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HomeMy WebLinkAbout1990 f Lender's written agreement or applicabk law. Borrower ahali pay the amount of all mortgage insuranoe prcmiurm in the manner providcct under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest therrnn, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender ague to other terms of payment, such amounts shall be payable upon notice from lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such arnonnttt shall bear interest~at the highest me permissible under applicabk law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take any action hereunder. 8. laspecfioa. 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. 9. Cotademnatbn. 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, arc hereby assigned and wall be paid to Lender. 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 sums secured by this Mortgage such proportion of the proceeds i 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 ahandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Harrower 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 f.ende~ 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 date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. s 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower'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 1 se.:ured by this Mortgage by reason of an~• demand made by the oritinal Borrower and Borrowers successors in interest. 11. Forbearance by Gender Not a Wainer. Any forbearance by 1-ender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shall vat be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liens ur charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtednesss secured by this Mortgage. 12. Remedies Cnmulatire. -All remedies provided in this Mortgage arc distinct and cumulative to~any other right or i remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successively. ' 13. Stucessors and Assigtss Bound:.]oint and Several i.iability; Captions. The covenants and agreements 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 joirq and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are not to be used to interpret or define the provisions hereof. i4. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided fir in Chic Mortgage shall lx' given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Barmw•er mas• designate by notice to Lender as provided herein, and { (b) any notice to Lender shall be given by certified mail return receipt requested. to Lenders address stated herein or to such other address as Lender may designate h}' valise to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been grs•cn to Borrower ar Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing law; Senerability. This farm of mortgage rnmbines uniform covenants for national use and non-uniform covenants with limited variations h~• jurisdiction to rnnstitute a uniform security instrument covering E real property. This Mortgage shall be governed hs• the law• of the jurisdiction in which the Property is located. In the f event that any provision or clause of this Martg~ge ~~r the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which ran be given effect withot;t the. conflicting provision, and to this ~ end the provisions of the Mortgage and the 'Nate arc declared to be severable. 16. Borrower's Copy. Borrower shall be 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 ar am• part of the Property or an interest therein is sold or transferred 5 by Borrower without Lender's prior wrirnn consent. excluding Sal the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purchase manrv security interest far household appliances, (c) a transfer by devise. - descent or by operation of law upon the death of jamt tenant or (dt the grant of any leasehold interest of three years or less not containing an option to purchase, (.ender may. at Lender's option, declare all the sums secured by this Mortgage to be I immediately due and payable. Lender shall have wai.•ed tiurh option to accelerate if. prior to the sale or transfer. lender and the person to wham the Property is to t+c :al.t ar transferred reach agreement in writing that the credit of such person ~ is satisfactory to Lender and that the interest pa} able an the sums secured by this Mortgage shall be at such rate ac lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower ~ 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 Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdancr s. ith x paragraph 14 hereof. Such notice shall provide a period of not less 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 to the expiration of Such period. Lender may, without further notice or demand on Borrower, invoke an}• remedies permitted by paragraph 18 hereof. Noty-Utvtt=oRt~t COVENANTS. Borrower and Lender further covenant and agree as follows: - 18. Acceleration; Remedies. )Except at: provided in parr+Rraph 17 hereof, upon Borrower's breach of gay covenant or agreement of Borrower is this Mortgage, including the covenants to pay when due any sums sscnred by this Mortgage, Lender ~I r prior to sccekration shall mail notice to Borrower as provided In paragraph 14 hereof specifying: (1) the breseb: (2) the action required to enre such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on 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 the Property. The notice shalt further inform Borrower of the right to reinstate after sccekration and the right to assert is the foreclosure ptroceediug the non-a:isience of a default or any other defense of Borrower to acceleration and foreclosure. if the breach is not cnred on or before the date specified in the notice, lender at Lender s option may declare aN of the sums secured by this Mortgafe to be immediately dreg and payable without further demand and may forccbse this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses .rf foreclosure. including, but toot L'mited to, reasonable ata,rne.'s fees. - and costs of uucumentary evidence, abstracts and tick reports. 19. >sorrower'4 Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by the M.~rtgage, Borrower shall have the right to have any proceeding, begun ~y Lender to enforce this Mortgage discontinued at any time `f.3~5 ~-~:1986