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HomeMy WebLinkAbout1744 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiurru in the manner provided under paragraph 2 heroof. Any amounts disbursed by lender pursuant to this paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon nMice from Lender to Borrower requesting payrnent thereof, and shall bear interest [rom the date of disbursement at the rate payable from time to time on artstanding principal under the Note tmkss payment of intereu at such me would be contrary to applicabk law, in which event such amounts shall gear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any ezpenas or take any action hereunder. 8. isspectiow, Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notK-e prior to any such inspection specifying reasonable cause therefor related to Leader's interest in the Property. . 9. Cowdemwstbw. The proceeds of any award or claim for damages, direct or consequential, in rnnnection 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. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, r with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower nerd Lender t otherwise agree in writing, there shall be applied to the sums secured 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 i_ender to Borrower that the condemnor often to make an award or settle a claim for damages, Borrower fails to respond to i_ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in vvriling, 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. IA. 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 Borrowers 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 the sums secured by this Mortgagt by reason of any demand made by the original Borrower and Borrower's urccessors in interest. I1. Forbearance by Lender Not a N?aiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise 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 be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Renredks Cmm~lstire. 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. Swccessors and Assigss Bound; Joint awd Several Liability; Captions. 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 acid 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. 14. Notke. Except for any notice rcgrrired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certifkd 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 he given by certified mail. return receipt requested, to Lenders 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 l+een given to Borrower or Lender when given in the manner designated herein. 13. Uniform Mortgage; Governing law; Se.•erabilify. 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 thin Mortgage or the Note conflicts with applicabk law, such conflict shall not affect i other provisions of this Mortgage or the Note which can be given effect without the rnnflicling 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 of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or ari interest therein is sold or transferred by Borrower without Lenders prior wrincn consent. excluding. (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creatron 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 tender's 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 mole or transfer. Lender and the person to whom the Property is tc. be so1J or transferred reach agreement in writing that the credit of such person ~ is satisfactory to Lender and that the intcrrst payable on the sums secured by this Mortgage shall be 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 assumption 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 sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. Norv-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Accekrwtaw; Remedks. Except ss provided iw paragraph 17 hereof, wpow Borrower's brescb of nay covesawt or a sgreemewt of Borrower in this Mortgage, facludiwg the covensnts to pay whey dwe say swwts scented by thb Mortgage. Lewder prior to sccekntbw sbdl mail aotke to Borrower as provided iw parsgrapk 14 hereof specifying: the breech; (21 the adiow _ required to cwre sorb breach; (3) a date, moot less than 30 days from the date the wotke b mailed to Borrower, by which such bresc6 mmd be emoted; awd (4) that failsre to cnre smock breach os or bdore the date specified iw the notke may restdt iw "accekntiow of the same secured by this Mortgage. toacbsure by jodkisl proceediwg awd sale of the Property. The notice shall further inform Borrower of eke right to reinstate alter sccekration and the right to assert is the forecloswre proceeding =1. the won-ezistewce of a dtfaok or nay other defense of Borrower to accekration end torecbsurr. if the brescb is moot cored ow _ or before the date specified io the notice. Lender at i.rnder's optiow may decbre atl of the swwts secwr+ed by this Mortgage to be immediately due and Payable withoot further demand and rosy foreclose ebb Mortgage by jwdicisl Proceeding. i.ender shall be entitled to collect in such proceediwg a8 expenses of forecloswre, iwclndia=, bnt swt iimited to, rrasowabk attnrnry's fees. ~ awd costs of docnmeatsry tvidtwce, abstrscts and rifle reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by rhea Mortgage, ~ Borrower shall have the right to have any proceedings begun t,y Lender to enforce this Mortgage discontinued at any time r BOG!! 301 r:1,;,~17~ s. I . - - _ ~t ate' ~