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HomeMy WebLinkAbout2577 _ _ s t . • Lender's written agreement a applicabb liw, Borrower shall pay the amount of all thottgs~i rang in the manner provided under paragraph 2 hereof. My amounts disbursed by Lender pursuant to tha paragraph 7, with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lenckr agr+x to other Iertns of paymertt, such amounts shall be payable upon notice from i.ender to Borrower requesting payment thereof, and shall bear interest [tam the date of disbursement at the ate payable from time to time on aft:tending principal under the Note unless payment of interest at such ate would be contary to applicable law, in which event such amounts shall bear interest at the highest rate petmisa'bk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. fi. laepectioa, i.ender may make or cause to be made reasonable entries upon and inspeMions of the Property. provided that [.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cottdeataatbw, The any award or claim for damages, direct or consequential. in rnnnection with any condemnation or other taking of the rly, ar part thereof. or for conveyance in lieu of condemnation. aro hereby assigned and stroll be paid to Lender. . Tn the event of a total taking of tht Properly, 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 parlial taking of the Properly. unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Morlgage such proportion of the protxeds as is equal to that proportion which the amount of the sums secured by this Morlgage 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 of settle a claim for damages, &~rrower fair 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 r+estoation of repair of the Property or to the sums secured by this Mortgage. Unir;ss 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. 10. Borrower Not Rekssed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage gaoled by Tender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's stMCessors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amorlizatiai of thr sums secured by this Mortgage by reason of any demand made b}• the orieinal Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not s Waiver. Any forbearance 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 any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by tender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedks Camuhthe. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. • ~ 13. Successors >Itatl Assigns Boand; .Ioiat and Sescral I.iabr'lity; Captions. The covenants and agreements herein contained shall bind, 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 joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions herrnf. 14. Notke. Except for any notice rcyuired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower ma_v designate by notice to fender 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 by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h}• 1llrlsdlCtlOn t0 Consllllllt a Uniform seCllrity instrument covering . real properly. This Mortgage shall be governed b}• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgn¢e 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 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 or an}• part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior writ~cn consent. excluding (a1 the creation of a lien or encumbrance subordinate to e this Mortgage, (b) the creation of a purchase money security interest for household appliances. (cl a transfer by devise. 'e descent or by operation of law upon the death ofr joint tenant or (d) the grant of any leasehold interest of three years or less R not containing an option to purchase. Lender may, at lender c option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the tale or transfer. I.encler and the' person to whom the Property is to be cold or transferred reach agreement in writing that the credit of each person s is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers 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 accordance H ith ~ 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 wch period, ~ Lender may, without furlher notice sir demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. g Nor[-UNIFOaM CovENANTS. Borrower and Lender furlher covenant and agree as follows: s 1g. Acceleration; Rearedies. Except as provided is para~gaph 17 hereof, rrpoa Borrower's bresch of say coteaaat or agreement of Borrower ie this Mortgage, iacludiag the covenants to pay when doe ~y srrais xetrred by this Mortgage. Leader prior to scceleatioa shah mail aotike to Qorrowcr as provided is paragraph 14 hector sptcifying: (1) the brcsch: (21 the salon required to ct~e sash 6reaclr (3) a date, act less thsa 30 days from the date the-notice is asaifed to Borrower. by whkh such breach wort fie cared; asd (4) that failure to core such 6rcacb o0 or before the date specified ire the aotke rosy re~sWt is aecderatioa of the stuns s+ecared by this Mortgage. foreclosure by jndkial proctedia0 and sale of the Property. The notke shall further inform Borrower of the right to reinstate after sccekratioa and the right b assert is the foreclosure ptactedirtg a the aoo-a:isteact of a defsalt or mry other deterrse of Eorrower to accckratioa and foreclosure. If the breach is cot cared oa or before the dste specified i• the aotiee, Leader at Lender's option may declare aq of the soma secured by this Mortgrife to be immediately due and psysbk witboat farther demand and may foreclose thbt Mortgage by judkial practediag. ii.ender shall be tootled to collect is sac6 proceednag sM expenses of foreclosure, hxlsdisg, bN act limited to, ressoasbk attnrnrv's fees. . and costs of ~wc~~aeatary evidence, abstracts and title reports. 19. Sonowa's Right to Reiatrtste. Notwithstanding lenders acceleration of the sums secured by this Morlgage, Borrower shall have the right to have any proceeding. begun by Lender to enforce this Mortgage discontinued at any time t soox3t)6 02574 - - SY. r s~