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HomeMy WebLinkAbout2551 l.endrr's written agreement or applicable law. Borrower shali 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 Barrowrr secured by this Martbage. Unless Borrower and lender agree to other terms of payment, such amrxrnts shall be payable upon Holier from Lender 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 hear interest at the highest rate permissible under applicable law. Noshing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. laspection, Lender may tgrkr or cause to he 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. Condemnation. 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 d?ercof, or for conveyance in lieu of condemnation, are hereby assigned and s:~all br paid to l.erder. In the event of a trrtrl taking of the Property. the proceeds 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, trnltss Borrower and Lender otherwise agree in writing. there shall ere applied to the arms 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, wish the balance of the proceeds paid to Borrower. if the Property is abandoned h}• B?.r:ow•rr. or if.:?ftcr notice by l.endrr to Borrower that the condemnor offers to make an award ur settle a claim for damage.. B,+rn+wer fail. to n~pond to 1-ender within l0 days after the date such notice is mailed. LrnJer is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Propcny or h• the sums secured by this Mortgage. Unless I ender and Borrower otherwise agree in wrihne. any wch application of proceeds to principal shall not extend or pcxtpone the due 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 wccrssur in interest of Borrower shall not upe~ate to release. in any manner. the liability of the originai Borrower and Br+rmwer'c successors in intetest. lender shall not he required to commence proceedings against such successor or refuse a, e~trnd time for payment or utherv?•ise modify amortization of the wms secured by this Mortgage by reason u( am• demand made M' the urieinal Burrower and Borrowers successors in interest. 11, Forbearance by Lender'\ot a Waiver. :any f,+rt+caranre M• 1 ender in exercising am• right or remedy hereunder, or otherwise afforded by applicable law. shall nut he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of r,?~es or other liens or charges h}• Lender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. - 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any usher right or remedy under this Mortgage ur afforded by law ur equity. and may he exercised concurrently. independently or successively. ' 13. Successors and Assigns Borrnd:.]oinl and Several Liability; ('options. The covenants and agreements herein contained shall hind. and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage arc fur rnnvenience only and are nut to he used to interpret ur define the provisions hereof. 14. Notice. Except fur any n+ui.e required under applicable law to be given in another manner, la) any notice to Borrower provided fur in this Mortgate shalt t+e given by nr.,iline such notice by certified mail addressed to Burrower at the Property Address or at such other address :?s B,+rrowrr rosy designate M• notice to Lender as provided herein, and (h1 any notice to Lender shall Fee given M• certified mail. return receipt requested, to f enders address stated herein or to such other address •as Lender may decienate M• notice t,+ Borrower as provided herein. Any notice provided for in this Mortgage shall I?e deemed to have been given to Born+wer or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governin>; li.aw: Se~erabilih•. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variati?•ns M jurisdiction m constitute a uniform security instrument covering real property. This Mortgage shall hr governed M• the law of the jurisdiction in which the Property is la:ated. Tn the event that any provision ur clause of this M~rtg:,ge ,+r the \ate conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage ur the Note which c:ur t+e given effect withota the conflicting provision. and to this end the provisions of the Mortgage and the ~i,rte are declared to he ceverahie- 16. Borrower's Copy. Borrower shall t.e furnished c++n f,+rmed cup;. of the Nutc and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If all ,•r am part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writrrn „+mem. e~rluding tat the creation of a lien or encumbrance subordinate to ! this Mortgage, fhl the creation of a purrhsr mrney security interest for household appliances, fc1 a transfer t+y devise. E descent or by operation of law upon the death of a i++nrl tenant or Idr the grant of am• leasehold interest of three years or less g not containing an option to purchase, lender m:,y. at I ender'. option, declare all the sums secured by This Mortgage to be i immediately due and payable. Lender shall have ~~:+,~ed such option to accelerate if. prior to the tale or transfer. Lender ~ and the person to whom the Property i, t,+ hr .old .+r transferred reach agreement in writing that the credit of wch person r is satisfactur}• to Lender and that the interest payable ,+n the sums secured by this Mortgage shall be at such rate as f-ender x shall request. if Lender has waived the opti,.n to accelerate provided in this paragraph 17, and if Borrower's wccessor in i interest has executed a written assumption agreement accepted in writing h}• lender. Lender shall release Borrower from all obligations under this. Mortgage and the Notr. If Lender exercises such option In accelerate. I ender shall mail Borrower notice of acceleration in accordance kith paragraph 14 hereof. Such notice shall provide a peri,xl rf not less than 30 days from the date the notice is mailed within s which Burrower 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 Born,wer, invoke any remedies permitted hyparagraph IR hereof. s t Mort-UNIFORM COVENANTS. BOrrOWei and IRndef furthef MVCnaDI and agree as follows: y l8. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secarcd by this Mortgage, Lender prior to acceeratioo shall mail notice to Borrower zs provided in paragraph 14 hereof specifying: (1) the bresch; 121 the action required to core such breach; (3) a date, nos less than 30 days from the date the notice is tmaikd to Borrower, by which such breach mast be cored; gad (4) that failure to cure such breach on or before the dale specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a defauH or any other defense of Borrower to acceleration and foreclosure. If the breech is cwt cured on or before the date specified in the notice, lender at fender's option may declare aN of the sutras secured by this Mortgage to be immediately due and payable without further dem:,nd end may foreclose this Mortgage by judicial proceeding. i.ender shall be entitled to collect in such proceeding all expenses ,rf foreclosure. including, but not limited to. reasonable alt+,rnr~:'s fees. and costs of riocr:~rtentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by th?• Mortgage, Borrower shall have the right to have any proceedme. t+cErrn w Lender to enforce this Mortgage discontinued .rt an}• time SC~S 30 1 YACF25JV ~ _ F