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HomeMy WebLinkAbout1218 • e { Lender's written agreement or applicable law. Borrower shah pay the amount of all mortgage insuratx~e premiums in the manner provided under paragraph 2 hereof, ' Any amounts disMtrsed by letter pursuant to' this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unlccs Borrower and Lender agree to other terms of payment, such ; amounts shall be payable upon nMice from [xnder to Borrower requesting payment thereof, and shall hear interest from the date of disbursement at the rate'payahk from time to time an outstanding principal under the Note unless payment of interest at such rate would be rnntrary 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 require Lender to incur any expense or take any BCttOn hereunder. 8. Iospectit~. Lender may make ar cause to be 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. Cottidemration. The proceeds of any award or claim for damages, direct or cogsequential, in connection with any # condemnation or other taking of the Property, ar part thereof, ar for conveyance in lieu of condemnation, are hereby assigned and stall be paid to Lender. In the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage, f • with the excess, if any, paid to Borrower. In the event of a .partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there steal! 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 •sumc 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 Property is abandoned by Barawer, ar if. after notice by lender to Bormwer that the condemnor offers to make an award ar settle a claim far damages, Borrower fails to respond to lender within 30 days after the date such notice is ~ - ~ mailed, Lender is authorized to ca(lect and apply the proceeds. at tenders option, either to restoration ar repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writtne. 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. i 18. 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 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. lender shall not he required to commence proceedings against such successor ar refuse to etctend time far payment ar otherwise modify amortizatmu of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Bormwer s successors in interest. U. Forbearance by Lender Not a Wai~•er. Any fonc~arance M• !.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right ar remedy. The procurement of insurance or the payment of tares or other liens or charges by Lender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness sccttred by this Mortgage. 12. Remedies Cnmulatirt. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised cancurrently~. independently or suc•.ecsively_ ' 13. Snccessors and AssiRas Bound: Joint and Several Liability; Captions. The covenants and agreements 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 joiru and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are not to he used to interpret ar define the provisions hereof. s 14. Notice. Except for any notice required tinder applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortga¢e shall- he given by mailing such notice by certified mail addressed to Bormwer at the Property Address or at such other address as Borrower ma_v designate by notice to fender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. ro Lender s address stated herein ar to - such other address as Lender may designate by nc.tice to Bormwer as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Bormwer or !.coder when given in the manner designated herein. _ 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to canstitote a uniform security instrument covering real property. This Mortgage shall he governed h~• the law• of the jurisdiction in which the Property is located. in the event that any provision ar clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect E other provisions of this Mortgage or the Note which can he given effect without the conflicting provision: and to this ~ end the provisions of the Mortgage and the Note arc Jeclarcd to he severable. i l6. Borrower's Copy. Borrower shall be furnished a conformed cop} of the Note and of this Mortgage at the time ' • of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all ~~r any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding la) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase mi~nev security interest far household appliances. Icy a transfer by devise. descent or by operation of law upon the death of a ji~int tenant or (d? the grant of any leasehold interest of three years or !CCs not containing an option to purchase, !.ender may. at 1_ender'c option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. pricer to the tale or transfer. Lender and the person to wham the Property is to t?e :old nr 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 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 Nate. _ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance ssith paragraph 14 hereof. Such notice shall provide a period of not less than 30 days tram 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 of such peri~~d. Lender may, without furthernotice or demand nn torrower. invoke any remedies permitted by paragraph 1R hereof. * - - Nort-Urnt=oRnt Cove~~N~s. Borrowerand Lender farther covenant and agree as follows: - 18. Accelersdion; Remedies. Except m provided in paragraph 17 hereof, npoa Borrower's brescb of any covenant or agreement of Borrower in this Mortgage. iaclndirrg the covenants to pay when doe any sneers secured by this Mortgage. i,ender prior to accekratioo shag mail notke to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (21 the aNan a required to cnt~e such breach; (3) a date, not less than 30 days from the date the notice k mailed to Botrowcr, by which such -beach most be cared; and (4) that failure to cure such breach on or before the date specified in the notice may resole in ; sccderatioa of the sums secured by This Mortgage. torecbsure by judicial proceeding and sale of the Property. The notice shall further inform 18orruwer of the right to reinstate after sccckratan and the right to assert in the foreclosure prnceedit~ the ran-existence of a default or any other defense of Borrower to accekrstion and foreclosure. If the breach is not cured on or before the date specified in the notice. !.ender at Lender's option may decbre all of the anrats secured by this Mortgge to be immediately dot and payable without further demand and may forecbse this Morlga;e by judicial proceeding. Lender shall be entitled to collect in snob procetdirrR aN expenses of foreclosure. includirr=, but not iimited to, reasonable ~ta,rne is ('ees. and costs of cwc~~oentary evidence, abstracts and title reports. 19. dorr+owet's Rf6bt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by the M.~rtgage, Borrower shall •have the right to have any proceedings begun ~y !.ender to enforce this Mortgage discontinued at any time ' eo~x 3U$ QncF1218 • - - r A _ _ - - - -