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HomeMy WebLinkAbout2103 Lender's written agreement or applicable law. Borrower shall pay the amount of all ntottgggg i1>fi?rance ptrlttiums is the manner provided under paragraph 2 hereof. ~ ' j' ~ Any amount! disbursed by Lender punuaat to this paragraph 7, with interat thereon. shall bet~orrt~'~ tt~itionsl indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms 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 rate payable from time to time on oubtanding principal under the Note unka payment of interat at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest me permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense oc take any action hereunder. ~ _ il. Itssrectiast. Lender may make or cause to be made reasor?abk entries upon and inspections of the Property. provided that Lender shaft give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lenders = interest in the Property. ~ { 9. Cottdeataa/bn. The proceeds of any awa(fd df tlaint`fo~ damage:. direct or consequential. in connection with any condemnation oc other taking of the Property, or pact thereof. or for conveyance in lieu of condemnation. are hereby aaigr?ed and shall 6e paid to Lender. - - In the event of a total taking of the Property. the proceed: shall be applied to the sums secured by this Mortgage. with the excess. if any. paid to Borrovvcr. in the event of a partial taking of the Property. unless Borrower and I,eoder 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 securedtobil~e ~datdof gakit?g, with thelbal rintx of the Proceeds taking bean to the fair market value of the Property immediately prix - paid to Borrower. - - If the Property is abandoned by Borrower. o' if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to rapond to Lender within 30 days after the date such notice is j mailed. Lender -is authorised to collect and apply the procxeds. a_ t bender's option, either to restoration or repair of the I Property or to the sums secured by this Mortgage. i - Unless Lender 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 t such installments. lt. Borrower Not Released. Extension of the time for payment or tnodiflcation of amorCtzation of the sums secured 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 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 original Borrower and Borrower's successors in interat. il. Forbearance by Leader Not a Wafer. Any forbearance by Lender in exercising any right or remedy hereunder, or i otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. Thc 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. Rettsedies Ctnnahtlve• All cemedia Provided in this Mortgage an 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 su~ssively. } 13. Saeeessors sad Asdgs>s ffionad: Job! sad $ereral i,iabWq; Captbas. 'fire covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the rapective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof: All covenants and agreements of Borrower shall be joint 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. 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 Lender as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lenders address stated herein or to such other addras 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 Lender when given in the manner designated herein. 1S. Uoiforr Mortgage; Goveraiag Law; Sevecab8ity. 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. In 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 Note are declared to be severable. 16. )sorrower'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. s 17. Treader of Hte Property: Aswmptioa. 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 (a) the creation of a lien or encumbrance subordinate to - i this Mortgage. (b) the creation of a purchase money security interat 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 throe 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 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 sxured 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 Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to acxekrate, Lender shall mail Borrower notice of acceleration in accordance with paragraph i4 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. 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. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: lg. Aecdesation; Reasedies. Earcept m provided h passtgcapi 17 hereof, upon fiorrowtn's breast of wy covenant or ` agreement of Borrower b !Iris Mortgage, iadadieg tie covenants to pay when dtte any wms secarei by tYis Moctpge, Lender ~ prior to acederatiost dta>i snail twtke to >iocrower as provWcd d panrgr4M-14 tsereot t (1) tie breach: (2) tie action repaired !s sere wet Mead; (3) a date. net leas than 30 days fror tae data tie notice fa ,,sailed to borrower, b! wYdr welt 1 Meaei mast ie eareai sni (4) fiat taYnre to care welt breach on or before rite date b tk notice raj raaM b aeeekration of tie sums tietased by this Mortgage. foreclowre b'9 jodieisi pro~ag ant sale of tic Propetrty Tie notke stray hsl6er inform dorr+awer of rite right fo reisst~t: after secderatbn and fin tigif to avert ~ tie faseelosnse pe~uceerf¦g tie nare:istesce of a defadt or any otter defence of Borrower to accekrafion and lorecioattre• )ff ~e itrescY Y sot erwsi a or bdore tie date specked is tie settee, Lender at i,ersdet's optlon may deehre all of tie wms sectceci b t>tis Meslpge to ie dne asi pga6le wkiod t Ater dessand ~~M~ a t0. attes t~aa, be e~led to celled b wdt psbeeeding e:peres sad cab of det:sreahry eddesce, a6eteaeb and tkie seporb. this Mortgage, 19. lorrowers Rlgit to Rd¦stata Notvritltstanding Lend~rnde~to eaf ra~this~Mortgage discontinued at any tune Borrower shall have the right to have any proceedings begun by b00K~U~ PAGE~O~ - y~a $=w`t Ys_ ~ - ag