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HomeMy WebLinkAbout1863 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premium: in the manner provided under paragraph 2 hereof. Any amounts disbursed by !.ender 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 notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of diisburaement at the rate payable from firm to time on artstanding principal under the Note unless paymttitt 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 hercuader. 11. Iwspectiow. lender may make ar cause to be made ~easonabk entries apon and inspections of the Property. provided that !.under shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademwatbw. 'Ylre 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. 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. . .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 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 tlrc Propcny 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 offers to make an award or settle a claim far damages, Borrower fails to respond to lender 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 ratoration or repair of the Property ar 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. 18. Borrower Not Releswcd. Extension of the time far payment or modification of amortization of the sums secured by this Mortgage granted by I.encfer to any successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and &~rrower's successors in interest. lender shall not be required to commence proceedings against such successor or refuse to extend time for payment ar otherwise modify amortization of the rums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. l1. Forbearance by Lender NM a Waiver. Any f~rhearancc by !.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of er preclude the exercise of any such right or rcmody. The procurement of insurance or the payment of taxes er other Gens 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. Remedks Cnmalati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law er equity. and may be exercised concurrently, independently or successively. ' 13. Swccesswors and Assigws Bound: Joint and Several I.iaM`lity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. 'lire captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any native rcyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgaee 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 Tender 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 by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower er Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing 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 j event that any provision or clause of this Mortgaee er the Note conflicts with applicable law, such conflict shall not affect other previsions of this Mortgage or the Nete which can be given effect without the conflicting provision, and to this . ~ end the previsions of the Mortgage and the Nete 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 E of execution or after recordation hereof. l7. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is Bald 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 creatren of a purchase mi~nry security interest far household appliances, (c) a transfer by devise. descent or by operation of iaw upon the death of a joint tenant er (dl the grant of any leasehold interest of three years er 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. !-ender shall have waived such option to accelerate if, prior to the sale er transfer. lender t and the person to whom the Property is to be cell er transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interr~t payable en the sums secured by this Mortgage shall be at such rate as 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 tram all 1 obligations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in acrnrdancc s~ irh 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 doe. If Borrower tails to pay such sums prior to the expiration of such period. Lender may, without further notice ar demand en Ilerrower. invoke any remedies permitted by paragraph 1R hereof. i Noty-UNrFOeHt COVHNANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedks. B:cep as provided in paragraph 17 hereof. upon Borrower's breach of awy covenant or agreement of Borrower in this Mortgage, indudirrg the covenants to pay when dne awy sums stcnred by this Mortgsge. [.ender . prior to sceekratlow sbaB mail notice to Borrower ss provided in parasraph 14 hereof specifying: (1) the brcsch: (2) the action required to care snc6 breach; (3) a date, not less than 30 days from the date the notice is maBed to Borrower. by which web brescb mast be cared; awd (4) that failnrc to cure such breach on or before the date specified h the notice may resdt iw _ acceleration of the swrws secured by this Mortgage. foseclosure by judicial proceeding and sale of the Property. The notke shall further inform Borrower of the right to reinstate after acceleration and the right to assert iw the foreclosure proceeding the non-existence of a default or any other defense of Borrower to sccekntion and forcclosnrc. if the breach is not cored ow - or before the date specified is the notice. Lender at [.ender's option may declare a8 of the soma seemed 6y this Mortgage to be i immediatdy due and payable without further demand and may forecMse ebb Mortgage br jndieial proceeding. lender shall be ewtitkd to collect it such proceeding sU e>cpenses of foreclosure. iadnding, bat woe limited to, rcasoaabk attnrney's fees. awd costs of docnmewtary evidence, sbsiractc and title reports. 19. Borrower's Right to Reinsiste. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, `i Borrower shall have the right to have any proceedings begun ~y (.ender to enforce this Mortgage discontinued at any time it go~K3U1?r~,F1858 - ~ : - g F _ - y~ w