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HomeMy WebLinkAbout2048 ~ _ , Lender's written ~,g cerncnt ar applicabb law. Borrower shalt pay the anwunt of ..It nroitgaga imuranoe' prtxdiuass in the marurer providal u::der paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with inter?~t thereon, shall becotrre additional indebtedness o[ Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon nMice from i.ender to Borrower requesting payment Iberr:ot, and Shall hear interest trc?m the date of disbursement at the rata payable from time to time on out:landing principal under the Note unless paytaart of interest at wch rate would be contrary to applicable law,'in which event such amounts shall bear interest at the highest rate permisstbk rrtrder applicable law. Nothing contained in this. paragraph 7 shall require Lender to incur any expense or take any action hercutrder. 8. iwtrpectioa. lender may make of c u ao bt: grade ieasonabk entries upon and inspections of the Property. provided that i.ender shall give Borrower notice pr~ t~ any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cuadenrwatba The proceeds of any award or claim for damages, direN or consequential, in connection with any condemnation or other taking of the Property. or part t?tereof, or far conveyance in lieu of condemnation. arc hereby assigned - and s ull be paid to Lender. in the event of a fatal taking of the Property. the proxeeds 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 prooeeds as is equal to that proportion which the amount 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 Ibe 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. B~~rmwcr fails to respc?nd 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 Propcn7r or to the sums secured by this Mortgage. Unless Lender and Borrower othcrv?isc agree in Nritrne. any such application of proceeds to principal shag 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 sxured by this Mortgage granted by i ender t.? am• crx:cecsor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's successors in interest. i.ender shall ~ not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortizaaat of the wms secured by this Mortgage by reason of am demand made hs the ~Tri¢inal Borrower and Borrowers successors in interest. 11. Forbesraace by Lender Not a Waiver. Any forhearancr i.t 1.:•~der in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall rx?t he a waiver cif c?r preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares. 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 4fortgage. 12. Remedies CawubNive. 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 he exercised concurrently, independently or srrc.essively. 13. Swccesaors gad Assigns Bound: Joint and Ses•eral I.iaM'lity; Captions. The covenants and agreemen s herein contained shall bind, and the rights hereunder shall inure to. the rL-cpective successors and assigns of Lender at?d Borrower. subject to the provisions of paragraph 17 hereof. Alt covenants and agreements of Borrower shall be joiru 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 fierec?f. 14. Notice. Except for any r?otice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addres. as B~?rrow•er may designate by notice to fender 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 relay designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrov<~er or l_cnder when given in the manner designated herein. 15. Uaiforai Mortgage: Governing law: Severability. 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 he governed by the law of the jurisdiction in which the Property is located. In the - event that any provision or clause of this Mortg:,¢c ,~r the Tote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the N??te Nhich .:an be given effect. without the conflicting provision, and to this ~ end the provisions of the Mortgage and the stets arc Jcclared to he severable. j 16. Borrower's Copy. Borrower shall he fnrni.hed a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ - 1'7. Transfer of the Property: AS_cumptian. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writr~n consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchak mc~nev security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a jt~im tenant or (d? the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at 1-ender'c 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 tale -or transfer. Lender and the person to whom the Property is to 1?e eo1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intere.t payable on the sums secured by this Mortgage shall be at such rate ac 1_ender shall request. Tf 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 ixnder, 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 acceleraiion in accordance xx ith 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 1orrower. invoke any remedies permitted by paragraph 1R hereof. Note-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Reraedks. Except as provided iw pragraph 17 hereof, apes >dorrowers breach of gay corewaat or agrreroeat of Borrower V this Mortgage, iwcludiwR the corewaMs to py whew doe any stars secured by tlr[s MortRagt. Leader prior to rxcekrstbw abaft mail notice to Borrower as provided is paragraph I4 hereof specNyiwg: (1) the breach; (2) the sctiow trequired to etrme ,such breach; (3) a date, got less than 30 days trout the date the notice is sated to Borrower. by wbkh such breach rarwR be cured: gad (4) that faiMre to cure such breach on or before the date specified ~ the rtMice essay rtesult h sceekratioa of. tare swats secured by this Mortgage. foreclosure by judkial procsediag gad sale of the Propcrry. The notice shah further infonw Borrower of the right to reisstate after sccelerstbn gad the right to sssert h the foreclo~rre poceediag tee aoe-esisteace of a defadt or gay other decease of Borrower to accderatioa awl foreclosrre. N the brex6 is got cared oa or before the date speei&d iw the notice. lender at Lender's optiow any dechre sr of the swass secured by this Mortgaie to be irnrnediatdy due ani pyabk witbowt fwriber demand and gray foreclose this Mortgage hr jiwdicid p~oceedhrlC. i.enArr chap be eatttled to eolJect in such procetdiag aY expenses of foreclosure. facluding, but wet Btwited t0. re~~ "rt•,rnrr's fees, and costs of ,:ucd evidence, abstracts gad title rcprb. 19. Borrowa's Rig`t to Reinstate. Notwithstanding Lenders acceleration of the sums. secured by Sher Mortgagt. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tir!:c ~ooK 303 ~~~2045 - ~ - _