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HomeMy WebLinkAbout2549 Lender's written agn;ement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant Io this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortbage. Unless Borrower and lender agree to other temps 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 amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take any action hereunder. 8. laspectioa. i.ender may make it cause to be made reasonable entries upon and inspections of the Property, provided that !.ender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. ; ~ ~ ~ 9. Cowdemnation. The precetdc of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the Property, er part thereof, er for conveyance in lieu of condemnation, arc hereby assigned and wall be paid to i_ender. in the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event ai a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums sect+red by this Mortgage such proportion of the prootxds , as is equal to that proportion which the amount of the sums cec++rcd by this Mortgage immediately prior to the date of taking bears to the fair market value of the Pripcrt.y immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is ahandinccl by Bar:awcr. or if. after notice by 1.cndcr to Borrower that the condemnor offers to make an a~+ard or tettlt a claim for damages. Burrower fail. to rrspnnd to lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at i.ender i option, either to restoration ar repair of the Property ar to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in H•rihne. any such applicationaf pracetds 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 s~~ch installments. lb. Borrower Not Released. Extension if the time for payment or modification of amortization of the sums secured by this Mortgage granted by i.ender to any c+rccecser 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 a<tend time for payment or otherwise modify amortizat+rnr of thr sums secured by this Mortgage by reason of any demand made by the iricina) Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any firbearance M• Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver if it preclude the exercise of any such right ar remedy. The procurement of insurance or the payment of tares it other liens or charges by Lender shall not he a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right ar remedy under this Mortgage or afforded by law it equity. and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound: Joint and Several i.iability; Captions. The covenants and agreements herein contained shall bind, and ehc rights hereunder shall inure to. the respective successors and assigns of L"ender 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 arc not to be aced to interpret ar define the provisions hereof. 14. Notice. Except for any notice rcyuired under applicable law to be given in another manner. (a) any notice to Borrower provided far in this Mirtgaee chill be given by mailing such notice by certified mail addressed to Borrower at the Property Address ar at such other address as Burrower may designate by notice to Tender as provided herein, and (bl 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 be deemed to have been g+vcn to Birruwcr or Lender when given in the manner designated herein. 1S. Uniform MortRaf;e: Governing: Iavr: Severabilit~•. This farm of mortgage combines uniform covenants for national use and pan-uniform covenants with limited variatiins by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall he governed M• the law• of the jurisdiction in which the Property is located. In the z event that any provision or clause of this Mirtg:.ec ur the Note conflicts with applicable law, such conflict shall not affect z other previsions of this Mortgage it the Nuti which can be given effect without the conflicting provision. and to this j end the provisions of the Mortgage and the date arc .Icclarcd ti he severable. 16. Borrower's Copy. Borrower shall he furnished a confirmed 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 ur am• part of the Property or an interest therein is sild or transferred by Borrower without Lender's prier writrrn consent. excluding (al the creatiin of a lien or encumbrance subordinate to this Mortgage. (hl the creauin of a purchase m+me~• security interest fir hiusehald appliances. (cl a transfer M• devise. I descent or by operation of law open the death if a iuint tenant it Id? the grant of any leasehold interest if three yews it lace not containing an option ti purchase. Lender may. at I.ender'c option. declare all the sums secured by this Mortgage ti be immediately due and payable. Lender shall base ~ar.•ed such eptiin ti accelerate if, prior to the tale or transfer. Lender and the person to whim the Property i, to br .il.l ur 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 this Mortgage shall be at such rate as 1_ender shall request. If Lender has waived the iptiin ti 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 Lender exercises such option ti accelerate. Lender shall mail Borrower notice of acceleration in accerdancc s+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 fails to pay such sums prior to the expiration if each pcri+xi. = Lender may. without further notice it demand on Borrower. invoke any remedies permitted by paragraph 1 R hereof. - Note-IINfEORM CoveNe?vrs- Borrower and Lender further covenant and agree as follows: : J 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. report Borrower's bresch of any covenant or - agreement of Borrower in this Mortgage. including the covenants to pay when due spy sours secured by this Mortgage. lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bresch: 121 the action required to care such breach; (3) a date. not less than 30 days from the date the pollee is mailed to Borrower. by which such breach mint be cared; and (4) that failure to cure such breach on or before the date specified is the notice may result in _ rrccekratioa of the surrrs secured by this Mortgage. foreclosure by judicisl proceeding and sale of the Property. Tire 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 defauh or any other defence of Borrower to acceleration and foreclosure. If the breach is not cared on or before the date specifted in the notice. Lender at Lender's option may declare afl of the snrns secured by this Mortgage to be immediately dot and payable without further demand and may foreclose this Mortgage by judicial proceeding. I_en!ler shall be entitled to collect in such proceeding ale expenses of foreclosure, including. but nM limited to. reasonable attnrncr's fees, gad costs of wrcrroeatary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Nitwithctanding Lender's acceleration of the sums secured by thr• Mortgage, Borrower shall have the right to have any proceedings txxgun ~y Lender to enforce this Mortgage discontinued 3t any time ace.=.3U5 -~.~:2544