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HomeMy WebLinkAbout0173 l.cnder's written agrcemcnt or applicablc law. Borrower shall pay thc amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, wi~h intecest thereon, shall become additional inJebtedneu of Borrowe~ securcd by this Mortgage. Unless Borrower and l.ender agrce to other tern?s of payment, such amaunts shal) be payable upoo notice f~om I.ender to Born?we~ rcquesti~g payment thereot, and shall bea~ interest from the date of disbursement at the rate payahle from time to time on outstanding principal under the Note unless payment of intercst at such rate would be contrary to applicahle law, in which event such amounts shall txar interest at the highest rate permiuible uoder applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or talce any action hereunder. a. Inspectioa. Lender msy make or cauu to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrowe~ notice prior to any such inspection specifying reasonable cause therefor related to Lender's . ~ t ,y.,.. X interest in the Property. ' 9. Coademaatba. The proceeds of any award or claim 'for damages, dircet or conuquential, in connection with sny con~em~ation o~ other taking of the Property, or part thereof, or for conveyance in lieu of co~demnation, are hereby assigned and shall be paid to Lender. In the event of a tota) taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Property, unless Borrower and Lender otherwise agrce in writing, there shall be applied to the sums securcd by this Mortgage such proportion of the proceeds as is equa) ta that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immcdiately 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 notice by Lender to Borrower that the condemnor offers to make an award or uttle a claim for damages, Borrower fails to rapond to Lender within 30 days after the date such notice is mailed, Lendcr is authoriud to collect and apply the proceeds, at Le~der s option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agrce in writing, any such application of proceeds to principal shaU 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. 10. Borrower Not Relessed. Fxtension of the time for payment or modification of amortization of ihe sums securcd by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability oP the original Borrower and Bc~rrower's successors in interest. Lender 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 by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. : il. Forbearance by I.ender Not a Waiver. Any forfiearance by I_ender in exercisin~ any right or remedy hereunder, or otherwise afforded by applicablt law, shall not be a waiver of or preclude the ezercise of any such right or remedy. 'i?~e procarement of insurance or the payment of taxes or~other liens or charges by Lender shall not be a w•aiver of Lender's right to accelerate the maturity of the indebtedness seceired hy this Mortgage_ ]2. Remedies Cumulatl~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. l3. Socce~ors snd Assi~as Bound; Join[ and Several i.iabilfty; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder 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 headings of the paragraphs of this Mongage are for convenience only and are not to be used to interpret or define the provisions hertof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrow~er may designate by notice to T.ender as provided herein, a~d (b) any notice io Lender shall be given by certified mail, return ceceipt requested. to l.ender s address stated herein or to such other address as Lender may designate by notice to Borrower as provided here,jn. A~y notice provided for in ihis Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. l5. Unjform Mortgage; Govemin~ Law: Sererobilit~•. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ~ I real propeny. 'il~is Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. in the k event that any provision or clause of this Mortgage or the Note conflicts with applicabte law, such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting pmvision, and to this E end the provisions of the Mortgage and the ?vote are declared to be severable_ k 16. Borrower's Copy. Borrower shall be fur~ished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ; 17. Transfer of tbe Property; Assumption. Tf all or any part of the Property or an interest therein is sold or transferred ~ by Bortower without Lender's prior written consent, excluding (al the creation of a iien or encumbrance subordinate 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 tbe death of a joint tenant or (d1 the grant of any leasehold interest of thrce years or less i not containing an option to purchase, Lender may, at Lender's option, declare all the sams secured by this Mortgage to be f immediately due and payable. Lender shall have waived 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 Lender and that the interest payable on 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 ezecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ : if Lender exercises such option to accelerate. I_ender shall mail Borrow•er notice of acceleration in accordance with i ; paragraph 14 hereof. Sucfi notice shall 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 due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrow-er, invoke an~• remedies permitted by paragraph 18 hereof. Notv-UrrtFOxt?t CovEx~xTS. Borrower and Lender further covenant and agree as follows: 18. Accderation; Remedks. Except as provWed io paragrap6 17 hereoE, upon Borrowe~'s breach of any corenant or = agreement ot Borrower in tl~ Mortgage, includfng the covenants ~o pay when due any sams secnred by thtt Mo~age, Lender ' prbr to accekratba s6a11 mall uodce to Borrower as pmrided In parsgraph 14 bereof specifyto=: (1) tbe breach; (1) t6e action ~ required to care sach breacb; (3) a date, not less than 30 days from t6e date the aotice is mailed to Borrower, by whkL suc6 ? breacb mnst 6e cnrrd; and (4) that failure to curc snch breach on or before the d~e speciAed ie the notke may ranlt in ` accderatioo of t6e sams secnred by tbt~ Mortgsge, forcclowre by jndkial proccedin~ aod sak of tbe Pmperty. 'Il~e nutice - shaU forther inform Borrower oE the riaht to reinstate after sccekntbn aai the rig6t to assert in t6e forcclosure pruceedt~ ~ the noo-exktence ot a default or any other defense of Borrower to accderatbn and foreclosure. If t6r.• bresc6 is not cored on or before the dats spccified i~.tbe notice, Leader at I.eoder's option may declare a0 of tl~e soms secnred by this Mort6a`e to be h immediatdy doe and payabk withoat turther demand and may foreclose tfiis Mortgage by judicial proceediu~. Leader s6a11 be entitkd to collert ia snch proceediog aD e:penses of forcclosurr, including, bnt not Umlted to, roasonabk attoroey's fta, ; and casb of docomeatary evidence.~act: aad tiHe reports. ~ 19. Borrower'a Rigbt to Reiostate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, s Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ gooK305 ~ac~ 173 5 ~ A ~