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HomeMy WebLinkAbout2677 4 Lender's written ~~g .crosnt a applicabb law. Borrower shalt pay the anwtyrt o~ .J1 (nortgaga imurrroe premituas in the manner provided under paragraph 2 hereof. I Any amounts disbursed by lender pururant to this paragraph 7. with interest thereon, shall become additional i indtbtedneu of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terrns .w payment. such ~ amounts shall be payable upon notice front fender to Borrower requesting psyment thereoL and shall hear interest from the r date of disbursement at flee rate payable from time to time on outstanding principal under the Note unless paytnerrt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permi:sibk under spplicabk law. NMhing contained in this paragraph 7 shall require Lender to incur any expeme or take any action hereunder. S. Isspectiaw. i.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrmver notK~ prior ~ any such inspection specifying reasonsbk cause therefor related to Larder's interest in the Properly. ~ " . ' c ' ~ - 9. Condemrutdon. The proceeds of any award or claim for damages, direct or consoquential. in connection with any condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and s.rall be paid to i.ender. in the event of a total taking of fire PmP4ny. the proceeds shall be applied to the sums sectrrcd-by this Mortgage, - with the excess; if any, paid to Borrower.. In the event of a partial taking of the Property. unless Borrower and Larder otherwise t)gree in writing. there shall be applied to the wms secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums cecrrred by this Mortgage irtrmediately prior to the date of t taking bears to the fair market value of the Property immediately prior to the date of taking, with the balatrce of the proceeds paid to ~Eort+o~wer. If the Propbcty is abandoned by Borrower. or if. after notice by Lender to Borrower thst the condemnor offers to make •an award or fettle a claim for damages. &+rn+wer fail. to resaond to i_ender within 30 days after the date such notice is mailed, Lender it atuthorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the i Property or to the sums secured M• this Mortgage. i Unless 1_ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend ~ or postpone the dsre date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 19. grower Not Released. Extension of the lime for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccesccir in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse t~ extend time for .payment or otherwise modify amortizatiai of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's strecessors in interest. - I1. Forbearance by Leader' Not a Waiver. Any forhearance h.• Lender in exercising any right or remedy hereunder. or } otherwise afforded by applicable law, shall rx~t be a waiver of or preclude the exercise of any such right or remedy. • The proctrrcment of insurance or the payment of tares or other liens ~x charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtedness secured by-this Mortgage. - 12. Rtrrredies Canrrhrti•e. All remedies provided in this Mortgage arc distinct and cumulative to any other right, or remedy rrndtr this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or sur.essively. • ~ 13. Srecessors and AssiRas Bound; .Joint sad Several i.iability; Captions. The covenants and agreemen's herein contained shall bind, and the rights hereunder shall inure to. tht respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreerpents of Borrower shall be join) and several. The captions and headings of the paragraphs ~f this Mortgage are for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyrrired 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 mav_ designate by notice to fender as provided herein, and (b) any notice to Lender shall. be given by certified mail, rctum receipt requested. to Lenders 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 been given to Borrower or Lender when given in the manner designated herein. s 1S. Uoifora Mortgage. Governing Lave; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jrrricdiction to constitute a uniform security instrument covering I real properly. 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 arc declared to be severable. 16. lbrrower's Copy. Borrower shall tk furnished a conformed cop}- of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Toaster of ere Property; Assumption. )f all or any pan ofthe Property or an interest therein is sold or transferred by Borrower without Lender's prior wrincn consent. excluding (a) the creation of a lien or encumbrance subordinate to { this Mortgage. (b) the creation of a purchase m+~ney security interest for household appliances. (c) a transfer by devise, F ~ descent or by operation of law upon the death. o(a j+nnt tenant or (d) the grant of any leasehold interest of three years or less ~ not containing an option to purchase. Lender may. at Lender ~ 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. }.ender and the person to whom the Property is to be ;o1J ar transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest payable nn the sums secured by this Mortgage shall be at such rate ac Lender shall request. Tf Lender has waived the option to accelerate provided- in this paragraph 17, and if Borrowtr i successor in ~ interest has exocuted a written assumption agreement accepted in writing by I~nder, 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 acceleration in accordance ssith paragraph 14 hereof. Such notice shall provide a period rf 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 arch arms prior to. the expiration of such period. ~ Lender may, without further notice or demand nn Borrower. invoke any remedies permitted by paragraph 18 hereof. Y t Note-UNIfoaM COVENANTS. Borrower and Lender further covenant and agnx as follows: 18. Acceleratba; Renreaies. Except as provided in pragra~ 17 fem. ~ >dorrower's brcaci of aey cocrrsrrt or 1 agreentKSt of itlorrower ire tris Mortgage. iaclrrdiaR ere co•easats to py wren ane any senors secrrrei by this Mortgage. Leader prior b secekration shay mail notke to ltiorrower as provided is pragrapr 14 hereof spectir4g: (1) ere brescr;/2) the setiorr j regtrirei 1u c~r+e stscr rreaeb; (3) a date, not leas than 3A days from tee dMe the notice is uraiki to )borrower. by whicb sock breach mwt be etrre~ ana (4) that failrrrc to cnre such breacr ow or before tee date speeiiea hr the notice may resale in secekration of tee stems secured by this Mortgage. toreclosrue b ~sdicial procaediat ana sale of the- ProPerry'. Tire notice ' sraY inrtrer inform Borrower of ere rigbt to reinstate after accckrNbw area tee right to assert in tee foreciostrre proceedirtE tee non-ex~tence of a default or aq other defense of Borrower to ac•Kkration acrd toreebsrre. If the breacr is sot crrrtd on i or before the dsh specified i• the notice. Lender at Lender's optiar Wray declare >r of the snrsrs seemed by this Mort'gafe to be inraredia~ly drx aaa pysbk withoat feather demand and may foreclose this MoregaEe h' jrdkial ~roeeedint<. Ltndrr shah ~ be atitkd to coYtai b such proceednwg d expenses of foreclosure. Mehdias, bd cwt Wnitd to, reasonable att.,rnrv's fees. a¦a cods of ~iuc.:warlary evidence. abstracts sad title rsporls. 19. liorrowa's Rigrt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by th+s M.~rtgage, Borrower shall have the right to have any proceedings hegun by 1_ender to enforce this Mortgage discontinued at any time ~ sooK 3U3 PpCE2673 -