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HomeMy WebLinkAbout1635 Lender's written agreement or applicable law. Borrower shall pay the amount of aq mortgages instuance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by I.cndcr pursuant to tha paragraph 7, with interest thereon, shall bexome additional indebtedness of Borrower sexured by this Mortgage. Unless Harrower and !.ender agree to other terms of payrneM. such amounts shall be payahk upon notice from Ixnder Io Burrower requesting payment thereof, and shall bear interest ft~om the date of disbursement at the talc payahk from time to time on outstanding principal under the Note unless payaaettt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require (..ender to incur any expense or take any action hereunder. • >L Itrspectitra. (.ender may make or cause to be made reasonable entries upon and inspections of the Property. providesd that I.onder shall give Borrower notice prior to any such inspection specifying reasonable cause therefor relateod to Lender's interest in the Property. 9. Cetidemsatba. The proceeds of any award or claim for damages, direct or consequential, in rnnrrection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby-sssignesd and shall be paid.to (.ender. in the event of a total taking of the Property. the proceeds shall be applied to the sums secured 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 sha{I be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion v?•hich 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 condemnor offers to mate an award or settle a claim for damages, Borrower fail. to respond to Lender within 30 days after the date such notice is mailed, Lender n authorized to collect and apply the proceeds, at Lender's option, either to ratoration 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 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 successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's 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 thr sums secured by this Mortgage by reason of any demand made b}• the original Borrower and Borrower's successors in interest. 11. Forbearance by (.ender Not a Waiver. Any forbearance by (.ender in exercising any right or remedy hereunder, or 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 Cnmulatire. 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. Successors and Assigns Bound; Joint and Several (.lability; Captbns. 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 joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. l4. Notice. Except for any notice rcyuired under applicable law to be given in another manner, fa) any notice to Borrower provided for in this Mortgagt 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 i.ender 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 b}• 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. Uniform Mortgage; Governing Law: Se.•erability, This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h}• 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 Notr which can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the '.dote arc declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. s 17. Trarrsier of the Property; AsSUmption. if all or an}• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinrn consent. excluding (a1 the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase m~me}• securit}• interest for household appliances, Ic) a transfer by devise, ` descent or by operation of law upon the death of a j~ant tenant or (d1 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 immediately due and payable. Lender shall ha~•e wai.•ed such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be :old or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intact.( pa}•able nn the sums secured by this Mortgage shall be at such rate as (.ender shall request. 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 ip writing by (.ender, Lender shall release Borrower from all 5 obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance ith ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within i which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such peri~xl. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. a - ~ Noty-UNIFORM CovENANTS. Borrower and 1_ender further covenant and agree as follows: l8. Acceleration; Remediex. Except as provided in paragraph 17 hereof. upon dorrowels brescb of any cotenant or W agreement of Borrower in this Mortgage, including the covenants to pay when dttt any snrrrs secured by thb Mortgage. Linder _ prior to accekration .ball mail notice to Eormwsr as provided in paragraph 14 hereof specKyir~: (1) the breach; (2) the action required to cure snob breach; (3) a date, not less (ban 30 days from the date the notke b ((nailed to >sorrower, by which such brash mmt be cared; and (4) (bat failarc to cure such breach on or before the date specified in the notice may result is t acceleration of tits snits secured by ebb Mortgage. torerbsurc by judicial procecdirr` and sale of the Property. The notice sbaq Wrtber inform Iorrower of the right to reinstate after sccekration and the rq;ht to assert in the foreclosure pwceedln6 the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. if the breach b not arored o0 or before the date specified in the notice. Lender at (.ender'. option may declare aq of the sums secured by ebb Mortgage to be immediately due and payahk without further demand and may foreclose ebb Mortgage by jndicitl proceeding. Lender shall be entitled to collect iA such proceeding aq expenses of foreclosure, includint, but not limited to. reasonable att~xney's fees. and costs of documentary evidence, abstracts and title reports. f 19. borrower's Ri66t to Reimlate. 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 any time ° P 3U1 1fi30 BOGK PACE • r~ 4 _ - - - - '