be given effect without the conflicting provicion. and to this ~ end the provisions of the Mortgage arid ~he No~e arc ~leclared to be severable. 16. Borrowe~s Copy. Bormwer shall be f~~rnished a conformed copy of the Note and of this Mongage at the time ~ of execution or after recordation hereof. ~ 17. Traasfer of t6e Property; Azcumption. If all ~r any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wriurn cansem. excluding' (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creabon of a purchace me•ne~• ~ecurity interest for household appliances, (c) a transfer hy devise. . u descent or by operation of law upon the Jcath of a joint tenant or (d1 the grant of any leasehold interest of thrcc years or less U not containing an option to purchase, Lender may~. a~ I.ender'~ option, declare all the sums secured by this Mortgage,to be ~ immediately due and payable. Lender shall have u•aived such option to accelerate if, prior to the ~ale or transfer. I_ender ~ and the person to whom the Properry ic ~u be :ol~ or transferred reach agreement in writing that the credit of such person is satisfactory to I_ender and that the interr.t pa~~able on the sums secured by this Mortgage shall be at such rate ac 1_ender ~ ~ shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor it~ ~ interest has execute~ a written assump~ion agreemenr accepted in K-riting by I_ender, Lender shall releace Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. LenJer shall mail Borrower notice of acceleration in accordancr ith paragraph 14 hercof. Such notice shall provide a period of no~ less than 30 days from ~he date the notice is mailed within ~ which Borrower may pay the sums declared due. 1f Borrower fails ~o pay such sams prior to the expiration of such pericxi. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 herco . ~ ~ Nort-UNtFOatrt CoveN~NTS. Borrower and Lender further covenant and agrce as follows: ~ 18. Aecehrstbn; Remedks. Excep as pro~ided ia ps~aKnpb 17 6ereof, upon Sorrow'er's bresch of any coveasn or ~ agreement of Borrower Ia this Mortgage. includin~ the covenanls lo pay whta due any snms secnred by thk Mort~age. I.ender - prior to accekntbn shall mail notice to Borrower as provided in paragraph 14 l~ereoE specHyiu~: (1) tbt bresch: (21 the action required to corc anch brac6; (3) a dste. not ksc than 30 days from the dste tbe notice Lt maikd t.~ Eorrower. by which suc6 > bresch mmt be cored; aad (4) that failure to curc such breaca oa or before tl~e date specified ia the no~ice M~7 resWt ia ' sccekntbe of ttie soms se~ured by this Mortgage. lorecbsure by judicial proceedin6 and sak of the Pmperty. 'I7~e notice ' shall furt6er iaform Eorro~?er of the ri6ht !o ninstste afte~ accekration and tbe right to ~ssert in the foreclosure pruceedin~ the non-exislence of a defauk or any otber defense of Borrower to acceleration and forecbsnre. if !he breach is not cnred ou or before the date specified in the notice. Leoder at [.ender's option may deciare all of fhe sna~ secared by tbis MortgaRe to be immcdiatcly due and payabk withont fwiher demand and may foreclose thCS Mortaa~e by jndlcial proceedi~. I.ender chall ~ ~~itied ~o rollect in soc6 proceedi~ aq e:penses of foreclosure, includin=. but aot Gmited to, rc~onsbk atturney's fees, ~ ~nd cosfs of documentary evideace, 96stracfs and titk reports. ~ 19. Sorm~+er's Ri`bt to Reiastste. Notw•ithstanding Lender s accderation of the sums securcd by this Mortgage, ~ Borrower shall have the right to have any procerdings t~egun h}• I.ender to enforce this Mortgage discontinued at any time ~ ~ R~~{3o1 ~r,~E zaz Y ~ ~ ~ _ . . _ _ r r ~ . . . - ^'q\5 ~ ~ ~y- ~.r+°'~s~a t y3a~.-w ~ ~.~~'t ~3 -'-S y ~ ; , _ - ~ _ . ..~,_M.