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HomeMy WebLinkAbout0130 ,l l.ender's written agreement or applicable law. Borrower shali pay the amount of all mortgage 1inaurance prcmiums in the mannrr provided under paragraph 2 hercof. Any amounts disbursed by Lender pursuant to thia paragraph 7, with interest tbereon, shall become additional indebtedness of Borrower secured by Ihis Mortgage. Unloss Borrower and Lender agrce to other terms of payment, such amounts shall be payable upon notice from [~ender to Borrower rcquesting payment thereof, and shall bea~ i~terest from ihe date of disbursement at the rate payable from time to time on outatanding 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. Nothi~g contained in this pa~agraph 7 shall require Lender to incur any expense or take any actio~ hereunder. 8. Iospecfba. Lender may make or cauu to be made rcasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lender's interest io the Property. ~ 9. Coademnation. The proceeds of any award o~ claim for damaga, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereo~, ar for eonveyance 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. in the event of a partia) 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 fair market value of the Property immediately prior to the date of taking, with the balance of the pr+oceeds ' paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower thac the condemnor offers to make an award or settle a claim for damages,- Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is suthorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to ihe sums securcd by this Mortgage_ Unless Lender and Borrower otherwise agrce in writing. 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. 10. Borro~ver Not Released. Extension of the time for payment or modification of amortization of the sums securcd by this Mortgage granted by Lender to any succcssor in interest of Borrower shall not operate to nlease, 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 an~• demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Wairer. 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 taaes 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. l2. Remedies CnmulaNve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently, independently or successively. 13. Snccessors and Assigas Bound; ]oiat and Several i.iability; Captioas. The covenants and agrecments 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. Notice. Except for any notice required under applicable law to be given in another manner, fa) any notice to Borrower provid..d 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 desigrrate by notice to i.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return 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. IS. Uniform Mortgage: Governin~ Iaw; 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 propeny. 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 Iaw, such conflict shall not af[ect other provisions of this Mortgage or the Note which can be given efiect without the conflicting pmvision, and to this j end the provisions of the Mortgage and the Note are declared to be severable. ' 16. Borrov?e~s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time s of execution or after recordation hereof. r 17. Traasfer of t6e Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred € by Borrower without Ixnder 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 (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 be € immediately due and payable_ Lender shall have wai~•ed 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. 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. . ~ if Lender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with a paragraph 14 hereof. Sach 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 Qf such period. ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Nox-UxtFOxtK CovExeH'rs. Borrower and Ixnder further covenant and agree as follows: ' 18. Acceleratbn; Remedks. Except as provided in para~raph 17 bereof, upon Borrower's breach of aay covenaot or ~ agreement of Borrower in thk Mortgsge, including the covenanfs to pay when dne any snras aecored by t6ts Mort`a~e, Leoder prior to siccekratbn sball mail notice to Borwwer as provided ia par~rapb 14 henof specifyin=: (1) tbe breach; t2) the actioa ~ reqaired to cure snc6 breach; (3) a date, not less than 30 days fmm the date t6e notice b mafkd to Borrowtr, by whk6 wch breach mnd 6e csred; and (4) thst faUnre to rnre snch brescl~ o0 or before the date apcci~ed in the ootke insy raalt in - ; accekratioa of t6e snms aecurrd by this Mortga~e, forecbs~re by jadicid proceedln= and sale of t6e Property. 'ILe notice : shall further inform Borrower ot the rigbt to reinstate aEter sccekratioa aad tbe rigbt to aeeert in the foreclosare proceedin= ~ " the oon-e:~steoce of a defauk or any Mher defease of Borrower to sccekrstion and foreclosuro. if the bre~c6 4 not cored o0 ~ or before tht date speci8ed ia tbe aotke, I.eoder at I.aode~'s optba uwy declare all of the soms secured by t6h Mort=qe b be . - immedLtely dne aad payabk witiaot Eurt6cr demaad aad may foreclo~e t6is 1?tortgage by judkial proceedi~. I.ender s6a11~ ' ~ be eotlded to colkct in snch proceedi~ aU e~enses of forecbsure, inclndin6. but aot fimitcd to, reawnable ~toraey's fees, ~ aad cosb of docnmentary evideoce, abstracb and tiNe reporla. ~ 19. Bormwer's Right to Reioetate. Notwithstanding Ltnder 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 ~ ~ . . . ~ ~p.. 3U8 :,<< ~30 ~ ~ , ~ ~ ~ ~ ~ _ . _