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HomeMy WebLinkAbout2787 Lender a. written :~g, emcnt a applicable law. Borrower shalt pay the atnuurtl c>< aN tnoif~age ittettrano?Premiuros in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with itater+at themrt, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall bt payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paytuptt of interest at such rate would be contrary to applicable law, in which evert such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall requiro Lender to incur any expense or take, any action hereunder. 8. inspectiow. 1_ender may make or cause to be made reasonable 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 Lender's interest in the Property. 9, Cosdentratbri. The proceeds of~tt~? a~t~p claim for damages, direct or consequential. in connection with any condemnation or other taking of the Propert ij or part thereof, or for conveyance in lieu of condemnation. arc hereby suignal and stall be paid to Lender. ins the event of a total taking of the Property, the proneeds shall he 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 proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immedi:rely prior Io.the data 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. Barn?wer (ails to resaond to i.ender within 30 days after the date such notice is mailed. Londe! is authorized to collect and apply the proceeds. at Lender's r?ption. either to resooation or repair of the . Proms+rty or to the sums secured •hy this Mortgage. Unless i_ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due daft of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. !0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I_encier to any cuccescor in interest of Borrower shall not operate to release. in any manner. the Lability of the original Borrower and Borrowers successors 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 orieinal Borrower and Borrower's successors in interest. 11. Rorbearsnce by Lender Not a Waiver. Any forhearancr by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall nrn 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. Resiedles Camubtdive. 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 srte.essively. ' 13. Seccesaors and Ast4ges Bound: ,Joint and Seserd i.iabfilty; Captions. The covenants and agreemtn s herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigtu of Lender and Borrower. subject to the provisions of paragraph 17 hereof. Alt covenants and agreements of Borrower shall be join] 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. 11. 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 Tender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to [.enders 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 i_ender when given in the manner designated herein. 15. Uniform Mortgage; Goreraisg Lass: Seserability. 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. 1n 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 Vote arc ~kclared to be severable. 16. Borrower's Copy. Borrower shaD be furnished a conformed copy- of the Note and of this Mortgage at the time of execution or after recordation herrnf: I?. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgages (b) the creauon 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 j~~int 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 tI. be so1J 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 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 rclea_u 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 acrnrdanc~ ~.•irh paragraph 14 hereof. Such notice shall provide a period of not lest 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, s Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR herrnf. Nort-UtvtroRnt COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Rewredia. Except sa prosided iw paragraph 17 hereof. upon Dorruwer'a breach of any coveaawt or agreement of Borrower is this Mortgage. isclndirtg the eoseaaMs to py whew doe atsy srrsis seesred by tbk Mortgage. Lender prior b acceleraNos sbatl tsail notice to Borrower as provided in paragraph /4 betreof specifying: (1) the btrracb: t2) the sction regtrbed b cne stneb breach; (3) a dste. not less than 30 days from the date the notke b tanned b Borrower, by srhk6 srrcb breach wait be aired: and (4) that failure to care such breach ow or before the date specified k the notice may resale is aceekratios of the fauns accrued by tbk Mortgage. forFclosrrre by jrdkW proctediag and stole of the Property. The notice i skaB hrrtbcr itsforu Borrower of the riRbt to reinstate after accekratbn and the right b assert is the foreclosere proceeding the rioa-exiiteace of a defaralt or asy other defense of Borrower to aecekratiow and foreeloanre. N the breach is sot csrcd ai or before the doh specified io the notice. Lender at Lender's option msy dechre art of the strras secured by this Mort a to be immediately dtie and payable witbord fortber demand and may foreclose this Mortgage by jodieial proceediR. i.endrr shall be eatifkd to collect is sncb'roceedieg aN expenses of foreclosere, iwchdiss, bet not Wilted to, reaaoeabk :+tturnr is fees. and coat of .:uc.. sestarr eridenee, s6stracts snd title reports. j, 19. Dorrowa's Right !o Reinstate. Notwithstanding Lenders acceleration of the sums secured by the Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time g~ 302 P~2784 h~'~~~~ ~ -