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HomeMy WebLinkAbout2683 Leader's written :~g cctrtcnt or applicabb law. Borrower shalt pay the amount of .i~ mortgage insttnrrce'pttsttiiutrt: in the • manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to tha paragraph 7. with inten:st thereon. shall become rtdditiontal inclebtt;dness of Borrowtr trecurcd by this Mortgage. Unless Borrower and Lender agree to other ternu c>i paymeM, such amounts shall be payable upon rtatire from Lender to Borrower requesting payment thereat, and shall hear interest from the date of disbursement at the rate payable from time to time un attstanding principal under the Nate unless payment of interest at such rate would be contrary to applicable law, in .which event such amounts shall bear interest at tho highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur say expense or take any action hereunder. >f. Irrsppeelios, i.ender may make ar cause to be made rca-sortable entries upon and inspections of the Property. provided that tender shall give Borcower ~K't pricer to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cosdersatisrr, The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or other taking of the Property, or part therrnf, ar for conveyance in lieu of condemnation, are hereby assigned and stall be paid to i.ettder. T+s the event of a fatal taking of the Property. the proxeeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Harrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing. there shall be applied to the arms secured by this Mortgage such proportion of the prooeeds ss is equal to that praporiian which the amateur of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immecliatcly pricer to the date of taking, with the balance of the proceeds ' paid to Borrower. _ if the Property is abandoned by Bar.awer. or if. after notice by Lender to Borrower that the condemnor offers to make an award ar xtt{e a claim far dama~~s. B+•rn+wer fails to respond to Lender within 30 days after the date such notice is mailed. Lender is atttharized to collect and appl}• the proceeds, at lender's option, either to restoration or repair ~ the Property or_ta the sums secured h}• this -Martgaee. Unless !.ender and Borrower otherx.~isc agree in wriung: any such application of proceeds to principal shall not a~tttend 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. Eorrowsr Not Released. tixtension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by l.erxter tc• any crtececsar in interest of Harrower shall not ape~ate to release, in any -manner. the liability of the original Borrower _and Borrower s successors in interest. Lender shall not be required to rnmmence proceedings against such successor or refuse to extend time far Ira}ment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made h}• the wieinal Borrower and Harrower s successors in interest_ 11. Forbearance by Lender Not a Wainer. Any farhearance by 1 ruder in exercising any right or remedy hereunder, or . • otherwise afforded by applicable law. shall not he a waiver c+f c.r preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares ar other liens ar charges by lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured h}• this Mortgage. 1Z. Reruedies Ctusolatire. All remedies pmvided in this !?iorigage arc distinct and cumulative to any other right ar remedy under this Mortgage or afforded by law i?r equity, and may be exercised concurrently, independently or strc.essively. ' 13. Soccessors aced Assigns Bound; .Joint and Several I.iaM'lity: Captions, The covenants and agreemen s herein contained shall bind, and the rights hereunder shall inure to. the ttisptctive successors and assigns of Lender and Borrower. subject to the provisions of paragraph i7 hereof. Alt covenants and agreements of Borrower shall be fairy and stverat. The captions and headings of the- paragraphs of this Mortgage are far rnnvenience only and are not to be used to . interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuired under applicable law to be given in another manner. (a) any notict to Borrower provided for in this-Martgaee shall be given by mailing such notice by certified mail addressed to Barmwer al the Property Address or at such other address as Barmwer ma}• designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail. realm receipt requested. to [.enders 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 gincn to Barmsver or t-ender when given in the manner designated herein. - 1S. Uniform Mortgage; Gorerniug law; Senerab8ity. This form of mortgage combines uniform covenants for national ttse and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instrument covering ~I real property. This Mortgage shall he governed M• the law of the jurisdiction in which the Property is located. In the event that any provision ar clause of this Martgace ar the Nate rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can he given effect without the conflicting provision, and to this end the provisions of the Mortgage and the 'Mate arc .Icclared to be severable. 16. ltorrower's Copy. Borrower shall he furnisheJ a conformed cop}' of the Note and of this Mortgage at the time of execution or after recordation hereof. F 17. Transfer of the Property: Assumption. If alt ar any part of the Property or an interest therein is said or transferred € by Borrower without Lenders pricer wriarn consent. excluding fat the creation of a -lien or encumbrance subordinate to this Mortgage, (b) the creattan of a purchase mrnes• securit}• interest far household appliances, fc) a transfer by devise. descent or by operation of law upon the death a! a jc•int tenant ar (d) the grant of any leasehold interest of three years ar less not containing an option to purchase. Lender may, at t-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 sale or transfer. lender E and the person to whom the Property is to be :al.l or transferred reach agreement in writing- that the credit of such person is satisfactory to Lender and that the intcrest payable an the sums secured 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 interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tram all obligations under this Mortgage acrd the Nate. - t if Lender exercises such option to accelerate. 1_ender shall mail Borrower notice of acceleration in accardancr with j 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 an Borrower. invoke any remedies permitted by paragraph 18 hereof. Nosy-UHtt=oRM Covetv~NTS. Borrower and Lender further covenant and agree as follows: - 18. Aceekratiog; Rernedia. Except as provided is paragraph 17 hereof. tipoa Borrower's brrac6 of say carenant or agreeoest of Borrowtr is this Mortgage, iweltrdlag the coresartts to pay when dae ay soars setu+ed try ibis Mortgage, Leader prior to sceektration sbaU anaB notice to >3orrower m provided is paragrspb 14 hereof specHyVg: (1) the breach: (2) the actbw megoired to care sash 6reacb; (3) a date, not less than 30 days from the Gate the notice is sra8ed to Borrower. by .rbich such breach osost be cared; and (4) that failure to core sash breach on or 6etore the rife spediied iw the notice Wray restdt in secekratbw of the arms secuaed by thk Mortgage. foreclosure by_ jodkW proceeding and sale of the Property. Tire notice . chap foriber inforar Borrower of the right to reirsstate sfter accelcntbn aced the right to assert is the forecbsore proceedieg the cos-etridesce of a default or any other defense of Borrower to scceleratiow and forteclosore. If the breach is twt craned a or before the dste specif ed in the wofiee. Lender at l.errder's optiow ray declare nit of the sons secured by this Mortga! a ib be . immediately dire and psynbk withast father demand and may forecbst this Mortgage 6y judicial procsedirrg. I.endrr shsll be eaJitkd to collect ire sock proceeding sM a:peaces of foreclosure. hreiodisg, hot sot limitd to, reasonable attnrne;'s fees. and cods of .tut.-~serNary eridesce. abstracts aed title report. 19. Borrowa't Right to Rehsstate. Notwithstanding Lenders acceleration of the sums secured by the Mortgage, Borrower shall have the right to have any proceedings begun by tender to enforce this Mortgage discontinued at any time - BGO!(W~ PAGE~~ - j F' ~