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HomeMy WebLinkAbout2677 ~ E Lender i written srgrcement or applicable law. Borrower shalt pay the amount of all mortgage insurance premium: in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such smounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall l+ear interest from the ' date of disbursement at the me payabk from tiros to time on artstanding principal under the Nate unless payment of interest at such me would be century !o 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 fender to incur any expense or take any action hercutuder. >i. Inspsetiow. i.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any su~lt, inspection sp4cifying reawnabk cause therefor related to Lender's interest in the Property. ' • . 9. Coademnatbn. 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, are hereby assigned i and s.rall be paid to Lender. _ In the event of a total taking of the Pmpeny, the procceds shall bs 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 bean to the tair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. 4 1f the Property is abandoned by Bor:ow•cr, or if. after notice by i.ender to Borrower that the condemnor offers to make an award nr stoic a claim for damages. &~rmwer fails to respond ro Lender within 30 days after the date such notice. is 4 mailed. Lender is authorized to collect and apply the proceeds, at I.ender'c option, either to ratontion or repair of the ~ Property or Io the sums secured by this Mortgage. Urrlesc lender and Borrower otherwise agree in writrne. 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. r 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured ? by this Mortgage granted by lender to any srrccecxx in interest of Borrower shall not operate to release, in any manner. ~ the liability of the original Borrower and &•rrower's successors in interest. Lender shall not be required to rnmmenc:e proceedings against such successor or refuse to extend time for payment or otheru•ice modify amortization of tlrr sums secured by This Mortgage by reason of any demand made b~• the ~rieina) Borrower and Borrowers successors in interest. 11. Forbearance by Tinder Not a Waiver. Any forbearance h)• I..nder 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 rocurement of insurance or the payment of taxes. or other liens or charges by Lender shall not he a waiver of 1_ender s P right to accelerate the maturity of the indehtedtrecs c~~:ured by this Mortgage. 12. Remedies Cumulative. All remedies pmvidtA in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or affordal by law or equity.:md may he exercised concurrently. independently or errs<essively. 13. Snecessors and Assigns Bound:.loiat and Several Liability; Captbtts. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the rti-spective 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. t The captions acrd headings of the paragraphs of this Mortgage are for convenience only and are not to he need to interpret or define the provisions hereof. ' 14. Notice. Except for any notice required under applicable law to be given in another manner. fa) any notice to ~ Borrower provided for in this Mortga¢e chill he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such ~~her address as Borrower mav_ designate by notice to lender as provided herein, and (h) any notice to Lender shall he given by certified mail. return receipt requested. to lender c address stated herein or to such other address as Ixnder 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 ur Lender when given in the manner designated herein. t 1S. Uniform Mortgage; tiOYerning IAN: Severability. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations M• juriuiiction to constitute a uniform security instrument covering real property. This Mortgage shall he governed M• the law of the juriuliction in which the Property is located. Jn the event that any provision or clause of this Mortg~ee or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate v?hich ran he given effect without the conflicting provision, and to this end the provisions of the Mortgage and the 'slots arc declared to he severable. 16. Borrower's Copy. Borrower shall tx furnished a rnnformed 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 car any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wriarn ~unscnt. excluding fat the creation of a lien or encumbrance subordinate to this Mortgage. (b1 the creation of a purchase mitney security interest for household appliances, fcl a transfer by devise. descent or by operation of law upon the death of a ii~~nt tenant or (d? 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 he ~ immediately due and payable. Lender shall have w~h•ed such option to accelerate if. prior to the sale or transfer. 1_ender and the person to whom the Property is t~. t?c :old or Transferred reach agreement in writing that the credit of such person i is satisfactory to 1_ender and that the interest pa~•ahle on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If 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. 4 If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance ss hh paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within j which Borrower may pay the sums declared due_ If Borrower fails to pay such sums prior to the expiration of suih perir?d. ~ ( Lender may. without further notice or demand on Korrower. invoke any remedies permitted by paragraph 1 R hereof. > t ~ t ' f Note-UNIFORM CoverraNTS. Borrower and Lender further covenant and agree as follows: ~ ? 18. Accekrstioo; Remedks. Except as provided is paragraph 17 hereof. upon Borrower's breach of any covenant or atreement of Borrower is tbb Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Lender ; prior to sccekratba shall mail notice to Borrower as provided in paragraph 14 hereof spedfyi»s: (1) the bresch:l2) the action required to curs such bttacb;l3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such breach must be cured; sect (4) that fdlnre to core such breech oa or before the daft specN'ed in the notice may result is ' ''s acceleration of the sntass secured by This MortgsRe. foreclosure by judicial proceeding sad sale of the Property. The notice shall fnriber iatotrrt Borrower of the right to reinstate after acceleration and the right to assert is the foreclosure proceedbtg the non-exi6tcncr of a default or aay other defense of Borrower to acceleration and forecbsnre. if the breach is not cared oa ~ or before the date specified in the notice. lender at Lender's option may declare aq of the sates secured by this MortRtge to be y immediately due and payabk without further dem:end and may foreclose this Mortgage by judicial proceeding. i.endrr shall be eotitkd to collect bs sncb proceeding a8 expenses of foreclosure. inclndirrg, but taut limited to. reasonable att„rnr is tees. $ and costs of uvc~rnentary evidence, abstracts and title reports. 19. Borrower's Ri`bt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by the M,rngage. Borrower shall have the right to have any proceedmgs Ix:gun by Lender to enforce this Mortgage discontinued at any time a SooK ~QS PacE~~ _ _ ~ rL 3 ~ ~ Y'