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HomeMy WebLinkAbout2018 lender's written agreement or applicable law. Borrower shall pay the amount of a!1 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 indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall hear 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 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. Inspection. Lender may make or cause to be made reasonahle.cntrics upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lenders interest in the Property. t 9. Condemnation. The proceeds of art}, 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 shall 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, i 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 Propert}• immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned b}• Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower 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. s Unless Lender and Borrower otherwise agree in writing. any such application of pra:eeds 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 i -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 he required to commence proceedings agrinst 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 Borrowers successors in interest. I1. Forbearance by Ixnder Not a Waiter. Am• forbearance M• Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of an}• such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lenders -right to accelerate the maturity of the indebtedness secured h}• this 1liortgage. j 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or ! remedy, under this Mortgage or afforded h}• law or equity. and ma}• he exercised concurrently, independently or successively. 13. Successors and Assigns- Bound; Joint and Several T.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 he joint and several. ; The captionr and headings of the paragraphs of this Mortgage arc for convenience only and are not to he used to interpret or define the provisions hereof. 14. Notice. Except (or any notice required under applicable law to be given in another manner. fa) any notice to r_ >__u t.., ~ 't' ..h ^t:Ce ).y .-nrtif:Pt~ mail arlrirrccrd lA Borrower at BVr1VwC1 titOVtul,d tvr in tni~ mvrtZ'u~c Sump iti ~'r.::Ci. : ;na:.::~ the Properly Address or at such other address as Harrower may designate by notice to i.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 ;Mortgage shall he deemed Io have been given to Borrower or 1_ender when given in the manner designated herein. i IS. Uniform 1liortgage; Governing law; Ses•erabilih•. This form of mortgage combines uniform covenants for national use and non-uniform rnvenants with limited variations M• jurisdiction to constitute a uniform security instrument rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the E event that any provision ur 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 Note arc lleclarcd to he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy 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 any part of the Property or an interest therein is sold or transferred t by Borrower without Lender's prior written consent. excluding (a1 the creation of a lien 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 the death of a joint tenant or (di the grant of any leasehold interest of three },ears or less not containing an option to purchase. Lender may. at Lender's option. declare all the sums secured b}• this Mortgage to be 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 satisfacton- to Lender and that the interest payable on the sums secured M• this Mortgage shall be at such rate as Lender w shall request. If Lender 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 ob)igations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with 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 !l. pay such sums prior to the expiration of such period. Lender may. without further notice or demand on Borrower, invoke am• remedies permitted by paragraph 1 R hereof. - NON-UNtFORI?t COYENAN•I$. Borrower and [-ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any cotenant or agreement of Borrower in this Mortgage. including the covenants to pay, when due any sums secured by this Mortgage, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by wihich 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 tI acceleration 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 proceeding ~ - the non-existence of a default 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 at Lender's option may, declare ail of the sums secured by this Mortgage to be l,. immedwtely due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's fees. fl and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this :lortgage. Borrower shall have the right to ha:~e am proceedings begun by Lender to enforce this LiortgaPe discontinued at any time ^:5 a~ 3!,~?~ ~lJ :7.:2014