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HomeMy WebLinkAbout0349 l.ender's written agreement or applirable law. Borrowtr shall pay the amount ot all mortgage insurance premiums in the ' manner provided under paragraph 2 hereof. Any amounts disburud by l.enckr pursuant ta this p~ragraph 7, with intercst thereon, shal) hecome additional indebtedness of Bor~ower secured by this Mortgagt. Unle+s Borrow•er a~d l.encler agree to othe~ terms of payment, such amounts shall be payablt upon noticc fram l.ender to Burrowc~ reyuesting payment thereof, and shall bear ioterest from the date of disbursement at the ratc payable from time to time on outstanding principal under the Note uoless payment of interat at such rate would be contrary to applicable law, in v?~hich event such amounts shall bear interest at the highest rate permissible under applicable law. Nothiog contained in this paragraph 7 shall require I.ender to incur any expense or take any action hcreunder. S. I~specfioo, i_ender may make or cause to be made reaconable entries upon and i~spections of the Property, provided that i.ender shall give Borrower notice prior to any such inspection specitying reasonable caux therefor relattd to l.ende~'s interest in the Propeny. - 9. Coademnntbn. The proceeds of any award or claim for damages, direcl ar consequential, in connectio~ with any condemnation or other laking of the Pr~perty, or part thereof, ar for conveyance in lieu af condem~ation, are hereby assigned and shall be paid to Lender. In the event of a total taking af the Propen~, the proceeds shall be applied to the sums secured by this Martgage. v?•ith the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unlesc Borrower and Lender otherwise agree in writinR. there shall be applied to the sums secured by thic Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sumc secured by this Mortgage immediately prior to the date of taking Ixars 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 aba~donecl by Borrower, or if. after notice hy i.ender to Bormwer that the condemnor offers to make an aw~a~d or settle a claim for damages, Borrower fails to res~nd to 1_ender within 30 da~~s after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at i.ender's option, either to restoration ar repair of the Property or to the sums secured by this Mortgage. Unless I.ender and Borrow•er othen~•ise agree in writing, any such application of proceeds to principal shatl hot extend or pcxtpone the due da~e of the monthly installments refe~rcd ta in paragraphs 1 and 2 hereof or change the amount of xuch i~stallments. 10. Borrower Not Released. Extension of the time for pa~~ment ar modification of amartization of the sums secured by this Mortgage granted by l_ender to an~• successor in interect of Borrow•er shall not operate to release, in any manner, the liability of the original Borrower and Bormwer'c surcessorc in interest. I_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or other.aise modify amortization of the sums secured by this Mortgage by reax~n of any demand made b~• the ori¢inal Borrower and Borrower s successors in interest. 11. Forbearance by Lender 1Vot a Waiver. An~~ forhearancc M• I.ender in exercising any right or remedy hereunder, or othenvise affordeci by applicable law, shall not he a waiver of or preclude ihe exercise of am• 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 Lende~ s right to accelerate the maturity of the indeMedne~s .~cured h~~ thic Mortgage. 12. Remedks Cumulative. All remedies pre?~-ided in this I?lortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by laa~ or equity. and ma}• be exercixed concurrendy. independenNy or successively. 13. Soccessors aad Assi~ns Sound; Joint and Se~~eral I.iability: Captions. The covenants and agreements herein contained shall bind, and the rights hercunder shall imire to. the retEx:ctive succecsors and assigns of I.ender and Borrower, subject to Ihe provisions of paragraph 17 hereof. All covenants and agreements of Borro~aer shall be jaint and several. The captions and headings of the paragraphc of this I?lortgage are for convenience only and are not to be used to interpret or define the provisionc hereof. 14. Notke. Excep! for any notice required under applicable law to be given in anoiher manner. (a) any notice to Borrower provided for in this Mortgage shall be given hy mailing such notice by' certified mail addressed to Borrower at the Property Address or at such Mher address as Borrow~er ma}• dcsig~ate bt• notice to T.ender as provided herein, and (b) any notice to Lender shall be given by certificd mail. return rcceipt requested. to I enders address stated herei~ or to such other address as Lender map designate by notice to Born..~~er as pro~~ideJ herein. Any notice provided for in this ~ Mortgage shall be deemed to havc been given to BorroN~er or I.ender w~hen given in the manner designated herein_ ~ 15. Uniform Mortgsq~e: Governin~ Law; Severabilit~~. This fc.rm of mortgage combines uniform covenants for national use and non-uniform covenants w~ith limited variations hy jurisdicticx~ to constitute a uniform security instrument covering E rea) property. This Mortgage shall be gocerned hy the law• of the jurisJiction in which the Property is Iocated. In the ~ event that any provision or clause of this Mortgage c~r the Note conflicts with applicable law, such conflict shall not aRect ; other provisions of this Mortgage or the Note ahich can be gi~•en effect withoui the conflicting provision. and to this g end the pro~isions of the Mortgage and the Vote are drelared to be severahle. ~ ¢ 16. Borrowe~s Copy. Borrower shall be furni~hed a conformed copy of the Note and of thic Mortgage at the time 4 of execution or after recordation hereof. 3 17. Tmnsfer of fhe Property; Assumption. if all or am• part of the Pmperty or an interest therein is sold or transferred ~ by $orrow•er without Lender's prior written consent. e~cluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase mone~~ securit~• interest for househotd appliances, (c1 a transfer b}• devise, ~ descent or by operation of law upon the Jeath of a joint tenant or (d? the grant of any Icasehold interest of three years or less ~ not containing an option to purchase, Lender may, at Lender'c option. declare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall have w•ai~•ed ~uch option to accelerate if, prior to the ~ale or transfer. I_ender ~ and the person to whom the Property is to be sold or transferred reach agreement in va•riting that the credit of such person is satisfactory to Lender and that the interest pa}•able on the sums secured by thi~ Mortgage shall E?e at such rate as Lender ~ shall request. If Lender has waived the option to accelerate provideci in this paragraph 17, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing hy Lender. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. I.enJer shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a peri~xl of not less than 30 days from the date the notice is mailed within ~ .?•hich Borrou~er may pa}• the sums declared due. If Borrower fail~ to pa~• such cums prior to the expiration of such period. ~ T_ender may, without further notice or demand on Borrow•er. im~oke an~- rcmedies permitted b}~ paragraph 1 R hereof. ~ Not~-Utv~FOet~t CovEx~xTS. Borrower and Lender further covenant and agree as follows: : ` 18. Acceleratioa; Remedies. E:cept s~ provided in paragraph 17 hereof. upon Bormwer's breach of any covenant or ? agreement oE Borrower in t6as Mortgage. including the cofenants to pay when due any sunu secured by thLs Mortgage, Leoder ~ prior to acceleratlon sbali mail notice fo Borrower as provided in paragraph 14 henof specifying: (1) tlx breacb; (2) tbe action required to cure snch breach; (3) a date, oot le~ than 30 days trom the date the notice is mailed to Borrower, by ~+hk6 suc6 7 breach most be cared; and (4) that failurc to cure sach breach on or before t6e date specified in the ootke may resolt ia = accekration of t6e snuis secnred by this Mortgsge, forcclosurc by judicial proceeding and sale of tbe Property. 7be notice , shall furt6er inform Borrower of the rigbt to rcinstate after acceleration and t6e rig6t to assert in the foreclosure Proceeding tbe oon-e:istence o[ a defauk or aay other defense of BoROwer to accekration and forecbaure. '•f the breach Ls oot cnred on ~ or before the date specified jn tbe notke. Lender al Lender's option may declare all of the snms se~urcd by this Mort~age to be v= immediatdy due and payabk without further demand and may foreclose this Mortgs~ge by judicial proceediug. Leader shall be ent~ded to collcct in sncb proceeding all espeoses of foreclosurc, including. but not limited to. re~sonabk sttorney's fees, ~ ~ and costs of docnmentary evidence, abstracts aad titk rsports. ~ 1 ~ 19. Borrower's Rig6t to Rejastate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. ; Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time ~ ~ 4~[~~r. `3U~ ?a~E 349 ~ . ~ ~~;V : , - ~ 2 _ ; _ `~r . _ . ~,g_ ~ ~ t . ~'"l~~"'~'~~'~'4~w~^r' Z Y~~'G".5'.lFL