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HomeMy WebLinkAbout2758 Lender's written agreawertt a applicable law. borrower tdiall pay the amount of all ttaottgage insurance pt+emiuttn iw the mariner provided under paragraph Z•hereof. Any amount disbur:od by Letttkr pursttsnt to this paragraph 7, with interest thereon, shall becorrts additional indebtedness of Borrower stxured by this Mortgsge. Unless borrower and !.ceder agree to other terms of payment, such amounts shall be payable upon rtaice from I.erttier to borrower roqutating payment thereof, and shall bear interest itnta the date of disbursement at the rate payable from time to time an oubtaadittg principal under the Note unless pymatt o[ interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rats permissible undo spplicabk law. Nahing contained in this paragraph 7 shall require Lender to incur any ezpewss a take any action hereunder. d. lnepeetisw. lender may make or ca:ae to be made reasonable entries upon and inspection of the Property, provided that Loader shall give Borrower naive prior to any such inspection specifying reasonable cause therefor related to i.atdsr'a interest in the Property. Cowtleswwatbw. 'Ihe pcocse~s of any award or claim for damages, diroct a cotnequential. in connection with any condemnation or aher taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a teal taking of the Property, the proceeds shall be applied to the sums stxured by this Mortgage. with the excess, if any, paid to Borrower, in the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mongsge such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Property immediately prior to the date of taking; with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after naive by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Burrower fails to rapond to Lender within 30 days after the date such naive is mailed. Lender is authorised to collect and apply the proceeds, at Lender's option, either to restoration or t+epair of tbs Property or to the sums secured by this Mortgage. Unless lender and Borrower ahetwise agree in writing, any such application of proceeds to principal shall rtes extend or postpone the due date of the monthly installments !eferred to in paragraphs 1 and 2 hereof or change the amount of such installments. ~ - 10. borrower Not Released. Extrnsion of the time for paymrnt or ntodifkation of amortization of the wms secured by this Mortgage granted by Lender to any successor in interest of Borrower shall rtes operate to release, in any manner. the liability of the original Borrower and &?rrower s successors in interest. Lender shall rtes .be required to commence proceedings against such successor or refuse to extrnd time for payment or aherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original -Borrower and Borrower's successors in interest. ' 11.. Forrearwnce by Lender Not a Waiver. Any forbearance by Lender in exercising any right or rernody hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall rtes be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Restedies Cuwulatlve. All remedies provided in this Mortgage are dntinct and cumulative to any other right or - rcmedy wider this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Sneceasas ani Assigns bouad:.loiwt ana Sereral icy; Captiews. The covenant: and agreeoxnts herein contained shall bind, and the rights hereunder shall inure to. the respective strocessors.and assigtn of.Lender arid Borrower. subject to the provisions of paragraph 17 hereof. Ap covenants and agrcemrnts of Borrower shall be joir~ 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 providod for in this Mortgage shall be given by mailing such rraice by Cenilkd mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by notice to under as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to tender's address stated herein or to such aher address as Lender may designate by txitice 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. IS. Unifonw Mortgage; Gorerwirrg Law; Sererability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction•to corntitute a uniform security instrument covering 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 ar the Note rnnflicts with applicable law. such conflict shall rtes affect j 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. borrower's Copy. Borrower shall be furnished a conformed copy of the Nae and of this Mortgage at the time of execution of after recordatior hereof. ~ 17. Traesfer of ere Property; Assumption. 1f all or any pan of the Property or an interes~thercin is sold or transferred ~ by Borrower wittaut 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 interest 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 interest of three years or less ~ rtes 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 M•aived such option to aceelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit ~f such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall inquest: Tf 1[.ender 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 from all obligations under this Mortgage and the Nae. If Lender exercises such option to accelerate. Lender shall mail Borrower naive of acceleration in accordance ~+-ith paragraph 14 hereof. Such notice shalt provide a period of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay the wms declared due. If Borrower fails to pay wch sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph I R hereof. Nort-Uxrroat?r Covt:rtert•rs. Borrower and Lender further covenant and agree as follows: lg. AccderatiorB Rewredies, llrccept as provided ire pragrspr 17 rereof, ups borrowers brcaer of any corewt or meat of borrower la tris Mortgage, bclw~rrg die cwenssis to py wrew dwe any stems stcwrti by trb Mortgsge, Lender prior b aceeleratiors seat mail entice b borrower as'rorfrkd d pragrwpr 14 rereof sreetfybg: (1) ere br:aer:121 ere sctiow i rcqu4ti to cue suer Meacr; (3) a doh, woe less teen 3o day: from tie date ere notice r sasilei b sotrrower. by wrkr ewer br+eacr steer be entek awl (n traR faBtrre b curt seer 6reser a or refore ere date yeeitki i• ere wotiet Wray resdt in i wtxderatiow of ttYe suwts sccwrsd )by file Mortgage, Msedbwre ry jsdkial ps+oete~ awl sale of ere Pr~operry. 71re nalke seat fwrirer Worm borrower o[ ere right to misstate after seeekratiow awd ere right b assert in ere foreclowre ~soetedisg i ere eon-e:istewce at a dehwlt or any otter ietewse of borrower b nccelcratbn snd toreelostrr~e. If ere 6e~escr b woe cored ow ' or before ere late s'eeiiei i• tit aotke, Lewder a1 Lender's optiow Wray declare ab of ere saws secured by this Mortgage b be ~ imrnediatety du! awe pyabk witrost further demand sad Wray foreclose file Motrtgage rT jsikW proctedirag. Lender seat s 6e eatilled to eobeet lw suer poeeediag,• espewses of foredoswre, Wsdia;, but not lirttitei te, reasonsbk attorney's fees. awl costs of docuasewtary eviaewce, a6atiseb awd title repro. I!. borsowes's RigN to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time . BOOK3U3 PACEiG7t~t ~ ~ - _ _ _ - ~ ` } x,