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HomeMy WebLinkAbout0123 Lender's written a~reement or applicablo law. Bonower shall pay the amount of all mon~sge insurance premiurra in tbe manne~ provided unde~ pua~~aph 2 hereof. Aay amounts disbursed by Leoder punuant to tha paragraph 7. with iaterest thereon~ shall become additional indebtednas of Borrower secured by this Mortgage. Unless Borrower and Lenckr agree to other terms of payment. such amounts shall be payabk upon notice from Le~de~ to Bonowe~ rcquesting payment thereof, and shall bea~ ioterest fmm the date ot disbursement at the rate payabk from time to time o0 outatandina principal under the Note unleu payment ot interest at:uch nte wouid be contrary to applicable law, in which event such amounts shal) bea~ interest at the highest rate pern?issibk under applicabk law. Nothing containod in this paragnph 7 shall rcquiro Lender to incur any expeqae or take any action hereundu. . S. Isspecfbs. I.ender may make or cause to be made rcasonable entries upon and inspoctions of the Property. pmvided that Cender shall give Horrower notice prior to any such inspection specifying reasonable cause therctor related to Le~der's interest in the Propetty. 9. Coademsatbs. The proceeds of any award or claim tor damaga, direcl or consequential, in connoction with any condemnation or other taking of the Property. or part thereof. or for convcyancc in lieu of condemnation. arc hereby assigned and shall be paid to I.ender. In the eve~t of a total taking of the Propeny, the proceeds shall be applied to the sums secured by this Mortgage. with the excets. if any, paid to Borrower. in the event bf a partia) taki~g of the Property. unkss Borrower and Leader otherwise agrce in writing, ihere shall be applied to the sums secured by this Mongage such proportion of the proaods as is equal to that proportio~ which the amount of the sums secured by this Mortgage immediately prior to the date of taki~g bean to the fair markN value of the Pcoperty immediately prior to the date of taking, with the balance of the pooceeds paid to Bormwer. If the Property is abandoned by Borrower, or if, after notice by Lender to Bomower that the condemnoc offera to make an award or settk a claim for damaga, Borrower fails to respond to Lender within 30 days after the date such noticx » mailod, Lender is suthorized to collect aod apply the proceeds, at Lender's option, cither to restontion or repair ot tbe Propeny or to the sums securad by this Mortgage. Unlas Lender and Borrower otherwix agroe in w~ting, 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. Bo~rower Not Rekased. Eztension of the time for payment or modiflcation of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borcower shall not operate to ielease, in any manner. the liabiliry of the original Borrower and Borrower s successors in interest. Lender shall not be required to commence proceedings against such successor or rofuse to extend time for payment or otherwise modify amortization of ihe sums secured by this Mongage by reason of any demand made by. the original Borrower and Borrower's successors in interest. 11. Forbeanpce by Leader NM a Waiver. 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 exerciso of any such right or remody. The procurement of insuranc~e or the payment of taxes or other liens or charges by Lender shall not be a waiver of LendePs right to accele~ate the maturity of the indebtedness secured hy this Mortgage. l2. Reo~edks Camnlati~e. All remtdies provided in this Mortgage are distinct and cumulative to any other right or rcmedy under this Mortgage or aRorded by law or equity, and may bo exercised concurrcntly, independently or successively. 13. Saccessors and Assigns Eound; Joiat aad Se.~eral i.lability; Captio~a. The covenants and agretments herein contained shall bind, and the rights hereundcr shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreemeots of Borrower shall be joint and several. 'il~e captions and headings of the paragraphs af this Mortgage are for convenience only and are not to be used to interprct or define the provisans hereof. . l4. Notice. Except for any notice required under applicable law to be give~ in another manner, (a) any notice to Borrower provided for in this Morigage 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 t.ender as provided herein, and (b) any notice to Lender shall be given by certi6ed mail, retum receipt rcquested. to I_ender s address stated herein or to such other addras as I,ender may designate by notice to Borrower aa provided herein. Any notice provided for in this Mortgage shall be doemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mort~e; Gorernia~ Law; Severabiltty. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations hy 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 af~ect other provisicx~s of this Mortgage or the Note which can be given ef~ect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Eon+ower'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. Transter of tbe Propertv; Assumption. If all or an~~ part of the Property or an interest therein is sold or transferred E by Borrowe~without Lender's prior written consent, excluding (al the crcation of a lien or encumhrance subordinate to ~ this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by deviae, ! 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 !f not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this 1liortgage to be f immediately due and payable. L.ender shall have waived such option to accelerate if, prior to th~ sale or transfer, Lender ( and the person to whom the'Properry is to be sold or transferred reach agreement in writing that ehe credit of such person ~ is satisfactory to Lender and that the interest payable on 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 Lenckr, Lender shall release Borrower from all ~ ~ obligations under this Mortgage and the Note. ` If Lender exercises such option to accelerate, Lender shall mail Borrou•er notice of acceleration in accordance with € paragraph 14 hereof. Such notice shall provide a period of not Iess 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 af such period, j Lender may, without further notice or demand on ~Borrower, invoke any remedies permitted by paragraph 18 hereof. f f i Nox-UH~FORUt Cover~errrs. Borrower and Lender further covenant and-agree as follows: } i 18. AccekrNba; Remedies. Esce@t as provided in Para6rapb 17 6ereof, upoa Dorrower's breach of aqr co~eaaat or ` a`reemeat of Borrower h tl~ Mort;ase, Iectadiu= tbe core~ts to pay ~?6ee dae aey sams secared by t6is Mort<~ge, I.esder ~ prbr to accdentbo sball a~a0 aotice to Borrower as provided in paraLraph 14 6ereof specifyius: (1) tbe 6reach: (2) t6e sc8on 's, reqoired to cure sec~ brach; (3) a d~e, oot las than 30 da~ fmm the dMe t6e noHce b a~ed to Eon~ower, by wLic6 ac6 ; brcacti mwt be c~red; aod (4) thst fail~re to core ~c6 breacb ow or before t6e date specl6ed h tbe notke may ra~lt ia ; accekrdfoo of t~e ~ems iecared by tbis Mort=aae. foreclosure by judkial proccedloL sod sale of the. Property. 1Le notke sball furt~ inform Borrower ot t6e ri~ to reinstste dter sccekrstbn aod t6e ria6t to aaert ia tbe forsclowre proceedi~ ; ' tbe noo-e~taue oE a detaok or aay other defe~e of Borrower to accekntios aad foreclosore. if t~e 6reac6 fa oot cored oe ~ or belore the date specl8cd lo t~e aotice, I:ender at Leader's option msy dcclare sU of tbe soms sec~red 6y t6i~ Mort~e to be immedhtdy doe and piyabk ~?it6ort fo~ther demand aod may foreclose t6b Mortsa6e by jndicial proceediss. Le~der shail be eotltlcd to collect L secti proceedie~ aB e:peasa of fort~losore, includinj, but not limite~ to, rearooable attorae~'s tea, asi co~b of docn~tary eridesce, abarac~s aod tkle re~orb. i 19. ~orrower's Rkht to Reie~tate. Notwithstanding Lender s 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 dme ~ ' 80~~ Lrv~G? P1~ : CE ~ ~ ~ ~ - ~ ~ ~ - ~ ~ s ~ u.. - : y.