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HomeMy WebLinkAbout2254 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums is 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 from the date of disbursement at the ra:e payable from time to time on oudtartding principal under the Note unless payrneM of interest at such rate would.be contrary to applicabk law, in which event such amount: shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Irapectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to a+r~.iuc~t inspection spxifying reasonable cause therefor related to Lender's interest in the Property. 9. Coadearaatba. The proceeds of any award or claim for damage:, direct or consequential. in connection with any 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 Property, the proceed: 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 proceed: 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 tha fair market value of the Property immediatety 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 offea 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 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. 10. borrower Not Rek~ed. 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 successor in interest. Lender shall not be required 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 BorrowePs successors in interest. 11. Forbearance by Leader Not a Walter. 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 the maturity of the indebtedness secured by this Mortgage. • 12. Remedies Comalatlre. 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 auocessively. 13. Succemors and Asdgns bound; Joist and Several I.is6iHly; Captions. Th4 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 :hall 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. 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 certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return 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. iS. Uniform Mortgage; Gorenriag Law; Sererability. This form of mortgage combines uniform covenants for national use and nonuniform 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 'i 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. borrowers 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 the Property; Assumption. If all or any part of the Property or an interest therein is sojd 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, (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 to be sold 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 l7, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all I obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordarrce 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 fails fo pay such sums prior to the expiration of such period, t Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Note-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Aecderatioa; Remedies. itzcept ss provided is paragraph 17 hereof, upon borrower's breach of say coreaaat er agreement of borrower iD ells MesYgage, iuciudhag the coreaanb to pay when due ray soma secured by tlrit Mortgage, Leader ` prior to sccekratba s6aH mac ratite to borrower at provided hs pusgrap6 l4 iereof specityiagr (i) fie bresci; (2) tie action regoir+ed to. cm suci bread; (3~ a dale, act less tins 30 days from the date tine notice t mailed to borrower, 6y whki suci ! { brtiaclr mast 6e cared; and (4) fiat haute to cure suci breach oa otr berets the date epeciAed is t•re seeks any rewlt is 4 accraeratioa off tie same iccarrd by this Mortgage, forectosuro by judkial proceeding sad sale of the Prvpcrty. 'Ilse series sisll hrtber inform borrower of tie -right to reinstate after acceleration -sad tie right to assert b tie foredosnre psocaedlag ~ the noa~e~steace e# a default or say other defense of borrower to aeeekratioa asd foredoaue. N tie bceaci fs sot etrred oa or before tie date spccf6ed is the notice, Leader aK Leaders option may decirae alt of tie sums secures by ells Morlpge b be hnmediatdy due and payable without further demand and may foreetose flit Mortgage by jadkial prveeedieg. Leader shall be entitled to collect is suci proceednsg d e:peases of forecbaure, iscludiag, but not bmited to, rsasoaabie attonrey's het, and cosh of donmentary erldesee, sbAraet sad title report. 19. borrowers Rigit to Refastate. 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 say time NCO!! ':.~.i 2254 _ ~ _ ! :ac ;