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HomeMy WebLinkAbout1963 Lender's written agreement or applicable law. Borrower shale pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtt:drress of Borrower secured by this Monbage. Unlecc Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from I.cnder to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time an outstanding principal under the Note unless payment of interrst 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 :equine Lender to incur any experue or take f any action hereunder. 8. laspectlorr. Lender may make ar cause to he made reasanable entries upon and inspections of the Property, provided that lender shall give Borrower notice prior to any such inspection specifying reasanabk cause therefor related to Lender's interest in the Property. 9. Coademrratba. The ~r`actteds of any award ar claim for damages. direct ar consequential, in connection with any 's condemnation or other taking of the Property, or part thereof, ar far conveyance in lieu of condemnation, are hereby assigned i t and wall be paid to Fender. in the event of a total taking of the Property. the pracecds shall be applied to the sums secured by this Mortgage, ` with the excess, if any, paid to Barriv+er. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing. there shah be applied to the sums secttrcd by this Mortgage such proportion of the pnooeeds as is equal to that proportian vehich the amattnt of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately pricer to the date of taking, with tht: balance of the proceeds paid to Borrower. if the Property is ahandaned by Bar~ower, ar if. after notice by Lender to Borrower that the condemnor offers to make an award ar settle a claim far damages, Birmvrer fail. ti respind to Lender within 30 days after the date such notice is mailed. Lender is authorized to callect and apply the praceeds. at Lender's aption, either to ratoration or repair of the Property or ro the sums secured h}; this Mortgage. Unless Lender and Borrower otherwise agree in writers. any such applicatian of praceeds to principal shall 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. 19. Borrower Not Released. Extension of the time for payment or midificatiin of amortization of the sums secured by this Mortgage granted by Lender ti an}• sttccecsir in interest of Borrower shall rat ape~ate to release, in any manner, the liability of the original Borrawcr and Bc?rrawer's sttcccssirs in interest. Lender shall not be required to cammence proceedings against such successor ar refuse to emend time far payment or otherwise madify amortization of thr sums secured by this Mortgage by reasan of any demand made b}• the orieinal Borrower and Borrower s succescars in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance h}• (.ender in exercising any right or remedy hereunder, or atherwise afforded by applicable law, shall rat be a waiver of it preclude the exercise of any such right ar remedy. The procurement of insurance or the payment of taxes it ather liens ar charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of_ the indebtedness secured h}• this Mortgage. 12. Remedies Cnmulative. All remedies pras•ided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or affirded by law it equity. and may be exercised concurrently. independently or successively. ' 13. Soccesson and Assigns Borrnd: Joint and Sex•eral Liability; Captbns. The covenants and agreements herein contained shall hind, and the rights hereunder shalt inure to. the respective srrccessars and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jainj and several- The captions and headings of the paragraphs if this Mortgage are far convenience only and are rat to be used to ? interpret ar define the provisions hereif. 14. Notice. Except for any notice rcyuired under applicable law to be given in anather 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 ar at such other address as Borrower rosy designate by nonce to i_ender as provided herein, and j (b) any notice to Lender shall he 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 Birriwer as provided herein. Any notice provided for in this i Mortgage shall be deemed to have t+ccn gtvcn to Birriwcr or (-ender when given in the manner designated herein. IS. Uniform Mortgage: Governing law: Severahilih•. This form of mortgage combines uniform covenants for national use and ran-uniform covenants with limited variations h}' jurisdiction ti canstitute a uniform security instrument covering j real property. This Mortgage shall he giverned M- the law if the jurisdiction in which the Property is located. In the ! event that any provision ar clause of this Mirtg:,ge i~r the Nite cinflicts with applicable law, such conflict shall not affect t other provisions of this Mortgage it the Nitc which can be given effect without the conflicting pmvisian, and to this end the provisions of the Mortgage and the \I~ite arc declared to he severable. 16. Borrower's Copy. Borrower shall Ix furnished a confirmed cop} of the Note and of this Mortgage at the time ` of execution or after recordation hereif. 17. Transfer of the Property; Ascumptiin. If all it any part of the Property or an interest therein is sild or transferred - by Borrower without Lender's prier writtrn consent. excluding (al the creation of a lien it encumbrance subordinate to I this Mortgage. (b) the creattin if a purchase money securers interest fir household appliances, fc) a transfer by devise. descent or by aperation of law upon the death if a j~~int tenant it (d? the grant of any leasehold interest if three years ar less not containing an option ti purchase. Lender ma}•. at Lender's iptian. declare all the sums secured by this Mortgage to be immediatel}• due and payable. Lender shall have waived such iption to accelerate if, prior to the sale it transfer. Lender F and the persan to whim the Property is a~ he al.l it transferred reach agreement in writing that the credit if such person is satisfactory to Lender and that the interest payable in the sums secured by Ibis Mortgage shall be at such rate ac Lender shall request. If Lender has waived the iptiin ti accelerate provided in this paragraph 17, and if Borrower's successar in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Nate. If Lender exercises such option t~ accelerate. Lender shall mail Borrower notice of acceleration in accardance ith ~ paragraph 14 hereof. Such notice shall provide a periid if nit lest than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower (ails to pay such sums prior to the expiration if wch periidi. Lender may. without further notice it demand in Borrower. invike any remedies permitted by paragraph 18 hereaf. Note-UNIFORM COVEtvANTS. Borrower and (.ender further covenant and agree as follows: 18. Acceleration; Retmedies. Except as pm•ided in paragraph l7 hereof, raper Borrowers breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. fender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifyiog: (1) the breach: (21 the action required to erne such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such _ breach mast be cored; and (4) That failure to cure such breach oa or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of tree Property. The twtice shop further inform Borrower of the right to reinstate after acceleration and the right to assert is the foreclosure proceeding ~ the non-existence of a defaua or any other defense of Borrower to accekratan acrd forecbsure. if the breach is oot cared on or before the date specified is the notice. Lender at Lender's aptioa may decbue s11 of the sums secured by this Mortgage to bt immediately due and payable without further demand and may forecbse this Mortgage by judkial proceediriR. Lender shall be eotitkd to collect in such proceeding aq expenses of foreclosure, including. but not limited to, reawnabk attarnr•r's fees. and costs of riocoroentary evidence, abstracts and title reports. 19. Borrower's Ri`bt to Reinstate. NitwithstandinK Lender's acceleration of the sums secured by th~~ Mortgage. Borrower shall have the right to have any proceedings txgun :,y Lender to enforce this Mortgage discontinued at any time i °o~K 3U5 ~.ao~1959