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HomeMy WebLinkAbout0590 Lender's written a~reement or applic~ble law. Bo~rower shall psy the amount of all mortga~e insurauce premiu~s q? the manne~ provided unde~ parag~aph 2 hereof. . Any amounts disburaed by Lender pursuant to thu paragraph 7, with interest thereon. ~ shall become additional indebtedneu of Bonower securcd by this Mott~age. Unless Borrowe~ and I_enckr agroe to other terms of payment. such - amounts shdi be payable upon notice fmm Lender to Borrower roquesting payment thereof, and shall bear interest froan the date of disburgement Rt the rate payable trom time to time o~ outatanding principal under the Note unless payment of interest at auch rate would be contrary to applicable law, in which event such amount: shall bear interest at the highest rate permiasibk unde~ applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. a. 1Mpectiow. Lender may make ot cause to be made rcasonable entries upon and inspections of the Property. provided that Lender shall give Borrowe~ notice prior to any such i~spection specifying reasonabk cause therefor rclated to I.ender's inte~est in the Pmpeny. 9. Co~demaafbn. The prceeeds of any award or claim for dunaga, dircct or rn~sequential, in connection with any . condemnatio~ or other taking of the Property, or part thereof, or for co~veyance in lieu of condemnation, are hercby 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 Borrowe~. in the cvent of a partial taking of the Propeny. unless Borrower and Lender otherwise agree In writing, there shall be applied to the sums secured by this Mortgage such proponion of the proaeds ~ as is equal to that propoRian which the amount of the sums secured by this Mortgage immcdiately prior to the date of taking bears to the tair market value of the Propeny immediately prior to the date of taking, with the balance of the procads paid to Bornower. ~ If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the rnndeiunor offen to make a an award or settle a claim for damages, Borrower fails to respohd to Lender within 30 dsys after .~he date such notice is mailed, Lender is authoriud to collect and apply the proceeds, at I_ender's option, either to ratoration or repair of the ~ Property or to the sums securcd by this Mortgage. ~ L Unlas 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 i~stallments refernd to in paragraphs 1 and 2 hereof or change the amount of such i~stallmeats. ' 10. Eorrower Not Rek~ed. Extension of ti~e time for payment o~ modiftcation of amortization of the sums socured 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 Bc~rrower's successors in interat. Lender shall not be required to commence ~ proce~dings 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 Bonower s successors in interast. I1. For6earaace by Leader Not a R+aiver. Any forbearance by Lender in exercising any right or remedy hereunder, or ~ otherwise af~ordod by applicable law, shall rrot be a waiver of or prcclude the exercise of any such right or temody. The procurement of insurance or the paymeot of taxa or other lieos or charges by Lender shall not be a waiver of Lende~s right to accekrate the maturity of the indebtedneu secured hy this Mortgage. 12. Remediea Comnlati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or rcmedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Sutcesso~s and A~igas ~ound: 7oint aod Several i3abilily; Captbns. 77~e covenaMs and agreements hertin contained shall 6ind, 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 joint 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 required under applicable law to be given in another manner, (a) any notice to i Borrower provided for in this Mortgago 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 certified mail, return receipt requested. to I.ender s address stated herein or to such other addras as L.ender may designate by notice to Borrower as provided herein. Any notice provided for in this ~ Mortgage shall be deemed to ha~e been given to Borrower or Cender when given in the manner designated herein. ~ lS. Uatform Mortgage; Governi~q; I.aw; Sererabitity. This form of mortgage combines uniform cavenants for national 3 use and non-uniform rnvenants with limited variations by jurisdiction to constitute a uniform security instrument~rnvering g real property. '11~is Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In th~ i i event that any provision or clause of this Mortgage or the T~ote conflicts with applicable law, such conflict shall not aff~ct - k ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ t end the provisions of the Mortgage and the Note are declared to be severable. ; 16. Eorrower'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 t6e Pro~aty; A~nmptba. 1f all or any part of the Property or an interest therein is sold or transferred ~ by Bonower 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 ~ not containing an option to purchase. Lender may, at Lender'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 sale or transfer, Lender and the person to whom the Property is tu be sold or transferred reach agreement in writing that the credit of such person ~ is satis~actory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ~ 3 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 agfeement accepted in writing by Ixnder, 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 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 fai{s 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 18 hereof. ~ Nox-UxtFORM CovExerrrs. Borrower and Lender further covenant and agree as follows: ~ 18. Accek~tbn; Remedks. E:cept as pmvided in parasraph 17 bereof, upoo Borrowe~s breac6 0[ any covenant or ; agreemcnt ot Borrower is thia Mortaage, indnding tbe coveoaats to pay whea doe any sums ~ecured by thls Mortsage, Lender ~ prior to sccderafioe a6aU mail uotke to ~orrower as pmrlded ia paragraph 14 6ercof specitying: (l) lhe breac6; (2) the adioa reqatrsd to cnre snc6 b~racb; (3) a date, not le~ tLan 30 days from tbe d~e Ux nMice 4 mailed to Borrower, by w6kh ancb ~ bresch mnst be cared; and i6~ hiiure to cure snch breach on or before t6e date specMed iu the notke esay rssolt ia accekratlon of t6e sams iecored by thls Mortga6e. forecbsurr by jodicW proceedi~ aod sale of the Propert~. 'Ibe notice , ~ s6a11 tnrtber I~orm Borrower of t6e rigW to reinstate after sccekratbn and tbe right to assert ia tbe forecfosnr~e pruc~ - ~ We nos~extsteoce of s defaok or aar otber defease of Borro~er to accekradon aad foreclosare. It the bresc6 is not cared on ~ or betore t6e date spaiRed in tbe notke, Leadec at I.eade~'s optioo raay dcciare aA of the snn+s secund by t6is Mort~e to 6e i~amedistdy doe and payabk wit6oat tnrtber demaad snd may fareclose t64 Mortaa`e by jndicW proceediu~. I.eader s6aB . be en~ to co0ect in soch proceedin` a~ e:pensa of forecbsare, includin=, bat uot iimited to, rea~ona6le attorney's tas, ~ md costs of docn~eotary erideece, a6dracb aad litle reporls. ~ 19. Eorrowe~'s RI~6t to Reioaste. Notwithstanding Lender s accekration of the sums secured by this Mortgage. , I ~ Borrower-shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ ' ~ . ~ eo K302 5 : ~ .yt _ : _ _ . _ C ~ ' .~-w`^~ ~ ~'~CS.Y~ «yp^u~s~.;~ „+--~~dt{ _ ~utY'£_+-" ~5 R ~ '~"4n"i e~F+~' '~'v'+t~it_ '-3 r . . _ ~ . ~~~...r . _ ~