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HomeMy WebLinkAbout2768 Lenders written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premium in the manner provided under paragraph 2 hereof. Any amounts disbtrrxd by Lender pursuant to thin 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 amount: shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from tlta date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paj?mant of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at tl?e highest rata permissible under applicable law. Nothing contained in this paragraph 7 shall requite Lender to incur any expeme a take any action hereunder. I~s*eetiew, Lender may make or cause to be made rcssonabk entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Latdar's interest in the Property. ~ ' C~ The proceeds of any award or claim for damages, direct or consequential, in connection wilt any eortdemnation a other taking of the Property, or part thereof, or for conveyance in lieu o[ condemnation. are het+eby assigrtod 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, it any. paid to Borrower. in the event of a partial taking of the Property. unless Borrower and Lender otherwise sgree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds ~ as is egwl to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of takirta bears to the fair market value of the Property immediately prior to the date of taking, with the balance of fire q+ooeeds ' paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the eondemaor 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 n authorized to collect and apply the proceeds. at Lender's option, either to ratoration or repair of tha Property or to the sums secured by this Mortgage. Unless Lender an~ Borrower otherwise agree in writing, any such application of proceeds to principal :hap 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. It. lorrower Not Rekasei. Extension of the time for payment or maditkation of amortization of the sums secured by this Mortgage granted by Lender to any strcoe:sor in interest of Borrower shall not operate to relesse, in any manner, the liability of the original Borrower and Borrower s successors in interest.. Lender shall not be required to sotrtntertoe proceedings sgairtst 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 oritinal Borrower and Borrower's strcoasors in interest. 11. Fobbearawce r7' i.ertdlr Not a Wahcr. 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. Rerteeries CatarhMve. 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 succasivety. 13. Sneceasars srai Assigsts liotrrtd: Joint srii Several i.iabilly; Captiows. The covenant: and agreements herein - eontained shall bind. and the rights hereunder shall inttrg to. the.respective successors and assigns of Fender spd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several. The captions' and headings of the paragraphs of this Mortgage are for rnnvenience only and are not to tie used to interpret or define the provisions hereof. 14. Notlee. 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 certifled mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender a provided herein, and (b) any notice to Lender shall he given by certified mail, rctum receipt requested. to Lender's sddress 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 hays been given to Borrower or Lender when given in the manner designated herein. IS. Unitona Mortgage: Goverairsg I,aw: Severabifity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdictton 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 rnnflicts 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 arc declared to be severable. lf. liornowa's Coh. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the tithe of execution or after recordation hereof. s 17..'I~ansfer of tre Pre'aty: Asawptiow. if all or any part of the Property or an interest therein is sdd or transferred i by Borrower without Lender's prior wrincn consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer In? devise. deseettt 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 stints stxured by tha 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 shat! 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 obljpttions under this Mortgage and the Nae. - If Lender exercises such option to accelerate. Lender shall mail Borrower noticx of accekntion in accordance a•irh paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is ma'kd within which Borrower may pay the sums dxlared 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 1 g hereof. ~ Nosy-Ut+tt=oterrr Cavt:rrerrrs. Borrower and Lender further covenant and agree as follows: 1 li. Acederatior, Remeiirs. F.scept m'rorHcd i• MrsRrapM 17 stereo/, tt~ liorrwrers Meaer of sssy c~terwt K agreetixnt of lienwrer i• this Mortgage, rterstlirtg fire eoves.artls to pf when >tte ss~r sumo soettra~ y tris Mertgago. i.ssdetr . - riar M accelesatl.. sW d statlce b lierrrrwsr ss provided Y parsgryr 14 tercel spselfyliKs (1) tre iseacM: (21 rite actfw 1 f sp.rei t. cuss wet Useat:lq (3) • dstlt..et fe:s hart 38 ~ trw use ~ the ..flee r twarad fe lloe+swer. ry wrkr smelt ~ rrsaer rtNat k enrol ani (4) traf tailare t. cure welt frreach a K reeese trc date spteltiei r use rtofice may resrrk i. a~aderafisw sl tre strstts serarsi My trr Merfgage, tenodowre b ! ssti sale et tre >rno'erty. 71te .atiee srsi tsttlhetr rttrtrt >sorrrwer of ere right w reirtstafe suer seeeksauort asti Ste right M asseA M Ire toreelatw+e ~reessisg ~ F tit rtotrexistwee sl a deta¦it or ssq? otter defewse of lorrewer to s+ecekratiaw ssti tKeelosrr+e. N the Mtaer r that etsrsi a 's a< rdes~e tre dMe gtetiiott r fre stofia. Lewder N l.ertder's oMiew ~ deetsre si of fre wtns sss~ ~ tttr 1Nertgaac tr re ; rtuweirtety dtre awi NyaMe witrow tortrer demand awd why fereeiae dr 1MorlgaBe b }iieW pseceeiR. Lertdtr dtaY re ewuAed M ceisct V wet ar ospewses of fersclowr~e. inelu/ing. rat wet BmMotl 1w reasowsMe anurtrer's fees. ~ ssstl essr o4 ioewwaMary eviince. arm sntd tide reNrb. ; t 1!. lissnswa's R~rt a Rtd.shfe. Notwithstanding Lenders aceekration of, the sums s~ by this Mortgage, Borrower shalt have the right to have any proceedings begun by Lender to enforce this Mortgsge discontinued at any time BocKe~2 ~ac~27~ 3 . ~ - 3 `