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HomeMy WebLinkAbout1556 ^ - I.ender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums 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 amounts shall be payable upon notice from [.ender to Borrower requesting payment thereof, 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 such rate would be contrary to 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 Lender to incur any expense or take any action hereunder. 8. Inspection. Lender 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 such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademaatba. The ~ro~etkls .qf atiy 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 and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. Tn 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 fa' market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Prope is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make , an award or settl a claim for damages, Borrower fails to respond to Tender within 30 days after the date such notice is mailed, Lender i~ authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Properly or tot sums secured by this Mortgage. Unless T_e rand Borrower otherwise agrce in writing, any such application of proceeds to principal shall not extend or postpone the date of the monthly installments 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 or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's 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 the sums secured by this Mortgage by reason of any demand made by the original $orrower and Borrower's successors in interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by 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 Lender shall not be a waiver of Lender's _ right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Camulathe. 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. l3. Snccessors and Assigns Bound; loin! and Several T.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 joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice required 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 may designate by notice to Tender 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 j Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. j 15. Uniform Mortgage; Governing Law; Severability. 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 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 are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Traesfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred : by Borrower without Lender's prior written consent, 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 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, Lender and the person to whom the Property is to be sold 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. Tf 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. j 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 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 such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. t Note-UNIFORM CovENeta'rs. Borrower and Lender further covenant and agree as follows: 18. Accekratba; Remedks. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of aey rn.enaat or agreement of Iorrower in thb Mortgage, including the covenants to pay whee dne any sums severed 6y thb Mortgage, Lender prbr to accekntbn shall mail rtotke to iBorrower as provided in paragraph 14 hertof specifying: (1) the breach; (2) the action required to can socb brescb; (3) a date, cot las than 30 days from the date the aotke is mailed to )dorrower, by whkb socb breach most be cored; and (4) that failere to core snch brcsch on or before the date specl$ed io the notice may resdt Lr acceleratba of the sous tiecered by this Mortgage, foreclosure by jndkW proceeding aed sale of the Property. The aotke . shall further inform Borrower of the right to reinstate after accekratioa and the right fo assert io the foreclosure proceeding the ono-a:isteoce of a defank or aey other defense of Borrower to accekratbe and foreclosure. If the brwch is not cer~ed oe or before the date specified in the aotke. Leader at Leader's option may dechre aD of the same secured by this Mortgage to be immediatdy due and payabk withoot further demena and may foreclose this Mortgage by jadkial proceeding. Leader shay fie entitled to colkd m such proceedieg a0 ettperrsa of foreclosure, including, but not limited to, reasoeabk attorney's fees, asd casts of docnmeMary evidence, abstract and title report. ~ 19. illorrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time r go~~ 3U7 1556 ~ = _ - _