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HomeMy WebLinkAbout1987 Lender's written agreement or applicable law. Borrower shall pay the amount of all ttaoregage insttraoce premiums in the manner provided under paragraph 2 heron[. Any amounts disbursed by Lender pursuant to thu paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. tlnless Borrower and Lender agree to other temu 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 on outstanding principal under the Note unless paym«tt oft 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 rnntained in this paragraph 7 shall require Lender to incur any experae or fate any action hereunder. >Z. laspectiot.. i.ender 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. Cowdemaatlioa. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the PMpetty, or pain thermf, or for conveyance in lieu of condemnation, arc hereby assigriod and shall be paid to I~nder. 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, it any, paid to Borrower. in the event of a partial taking of the Property. finless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proooeds 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 otters to make an award or settle a claim for 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 restoration 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 reface to extend time for payment or otherwise 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. Forbearance by [.ender Not a Waiver. Any forbearance by i_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 i.ender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmulati~e. 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 ma}• be exercised concurrently, independently or successively. 13. Successors and Assigns Bound: Joint and 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 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. 14. Notice. Except for any notice required 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 certified mail addressed to Borrower at the Property Address or at such other address ac Borrower may designate by notice to Lender as provided herein. and (h? any notice to Lender shall be given h}• certified mail. return receipt requested. to Lender's address stated herein or to such other address as Lender may designate h}• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I_cnder when given in the manner designated herein. 15. Uniform Mortgage: Governing i.aN: Se.erability. 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 applicable law, such conflict shall not affect other provisions of this Mortgage or the Nc~t~ vehich can be given effect without the conflicting provision, and to this i end the provisions of the Mortgage and the Note are declared to he severable. 16. Borrower's Copy. Borrower shall be furnished a rnnformed 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 an}• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wriucn consent. excluding (a? the creation of a lien or encumbrance subordinate to i this Mortgage. (b? the creation of a purchase mc~nec cecurit}' interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a j~~int tenant or (d? the grant of any leasehold interest of three }•cars or less 1 not containing an option to purchase. [.ender may. at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall has•e wai~•ed such option to accelerate if, prior to the tale 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 1 is satisfactory to Lender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate ac 1_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 in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. r If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance kith paragraph 14 hereof. Such notice shall provide a pericxl of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower (ails 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 1R hereof. Norr-UHn=oRtN CovesvxtvTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants~to pay when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach: (21 the action required to core snob breach; (3) a date, not less than 30 days from the date the notice B mailed to Borrower. by which snob breach mint be cared; and (4) that failure to cure snch breach on or before the date specBfed in the notice may result is acceleration of the wan secured by this Mortgage. foreclosure by judicial proceeding sad sak of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forccbsnre proeeediu6 the non-a:isteace of a defank or any other defense of Borrower to acceleration and forecbsure. /f the breach is not cured oa or before the date specified is the aotiee. Lender at Lender's option rosy declare a8 of the sums setnred by this Mortgage to be immediately due and payable without further demand and may foreclose ibis Mortaaae by judicW proceednag. i,ender shall s be entitled to collect in stic6 proceeding all expenses of foreclosure. including, but not limited to, reasonable attarnev's fees. . and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding lenders 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 Bo~K301 ~A~f~982 rt _"t.T t~ _ _ sr. . • t t IZA _ _ ~ ~ - _ _ _.u. .e- w._