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HomeMy WebLinkAbout1710 • - , Lender's written agreement or applicable law. Borrower shah the amount of all more r PaY gage insurance {iterrtiurrts in the manner provided under paragraph 2 hereof. Any amatnts 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 fender to Borrower requesting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time on cx,tstanding principal under the Note unless paytrnettt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest me permissible under applicable law. Nothing rnntaincd in this paragraph 7 shall require Lender to incur any expertse or take any action hereunder. 8. ht~spectiw. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that 1 octet shall give Borrower notice,RtiM to any such inspection specifying reasonable cause therefor related to Lender's inter tin the Property. 9. Condetasatbn: 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 therrnf, or for conveyance in lieu of condemnation, are hereby assigned and stall be paid to lender. 1n the event of a tots! taking of the Property. the proceeds shall he 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 agrece 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. If the Property is ahandoneci by Borrower. or if. after notice by i_ender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fail. t,. 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 restoration or repair of the tropeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w rihnc. 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. !O. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secutd 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 &•rrower'c succesu~rs 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 ci~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by [.ender N giver. Any f~rhearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable I .shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or t e payment of tares or other liens ~x charges by i_ender shall not be a waiver of Lender's right to accelerate the maturity of indebtedness secured by this Mortgage. 12. Remedies Cnmulstive. AU remedies provided in this Mortgage arc distinct and cumulative to any other tight or remedy under this Mortgage or afforded by law or equity, ;rod may be exercised concurrently, independently or successively. ` ' 13. Snecessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights her>+under shall inure to. the respective successors and assigns of i_ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join) 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. ld. Notice. Except for any notice rcy~iired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgaee shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addres. as B~,rn,wer may designate by notice to Lender 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 nMice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or l.cnder when given in the manner designated herein. IS. Uniform Mortgage; Governing Lav+~: Severabilit~~. 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 courting real property. This Mortgage shall be governed hs• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ~~r the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the '.Vote arc Declared to be severable. 16. Borrower's Copy. Borrower shall tx furnished a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17. Traader of the Property: Assumption. If all i.r any part of the Property or an interest therein is sold or transferred s by Borrower without Lender's prior wriuen c~~nsent. excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase mnnes• securit}• interest for household appliances. (c) a transfer by devise. ~ descent or by operation of law upon the death of a ji~int tenant ar (d? the grant of any leasehold interest of three years or less t not containing an option to purchase, Lender ma}•. at Lender's option, declare all the sums secured by this Mortgage to be immediately due. and payable. Lender shall have sr:uved such option to accelerate if, prior to the tale or transfer. Lender and the person to whom the Property is t„ be +ol.l ar transferred reach agreement in writing that the credit of such person ` is satisfactory to Lender and that the interest payable nn 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 interat 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 ~+ith 3 paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within f which Borrower may pay the sums declared due. 1( 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 IR hereof. d Noty-UrttFOarK COVENANTS. Borrower and lender further covenant and agree as follows: 18. Accekratioa; Remedies. Except as provided in paragraph 17 hereof, npos Borrower's breach of any covenant or r agreerrtent of Borrower is this Mortgage, including tbt cotenants to pay when doe nay sums scented by this Mortgage. Lender prior to acceleration shag mail notice to Borrower as provided in paragraph 14 hereof-specitYirtg: (1) the-breach: (2) the action r+egnired to core such breach; (3) a date, not less than 30 days from the date the notice b mailed to Borrower. by which snob • breach mwt be cored; and (4) that failure to core snch breach on or before the date specBied is the notice may result is sccekration of the sntm secured by this Mortgage. foreclosure by jndkial proceednnR awd sak of the Property. The notice shall further inform Borrower of the right to reinstate after sccckration and the right to assert in the foreclosure proceedittg the rantxisteace of a dtfatrk or any other defense of Borrower to acceleration-and forecbwre. If the breach is rat cared os or before the date specified in the notice. Lender at I.cnder's option may declare ap of the snots scented by this MortRafe to be immediately due and payable withont fnrther demand and may foreclose tbk Morrtgage by judkW prot:eeding. lender shall be entitled to collect iA sne6 proceeding all expenses of foreclosure, inclndirts, but rat limited to, reasonable att~,rnrv's fees. ` a sod coals of wrc.:~ttentary evidence. abstrsctc and title reports. 19. Borrower's Right to Reiasiste. Notwithstanding Lender's acceleration of the sums secured by thi• Mortgage, Borrower shall have the right to have any proceedmgs begun ~y Lender to force this Mortgage discontinued at any time j l Bo~K 307 PA~1710 - _ , ~ .