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HomeMy WebLinkAbout1619 • Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by lender purstsant to tha paragraph 7, with interest thereon, shall become srdditional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of paymetrt, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear intert~t from the date of disbursement at the rate payable from time to time on aststanding principal under the Note unless payrrrart of interest at ouch rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rapt permissible under applicabk law. Nothing contaited in this paragraph 7 shall require lender to incur any experae or tape any action hereunder. s. Isspec8ow. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that lender shall Rive Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. 9. Coadenraatba. The proceeds of any award or claim for damages. dircet or rnnsequential, in connection with any condemnatan or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to !.ender. in the event of a total taking of the Property. the proceeds shall be applied to the sums strttred by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secssrcd by this Mortgage 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 the proceeds ~ paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the con_ demnor oRers to mate! an award or~settle a claim for damages, Borrower fails to respond to 1_ender within 30 days after the' date such notice is~ mailed, Lender is authorized to collect and apply the proceeds. at sender's option, either to restoration or repair of tha _ 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 extard , or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the atmount.of , such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not op«ate to rcksse, in any manner, the liability of the original Borrower and Borrowers strcttssors in interest. Lender shall not be required to commence proceedings against such sucttssor or refuse to extend time for payment or otherwise modify atrrortiZatiorr of the sums secured by this Mortgage by reason of arty demand made by the original Borrower and Borrowers successors in interest. 11. Forrearaace by Lender Not a Rhriver. Any ft?rhearance by IRnder in exercising any right or remedy heretmder, or otherwise afforded by applicable law, shall Trot 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 Leaders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. ReatKdks Cmm~latlve. 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. SaKCasors acrd Astsigas wonad: Joint saa Several Intl, Ca'deas. The covenants acrd agreements herein contained shall bind, and the rights hereunder shall inrsr~ to. the respective strccesson and assigns of Lender asad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and art Trot to lie used to interpret or define the provisions hereof. l4. Notke. Except for any notice required under applicabk law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be-given by mailing such trotice by ttrtiAed mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to sander as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to tenders 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. Ueitona MoriRssRe; GoveraiaR Law; Severability. This form of mortgage combines uniform covenants 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 applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given et<ect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy- o[ the Note and of this Mortgage at the time of executan or after recordation hereof. r 17..Tsnursfer of the Tro'erty: Assnmptioa. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior wrinrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interai 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 yeah or less z not containing an option to purchase, Lender may, at Lender s option, declare all the sums stxured by this Mortgage to .be immediately 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 cold 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 rare ac Leader shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in inttrat has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obljsations under this Mortgage and the Note. r If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekntion in srecordancc M•ith paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within 1 which Borrower may pay the sums declared due. 1f 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. ~ NoN-UNtt=atrN CoveHeNTS. Borrower and Lender further covenant and agree as fdk~w~s: 1=. Acedentioa; Remedka. lEttce*t as provided b pragraplr 17 rsereo/, trpa Borrrwes'a rsreaei of nary caveaawf K agressneat of Botrrower b trio Mortgage. bcMdirrg ere covenawts to py wrea doe strtlr tttrats at>tnred r7 tYs Mortgage. Leader = prior b accekratba Brow asail Bootleg to Eorrowcr ssa'revlaed f• pragra/r 14 tsmsed yecltyiag: (1) Are rtKacr: (21 ere ssstNw rgttlrea b gore Bract rreaer: (3) a axle, act ksa Aw 30 dap horn ere date Are wsstke r ataswsed b >Mrnwer. b wrki suer 6seaei asaat re eared; sad (n trot tstdbsro b care tass:lr tracer ow or rdorc ere Gate Aeeitied iw ere aoAs;e tray stsaN i. accekratioa of ere nattas ttecarted rl' trk Mortgage. tosccioanre b jadkial ls+ocse~ sand sale of ere h+opcrty. Tre saatiea scow ftirtier 6stotrs lion~o~wer of trc riKM to relw3bte after accekratba Beau ere right b stastM r ere fa+eclowre preceeiag tic stoma-e:Weave of a dctasrM or atsr otter defense of worroaer to seeekrMiea and tosecbwse. N be rrsaci is nM cnrea arc - or 6dorc ere dNe gecliei i• tie notice. Leader at Leader's option ttaay aeclRse sti et Are watt stenrcri il' tYa MestpRe b re ~ ~asediately aae stwd ppbk witroN isssrtrser demand surd Wray tereeloae trio Mortpge rl' }ikW /srceealaR- Lender draw - be attlAed to cowed iw and proettaiaL aw e:pcssrsa of foreclosure. iachrdiag. rat oat BrtrMed a. reaseaaMe t?ttxaeY's fees. atd toab of ioc`.+aeatar7 etidewce, absttrscts ssad title repro. a 1!. Borro..es'a Rlgit to Relaatate. Notwithstanding Lenders acceleration of the sums secured by thr_ Mortgage, ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time " Rsr 301 r~GE16~~ .-s: - ~ ti; ~ ¢ ~ _ ~