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HomeMy WebLinkAbout0124 I.ender's written agreement or applicable law. Burrower shall pay the amount of all mortQa~e i~surance premiums in the manner provided under paragraph 2 hereof. Any amounts disbutsed by Lender pursuant to this paragraph 7. wi~h interest thercon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrowe~ and Lender agree to other terms of payment, such amounts shaq be payable upon noticc from I.ender to Borrower requesting payment ihercof, and shall bear intercst from the date of disbursome~t at the rate payable from time to time on outstanding principal under the Note unless paymant oi ; 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 rcquire I.ender to incur any expense or take any action hereunder. ; 8. InspecNoa. i.ender may make or cause to be made roasonable cntries upon and inspections of the Property. provided that Lender shall give Borrower nwice prior to a~y such inspection spccifying reasonable cause therefor related to I.ender's interest in the Propetty. 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 the~eof. or for corsveyance in lieu of condemoation, arc hereby assigned and shall be paid to Lender. ~ In thc event of a total taking of the Property, the proceeds shall be applied to the ~ums secured by this Mortgage, ; with the excess, if any, paid to Borrower. In the ovent of a partial Iaking of tht Property, unless Borrower and L.tnder ' ' otherwise agree in writi~g, there shall be applied to tht sums secured by this Mortgage such pmponion of the proceeds as is equal to that proportio~ 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 ti~e proceeds paid to Borrower. if the Property is abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnor offers to make an awerd or uttle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is at~thorized to ~ollect and apply the proceeds, at i_ender's option, either to restoration or repair of the Property or to the sums securcd by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of procetids to principal shall not extend or postpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I_ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Bc~rrower'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 a~y demand made by the original Borrower and Borrower s successors in interest. 11. Forbearance by Gender Not a R'ais•e~. 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 hy this Mortgage. 12. Remedies ComulnNve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or affiorded b}~ law or equity, and may be exercised concurrently, independently or succescively. l3. Saccessors a~d Assigos Bound: Joint and -Several i.iabillty; Captions. 'Il~e covenants and agreements hercin contained shall bind, and th~ rights hereunder shall inure to, the respective successors and assigns of L:ender 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 conve~ience only and are not to be uscd to , interpret or define the provisions hereof. 14. Notiee. 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 6y certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i_ender as provided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt requested. to i.ender s 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. f 15. Uniform Mortgage: GoverninR Iaw: Se.~erability. 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 hy 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 Morigage and the '~iote are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mongage at the time ! of execution or after recordation hereof. 17. Transfer of the Property; Assumption. if all or any part of the Property or an interest therein is sold or transferced i by Borrower without L.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to ; this Mortgage,s„b) the creation bf a purchace 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 (d1 the grant of any leasehold interest of three years or less not containing ari 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 i is satisfactory to I_ender and that the interest pa}able on the sums secured by this Mortgage shall be at such rate as Lender : shall request_ If I_ender 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 Bonower 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 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. Tf Borrower fails to pay such sums prior to the expiration of such period, - Lender may, without further notice.or demand on Borrower, invoke an~~ remedies permitted by paragraph 18 hereof. s 3 Nox•UrrtFORUt CovErr~rrrs. Borrower and Lender further covenant and agree as follows: 18. Accelentioo; Remedks. E:cept as providcd in paragraph 17 hereof, upon Borrower's breac6 of any coveoant or sigreement of Borrower ie th~s Mortgage, includin~ tbe covenants to psy when dne any sums secured by thb Mort`sge, i.ender ~ prior to acceleratjoa sball mail ootice to Borrower as pmvided ia paragraph l4 6ereof specifyin`: (1) t6t brak6; (2) t6e action _ reqnired to enre soch breacb; (3) a date, not le~ than 30 days fmm the date the notlce is maikd to Borrower, by w6kh sach breach most be cored; and (4) that failure to cnre sac6 brcach on or before t6e date speclRed ie tbe ootice may eesnk in sccekratjon oE t6e sau~ secnred by ti~is Mortgage~ foreciosure by judiclal proceediug ~ sak of tbe Property. 'Ibe notice shall further iaform Borrower of the right to reinstate ~fter sccekrntbn and tl~e right to ~eN ia tbe forecbwre pruc~ the noo-e:istence of a deEanlt or any other dcfense of Borrower to accekratbn pnd foreclosnre. If the 6cesch k oot c~ed o0 - or before the date speci&d in the aotice, Lender at Lende~'s option may declare a~ of the sums secnrcd by th4 Mortta~e to be i immediatdy dae and payable witbont forfher demand and may foreclose t6b Mortgsige by judicW proceedin~. Lender s6a11 be entided to colkct tn soch proceedin6 all expensa of foreclosu~r, iacludlog, bot not limited to, reasonabk ritorae~s fea, ~ snd costs of docnmentuy evldence, abeRracts aad titk reporta. ; 19. Borrower's Rigbt to Reia4tNe. Notwithstanding Lender s acceleration of the sums securod by this Mortgage. ; Borrower shall have the right to have any proceedir?gs begun by Lendtr to enforce this Mongage discontinued at any time ~V~f ~ 3U~ ~~E i2~ ~ ' N ' ~ - : . _ . _A , ~S. . . . . . . . . . . . - . - . . . . - . !