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HomeMy WebLinkAbout1738 I.cnder's written agreement or applicable low. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbrrrxd by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and I.endtr agree to other temps 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 time err outstanding principal under the Note unless payrnart o~ interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require lender to incur any expertse or take any action hercUnder. Itsspectiort. 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. 9. Cowdemwwebw. The proceeds of any award or claim for damages, direct 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 proceeds shall bt 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 otherwix agree in writing. there shall tx 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 d 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 xttle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is m~.iiltd, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ the Property or to the sums secured by this Mortgage. Unless Lenckr 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. lA. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by [.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower i successors in interest. Lender shall not Ire requited to commence proceedings against such successor or refuse to e+ctend time for payment or otherwix modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Rorbearawce by Lewder Not w R?aiver. Any forbearance by lxnder in exercising any right or remedy hereunder, or otherwix afforded by applicabk 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 bt a waiver of Lender's right to accelerate tfrt maturity of the indebtedness secured by this Mortgage. 12. Rewsedks Ceawhti•e. All remedies provided in this Mortgage arc 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. Stsceessors wad Asrrigws Bound; Johrt and Several T.iwbiBly; Captioas. The covenants and agreements hereiir contained shall bind, and the rights hereunder shall inrrr~ to, the ttspective successors and assigns of Lender strd Borrower. ' subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jary and several. 'Ilse captions' and headings of the paragraphs of this Mortgage arc for convenience only and are rat to tie used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another tttanner, (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by notice to Tinder as provided herein, and (b) any notice to tender shag he given by certified mail, return receipt requested. to Lender'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 Ix deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage: Goverwiug Law: Sevenbility. 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 tx governed by the law of the jurisdiction in which the Property is located. In the event that any provision or claux 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 effect without the rnnfiicting provision, and to this end the provisions of the Mortgage and the Note are declared to ere severable. 16. Borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Tramfer of the Property; Assumption. !fall or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrincn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgagt, (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 not containing an option to purchase, Lender may, at Lender c option, declare all the sums secured 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 colt 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 lx at such rate ac Lender 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 auumptior+ 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 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 arms 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-IJHIFORM COVtr1VANT5. Borrower and Lender further covenant and agree ss follows: Y 1!. Acceleration; Rewxdia. Igrrcept m provided iw paragrsph 17 head. trpw Borrowee's brtweb d any cevewtawt ro agreement d Borrower b ebb Mortgage. Iwehrdiwg the eotewwwts to py alien itle any sttHrrs sretrr+si by thfr Mortgagt. Lewder prbr b wceelerstiow sia6 wrap wotke to Borrower as provided Iw paragraph 14 bereot speeltyiwl: (1) the 6reseb: (2) the aetbw _ rregwir~ei b croe such breach; (3) a date, not less thaw 30 days lion, the date the wotiee r naBtd b Borrower. by which snob - breaeb mart be eared; ani (4) than /spare b Bare such breach ow or bolero the date specified b the wotiee way resell b j wetxierMiew d 111e wmr secwrei by file Mortgage. Iorecioswrr by )ndkW proesedfwg swi sale d the Property. 71re wodee I ' shah twrtber iwtotrnr Borrower d the right b relrnbte after accelerwtiow aei the right b grog i• tbt fortclowa pteecedia! : 1 - the now-a:idewce d a ietwwk or way other defense d Borrower to secekratiow awl toreelorwre. N the breach is not cared ow ~ or bdore the dale geciiei i• the wwtice. Lewder wt Lender's option way deeiare d d the attrr seestr+ei by tllr Mortgagt b be ~ imme~ly dwe swi pywbk witbowt twrther denrond and way torrclese dlr Maeltage by jwikW preesedfag. Lender shaq be atldei b eolfket r snob proeeediwg sN expenses wt foreclosure. iwclwdiwl. 6wf not tMilei M, reasowaik stt•,reev's fees. gild cost, d dweU.~wentary eriiewee, abdracts awl tpk Kprts. F lf. Bosrewes's Rflbt to Reiwrtatt. 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 s ~,P301 Bct~~r : ~zF1733 - - s .