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HomeMy WebLinkAbout0871 ~ Lender's writte~ agreeme~t or applicabb law. Borrowe~ shall pay the amount oi al! mottgaae iosuranoe premiums in tNe manner provided unde~ paragnph 2 he?eof. Any amounts disbursed by I.ende~ pursuant to this paragnph 7, with intetest therean, shall become additional indebtedness of Borrower secured by this Mortgage. Unkss Borrowe~ and I.enJer agrce ta other tertns of payment. such amouots shall be payabk•upoo nc~lice f~am I.e~de~ ta Borrower requestiog payment thereaf, aod shall bear intercst from the . date of d'ubursement u the rate paysbk from time to time on aitatanding principal unde~ the Note unless payment of interest at :uch rate would be contnry to applicabk law, in which event such amounts shall be~r interest at the highest rate permissibk under applicabk law. Nothing rnntained in this paragraph 7 shall rcquire I.ender to incur any eapense or taice any action hercunder. s. ta~pectio~. Lende~ may make or ra~~u to be made reasor~abk entries upoo and inspections of the Property. pmvided that l.ender shall givo Borrawer ~otice prior tq aqy such inspection specifying rrasonabk cause therefor rclated to Lrnde~'s interest in the Property. 4 9. Condem~stio~. Tht proceeds o!' any award or claim for damages, dircet or consequential, i~ rnnnoction with a~y condemnation or other taking of the Propeny, o~ part therec~f, or for conveyance in lieu of condomnation, are hereby assignod and s:~all be paid to i.ender. in the event of a tatal taking of the Property. the prcxeeds ~hall hc applied to ~he sums sec~~red by ~his Mort~age. with the exccss, if any, paid to Borrower. in the event of a partial taking af the Property, unlas Botrnwer and I.ender • o~herwise ~groe in writing. therc shall be applied to the cums secured by this Mangage such pmportion of the proceeds as is equal to that propoNion v?hich the amount of the sumc cecured by this Mortga~te immediately priar to the date of taking bears to the fair market value of the Propcrty immediately prior to the date of taking, with the balance of the proceeds ; paid to Bornower. If the Property is abandoned by Bc~r:ower, or if. afler notice by i.ender to Borrower that the condemnor o}fen to make an award ar settle a claim for damages, &~rrower fail. to res~nd to l.ender within 30 days after the date such notice is maikd. Lender ic authorized to callect aRd apply the proceeds. at 1_endcr's option, either ta restoration or repair of ihe Properiy or to the sums cecured by this Mortgage. Unless I_ondet and Borrower otherwice ag~ee in writine, any such application of proceeds to principal shall not extend or pcutpone the due date of the monthly installmcnls rcfcrrcd ta in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Rele~. Extension of the lime for payment or modification of amortization of the sums securcd by this Mortgage granted by I.enJer to any cuccecsnr in interest of Borrower chall not ope~ate to rele~u, in any manner. the liabilily of the original Borrower aod &•rrower'c successe?rs in interest. [xnder shall not be required ta rnmmence proceedings against such successar or refuse ta e<tend time for payment or otherv?•ice mcdify amortizat~on of thr .~~ms secured by thic Mortgage by reasor? of any demand made by the orieinal Borrower and Borrow~er s successon in intercct. ll. Forbearance by Lender Not s Waiver. An~• f~rhea~ancr h~~ l.ender in exercising any right or remedy hereunder, or othervvise afforded by applicable law. shall not be a waiver o( or preclude the e?cercise of any such right or rcmedy_ The proc~~rement of insurance or the payment of t~rec or other liens cx charges by t.ender shall not be a waiver of Lender's right to accelerate the maturity of the indehtedness cecured hy thic Mortgage. 12. Remedies Cbmulst~e. All remedies provided in this Mortgage are distinct a~d cumulative to any olher right or remedy under this Mortgage or afforded hy law or equi~y, and may be exercised concurrently. independemly or successively. • ' 13. Soccessors and Assi~us Boxnd: ,/oinl and Se.~eral [.iaM'lify; Captbns. The covenants and agreemen:s hercin contained shall bind, a~d the rights her~under shall inure to. the n.~spective successorc and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants aod agreements of Bo~rower shall be joiry and several. 'i?~e captions and headings of the paragraphc of thic Mortgage are for convenience only and ar+e not to be used to interpret or de6ne ihe provisions hereof. 14. Notiee. Except for any notice reyuired under applicable law t~ be given in another manner. (al any notice to Borrower provided for in this Mor~ga¢e shall be given by mailing such notice by certified mail addressed to Borrower at ihe Property Addrcss or at such ~~ther addre~. as Borrow•er ma}• designate b~• notice to T.ender as provided herein, and (b) any notice to Lender shall he given hy certified mail. return receipt requested. to l.enders address stated herein or to such other address as Lender may~ decienate b~• n~tice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to havc l~een g~~~en to Borrow•er or Lcnder when given in the manner designated herein. 15. Uniform Mori~a~e: Governin~ LaN•i Se.•eraMility. Thi~ form of mongage combines uniform covenants for national use and non-uniform covenants w•ith limited variations hi• juricdiction to constitute a uniform security instn~ment covering i rea) property. This Mortgage shall be governed h~~ the law of the jurisdiction in which the Property is Iocated. in the event that any provision or claiice of thic Mortg:.ge c•r the Note rnnflicts v?ith applicable law, such confliet shall not affect { othe: provisions of this Mortgage or the N~~tr which can be given efTect withoi~t the conflicting pmvision, and to this ~ end the provisions of the Mortgage and the 'Votc arc Jeclared to be severable. ~ 16. dorrower's Copy. Borrower chall 1+c furni~heJ a conformed cop~ of the Note and of thic Mortgage at the time of execution or after recordation hereof. - ~ 17. Tnnder of the Propertv: Ascumption. If aU c.r an} part of the Pmperty or an intercst therein is sold or transferred ° by Borrower without L.ender's prior writ~rn ronsent. e~cluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a~purchace m~.nr~~ cecurit~• mterest for household appliances. (cl a transfer h~• devise, descent or by operation of law upon the ctcath of a joint tenant or (d? the gran~ af any leasehold interest ~f thrce ~~cars or lezs not containing an option to purchase. I_ender m•ry. at l.ender'~ option, declare all the sums secared by this Mortgage to t~e immediately due and payable. I_ender ~hall have ~~:ii~•ed ~~ich option to accelerate if, prior to the cale or transfer. [.enJer and the person to whom the Property ic ta Ix :oIJ or transferrcd reach agreement in writing that the credit of such perxon is satisfactory to I_ender and that the intere.t pa~•able on the sums secured by this Mortgage shall be at such rate a~ l.ender ~ shall rcquest. if Lender has waived the option to accelerate provided in this paragraph 17, and if Bormwer'~ successor in interest has executed a written assump~ion agreement accepted in writing b} I.ender. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ If Lender exercises such option tn accelerate. Lender ~hall mail Borrower notice of acceleration in accordancr ith paragraph 14 hercof. Such notice shall provide a perioc! of not les~ than 30 dayc f~om the date the notice is mailed vrithin ~ which Borrower may pay the sums declared due. I( Borrower fails to pay such sums prior to the expiration of c~ich per~~x1, ~ Lender may, without further notice or demand on ~rrower. invoke any remedies permitted hy paragraph IR hercof. ~ - NoH-UHiFOR~t CoveN~Nrs. Borrower and t_ender further covenant and agrce as follows- ~ 18. Accekratio~; Remedk~. Except a6 pmvided ia pan~~aph 17 bereof~ Yp00 dO~fONt/~S bflKll Of Slly co~esant or ~ s6reea~e~t of Borrower iu this Mortgs~e. iecludi~ the corenaMs to pay whea dne sey soms secored by thk MortRs~e. I.ender ~ ~ prfor to sccekrstio~ shall mail notice to aorrower as provided in pus6raph 14 hereof spttityin6: (1) the bresch:/21 tbe action 3 reqnired to care s~c6 6reach; (3) a date, not le~ than 30 days from the date tbe notice is a~aikd to eorrower. by whkb snch ~ breacb mmt be cered; aad (4) that failure to curt s~ch brcach oe or 6efore tbe date spccified ia tAc aotke may recult i~ ~ sccderstiow of tbe ssa~ mmed by tbh Mort~s~e. ron~n by 3~~ Proceea~ swd sak of tbe Pmperty. 71~e notke • I a shaU fnrther inform Eorrower ot the ri~M to reinslate after accekratioa and t6e ri~ht to ~ert i~ t6e foreclosure ~roceed~ 1 = t6e oon-existeace ot a defauk or any olher defe~e of Borro~+er to scnkratioa aad foreclosure. If the breach is aot cwsd ou ~ or before the date specUied ia tbe noike. l.ender ~t [.rnder's option may declare all of the soms secrred 6y tbis Mort~a~e to be + ~ immediatdy d~e snd paysblt wittaut further demand ~nd map torecbse this Mort~a~e ~y jodkial proceedi~. I.ender shall ~ be eotitled to cotket ie suc~ proccedix~ all e:penses of foreclosnrc. lnrludiu~. M~t ~ot IimHed to. reasonabk attnror:'s fees. aod tosts of wrc:~aeotary evideoce. abstracts and ~itk reports. ~ 19. Donowe~'s RI6Mt to Reimtate. Notwi~hs~andin~t l.ender s acceleration of the sums securcd by thr M.~rtgage. ~ Borrower shall have the right to have any proceeding~ tx:~un ~y Lender to enforce this Mongage discontinued ~t any time i 3 ~ s ~ ~ t~k~~os 8~0 , . _ _ . . . _ . . .