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HomeMy WebLinkAbout2642 Lender's written agreement a applicabk law. Borrower shalt pay the amount of all morigago insurance pttpriutlns' in the meaner provided under paragraph 2 hereof. ' ~ Any amounts disbursed by Lander pursuant to this paragraph 7, with interest thereon. shall become additional indebtedness of Borrovrer secur+od by_ this Mortgage. Unkss Borrower and I.cnder agree to other terms of payment. such amounts shall be payabk upon notice from i_ender to Borrower requesting payment thereof, and shalt bear interest from the date of disburscrnent at the rate payahk from time to time on attstanding principal under the Note unless payment of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest me permisaibk under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. fi. isspectiorr, i.ender tray ma~Ce or cause to be made rcasonabk entries upon and inspections of the Property. provided that Lender shall give Borrower bdttce priAr to ahy such inspection specifying reasonabk cause therefor related to Lender's interest in the Property. 9. Cotsdessatbw. 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 het~eby assigned and stall be paid to Lender. In the event of a total taking of the Properly. the prc><•eeds 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 as is equal to that proportion which the amount of the sums secttrcd 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 abandoned by 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 tender's option, either to restoration or repair of the Properly or to the sums scoured hp 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. 10. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to ary cttccessor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower c successors in interest. !_ender shall not be required to commence proceedings against 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 sttecescors in interest. 11. Forbearance 6y Lender Nof a Waiver. Any forhearancc by 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 any such right or remedy. 'The procurement of insurance or the payment of farce or other liens or charges by Lender shall not be a waiver of tender's , right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Renrcdies Csmnhttitre. 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. Sseeessors surd Assigns Bound:.Joint acrd Strerd i.iability; 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 joiry and several. The captiorts and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyttired 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 Burrower mav_ designate by notice to lender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. to i.ender s 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 t+ecn given to Borrower or Lender when given in the manner designated herein. lS. Uniform Mortgage: Governing Law: Sererability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law• of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ur the Note conflicts with appljtabk law, such conflict shall not affect other provisions of this Mortgage or the Notc which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the 'Vote err declared to be severable. 16. Eorrower's Copy. Borrower shall he furnished a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. It all ur any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinen corner;, excluding (al 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 ju~nt tenant or (d) the grant of any leasehold interest of three years or Itss not containing an option to purchase, Lender may. at Lender's option, declare all tbe 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. Lender and the person to whom the Property is to be co1J or transferred reach agreement in writing that the credit of such person 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 with paragraph 14 hereof. Such notice shall provide a period of not 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 of such pericxl. ~ Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. Noty-UNIFORM CovENeNTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Rerwedks. Except as provided is paragrsp6 17 hereof. epos fJorrower's brush of any covenant or r agrecmest of Borrower in this Mortgage. iscludirtg the rnreerants to pay when dse any sores stcsred by this Mortgage. Leader prior to sccekratbs siraB sail notice to Borrower ss provided is paragraph ld hereof specifying: (l) the breach: (2) the sdion r regniKi to grog such breach; (3) a date, sot less than 30 days frors the ds~te the notice is soiled to lsorrower. by whkb such ` beach mwt be need; and (4) that failerr to cnre snch breach ow or before the date specified is the notice may resWt iw E sccekratioa of fbe sass trecrued by this Mortgage. toreclosnre by jsdkial proceeding and sate of the Property. The notice shad fsriber infors lilorrower of the right to reinstate after accekratbs and the right to assert is the forecbsnrc proceedhrg the nos-existence of a default or any other defense of Borrower to accekratios and foreclosure. if the breach is sot erred oe or before the date speciRed b the notice. i.ender at t.rnder's option may declare aft of the sutras secured by this MotRgafe to be is~mediately due and payable witlant further demand and Bray foreclose this Mortgage by jrrdkid proeeedinR. Lender shall be entitled to collect Ire ssclr proceednsg aN expenses of forecbsnrc. iacltrdirrg. bet sot F3nrited to. rcasoaabk att~xnr•r's fees. asd costs of wrc~~sestary evidence, abstracts and title reports. 19. domowa's Right to Reinstate. Notwithctandintt lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings he;tun by Lender to enforce this Mortgage discontinued at any time f BOOK 306 PAGE~~ i E s _ - q~=