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HomeMy WebLinkAbout1045 . S ~ Lcnder's writte~ agrcement or applicable law. Bonowcr shall pay the amount of all aDOngage insuranee premiums in the { manner provided under paragraph 2 hereof. Any amounts disb~~rsed by Lender pursuant to this paragraph 7, with interest theroon, shall become additional inckbiedness of Borrower securcd by ~his~Mortgage. Unless Borrower and l.ender agree to other ternu of payment, such ~ amounts shall be payabk upon notice from Lender to Borrowe~ rcquesting payment thereof, and shall bear intercst from the ~ date of disbunement at ihe rate payable from time to time on outatanding principal under the Note unkss payment oi intercst at such rate would be cont~ary to applicable law, in which event such amounts shall bear i~terest at the high~st rate permissible onder applicable law. Nothing contained i~ this paragraph 7 shall require Le~de~ to incur any expense or take any action hereunder. ~ a. Tnspectioa. Lender may make or cause to be made rcasonable ent~ics upon and iospections of the Property. provided that Lender shall give Borrower notice prior to aay such inspection specifying rcasonabk cause therefor relatod to Lender's ~ interest in the Property. 9. Coadea~nalba. The proc~ pf,atry~av+ard or claim for damages, dircct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are he~zby assigned and shall be paid to L.ender. in the event of a total taking of the Propeny, the proceeds shall be applied to the sums socured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a panial taking of the Property. unless Borrower and Lender otherwise agree in writing. therc 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 tFie 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 Bonower, or if, after notice by Lende~ to Borrower that the rnndemnor olfers to make an award ar s~ttle a claim for damages, Borrower fails to respond to Lender withi~ 30 days after the date such notice is mailed, Lender is suthoriud to collect and apply the proceeds, at Lendcr'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 pri~cipal shall not extend or postpone the due date of the monthly installments refemed to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Eorrower Not Rekssed. Extension of the time for payment or modilication of amortization of the sums socured 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 successors in interat. Lender shall not be required to comnxnce proccedings against such successor or refuse to extend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reason of any demand made by the origina) Borrower and Borrower's successors in interest. it. Forbesrance by Lender Not a Wdver. 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 o~ other liens or charges by Le~der shall not be a waiver of Lender's . right to accelerate the maturity of the indebtedness secured hy this Mortgage. l2. Rea~edks C~umul~ti~e. All r+emedies provided in this Mortgage art distinct and cumulative to any other right or remedy under this Mortgage or af[orded by law or equity, and may be exercised concurrently, independently or successively. 13. S~ccessors aad As~gas Boaad; JoL~t aad Several i.iabf~ty; Caplbos. 'Il~e covenants and agreements hercin 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 ahall be joint and stveral. The captions and headings of the paragraphs of this Mortgage are for convenience only and an not to be uxd to inrerpret 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 Barrower may designate by notice to i_ender 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 Lender may designate by notice to Borrower as provided herein. Any notice provided for in this ~ Mortgage shall be deemed to have boon given to Borrower or Lender when given in the manner designated herein. - ~S. Uniform Mortgage; Governin~ Law; Sererabil~ty. This form of mortgage combina uniform covenants for national ~se and non-uniform covenams 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 ~ event that any provision or clause of this Mortgage or the Note confliMs with applicabk law, such conflict shall not affect ' E other provisions of this Mortgage or the Note which can be given effect without the conflicting pmvision, aad to this ~ end the provisions of the Mortgage and the Notc are declared to be severable. ~ . ! 16. Eo~nuwer's 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. Trsnsfer ot the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without L.ender'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 ihree years or less ~ n~t containing an option to purchau, 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, priar 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 intercst payable on the sums secured by this Mortgage shall be at auch rate as Lender - - shall request. if Lender has waivod 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 obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. I_ender shall mail Borrower notice of acceleration in accordance 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 to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Sorrower, invoke any remedies permitted by paragraph 18 hereof. Norr-UtvtFORM CovexerrTS. Borrower and Lender further covenant and agrce as foltows: ' ~ 18. Accelerstion; Remedies. Lzcept as provided in pan~np6 17 hereof, upoa Borrowe~s breac6 ot aey covtoant or ~ agreement ot Borrower in tbb Mo~age, incladi~ t6e covenaats to pay whce dne any anms secered by t6k Morqa~e, Leader ; x prior to ~ccekradon s6a8 mafl ootke to Borrower ss prorided la paragrap6 1~ 6enof specifyi~: (1) t6e breacb; (2) t6e actioo ; reqnired to care snc` breacb; (3) a date, not las t6aa 30 daya from the dde tbe aotice i~ ma8ed fo Dorrower, b7 w6k6 mc6 ` ~ breach mmt be e~red; aod (~1) tb~ hilon to cnre socb breach oe or before the date speci6ed io t6e ootke msy resdt ie j ~ sccekrNlon ot tre sams seca~ei by this Mortga~e. foreelosure bp jodkW Proceedioa a¦d sde of t0e Property. 'ILe uotke ; ~ s6a11 fortber ieform Son~ower of t6e ri66t to reiesdte.aNer scceleratbe and tbe rf=6t b arert i~ ttie foreclo~are prne~ ~ t6e noa-e:[steoce of a defaok or ssy otber defewse of Eorrower to accekratba snd foreclowrc. N tbe 6rssc6 i~ sot ce+ed oa , : ~ or bdoro tbe date spcciAed in tbe notke, Lceder at I.e~der's optba may declare a~ of t6e soos sawrcd b~ t6M Mortsa~e b be ~ immedhtdp doe sed payabk wit6out hutber demani aad may foreclo~e tbk Mortsa~e bf ~SdkW proceediq. Leader dWl ~ ~ be eotlUed to cdkct ~ socb proceedie~ ad e:penses of toreclosere, iacludi~, bnt oot Waited ta, rea~o~able attorse~'s fea, aed cods ot docauentary eddence, abstnicls aod tltlt reporb. 19. Borrower's Ri`6t to Reistate. 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 any time ~ UR ~ - s~oK3U3 ~~~~1044 - - - _ ' , _ = . - . ,_..u_~~