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HomeMy WebLinkAbout1230 • Lender's written a reement or a licabb law. Borrower shall 8 PP pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. • Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall becaTO additional indebtedness of Borrower secut+ed by this Mortgage. Unless Borrower and I.rnder s?~ree to other terrtu of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment tliereoL and shall bea~interest from the date of disbursement at the rate payable from time. to tithe on outstanding principal under the emote less payment of interest at such rate would be coptrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applit~abk law. Nothing rnntained in this paragraph 7 shall require Ixnder to incur any expense or take any action hereunder. >L Isspet8os. Lender may make or cause to be made reasonable entries upon and inspections of the Properly, provided that lender shall give Borrower notice prior to any sttch inspection specifying reasonable cattle therefor related to Lender's ;~-~nteresl in the Propety. 9. Cosdemsatbs, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other takittg.of the Property, or part thereof, or far conveyance in lieu of condemnation, arc hereby assigned and stall 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. 1n the event of a partial 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 prooeeds 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 protxeds paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemtwr offer 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 Lender's option, either to restoration or repair of the Property or to the sums secured h}• this Mortgage. Unless Lender and Borrower otherwise agree in venting. 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. 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 &?rrower i successors in interest. Lender shall not be required to rnmmence proceedings against such successor or refuse to extend time for payment or otherwise modify amortizat+on of the sums secured by this Mortgage by reason of any demand made b}• the original Borrower and Borrower's successors in inlerett. 11. Forbearance by Lender Not a Wsir•er. Any forbearance by Lender 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 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 indehtedttecs secured h}• this Mortgage. 12. Regtiedies Comulatit/e. 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 s++a:essively. 13. Ssecessors and Assigns Bound:.Joint and Several f.iabilify; Captions: The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender attd 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 aoy notice rcy++ired 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 Bormwcr may designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to lenders address stated herein or to such other address as Lender may designate b}• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Bormwcr or Lender when given in the manner designated herein. l5. Uniform Mortgage: Governing law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations M• jurisdiction to constitute a uniform security instrument covering real property. 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 ~r the Note conflicts with applicable law, such conflict shall not affect C other provisions of this Mortgage or the Notc which can be given effect without the conflicting provision, and to this i end the provisions of the Mortgage and the Note arc +Icclared to he severable. j 16. Borrower's Copy. Borrower shall be f++rnished a conformed cop}~ of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Properfy: Assumption. If all or an}• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creat+on of a purchase m+•ne}• securit}• interest for household appliances. (c) a transfer by devise, descent or by operation of law• upon the death of a jaunt tenant or fell 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 d immediately due and payable. Lender shall have w:+i~•ed such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to be :ol.l or transferred reach agreement in writing that the credit of wch person t is satisfactory to Lender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate ac 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 Note. if Lender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in accord:+nce s. ith 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. if Borrower fails to pay such sums prior to the expiration of such peric?d. Lender may without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. Noty-UNIFORM CovervsN-rs. Borrower and Lender further covenant and agree as follows: 18. Acedcratioa; Remedies. Etcccpt as provided is paragraph 17 hereof, opus Borrower's breach of any cotenant or sgreemest of Borrower in this Mortgage. including the covenwnts to pay when due aoy sums secured by this Mortgage. Leader prior to accekratbs shall mail ttotice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure sorb breach; (3) a date, not less than 30 days from the date the notice is ma0ed to Borrower. by which web breach mmt be cored; asd (4) that failure to cure such breach on or before the date specified in the notice may result is sccelecation of the sums sectued by this Mortgage. forocbsurc by judicial procteditt= sad sale of the Property. Tbc notice shop further inform Borrower of the rgtbt to reinstate after acceleration and the right to assert in the foreclosure proteediu` , the non-existence of a defauN or asy other defense of Borrower to acceleration and foreclowrc. If the breach is sot cored on or before the date specified is the notice. lender at tender's option may declare all of the sums secured by this Mortgsr a to be immediately due and payable without further demand and may foreclose thb Morlaa`e by judicial proceeding. i.ender shall i ~ be entitled to coped iA such proceeding all expenses of foreclosure. inclndiut, but sot pmited to, reasonable attnrnr•r's fees. and costs of iwc~mestary evidence, abstracts and title reports. ( 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by the M.~rtgage, Borrower shall have the right to have any proceedings heg++n by Lender to enforce this Mortgage discontinued at an}• time ! _ s 4 EOC!!3O8 PaCF1~~