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HomeMy WebLinkAbout1957 Leader;s written agreement or applicable lair. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by I.cndcr pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such amounts shall be payable upon notice fmm Lender to Borrower requesting payment thereof, and shall bear interest fmm the date of disbursement at the rate payable from tithe to Time ors outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. laspcetion. 1_ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prier to any sttch inspection specifying reasonable cause therefor related to Lender's interest in the Property. . 9. Coademnatbn, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and stall be paid to i.ender. in the event of a total taking of the Property. the proceeds shall be applied to the sums secured 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 Gums secured by this Mortgage 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 of taking bears to the fair market value of the Property immediately prior to the Jate of taking, with the balance of the pt~oceeds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by i.ender to Borrower that the condemnor offers to make an award or settle a claim for damages. Bormwer fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due dale of the monthl)• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 19. Borrower Not Reltpsed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by i.ender to any curcecsor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and &~rrower'c successors in interest. fender shall not be required to rnmmence proceedings against such successor or reface to extend time for payment or othens•ice modify amortizahrnt of the sums secured by this Mortgage by reason of an}• demand made by the original Borrower and Borrowers successors in interest. I I. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right. or remedy 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 farce or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtednesss cec++rcd by this Mortgage. l2. Remedks Cnmulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity.:+nd may be exercised concurrently, independently or s++c~essively. 13. Successors and Assigns Bound:.Joint and Sereral Liability; Captions. 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 joiry and several. The captions and headings of the paragraphs of Chic Mortgage arc for convenience only~aG+d 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 provided for in this Mortgage shall be given h}' mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to lender as provided herein, and (b) any notice to Lender shall be' given by certified mail. return receipt requested. to !.ender s address stated herein or to such other address as Lender may designate h)• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or !.ender when given in the manner designated herein. I5. Uniform Mortgage; Governing Law: Se~erabilit}•, This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations M• jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed M• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable 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 end the provisions of the Mortgage and the Vote arc declared to be severable. 16. Borrower's Copy. Borrower shall t+c furnished a conformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. - 17. Transfer of the Property: Assumption. If all or ant part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrincn content. excluding (al the .creation of a lien or encumbrance subordinate to - this Mortgage. (b) the creation of a purchatc m+~nev security interest for household appliances, (c) a transfer h}• devise. descent or by operation of law upon the death of a j~~int tenant or (d? the grant of any leasehold interest of three years or less not 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 waived such option to accelerate if, prior to the tale or transfer. Lender and the person to whom the Property it to he :old or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interrtt payable on the sums secured b)• this Mortgage shall be at such rate ac lender shall request. If 1_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in interest has executed a written assumption agreement accepted in writing by [.ender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accord:+ncc with paragraph 14 hereof. Such notice shall provide a period of not lest than i0 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fat{s to pay such sums prior to the expiration of such peri+xl. z Lender may, without further nonce or demand on Burrower. invoke any remedies permitted by paragraph 1R hereof. " Note-UNIFORM CovE:v~NTS. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. npoo Bortrower's breach of any coveaant or j agreement of Borrower in ihi; Mortgage. including the covenants to pay when due any sums secured by this Mortgage. Leader prbr to acceleratioa sbdl mail tatice to Borrower as provided in paragraph l0 hereof sptcifyirrg: (1) the breach: 121 the adorn required to core snob breach; (3) s date. not less than 30 days from the date the notice is mailed to Borrower, by which such breach must 6e cured; and (4) that failure to cure such breach on or before the date specified is the notice may result in sceiekration of the auras secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecbsun proceeding the ran-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. if the breach is not cured on or before the date specified in the notice. lender al Lender's option may declare all of the solos secured by this Mortgate to be ~ immediately due and payable without further dem:,nd and mav foreclose this Mortgs=e by judicial proceeding. Lender shall be eotitkd to collect in such proceeding all expenses .+f foreclosure. including. bnt nM limited to. reasonable ~tt~,rni•:'s fees, and costs of uucr:~oentary evidence. abstracts and title reports. 19. Borrowa's Right to Reinstate. Notw•ithttanding Lenders acceleration of the sums secured by the Mortgage. Borrower shall have the right to have any proceeding, t+egun %.y lender to enforce this Mortgage discontinued at any time p 19 gGC~ ~~5 ~a~~ x