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HomeMy WebLinkAbout2303 r l.endcr's written agr~;mcnt or applicable law. Burrower sit 1 y the asl'h a of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional indchtcdnesc of Borrower secured M• this Mongagc. L'nlecs BOrfaNCf anJ 1 cn~kr agree to Mher terms of payment, ouch amoontc .hall he payahlc upon notice from Lender to &?rmNCr rcyucsting payment thcrw?f. and shall i?car intrresl fmm the date of dichursctnent at the cysts. payahlc fmm time to time an cxrtstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in This paragraph 7 shall require Lender to incur any expense or filet: - any action hereunder. B. - laspectioq. i.ender rosy make or cause to be made reasonable entries upon and inspections of the Property: provided that !.ender shall give Borrower nalice p + AQy such inspection specifying reasonable cause therefor related to Lender a interest in the Property. ~j 9. Condemtwtbn. The prc?ce~ of any award or claim for damages, direct or consequential. in ct?nnection with any condemnation ar other taking of the Property, or part Thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Tender. Tn the event of a total taking of the Property, the proceeds shall I?e applied to the come secured by this Mortgage. with the e?:cess, if any, paid to Harrower. Tn the event of a partial taking of the Property. ++nlecc Borrower and Lender atherv?•ise agree in writing. there shall be applied to the sums secured by this Mortgage catch proportion of the proceeds as is equal to that prapc?rtian which the amount of the sums secured by this Morigage immediately pricer to the date of taking bean to the fair market value of the Property immediately pricer to the date. of taking, wish the balance of the proceeds paid to Borrower. Tf the Property is abandoned by Borrower, ar if. after notice by Lender to Harrower that the condo e an award •ar settle a claim far damages. Barcawer fails to respc?nd t~ Lender within• ?0 mailed. Lender is authorized to idlest and apply the proceeds. at Lender'. optic Property ar to the sums secured by this Mortgage. Unhss 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 rrfern-d to in_ paragraphs 1 and.? hereof or change the amount of such installments. f0. Borrower Nol Released. Extension of the time far payment or madificatian of amortization of the c+imc secured by this Mortgage granted by lender to any successor in intereu of Barcower chill not operate to release. in any manner. the liability of the original Borrower and Harrower s sttccessan in interest. Lender shall not ha required to commence proceedings against arch successor or refuse to extend time tar payment or otherwise modify amortization of the sums sec(tred by this Mortgage by reason of any demand made by the original Barcaw•er and &?rrowers successors in interest. 11. Forbearance by lender Not a Wainer. Any farhearancc M• Lender in eretrising am• right or remedy hereunder. or otherwise afforded by applicable law, shall not he a waiver of or preclude the ecercise of any such right or remedy. The procurement of insurance or the payment of !arcs ar rnher liens-ar charges by Lender shall not he a waiver of Lender's right to accclcratc the maturity of the indebtedness secured by this Mortgage. 12. R;medics Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to am• other right or remedy under this Mortgage or afforded by law• ar equity, and may he c~erciscd cancurmntly. indepcndcntl~• ar succcssivch•. 13. Snecessors and Assigns Bound: Joint and Seseral Liabr~ity: Captions. The covenants and :rgr~-ements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Harrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Harrower shall be joint and several. • The captions and headings of the paragraphs of this Mortgage arc far convenience anl~ and are not to he used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be ¢iven in another manner, fa) an}• notice to Borrower provided far in this MRrtgage shall he given by mailing such notice by certified mail addressed to Harrower at the Property Address or at such other address as Harrower map designate by notice to Lender as provided herein. and thl am• notice to fender shalt he given by certified mail, return receipt requested. to 1 ender s address stated herein or to _ +uch other address as Lender may designate by notice to Borrower as provided herein. Any notice provided far in this Mortgage shell he deemed to have been given to Borrow•cr or I.endcr ~ hen gi~•cn in the manner designated herein. 15. Uniform Mortgage: Governing Law: Ses•erabilih•. This f+?rm of mortgage cc?mhines uniform covenants far national use and non-uniform cacenantc with limited variations M• luric~hctioP tx? constitute a uniform securit~• instrument rnvering 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 ate rnnflicts ~?ith applicable law, such conflict shall not affect other prrn•isi+?ns of this Mortgage or the Note which can he ~_iv~n otiose witho+rt the canQicting pm?•ision, and ti? this • end the provisions of the Mortgage and the dote arc declared to tx: severable. 16. Borrower's Copy. Borrower shall he furnished a conformed copy of the Nate and of this Martgag_e at the time of execution or after recordation hereaf- 17. Transfer of the Property: Assumption. if all ar ins p.+rt of the Property ar an interest therein Is sold or transferred by Borrower without Lender's pricer written consent. cxciudir+g 1:+? fete creation of a lien or encumbrance subordinate to this Mortgage. thl the creation of a purchase money security interest for hauseholJ appliances. Icl a transfer by devise. descent or by operation of law upon the death of a joint tenant or Ids the grant of am• leasehold interest of three years or less i nor containing an option to purchase. Lcndcr mat-, at Lender's option, declare all the sums secured by this Mortgage to he ~ immediately due and payahlc. i.ender shall has~c w;+ised such option to accelerate if. pricer to the sale ar transfer. Lender and the person to wham the Pmperty.is to be sold or trancfcrrcd reach agreement in writing that the credit of such person , it satisfactory to Lender and that the inicrrst payable on the sums secured h4 this Mortgage shall be at such rate as Lender shall reyucst. if !.ender has waived the option to accelerate prc.vidcd 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 r obligations under this Mortgage and the Nate. j If lender exercises such option to accelerate. I~.ender chill mail Harrower notice of acceleration in acrnrdance with paragraph 14 hereof. Such notice shall provide a period of not less than ?0 dope from the date the notice is mailed within which Harrower may pas the sums declare) due. If Bourn+~r faik to pa}• suih sums pricer to the expiration of such period. Lcndcr may. ~cithout f+mher notice or demand an BorroHCr. invoke am• remedies permitted by paragraph IR hereof. i Nox-ti!~tFOtet?t COYExAx7S. Harrower and 1_ender further rnvenant and agree as follows: lg. Acceleration; Remedies. Except as provided in paragraph 17 hereof, npoa Borrower's breach of any covenant or agrcement of Borrower in this Mortgage. including the covenants to par when due am wms secared br this Mortgage, Lender prior to acceleration shop mail notice to Borrower as provided in paragraph 14 hereof specifyi~: (1) the breach; (2) the action required to cure snch breach; (3) a date. not less than 30 days from the date the notice bz mailed to Borrower, by wbk6 catch breach mrut 6e stood: aced (4) that failure to cure snch breach oa or before the disc sped8ed fa the notice may resale in .acceleration of ibe sums secured by this Mortgage. foreclosure by judkial proceeding and sale of the Property. The notice shop further inform Borrower of the right to reinstate after acceleration and the right to assert in the fotreclosuro proceeding I the non-exfCtence of a defauk or any other defense of Borrower to sccekration and forecbsure. if the breach is not cnrtd on or before the date specified-in the notice, Lertder at Leader's optbn mar declare ap of the sums secured by this Mortgage to be t immediately deco and payable without further demand and may foreclose this Mortgage by jndkial proceeding. Lender shop be entitled to coped in snch proceeding ap a:pertses of foredosnn. iadnding. but not limited to, reawaable attorney's lea, and casts of docneweatary evidence, abstracts aced title reports. 19. Borrower's Right to Reiasfate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage.. Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time ~oo~ x,2299