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HomeMy WebLinkAbout0331 ! l~ender's written agrcement or applic~ble law. Barrower shall pay the amuunt of all mortgage insurance premiums in the manner provided under pa~agraph 2 hereo(. f A~y amounts disbuned by l.ende~ pu~suant to this paragraph 7, with interest thereon, shall become additio~al ~ , inJebtedness of Borrower securcd by this Mortgage. Unless Borrower and I.enJe~ agree to other terms af payment, such ! amaunts shall be payable upon notice from 1_ender to Bormwcr requesting paymPnt thereof. and shall bear interost from the ~ date of disbursement at the rate payable from time ta time on outstanding principal under the Note unless payment of ~ interest at such rate would be contrary ta applicable law•, in which ever,t such amaunts shall bear interest at the highest rate ~ permiuibk under applicable law. Nothing contained in this paragraph 7 shall require [.ender to incur a~y expense ot take i any action hercunder. ~ 8. lospectba. Lendcr may make or cauu to be made reaconable c~tries upon and inspections of the Propeny, provided . that Lender shall give Borrower notice prior to any such ie~pectio~ specifying rcasonable cause theretor related to I_ender s interest in the Property. 9. Coademaatbn. The proceeds oi any award or claim for damages, direct or concequential, in connection with any condemoation or other taking of the Prnperty, or pan thereof, or far conveyance in lieu of condemnation, a~e hereby aszigned and shall be paid to I.ender. In the event of a total taking of the Pmperty. the proceeds shall be applied to ~he sums sec~~red by this Mortgage. v?~ith the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender oihenvise agree in writing. there shall be applied to the sums secured by thic Mor~gage such propartion of the proceeds as is equal to that proportion which the amount of the sumc secured by this Mortgage immediately prior ta the date of taking bears to the fair market value of the Propeny immediately priar to the Jate of taking, with the balance of the proceeds ~ paid to Borrower. if the Property is abandoned bp Borrower. or if, after notice by l_ender to Borrower that the condemnor offers to make • an award or settle a claim for damages, Borrower fails to respond to l.ender within 30 days after the date such notice is ~ mailtd. Lender is authorized to collect and apply the proceeds, at i_ender i aption, either to restoration or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w~riting. an~• such application of proceeds to principal shall not extend or postpone the due date of the monthly installmcnts referrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. BoROwer Not Rekased. Extension of the time for pa~ment or modifiration of amortization of the sums secured by this Mortgage granted by I_ender to any successor in interest of Borrow~er shall not operate to release, in any manner, ~ the liability of the original Borcower and &~rrawer's successorc in interest. i_ender shal) not be required tci commence proceedings against such successor or refuse to eztend time for payment or othen~~ise modify amortization of the sums ~ secured by this Mortgage by reason of any demand made b~~ the oricinal Borrower and Bormwer s successors in interest. ~ 11. Forbearance by I.ender 1\'ot a Waiver. Any fc?rhearancc hy I.ender in erercising am right or remedy hereunder, or otherwise aRorded 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 taxec or other liens or charges by I.ender shall not he a K•aiver of Lender s right to accelerate the maturity of the indehtednets u:curcd hy thit Mortgage. 12. Remedks Cumulati~e. r~ll remedies provided in this Mortgage arc distinct and cumulative to any other right or remed~• under this Mortgage or afforded by law or equity, and may he exercised concurrently, independently or successively. 13. Snccessors and Assiqns Bound; Joint and Se~~eral i.iability; Captions. The covenants and agreements herein ~ contained shall bind, and the rights hereunder shall inure to. the recpective succec~rs and assigns of I_ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreemeni~ of Borrow~er shall be joint and several. > The captions and headings of the paragraphs of thi~ Mortgagc are far comenience only and are not to be used to ; interpret or define the provisions hereof. ~ 14. Notice. Ezcept for any notice required under applicable law• to be given in another manner. (a) any notice to B~rrower provided for in this Mortgage shall he givcn b~~ mailing cuch notice by certified mail addressed to Borrower at a the Property Address or at such other addrecs as B~rrow~er ma~• designate by notice to i_ender as provided herein, and ~ ~ (bl any notice to Lender shall he given by certificd mail. retum receipt requested. ta I.enders address stated herein or to ~ ~uch other address as I_ender may designate b~• notice t~~ Borrow~er as provided herein. Any notice provided for in this ~ ' Mortgage shall be deemed to have been given to Bormwer or l.ender when given in ihe manner designated herein. ~ ~ lS. Uniform Mortg~e; Governin~ Law; Se.•erability. This form of mortgage combines uniform covenants for national ~ ' use and non-uniform rnvenants with limited variations h}• jurixliction to constitute a uniform security instrument covering ~ f ` k real property. This Mortgage shall be governed hy the law• of the juricdiction in which the Property is located. In the ~ ; event Ihat any pravision or clause of this Mortgage ~r the Note conflicts Hith applicable law, such conflict shall not a.ffect 9 ~ other pro~~isions of this Mortgage or the Note ~•hich can be given efTect without the conflicting provision. and ~to this ~ ( end the provisions of the Mortgagc and the `ote are dcclared to be severaMe. ~ ! 16. Borrowe~s Copy. Borrow•er shall tx; furnished a conformed cop~• of the Note and of this Mortgage at the time G of execution or after recordation hereof. - R 17. Transfer of t6e Property; Assumption. If all or any part of thc Property or an interest therein is sold or transferred 3. ~ by Borrower without Ixnder s prior written concem. excluding (a1 the creation of a lien or encumbrance subordinate to ~ ~ this Mortgage. (b) the creation of a purchase money securit}• interest for household appliances. (c) a transfer b}~ devise, ~ ~ descent or by operation of law upon the death of a ji.int tenant or (d? the grant of any leasehold interest of three years or less ~ ~ not containing an option ta purchase. I_ender may. at Lender'~ option, declare all the sums secured by this Mortgage to be ~ " immediately due and payable. Lender shall have u~aived such option to accelerate if. prior to the tale or transfer, Lender E R and the person to whom the Property is to be solJ or transferrcd reach agreement in w•riting that the creJit of such person ~ ~ is satisfactory to I.enJer and that the interest pay~able on the sums ~ecured by ihis Mortgage shall be at such rate as Lender t ~ shall request. ff Lender has wai~ecf the option to accele~ate pro~•ided in this paragraph 17, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by Lender, I.ender shall release Borrower from all ~ ~ obligations under this Mortgage and the Note. ~ if I_ender exercises such option to accelerate. LenJer tihall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a perioci ~f not less than 30 days fmm the date the notice is mailed within _ which Borrower may pa}' the sums declared du~. If Rorro~er fails to pay such ~ums prior to the expiration of such period. ~ Lender ma}•, withaut further notice or Jcmand on Borrower. invale am~ rcmcdies permitted by paragraph 1R hereof. yti a Norr-Utv~FOR~?t CovEN~tv-rs. Bonower and I_ender further covenant and agree as follows: ; 18. Acceler~tion; Remedies. Except as pro~ided in paragraph 17 hereof. upon Bormw~er's breach of any covenaat or ~ - agreement of Borro~er in t6is Mortgage. including 16e covenants to pay when due any sums secured by this Mortgage, Lender - prior to accekratba sball m~il notice to Borro~ver as provided in paragraph 14 hereof specfty:us: (l) tbe breach; (2) t6e action r reqnind to core sucb breach; (3) a date, not less tban 30 days fmm the date the notice is mailed'to Borrower, by whic6 such t t~ breach mnst be cured; and (4) that fallure b cure such breach on or before the d~te speci6ed ia the notice may resdt in ~ accekration of t6e saua~ sccurcd by this Mortgage, forcclosurc by judicial proceeding aad sak ot t6e Property. 1be notice ' ~ shaU furt6er iaform Borrower of ihe right to reirestate after sccekration and the right to assert in the toreclosure proceed~nq ` t6e non-exWence of a default or anv othcr defease of Borrower to acceleration and foreclosure. if the breac6 i~ nM enred on i or before tbe date spectfied in the notke. Lender at Leode~s optjon may declare Ap of the sn~ns secused by th~s Mort~s`e to be . ~ _ immcdiately doe and Payable vv~thodt furt6er demand and may foreclose tb~s Mortgage by judkial Qroceedit~. I.eader shatl i ~ ~ be entitled to co0ect ia snc6 proceedjng aq e:penses of foreclosure. includiag, but not Umitcd to. reasoasbk attorney's fees. i ` and cosfs o[ docomentary evidence, a6stractc and titk reports. ~ i 19. Borror?e~'s Riaht to Reiostate. 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 e, E F ~P 1 . ; s~~r 3U4 33 ~ . - ~ ~ ~ ~ _ - _ - _ ~ ~ _ : ~ ~ ~ ~ ~ x ~ ~i_t,a. _ _ . s?€~ ~