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HomeMy WebLinkAbout1846 ~ ~ Lsnder's written agreeusetet a applicabb law. Borrower shall pay the amount of aq mortgage inwranoe premiutm in the manner provided under paragraph 2 hereof. Any amounts disbursed by (Lender pursuant to this 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 fray the date of disbursement at the rate payable from lane to time on outstanding principal under the Note unless paymatt of interest at such rate would be contrary to applicable law, in which event such amounb shall bear interest at the highest tats permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experne or fate any aMion hereunder st.. Ittrspectiorr. Lender may make or cause to be made reasonable entries upon and inspection of the Property. provided that Louder shall give Borrower npti~pt-i~t• ~ arty such inspection specifying reasonable cause therefor related to Lender's interest in the Property. • • t 9. Cosderssatioa. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or other taking of the Property. or part tltercof, or for conveyantx in lieu of condemnation. are hereby assigned and shall be paid to Lender. tIn the event of a totil taking of the Property. the praYeds shall be applied to the stems 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 Lestder otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooteds 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 Lender to Borrower that the condemnor offers 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 ~ 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 heroof or change' the amount of such installments. 10. Bornwer Not Released. Extension of the time for payment or modifkation 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 rtquired to commence proceedings against such successor or refuse t~ e!ctend time for payment or otherwise modify amortization of the sums secured by this Mortgage by teaser of any demand made by the original Borrower and Borrower's successors in interest. il. Rorbearasce by Ltsder 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 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 tbe maturity of the indebtedness secured by this Mortgage. 12. Remedies Carssb~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 may be exercised concurrently. independently or successively. 13. Seecesson asd AssitCss Boand: Joint sad Several i.iabiBty; Captions. 'llee 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 joirt# and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are reel 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 certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. rerun receipt requested, to Lender's 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. 1S. Caiform Mortgage: Governing Law: SeveraM'lity. This form of mortgage combines uniform covenants for national k use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properly. This Mortgage shall be governed by the law of the jurisdiction in which -the Property is located. Tn 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 end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copt. 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 the Property: Assumption. Tf all or any part of the Property or an interat therein is sold or transferred by Borrower without Lenders prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchace money security interest for household appliances, (c) a transfer by devise. r descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interat 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 shalt 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 ac i.ender shall request. if Lender has waived the option to accelerate provided ire this paragraph 17, and if Borrowers 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 i~nder exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance W irh 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 18 hereof. Note-Urnt-ottmr Coverrerrrs. Borrower and Lender further covenant and- agree as follows: s lE. Aeceieratios; Remedies. Escept s proviided is parsgrapb 17 hereof, open Borrowers breach of sy covenswt or regreeaoest of Botrrower ie tbls Mortgage, iseladirr6 the covenants. to pay vibes dae airy soma secured by thk Mortgage, Leader 1 the breach:l2) the aeries prbr is acceleration sbaN wait aoBce to Borrower as prodded is paragraph 14 bereo[ apeciEyisg: which such regsirtd fo clue strclr 6resci; (3) a date, sot less than 30 days from the date the Berke b rsaBd to Borrower. by is the notice tsaY refit is breach serst be csrrd; sad (4) that failare to care sash breach oa or before the date specified aecderatba of tie Bars sawed b7 this Mortgage. foreclosore by jt+dicW proceeding asi sale of the Property. The Berke shall fwrtber isfora Borrower of the right to reiwststt after sccelersstias avid the right to assert is tie forecbstrre proceeding tie sos•esistewee of a detaWt or asy other defense of Borrower to accekradbs asd foreclosure. It the breach b sot cured a or before the ds~ specified i• the notice. Leader at [.ender's optics may delete ad of the ssuns secnrtd bi' this Mortgage to bt stile without tariber demand and may fortclose tbM Mortgage bl' jsidicW proceedinR• fender sbaN immediately dire and pay ~ not ~t~ to. reasonable att.xney's fees, be eotltkd to collect b streb proceeding aM expenses of foreciosurr, irrclodisg. ani casts of docnmerrtar7 eeridence, a6atracts asd 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 hegun by Lender to enforce this Mortgage discontinued at any time gR oaK302 ~A~~1846 a - ~ y _ . ~ _ _ t - - - ~