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HomeMy WebLinkAbout1984 t I Lender's written agreement or applicable law. Borrower shah pay the amount of all mortgage ipswattce premiuttasti in the manner provided under paragraph 2 hereof. ~ i Any amatnts disbursed by lender pursuant to the paragraph 7, with intetest thereon, shall become additional a indebtedness of 8ormwer secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such 1 amounts shall be payable upon notice Rom Lender to Borrower requesting payment thereof, and shall bear interest from the daft of disbursement at the rate payahlc from time to time on outstanding principal undt<r the Note unless payment of ; interest at such rate would be contrary to applicable law, in which event such amounts shall hear 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. lttspectioa. lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. j 9, Coodemtntbn. 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 ~f condemnation, are hereby assigned and shall be paid to lxndcr. 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 even! of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums sect?rrd h}• 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 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 settle a claim for damages. Borrower fail, to resi,ond to Lender within 30 days after the dale such notice is mailed. Lender is authoriu~d to collect and apply the proceeds. at lender's option, either to restoration or .repair of the Propeny nr to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w•rit?ng. any such application of proceeds 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. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured b7Ztthis Mortgage granted by Lender to any cuceecsor in inten~ct of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Bormw•er's successors in interest. Lender shall not be required to rnmmence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the s?~ms secured by this Mortgage by reason of am• demand made by the orieinal Borrower and Borrowers successors in interest. • 11. Forbearance by Lender Not a Waiver. Any f?,rhearance h}• 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 an}• such right or remedy. The procurement of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured ht• this Mortgage. 12. Remedks Comulathe. 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. and ma}• be exercised concurrently. independently or successively. 13. Succeswrs and Assigns Bound; .]oint and Several liability; Captions. The covenants and agreemen~s herein contained shall hind, 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 this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcy??ired under applicable law to be given in another manner. fa) any notice to Borrower provided for in this Mortgaee shall he given by 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 1_ender as provided herein. and (h? any notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this ~i Mortgage shall be deemed to have been giscn to Borrower or i_ender when given in the manner designated herein. k 15. Uniform Mortgage: Governing iaw•: Sex•erabiiit}•. This form of mortgage combines uniform covenants for national C iise and non-uniform covenants with limited vari:+tioos h.• jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h.• 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 9 other provisions of this Mortgage or the Note which can ~he grven etiect without the conflicting provision, and to this end the provisions of the Mortgage and the Vote arc Jcclared to he severable. 16. Borrower's Copy. Borrower shall be furnished 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 c.r anv part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinen consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. Ib? the creation of a purchase m?mev .ecurity interest for household appliances, fcl a transfer h.• devise. descent or by operation of law upon the death of a j?~int tenant or (d? the grant of an}• leasehold interest of three }•ears or less not containing an option to purchase. Lender ma}•. at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. 1_ender shall have w:uved such option to accelerate if. prior to the sale or transfer. 1_ender and the person to whom the Property is a~ he ,ol.l or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa}able on the sums secured by 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's successor 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 Note. If [_ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance s.iih paragraph 14 hereof. Such notice shall provide a period of not Iesc than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior M the expiration of such penud. ~ Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 R hereof. Noty-UNIFORM CoveN~Nrs. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies. Etrcept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in Ibis Mortgage, including the covenants to pay when due any sums secured by this Mortgage. fender prior to accekratba shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bresch;121 the action rsquired to cure snob breacb; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by whkh such breach must be cured; and (4) that failure to cure such breach oa or before the date specified in the notice may recall in t sccekratioa of the sums 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 foreclosure proceedin` ~ the non-existence of a default or any ocher defense of Borrower to acceleration and foreclosure. if the breach is not cured on or before the date specified io the notice, lender at l.cnder's option may declare all of the snms secured by this Mortgafe to be immediately due and payable without further dem:?nd and mav foreclose this Mortgage by judkial proceeding. l.endrr shall ~ be entitled to collect in such proceeding all expenses ?rf foreclosure, including. but ttwf limited to, reasonable att„rnt•r's fees, and costs of wuo~aentary evidence. abstracts and Title reports. 19. Borrovrer's Right to Reinstate. Notwithstanding lenders acceleration of the sums secured by thi• Mortgage. ~I Borrower shall have the right to have any proceedings heEun ~y Lender to enforce this Mortgage discontinued at an}• time x EU~~ 3U5 .~,,~f 19~ ,i