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HomeMy WebLinkAbout2210 Leader's written agreement or applicable law. Borrower shall pay the of ap huge ituutanoe pr+easiums is the manner provided under paragraph 2 hereof. Any amount disbursed by Leader puauant to this paragraph 7, with atetest thereon, shall become additional indebteadness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other farms of payment, wch amounts shall be gyabk upon notice from Lender to Borrower roquesting payment thereof. and shall bear intarat item the data of disbursement at the rate payabb from rims to time on outtaadi<tg principal under rtes Note unless payment of interest at such rate would be contrary to applicable law, in which event such amount ahap bear iatesrest at rtes highest rate permi:iibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. S. Itrs~eedat.. Leader may make or caure to be made reasonable entries upon and inspections of the Property. provided that Lender :hall give Borrower notice prior to any such inspection specifying ressoaable cause therefor related to Le+arde~s interest in the Progrty. 9. Condewssdos. The- cQceeds of arty award or claim for damages, direct or consequential. in connection with any condemnation or other takin~'pi[ltt~~?, or part thereof. or for ewrtveyance in lieu of condemnation, are hereby assigned and :hall be paid to Lender. - _ In the event 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. unlesrs Borrower and Lander otherwise a~roe in writing, them shall be applied to the sums secured by this Mortgage such proportion of the proceed: as is eaqusl to that proportion .which the amount of the sums secured by this Mortgages immediately prior to the date of caking burs to the fair market vahre of the Progrty immediately prior to the date o[ taking. with the balaaoe of the proceeds paid to Borrower. - - ~ - If the Property is abandoned by Borrower. or if, after notice by Leader to Borrower that the. oardemaor often to make: . an award or settle a claim for damageas, Borrower fails to rapond to Leader within 30 days after the date such notice is mailed. Lender is authorized to eadkct 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 Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall rat esxtestd or postpone the due dates of the monthly irt:tallmeant: referred to in paragraphs 1 and 2 hereof or change the amount o[ such installment. - 10. Borrower Not Rdased. Extension of the time for payment or modification of amortization of the sums secured . by this Mortgage grantead 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 steal! not be required to comntettce proceedings against such successor or refuse to extend time for payment or otherwise modify arrtortitation of the sums sceured by this Mortgage by mason of any demand made by the original Borrower and Borrower's successor in interest. 11. Forbea~rasce hr Leader Not a Waiver Any forbearance by Leander in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or presclude the eace:rcise of any such right or remedy. The procurement of insurance or the gyment of taxes or other liens or charges by Lender shall not be a waiver of L.ender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Re~seiies CwseWbe. 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. Seeeeseas aesd Assigns liotrsii Joist sgai Several L CaMioes. The covenant and agreement herein contained shall bind. and flu right hereunder shall inure to, the rapective successors and assigns of Lewder and Borrower. aubjeact to the provisions of gragraph 17 hereaof. All covenant and agreement of Borrower shall be joint and.sewenl. The captioru and headings of the paragraphs o[ this Mortgage arc for convrniertce only and are not to be used to interpret w deaflrte the provisions hereof. - 14. Notice. l~xoeapf 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 certifled mail addressed to Borrower at- the. Property Address or at such other address ss Borrower may designate by notice to Lender as provided herein. and (b) any noticx to Lender shag be given by certifkd mail, return receipt requested, to Lender's address scatead herein or to such other addras as Lender may designate by notice to Borrower as providead herein: Any notice provided for in this Mortgage shall be deemed to have been given to Bornawer or Lender when given in the manner designated herein. 1S. Usitorss Mortgage; Goverslsg Law; Sevttra6ifWr. This form of mortgage rnmbines uniform covenant for national . use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security.irtstrument t;overing 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. lorrowear's Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time ' of execution or after recordation hereof. 17. 1~asster of the Property; Aawtsptlos. 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 this Mortgage. (b) the creation of a purchase money security intcrat for household appliances, (c) a transfer by devise, I descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereaf of three years or less ~ not containing an option to purchase. Lender may. at Lender's option, declare all the sums securead by this Mortgage to be immediately due apd payable. Lender shall have waived such option to aceekrate 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 gysbk on the sums secured by this Mortgage shall be at such rate as Le:nde:r ~ 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 aswmption agreement accepted in writing by Lender. Lender shall Fekase Borrower from all ` obligations under this Mortgage and the Note. If Lender exercises such option to aoakrate. Lender shall mail Borrower notice of acoekration in aaordance 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 qy-the sums declared due. If Borrower fails to qy 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 hueof. ~ Nort-Urrrrroarr[ Cov>:Nnxrs. Borrower and Lender furthex covenant and agree as follows: is. Acexlerstion; Ressedien. Except ss provNei b MeagrapU 17 hexeot, eves )sorrowee's breseh eft awr eao~easnt etc ' agrtawrerrt of lorrower ~ this Mortgage, ~de~rtg be eaoveaarets a par when Jere asr seas seteerei-br tris Mettg~age, Leader prior b seedexstlors alr~ aaY notlee b lilorrowex ar pr+oriied b l~L~ 14 hereof spteltrisgs (1) the breach; (Z) the scatters regstred m eaw+e wch lreseh; s date, cot leas than 30 der tros the date tic !dice b saYei is lietrrswse, hr whki weak breach seat 6e eaes+ee~ asti (n fist tsiere Is sere web 6resch os err rde+re the ~ aleci/ei r the sollos nsq resaeik V shaa0 tsutha hstonrs >Iosr~ewer d ~ right is reindMeseederatlorr aniM arert the toaeMsrees ~ceeelirrg ~ the notexisteuee err s aetseslt err aq ether eh4ense elf Iflorr~ower to seeeleation asi toncloswe. It the iseaeh fis set cocci o0 1 or bdetre the dale srecifieel Y tie setke. Iwsiesr at tenier's et*tios scar ~eelsre a1 eft the vents aaees^si b this Matsap b he ehse arse psrsMe wNl:oet terther ae.ra.i ssi n»q ters:eloae this iortgage b }ikw ~reeeedhrg. Leaisr sIW be ead9ei to e+ofteet fa veer rnoaa~ i esrpesrss eft brecleaae3, iseleiisg, het not flirrrilei te. ressonaMe attersar"'s frees, ant cesb eft aoesoseshrr ediesee, ahstrsets sni tltie ssporls. i lf. lilorrawer's R!g!t to Reishh Notwithstanding Lender's acceleration of the sums secuued by this Mortgage. Borrower shall have the right to have nay proceedings begun by Lendsr to eaaforre this Mortgage discontinued at aoy time 0001(303 f~~f~206 Yi' t _ ~r~ .tea - '~~~ki c='~ ~-~`o