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HomeMy WebLinkAbout0152 ~ , ~ I.ender's w•ritten agceement or applirablc law. Borrower shall pay the amount of all mortgage insurance premiums in the ~ manner provided 'un¢s,~ para~raph 2 hereof. ~ Any amouht~ ~isb6[sed by Lender pursuant to this paragraph 7, with intercst t'herco~, shall become additional i indebtedness of Borrower secured by this Mortgage. Unless Borrower and l.ender agtre to other terms of payment, such amounts shall be payable upon notice from I_ender to Bormwer requesling payment thereof, and shall bear interest from the date of disbursement at the rate payable (rom time ta 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 bear i~terest at the higfiest rate permiuible under applicable law. Nothing ca~tained in this paragraph 7 shall require I_ender to incur any expense or take a~y actio~ hereunder. 8. InspecNoa. tender may make or cause to be made reasonable entries upoo and i~ispections of the Property, provided that L.ender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lender's interest in the Property. s 9. Coademnatbn. The proceeds of any av?~ard or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hercby assigoed and shall be paid to Lender. In the event of a total taking of the Prapeny, the procceds 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, unless Borrower and i.ender otherwise agrce i~ 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 s~cured 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 abandoned by Borrower, or if. after notice by Lender to Borcowe~ that the condemnor offers to make an awa~r 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 proceedc, at Lender's option, either to restoration or repair of the Propeny or to tte sums secured by this Mortgage. Unless Lender and Borrow~er otherwise agree 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. Bormwe~ Not Rekaced. Extension of the time for payment or modification of amortization of the sums secured ; 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 Borrower s successors in interest. i_ender shall not be trqiiired 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 any demand made by ihe oriRinal Borrower and Borrower's successors in interest. 11. Forbeusnce by I.ender Not a Waiver. Any forbearance by I.ender 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 ar other liens or charges bp Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. ; 12. Remedies CumulaH~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded 6y law~ or equit}~, and may be exercised concurrently, independently or successively. l3. SoccessoTS and Assigns Bound; Joinl and Several I.iabillfy; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and $orrower, subject to ~he 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 provisio~s he:eof. 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 he given by mailing such notice by certified mail addressed to Borrow•er at the Property Address or at such other address as Borrower may designate by nocice te t.ender as provided herein, and ~ (b) any notice ro 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 ! Mongage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ; 15. Uniform Mortgage; Governin~ Law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations b~ jYirisdiction to constitute a uniform security instrument covering real propeny. This Mortgage shall be governed h~• the law~ of the jurisdiction in which the Property is located. In the event that any provisidh or clause of this Mortgage or the Note conflicts w~i~h applicable law, such conflict shall not affect ~ other provisians of this Mortgage or the Note which can be given effect without the conflicting ptovision, and to this ~ end the provisions of the Mortgage and thc Note are declared to be severable. l6. Borrower's Copy. Borrower shal! be furni~hed a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ! 17. Transfer of t6e Property; Assumption. if all or anp part of the Property or an interest therein is sold or transferred i by Borrower without L.ender's prior written consent, excluding fal 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'~ option, declare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall have w•ai~•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 a interest has executed a written assumption agreement accepted in w~riting by Lender, Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. - If Lender exercises such option to accelerate, I.ender ~hall 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 ~ w~hich Borrower may pay the sums declared due. If Sorrowe~ 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. Nox-UrnFOR~?t CovEtveN7s. Bonower and Lcnder further covenant and agree as follows: ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 henwf, upon Bormwer's brearh of any coreaant or agreement of Borrower in t6~ Mortgage, including t6e covenants to pay when due any sums secored by this Mortgage, Lender prbr to acceleratioa s6a11 mail notice to Borrower as provided in paragraph 14 hereof s~pecifying: (l) the breach; (2) tbe action 3 required ta~ure snc6 breac6; (3) a date, not less than 30 days from the date the aotice b mailed to Borrower, by v~hich snch i breach must be cnred; aod (4) that failure to cure such breach on or before thc dMe speci6ed ia t6e Qotke may resalt in acceleration of t6e snms secnred by this Mortgage, foreclosure by judicial proceedin~ aad sale of t6e Property. 'Ibe aotice shall furt6er iafortn Borrower of the rlght to reinstate after accekration and the rigbt to assert in t6e foreclo~nre procee~ ~ the aon-e:~steace of a defauk or any other defense of Borrower to acceleration and foreclowre. If tbe breach is not cursd on = or beforc the date specified in the notice, Lender at Leader's option may declare aD of the soms secnred by this Mort~aae b 6e 3 immediately dne aad payabk wit6ont further demand and may foreclose thk Mortg~e by judlcial proceedin6. Lender s6at1 ~ be eotiUed to collect in soc6 proceeding all e:penses of foreclosure, including, but aot limited to, roa4onable attorney's fea, ~ . ~ and costs of docnmeatary evidence, abstracts and title reports. ~ 19. Borrower's Rlght to Reinstate. Notwithstanding Lender's acceleration of the 3ums secured by this Mortgage, ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time k ~ SO~x ~Q p f: ~ ~ : 8 A~~` 15 ~ , ~ _w_ _ ~ _ _ . . _