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HomeMy WebLinkAbout1834 ~t Leader's written agroeaterrt or applicable law. Bomorver shall pay the amount of all mortgage insurance Premiums in tAe maane~ providod under paragraph 2 hereof. . Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional indebtedneu 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 disbursement at the ate payable from time to time on out:landing principal under the Note unless payeriatt of ; interest at such rate would be contrary to applicable law, in which event such amount: shall bear interest at the highest rate pcrntissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experoe or take any action hereunder. - Iss}refios. Lender may make or cause to be made rcasonabk entries upon and inspections of the Property. provtded that Lender shall give Borrower notice prior to any such inspection specifying rcasonabk cause thtrcfor related to Lender's interest in the Property. 9. Cosiesrrratios. The prop.a~ Ary? sward or claim for damages. direct or rnnsequential, in connection with any - condemnation or other taking of !h rtf,t~ 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 propa'tion 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 the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. . If the Property is abandoned by Bor.~ower, or if. after irotice by Lender 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 authorinod 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. !0. harrower Not Rrleased. 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 Borrowers successors in interest. Lender shall not be required to commence proceedings against such suceessor or refuse to extend tune for payment or otherwise modify amortization of thr s~~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Levier Not s Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise affordod 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 Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Restedks Ctimalativr. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively. - 13. Saccesrors gad AssiRas donwd: Joint gad Sexed i.iab~fy; Captbas. The covenants and agreements herein ~?ntained shall bind, and the rights hereunder shall inare to. the respective successors and assigns of Lender and Borrower. Jbbjed to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. I 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, (al 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 addresc as Borrower may designate by notice to i.ender 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 dcemed to have bcen given to Borrower or Lender when given in the manner designated herein. IS. Uniforsr Mortgage: Goveraiug Law; Seversbility. 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 which can be given effect without the conflicting provision, and to this i end the provisions of the Mortgage and the Note are. Declared to be severable. ! 16. l[brmwer's Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage at the time I - of execution or after recordation hereof. 17. Trassfer of the Property: Assumption. 1f all or any part of the Property or an interest ibercin is sold 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 creation of a purchase money security interest for household appliances. (e) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (dl 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 to be colt or transferred reach agreement in writing that the 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 Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance Hith 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 arms prior to the expiration of Such period. Under may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. Note-L1NIFOaM Covexxnrs. Borrower and Lender further covenant and agree as follows: 1g. Accekratbs: Resreiks. Except ss provided iw paragraph 17 hereof. agog >sorrowers bracts of gay coveaawt or _ a~grtearest of Eorrower is this Mortgage. bcladisg the covesants to pay wbea doe auty soars seesrei by this Mortgage. Leader prior to areekratbs shat rwsit notice to Borrower ac proridcd is paragraph 14 hereof sPecifyiag: q) the beach: t2) the action regoirra b care ssch irrscbi t3) • wof Its than 30 days from the date the sotice is wallet b Borrower. by which saclr ~ 6~eacb srgt be eare$ ass (4) that fa8are to care st+ch breach oa or before the date s'eei6ed is the notice may result is aceekratios of tttie saris sremei by this Mortgage. foreclowre by jodkiat Proceedbg and sale of the property. 7lre notice stray farther brfons Eorrower of the rigfN to rriaststc afisr sccekratba gad the right to arsert is the foreclosrre p~oeeetiag ~ the awresistesee of a tefsslt or any other defense of Eorrower to acceleration and foreclosrrrr. if the brrxh B sot cared oa or before the dale speciSei is the notice. Leader at i.ewder's option racy declare s8 of the soma secsrrd by ttds Mortgage b be iraasediistely due awn payable witboat further demand and may foreclose this Mortgage by jsiid proese~wR. i.ender shah be eatttled to collect b ssch procrediwg d expenses of foreclosure. facludiag. bat sot t3raitei to. rrasoaable att.,rne is fees. acrd costs of ioe.:~sealary eridesce, abstracts sad tick reports. 19. sonowa's Rfgirt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by th~~ Mortgage, Borrower shall have the right to have any proceedings begun t+y Lender to enforce this Mortgage disegntinued at any time 80 K c~+G rtiCF1~4 - 4