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HomeMy WebLinkAbout0301 • ' w ' ~V•/ t.ender's written agrcemtnt o~ applicable law. Horrower shall pay the amount of all mortgage insurance premiums in the • manner provideci unde~ pa~ag~aph 2 hercof. Any amounts disburxd by Lender pursua~t ta this paragraph 7, with interest theceon, shall become additional indebtedneu of Borrower secured by this Mongage. Unless Barrower and I.ender agree to othet terms of payment, such amounts shall be payablc upo~ notico fram l.endc~ to Bc~rrower reques~ing payment thcreof, and shall bea~ interest f~am the ~iate of disbursement at the ratc payable f~om time to time on outstanding principal under the Note unleu paymrnt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permiuible unde~ applicable Iaw. Nothing con~ained in this paragraph 7 shall require I.ende~ to incur any expensa or take any action hereunder. ' 8. iaspectioa. Lenckr may make or cause to be made reasonable entries upon and inspections of the Property, provided . that I.e~der shal) give Borrower notice prior to any such inspection specifying reasonable cause therefor related ta I_ender's interest in the Property. 9. CoademnaHon. The proceedc of any award ar claim for damages, direct or consequential, in connection with any condemnation or other taking of the Propehy, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned • and shall be paid to Lender. In the event of a total taking of the Proper~y, the procceds shall 1~e applied to thc cums secured by this Mortgage. with the cxcess, if any, paid to Borrower. In the event of a pahial taking of thc Property, unless Borrower and Lender otherwise agree in writing, therr shall be applied to the sums secured by~ this Mortgage such proportion af the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to ihe date of taking bears to the fair market value of the Propeny 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 nalice by l_ender to Borrower that the condemnor otiers to make 3n aw~ard or settle a claim for damages, Borrower fails to re~pond to I_ender within 30 days after the date such notice is mailed, I.e~der is suthorized to collect and apply the proceeds, at I.ender's aption, either to restoration or repair of the Propeny or to the sums secured b~~ this Mortgage. ~ Unless 1_ender and Borrower otherwise agree in H•riting. any such application af proceeds ta principal shal) not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. IO. Borrower Not Rdeased. Extension of the time for payment or modificatian of amortization of the sums secured by this Mortgage granted by Lender ta any successor in interect of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower'~ successors in interest. t.ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured b~~ this Mongage by reason of any demand made b~• the original Borrower and Borrowers soccessors in interest. il. Forbearnnce by Lender Not a Waiver. Any forhearance b~• i.cnder in erercising any right or remedy hereunder, or otherwise afiorded by applicable law, shall not he a waiver af 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 i_ender shall not be a waiver of Lender s right to aceelerate the maturity of the indehtednets ~:curcd hy thic Mortgage. 12. Remedies Cumulafbe. All remedies pro~~ided.in this Mortgage are distinct and cumidative to any other right or remedy under this Mortgage or afiorded by law or equity, and may he exercised concurrently, independently or successively. 13. Soccessors and Assigos Bound; ]oint and Serersd I.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hercunder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Borrower shall be joint and several. , The captions and hesdings of the paragr~phs of thic Mortgage are for convenience only and are not to be used to interpret or define the provision~ hereof. 14. 1`'otice. Except for any notice required under applicable lavr to be giveo in another manner, (a) any notice to Borrower provided for in this Mortgage shall he given b~• mailing such notice by certified mail addressed to Borrow-er at the Property Address or at such other address as Borrow~er may designate by notice to I.ender as provided herein, and (b) anp notice to Lender shal) he given by certified mail. return receipt requested. to I.ender ~ address stated herein or to such other address as Lender ma}• designate b}• notice to Borrower as pro.~ideJ herein. Any notice provided for in this Mortgage shall be deemed to have been given to Bormwer or Lender when given in the manner designated herein. 1S. Untiorm ~(ortRage; GorerninR Iaw; Se.•erability. This form of mortgage combines oniform covenants for national use and non-uniform coveoants with limited variations hy juriscliction to constitute a uniform security instrument covering ; rea) property. This Mortgage shal) be governed hy the lavr of the jurisdiction in which the Property is located. in the j event that any provision or clause of this 1liortgage or the Note conflictc w•ith applicahle 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 f end the provisions of ~he Mortgage and the Note arc Jeclared to be severable. 16. Bor[ower's Copy. Borrower shall tx, furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof_ ~ 1~. Trat~sfer of t6e Prope~ty; Assumption. if all or am~ part of the Pmperty or an interest thereio is sold or transferred ~ by Borrower without Lender's prior w~ritten consent. e~cluding (al the crcation of a lien or encumbrance suhordinate to ' this Mortgage. (b) the creation of a purchase money security~ interest for household appliances, (c? a transfer by devise, ~ 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 ~ not containing an option to purchase, I_ender may, at Lender's option, declare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall have w~aived such option to accelerate 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 LenJer and that the interest pa}'able on the sums secured by thit Mortgage shaU 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 hac executed a written assumption agreement accepted in w•riting hy I.ender. 1_ender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerrte. I.enJer ~hall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice chall provide a period of not less than 30 da}•s from the date the notice is mailed within ' which Borrower may pay the sums declared duc. If Borrower fails to pay such sums prior to the expiration of such period, F~ - ~ Lender may, without further notice or Jemand on Barrower, invoke am• rcmedies permrtted by paragraph 1 R hereof. , ~ Norr-L;tvtFOe~?t CoveveN'rs. Borrower and Lender further covenant and agree as followr. 18. Acceleration; Remedies. Except as provided ia paragraph 17 hereof. upon Bormwe~s breach oE any rnvcnaat or - , agreement of Borrower in t6is Mortgs~ge. including the coveaants to pay when due aay soms secured by t6Ls Mortgsge, Leoder prior to accekration s6a11 mail aotice to Borrower as provided in paragraph 14 hereof specityin~: (1) tbe breacb; (2) t6e action ; required to cure suc6 brac6; (3) a date. not le~ than 30 days from the date t6e notice b mailed to Borrowe~, by whk6 such 3 breach mnst be cnred; and (4) that failurr to corc snch breach on or before the dste specified in t6e notice may rcsdt ia ~ accekratioa of t6e snms secured by this Mortgage, foreclosure by judicid procceding aad sak of t6e Property. 'I1~e nMkt shaU further inform Borrower oi tbe right to ninstate after acceleration and ihe reg6t to assert in the foreclosure proceeding the non-e:~steoce of a defauk or any other defense of Borrower fo acceleration and forecbsurc. If the bnach is not cnred on or before the dste specified in the notice. Lender at Exader's option may declu+e a0 of the sams secared by t6is Mort~age to be ~ immediatdy doe and payabk witta~t fnrther demxnd and may foreclose thts Mortgage by judicial proceedi~. Lender shalt be entitled to collect in soch proctediag all e:penses of foreclosure, including, but not I~mited to, reasonabk attoraey's fees, ~ and co~ts of documeatary evidence. abstracts and titk reporb. e'~ ~ 19. Borrowe~'s Rtgbt to Reiostate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage. ; ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time ~ , ~ ° ~ 3U4 3a1 f Y BUCK ~ ; ~ ~ : - - - ~ r ~s.~~~~.~,~ . . , _ _ _