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HomeMy WebLinkAbout0139 . . ~ I.e~der's written agreement or applicable law. Borrower shall pay the amount of all moRgage insurance prcmiums in the manner provided u~der paragraph 2 hercof. Any amounts disbursed by L~nder pursuant to this paragraph 7, with interest thercon, shall becom~ additional indebtedneu oPB~~v~(e ~~ured by this Mortgage. Unless Borrower and Lender agree to other tertns of payment, such amounts shall be paqable~upon noticc from [.ender to Bo~rower tequesting payment thereof, and shall bear interest from the date of disburaement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be ca~trary to applicable law, in which event such amounts shall besr interost at the hiEhest rate permissible under applicable law. Nothing contained in this paragraph 7 shall r~quire Lender to incur any expense or take any action hereunder. 8. Iaspectbn. Lertder may make qr cauu to be made nasonable entries upon and inspections of the Property, providcd that l.ender shall give Borcower notice prior to any such inspection specifying reasonable cause thenfor related to Lender's intcrest in the Pmpecty. 9. CoademnaHon. 'i?~e proceeds of any award or claim for damages, direct or conuquential, 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 procceds shall be applied to the sums secored by this Mortgage. with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property, unless Borrower and I.ender otherwise agree in writing, therc shall be applied to the sums stcurcd by this Mortgage such proportion of the prceeeds 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 Proptrty is abandoned by BoROwer, or if, after notice by Lender to Borrower that 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 authorized to collect and apply the proceeds, at I.ender s option. either to restoration or npair of the Proper~y or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of procetds 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. Borrower Not Released. EYtension of the time for payment or moditication of amortization of the sums secured by this Morigage gra~ted by Lender to any successor in interest of Borrower shall not operate to release, in any manner.~ the liability of the ori~inal Borrow•er and Borrower s succasors in interest. Lender shall not be required to commence . proceedings against sueh 'successor or iefuse.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 Borrower and Borrower s successors in interest. l l. Rorbearnnce by I.ender Not a R+alver. 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 securcd hy this Mortgaga - 12. Remedies Camulative. 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. 13. Saccessors and Assigns Bound; Ja~t and Sereral i.lability; Captbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns af 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. ~ l4. Notice. 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 i_ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to t.ender s address stated herein or to such olher 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 he:ein. , 1S. Uniform Mortg~e; Goveming Law: Sevcrability. 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 provis:on, and to this ~ end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrow•er shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 9 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred s by Borrower without I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to ~ this Mortgage, (b) the creation of a purchase money security iRterat for household'appliances, (c) a transfer by devise. ~ descent or by operation of 1aw upon the death of a joint tenant Qr (d) the grant of any leasehold interest of three years or less s not containing an option to purchase, Lender may, at ~ender'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 a is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as I.ender ' s shall rcquest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Bottower's successor in ~ interest has executed a written assumption agreeme~t 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. 1f 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. Notv-UNiFOR~?t CovetvetvTS. Borrower and Lender further covena~t and agree as follows: 18. Accele~atioo; Remedks. Ezcept as provWed ia paraarapb 17 hereof, opon BoROwer's breac6 of aoy rnvepsnt or = agreement of Borrower in t6~s Mortgage, inclading t6e coveaants to pay whee dae aay snms aecnttd by t6is Morteags, Lender ~ prbr to sccekration s6a11 mail ootlce to Eorrower ~ provided in paragraph l4 bereof speciEyins: (1) tbe breac6; (2) the action required to cnre aoch bresch; (3) a date, aot k~ than 30 dsys from t6e date the notice is maikd to Borrower, by w6kb snch brcsch roud be cnrcd; and (4) tb~t hilure to core auch brcach on or before tl~e date spec~ed ia tbe notke may radt ia accekntian of t6e aa~s secnred by W~s Mortgage, forecbwre by judicisl proceediog and sak of t6e Property. 1be notiee shall further Inform Borrower of tl~e ris6t to rei~mte after sccekration aad tbe rigbt to aesett in tbe fortclosore proceedfee t6e non-e:i~tence of s defank or aoy Mher defente of Borrower to accekration and foreclosure. If tLe bresc6 is not cared oa _ or before tbe date speci6ed in the notlce, I.ender at Leader's option may declare all of t6e mms secored by th4 Mortgsge b be ° immedhtely dne aod payabk witbont fnrtber demaed and msy foreclose thk Mortgage by judkW proceedit~. Lender sball ~ be eatitled to coUect ia aocb proceedlu= a9 e~enses of foreciosars, includlns. but not Wafted to, re~onabk attonxy's iea, aud costs of documentary eMdeoce, abstracts and tjtle report~. ~ 19. Eorrower'a Rttht to Reiustste. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, ~ Bonower shall bave the right to have any procecdings begun by Lender to enforce this Mortgage discontinued at any time f ~ ~0~308 139 ~ ~ ~ ; ~ : _ ~ . _ - . .