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HomeMy WebLinkAbout0582 lender's written agrcement or appli~able law. Burrower shall pay the amuunt of all morigagc insurance prcmiums in the ' manner provided under parag~aph 2 hereof. Any amounts disbursed by [.ender pursuant to this parag~aph 7, with intercst thereon, shall bccome additio~al indebtedness of Borrower securcd by this Mortgage. Unless Borrower a~d I_enJer agrcc to other terms of payment. such ' amouats shal) be payable upon notice from [_ender to Borrower rcquesting paymPnt thereof, and shall bear intertst from the date of disbursemcnt at the rate payable trom time to time on outatanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which eve~t such amounts shall bear interest at the highest rate permiuible under applicable Iaw. Nothing containcd in this paragraph 7 shall require Lende~ to incur any expense or take any action hereunder. ~ - 8• iaspectioa. Lender may make or cause to be made reasonable emries upon and inspections of the Property, provided that Leodar shall give Borrower notice prior to any such inspFctio~ specifying reasoaable cause therefor related to Lender'a interest in the Property. ~ ~ ` ' 9. Condemaadoo. The proceeds of any award or claim for damages, dircct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. tn the event of a total taking of the Property, ihe proceeds shall be applied to the sums secured by this Mortgage. .with the excess, if any, paid to Borrower. fn thc event of a partia) taking of the Property, unless Borrower and Lender othervvise agree in writing. there shall bc applied to the sums secured by this Mongage such proportion of the proceeds as is equal to that proportion which the amount of the sums 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 balance of tht prc+cceds paid to Borrower. ~ If the Property is abandoned hy Bo~rower, or if. after notice by I_ender to Borrower ihat the condemnor o}fers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. I.ender is authorized to collect and apply the procceds, at Lender's option, either to restoration or repair of the Propeny or to the sums secured by this Mortgage. ' Unless Lender and Borrower othen~vise 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 such installments. 10. Borrower Not Rekssed. Eztensian of the time for payment or modiflcation of amortization of thc sums secured by this Mortgage grented by I_ender to a~y successor in interest of Borrower shall not operate to ~lease. in sny manner. the liability of the original Borrower and Barrower's successors in intetest. Lender shall not be required to commence proccedings against such successor or refuse to extend time for payment or otherwix modify amortization of the sums secured by this Mortgage by reason af any demand made by the original Borrowe~ and Borcower's successors in intercst. 11. Forbearance 6y Lender Not a W'iver. Any forhearance by Lender in exercising any right or remedy hereunder, or otherwise afiorded 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 shaU not be a w~aiver of Lender s right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedies ComulaNve. 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. l3. Snccessors and Assigas Bound: Joint and Se~•eral i.ipbilit~; Capliom. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and ascigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and uveral. The captions and headings of the paragraphs of this Mortgsgr are for convenience only and are not to be used to interprct or define the provisions hereof. 14. Notice. Faccept for any notice required under applicable law to be given in aoother 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 tht Property Address or at such other address as Borrower may designate by notice to T_ender as provided herein, and (b) any notice to Lender shail be given by certified mail, retum receipt requested. to I.ender s 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. 15. L'niform Mortgage:-Govemin~ Law; Severabilih•. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be go~erned b~~ the law of the jurisdiction in whicfi the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shatl not af~ect . 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. Borrower's Copy. Borrow~er shall be furnished a conformed copy of the Nate and of this Mortgage at ihe time ~ of execution or after recordation hereof. ; 17. Tnnsfer of t6e Propertv; A~umpfion. If 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 creation 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 j not containing an option to purchase. Lender may, at Lender c option, declare all the sums secored by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. L.ender ~ and the person to whom ihe Property is to be sold or transferred reach agreement in writing that the. credit of such person 3 r is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as I.ender ~ shall reques!. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release B~rrower from all ~ obligations under this Mortgage and the Note. ~ If I.ender exercises such option to accelerate, [.ender shall mail Borrower 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 Borrower fails to pay such sums prior to the expiration of such period, ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ ~ Notv-UrnFORM CovetvertTS. Borrower and Lender further covena~t and agree as follows: z 4 18. Accekratioa; Remedies. Escept as provided ia paragraph 17 bereof. upoa Borrower's breac6 of aay corenaat or ~ agreemeot of Borrower in t6Ls Mortgage, including t6e covenants to pay when doe aay sams secured by this Mort~age, Lender - prior to accekration shall mail notice to Borrower as prorided in paragrap~ 14 bereof specifyiu~: (1) t6e breu6; (2) tbe actioa _ reqnired to enre sneb breach; (3) a dste, not less tban 30 days from the d~e tbe aotice k mailed to Bormwer, by whic6 soch brcach must be enred; and (4) tlwt failnre to cnre snc6 bresch on or before i6e dde spec~'ied ta the notice mar resait in ~ sccekratbn of the sams secored by this Mortgage, forecbsure by judicial proceedfng ~d sak of t6e Property. 1Le notice s6a11 furWer ieform Borrower of tbe right to rciastate aftcr accderatioa nnd t6e rigbt to aesert in tbe foreclosnre proceeding the non-ezistence of s deEauk or any Mher deEenae of Borrower to accekntba aad foreclowre. If N~e bresc6 is aot emed on or before the date speci8ed in tbe notice, Lender at Lender's option may declare sU of t6e sams secared by t6k Mort=a6e to 6e ~ immediahly dne and ppya6k without fu~ther dtmand and msy foreclose this Mortgage by judicW procecdin~. I.eader s6a11 be eatitkd to colkct in soc6 proceediug aD e:peoses of foreclosnre, including, bnt not t~mited to, roa+oaabk sttoraey's tees, } aad costs of documeatary evidsoce, abstracts aad title reporta. ~E; 19. Sorrow~r's Rig6t to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. ~ Borrower shaU have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ; ~m ~GRM ~U~, f'AtE 58`~ ~ ~ ~ - ; : ~ s ~ ~ . E' : ~ _ ~~r ~ *~~^r+.~..:.c.C y/ 3 i~~-~ ~ ~ ~ ' . a.~ . . . T_.... . . _ ~ ~ - t......,