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HomeMy WebLinkAbout2799 ~ i Lender's written agreement of applicable law. Borrower shalt pay the amount of all mortgage insurance pramiurrn in the manner provided untkr paragraph 2 hereof. Any tunounts disbursed by Lender pursuant to thin paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mongage. Unless Borrower and lender agree to other ternrs 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 me payable from time to time on art:sanding principal under the Note unless pwymettt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. S. Uaspcefiow. [.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notK^e prior to anY such inspection specifying reasonable cause therefor related to Lender's interest in the Property. Z ` e~ ' s 9. Cowdewrwatbw. 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 thereof, or for conveyance in lieu of condemnation, are hereby assigned and s:iall be paid to Lender. 1n the overt 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 Lander 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 amaint 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 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 l.~nder 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 Released. Extension of the time far payment or modification of amortization of the sums secured by this Mortgage granted by i.ender to any cuccessar in interest of Borrower shall not operate to release, in any manner. the IiabiWy of Ibe original Borrower and Harrower s successors in interat. Lender shall not be required to commence proceedings against such successor or refuse to extend time-for payment or otherwise modify amortization of the toms secured by this Mortgage by reason of any demand made by the orieinal Borrower and Harrower s successors in interest. 11. Forbearance by lewder Not a Waiver. Any forbearance by l.cnder in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall rat be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes ar 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. Reiwedics Csmub>tie. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or successively. ' 13. Sseeessors and Assigws bound; ,Joint sad Sereral Liability; Captbns. The covenants and agreemenes herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender at?d Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be_ jainl 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. Notke. Except for any ncNice rcyrrired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Martga¢e shall be given by mailing such notice by certified mail addressed to Harrower at the Property Address or at such other address as Harrower rosy- designate by notice to fender as provided herein, and (b) any notice to Lender shall be given by certificJ 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 deemed to have been given to Borrower ar Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Lave; Severability. This form of mortgage combines uniform rnvenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. 'Ibis 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 Nate conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Notc which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate arc Declared to be severable. 16. >sorrower's Copy. Borrower shall be furnished a conformed copy- of the Notc and of this Mortgage at the time of execution or after recordation herrnf. - 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is said or transferred by Borrower without Lenders pricer written consent. excluding fat the creation of a lien or encumbrance subordinate to E this Mortgage. (b) the creaUarr of a purchase money security interest far household appliances, (c) a transfer by devise. descent or by operation of law upon the Death of a joint tenant ar (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 call or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable an 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 interat has executed a written assumption agreement accepted in writing by I~nder, 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 irh paragraph. l4 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 pcricxl, Lender may, without further notice or demand on Harrower, invoke any remedies permitted by paragraph 1 R hereof. Norv-UNIFORM CovENANTS. Borrower and Lender further covenant and agree as follows: 1& Accekntiow; Reaiedia. Except as provided is psragrapb 17 hereof. tipow Eorrower's breach of say covewawt or agreeaseat of Borrower b this Mortgage, iacludirig the coreaaats to pay whew dse say sums secured by this Mortgage. Lewder prior to accelcrstios shall wail notice to Borrower as provided is parsgrapb 14 hereof specifying: (1) the brescb; (2) the actiow regained fo etrre twreb brescb; (3) a date, wet less than 30 dsys from the date the notice is wiaBed to Borrower. by which snob beach wtd be etrred; asd (4) thst bilere to care swch. breach ow or before the date specified iw the wotice rosy reswh iw ~ sccelermiow of the strwrs secsred by this Mortgage. foreclosure by jwdicial proceeding awd sale of the Property. The notke shall briber isform Eorrower of the right to reinstate after sccckrstiow sad the right to assert is the fortclioswre proceediw6 . the wow-a:isteace of a defadt or say other defense of Borrower to sccekrstioa sad foreclosrrrr. If the brrxb is sot cored oe a or before the date specified iw the wotice. lender st Lender's optiow say decline aft of the rarms rteewred by tbk Mortgafe b be a imaiediatdy dae and payable witbost tsrthcr demand end rosy foreclose this Mortgage by jsdkW p+oeeediwg. Lender chaff be atitkd to collect b stash proeeediag sN expenses of foreclosure, iscludisg, bat wet iliwited to. ressoaable attnrnev's fees. t awd seats of riucr:.9sewtaq eridewce, abstracts awd title reports. 19. Dorr+owa's Right to Rinwstate. Notwithstanding Lenders acceleration of the sums secured by thr~ Mortgage, f Borrower shall have the right to have any proccedings begun by Lender to enforce this Mortgage discontinued at any time e s i BOOK t t 1 l~°z~ _ ~r._ _ ~ - _ - _ i