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HomeMy WebLinkAbout1037 . U~~~ ' 3 ; ~ ' : Le~der's written agrcement or applicable law. Borrowet shall psy the amount of all mortgage insurance premiums in the ~ manner provided under paragraph 2 hereot. ; Any amounts disburaed by Lendcr pursuant~ to thia pangraph 7, with interest thereon. shail become~ additional j i~debtedneu of Borrower sxured by this Mongage. Unless Borrower and l.ende~ agree to other terms of payment, such i amounts shall be payabk upon notice f~om Le~der to ~orrower rcquesting payment thereof, and shall bear interest fmm the ~ date of disburxment at the rate payable from time to time on outatanding principal under the Note unless paytnettt of ~ i~terest at such rete would be contrary to applicable law, in which event such amounts shall bear inte~est at the highest nte : permiuibk unde~ applicabie law. Nothing contained in this paragraph 7 shaQ roquire Lender to incur any eacpense ur take $ ~ any action herounder. - i 8. 1~spectlo~. Leader may make or cause to be made rcasonable entries upon and inspections of the Property, pro~~ded : that Le~der shaq give Borr ryocice r~or to any such inspection spocifying rcasonabk cause thetefor rclatod to Lender's ~ interest in the Property. ` 9. Coademaatbn. The proceeds oT`any award or claim for damagcs, direct or consequential, in connection with any condemnation or other taking of the Property, or part thercof, or for conveyance i~ lieu of condemnation. are hercby assigned and shall be paid to I.e~der. in the event of a totat taking of the Property, the proceeds shalt be applied to the sums aecured by this MoHgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unlas Borrovrrer and Lender otherwise agrce in writing, therc shall be applied to the sums socured by this Mortgage such proportion ot the proceeds ~ as is equal to that proportion which the amount of the sums ucured by this Mortgage immediately prior to the date of + taking besrs to the fair market value of the Property immediatety prio~ to the date of taking, with the balance of the proceeds paid to Bornower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower ihat the condemnor otfen to make an award or settle a claim for damages, Borrower fails to respond to Lcndtr within 30 days after the date such notice is mailed, Lender is autho~ized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Propeny or to the sums securcd by this Mortgage. Unlus Lender and Borrower otherwise agrce in writing. any such application of proceeds to principal shal) not eactend or postpone the due date of the monthly installments refened to in paragraphs t and 2 hereof or change the amount of such installments. 10. BoROwer Not Released. Extension of the time for payment or modiflcation of amortization of the sums sxured 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 Barrower s successors in interest_ Lender shall not be required to .commence proceedings against such successor or refuse to exlend 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 Bonower's successors in interest. 11. Rorbearance by I.ender Not a WJ•er. Any forbearance by Lender in exercising any right or remedy hereunder, or oth4-arise afforded by applicable law, shall not be a waiver of or proclude the exercise of any such right or remedy. The procurement of insunnce or the payment of taxes or other liens or charges by I.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtcdness secured hy this Mortgage. lZ. Remedla Cumnhti~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. Saccessors and As~.s Bouad; Joiat aad Several i.isbitity; CspNons. 'ibe covenants and agreements herein contained shall bind: and the rights hereunder shall inure to, the rapective successors and assigns of i.ender and Bomower. subject to the prQVisions of paragraph 17 hercof. All covenants and agreements of Borrower shall be joint and several- 'I7~e captions and headings of the paragraphs of this Mortgage are for convenience only aod are not to be used to interpret or define the provisions hareof. 14. Notice. Except for aoy 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 addr~ss as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt requested. to I.ender s address stated herein or to such other address as I.ender may designate by notice to Borrower as provided herein. Any notice prnvided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governiug I.aw: SeveiaMllty. This form of mortgage combines u~iform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitate a uniform security instrument rnvering real property. This Mongage 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 conflicts with applicable law, such conflict shall not afiect ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this i end the provisions of the Mortgage and the Note are declared to be severable.. 16. Eorrower's Copy. Borrower shatl be furnished a conformed copy of the Note and of this Mortgage at the time 4 of ezecution or after recordation hereof. ' ~ 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred ~ by BorroWrer without I.endtr's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the cteatian 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 thrce years or less ~ not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by ihis Mortgage to be g immediately due and payabie_ Lender shall have waived such option to accelerate if, prior to the sale or transfer. I.ender 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 auch rate as Lender shall rcquest. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succe.aor in interest has executed a written assumption agreement accepted in writing by Leader, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lendeir txercises such option to accelerate. Lender chall mail Borrower notice of accekration in accordance with ~ paragraph 14 hercof. 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. Tf 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. ~ Nox-UNtFORM Covexerrrs. Bonower and [.ender further covenant and agrce as follows: i ~ 18. Accekratlom, Remedks. Except as provided ia para~np6 17 hercof, opoa Borr°we~s breacb of aay co~enaat or ~ agreemcat ot Borrower in t6b Mo~e, iadodi~ tlre coveoaMs to Pay whee dne say sams ~ecored by thM Morti~Lti ~ 7 ' prior to acceleratbe s6afl maU notke to Sorrower as provided i~ ~ 14 6ereot specifyi~: (1) the breach. (2) t~e action ~ reqnired to cnre soch breach; (3) a dste, not kss tban 30 days from tbe date t6e notice M a~ted to Borrow~~ by wi~ieti s~ ~ bresc6 mwt be cored: aad tbat failnre to care sac~ bresch o0 or before t6e date spa~liad i~ ths ootke wq raoM is , accekrdbe of !be sams sccorcd by tbis Mortsa~e. twecbsure br jndicial proceedio~ a~d s~de of t6e Yroperty. 7be eotice ~ sball forther ia{orm Borrower oi We r1~M to reiaatate aNer secekradoa aod tbe ri~6t b aerert i~ the forodow*~ ~ the non-exhteace of a defauU or sny other defeose ot Borrower fo accekntbn and foreebwre. 1f the breaeM is nM ~orsd ~ or bdore tbe date spect6ed in tbe ootke. Lender ai Leeder's optlon may dcchre sB ot t6e sams sa~cd 67? thk Mo~e ~o be ~ i~nmedidd~ dae and paysble w~itboot furtber demand and may torecla~e this Moraa~e br ~dich~ P~~. Lender s6aY ~ be eatjtled to coNett io wch proceedia~ a8 ot torecbwrs, includios, but aot limited to. rauon~bk attor~e7's tees, ~ apd cosls ot docementar!' evideoce. ahetra~b aod title repurls. i,. ~on~ower's Rl~bt to Reindata Notwithstanding Lender's acceleration of the sums secured by this Mortgage. ~ Borrower shall t~ave the rig6t to have any procoedings bo8un by Lender to enforce this Mortgage discontinued at any time ~ ~ ~oo~ ~3U3 ~~~E 10~ ~ ~ ~ . ~ ~ , _ ` x. ~ „t . .