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HomeMy WebLinkAbout2551 Leader's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance preasiums is the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to the 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 ft~om the date of disbursement at the rate payable from time to time on outstanding principal under the Note unlace p~aytnatt 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 l.cnder to incur any expt:ttse or take any action hercuttdcr. t 8. Inspection. 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. 1 9. Co~deouWbn. The proceeds of any award or claim for damages, direct or consequential. in connection with any f 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 Pmpeny, 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 pt+oceeds 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 Pmpcrty immediately prior to the date of taking, with the balance of the procoods • paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor oRers to mate an award or settle. a claim for damages, Borrower fails to respond to 1_ender within 30 days after the date such notice is i 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. lA. 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 rcgttired to commence proceedings against such successor or refuse 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 Borrowers successors in interest. 11. Forbearance by Lender Not a Wainer. Any forbearance by Lender 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 Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage 12. Remedks Comulatlre. All remedies provided in this Mortgage are distinct ant! cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' I3. Successors and Assigns Bound:.Ioint and Sereral I.iaM'lity; CaPtioro. The covenants and agreements herein f 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 joirtj and several. - The captions and headjngs 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. >~xcept for any notice rcyuired 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 as Borrower mav_ designate by notice to Lender 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 been given to Borrower or 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 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 Note svliich can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the 'Mote arc dcctared to he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the tune of execution or after recordation herrnf. 17. Transfer of the Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred _ by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to ~ this Mortgage, (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 k not containing an option to purchase, Lender may. at I-trader's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have _v. aived such option to accelerate if, prior to the tale 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 i is satisfactory to Lender and that the interest pa}.able 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. i 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 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 1 R hereof. Note-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except m provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in tbis Mortgage. including the coreaams to pay wbea doe any sours steered by this Mortgage. Lender - prior to accekratlon shall mail ratite to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action rcgtrirtd to care such brtacb; (3) a date, not less than 30 days from the date the notice is atailed to Borrower. by whkh such breach must be sorted; and (4) that failure to cure such breach on or before the date specified in the notice may result is sccelenttioa of the sums stcnred by this Mortgage. toreclosurc by judkial proceeding and sale of the Property. The notice shall fortber inform Borrower of the right to reinstate offer sccekration and the right to assert io the foreclosure proceedirr~ the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is out awned oe or before the date specified in the notice. Lender at [.trader's optan may declare aq of the sours second by this Mortgage to be immediately doe and payable without further demand and may foreclose this Mortgage by judkid Proceeding. Lender shall be entitled to collect in soc6 proceeding afi a:penses raf foreclosure. iacludirrg, but rat limited to, reasonable attnrnev's fees. and costs of doeomentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstandinlt Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings heKun by Lender to enforce this Mortgage discontinued at any time !i bt~OK 3U1?~,,EZ546 n - S _ - ~ ~ _ _