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HomeMy WebLinkAbout2660 S ' • ~ ~ Lender's written agreement or applicable law. Borrower shall pay the amount of all mort~tt,6e insuranoe'Ft!erwiums in the manner provided under paragraph 2 hereof. Any amounts disMtrsed by Lender pursuant to this paragraph 7, with interest thereon, ahaN become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereat, 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 rush me would be contrary to applicable law, in which event such amounts shall bear interest at the hi`Itest rate ; permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expettsa or take any action hereunder. >s. itapecHow. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower ndice 4r jc>l tq any such inspection specifying reasonable cause therefor related to Lender's ; interest in the Property. 9. CottdewnsMow. The proceeds of soy award or claim for damages, dircet or consequential, in rnnnection with any condemnation or other taking of the Property, Or part thereof, car for conveyance in lieu of condemnation, are hereby assigned and s,~all be paid to lender. ~ Tn the event of a total taking of the Property. the prcicecds 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 secured 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. 1 if the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make ~ an award or xttle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notice is mailed. Ixnder 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. Unless lender and Borrower otherwise agrce in w•rittng. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installmrnts 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 of modiftcation of amortization of the sums secured by this Mortgage granted by I.endcr to any cuccecsor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence } proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of thr sums j secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers succesu,rc in interest. 11. Forbearance by Lender Not a Waiver. Any fonc~ararx-c by Lcndcr 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 Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cmm~lNive. 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. Snccessors sad Assigtas Sound:.]oink and Several i.iabilify; Captions. The covenants and agreemen~s herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. g subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiru 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 hereof. ; 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 certifed mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to fender as provided herein. and j (b) 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 given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage: Governin>; I.sv.: Ses•erabiliq~ This form of mortgage combines tiniform covenants for national use and non-uniform covenants with limited variations by µirisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the !aw• of the jurisdiction in which the Property is located. In the event that any provision or 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 i end the provisions of the Mortgage and the Note arc declared to he severable. 16. Borrower's Copy. Borrower shall I,e furnished a rnnformed coP1~ of the Note and of this Mortgage at the time a of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If aft or any part of the Property Or an interest therein is sold or transferred f by Borrower without Lenders prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase m~~nev secunty interest for household appliances. (c) a transfer by devise. # ~ descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at Lender's 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 sale or transfer. tender ; and the person to whom the Property is t~• !n :oIJ or transferred reach agreement in writing that the credit of wch person t it satisfactory to lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. ~lf 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 obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance bith j paragraph 14 hereof. Such notice shalt provide a period t•f not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower !ails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. NON-UNIFORM COVENANTS. na/rrOWer and Linder further COVenant and agree as fOIIOWS: I IS. Accekrntbw; Remedks. Except m provided in paragraph 17 hereof, neon Bormower's bascb of any covenant or agreement of Borrower io thk Mortgage, including the covenants to pay whew doe say soma secured by this Mortgage. Lender priior to atrcelentbw shall mail notke to Borrower ss provided is paragraph 14 hereof specifying: (1) the brrscb:121 the action rcgnired to core twub breach; (3) a date, wok less than 30 days from kbe date the notke Is ndkd to Borrower. by whkb web 3 brash taunt be nred; awd (4) that failure to core snch breach ow or before the date speciAed iw the notke may result iw t atcderatiow of the sums secnred by this Mortgage. forecbsure by judkisl proceeding acrd sole of the Property. The notke shall further inform Borrower of the right to reinstate after sccekration and the right to stagy! iA the foreclosure proctedht` P the non-existewce of s default or soy other defense of Borrower to sccckratiow and foreclosure. ft the breach is not cored ow a j or before the dske b the rtotke. Lender at [.rnder's option may declare all of the autos secured by this MortRsfe to 6e immediately dne withont further demand and may forecbse this Mortgase by judicial proceednag• Tender shall i inclndi bnt sole limited to. reasonable +ta,rnrr's fees. be atitkd to collect iw strcb procetdnwg aB a:penses ni foreclosnrc, wg. awd costs of wrc~~oentary evidence. abstracts sad title reports. 19. Borrower's Rl61tt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by th~~ Mortgage, Borrower shall have the right to have any proceedtng~ he;tttn by Lender to enforce this Mortgage discontinued .tt any time 8001(Vu~ PACE26~ ~ ~ ~ ~ . -rte.