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HomeMy WebLinkAbout1242 Lender's written agreement ar applicabk law. Borrower shall pay the amount of ap anortsage insurance premium: in the manner provided under paragraph 2 hereof. _ Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest front the date of disbursement at the rate payable from tir»e to time on attstanding principal under the Note unless paymdtt of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Tender to incur any experae or take any action hereunder. 8. lrxspection. Lender may make ar cause to be made reasonable entries upon and inspections of the Property. provided - that Lender shall give Harrower notice prior to any sttch inspection specifying reasonable cause therefor related to Lender's - interest in the Property. - 9. Condemsatba. The proceeds of any award ar claim for damages. direct ar consequential, in connection with any condemnation or other taking of the Property, er part Upreoj, o_r for canveyattce in lieu of condemnation, are hereby assigned and s;~all be paid to I~nder. ' ' In the event of a fatal taking of the Property. the proxeeds 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 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 v?•hich the amount of the sums secured by this Mortgage immediately prier to the date of taking bears to the fair market value of the Property immediately prier to the date of taking, with the balance of the proceeds paid to Borrower. _ } if the Property is abandoned by Bar:ewer. or if. after notice by Lender to Borrower that the condemnor offers to make an a•vard er settle a claim for damages, Borrower fail. to respand to Lender within 30 days after the date such notice is mailed. Lender is authorized to called and apply the proceeds. at Tenders option, either to restoration or repair of the - Preperty or to the sums secured M• this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend i 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. Extcnxion of the time far payment or mcxlificatian of amortization of the sums secured by this Mortgage granted by I.ender'to am• successor in interest of Harrower shall net operate to release. in any manner. the liability of the original Borrower and &•rrower's successars in interest- Lender shall not be required to commence proceedings against such sttccessar er refuse to emend time far payment or otherwise madify amortization of the sums secured by this Mortgage by reason of :my demand made b}• the arieinal Harrower and Harrower s sttccessers in interest. 11. Forbearance by Lender Not a Waiver. Any farhearancr M• 1-ender in exercising any right or remedy hereunder, or otherwise aBorded by applicable law, shall net be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes ar ether liens ar charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indeMedness secured by this Mortgage. 12. Remedies Cnmulsti~e. All remaiies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aflarded by law ar equity. and may he exercised concurrently. independently or successively. ' 13. Successors and Amens Bound; .]Dint and Several f.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successars and assigns of Tender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jeiry and several. _ The captions and headings of the paragraphs of this Mortgage are far convenience only and are net to be-used to interpret or define the previsions hercaf. 14. Notice. Except far any native rcyuired under applicable law to be given in another manner. (a) any notice to Borrower provided far in this Martgaee shall he given by mailing such notice by certified mail addressed to Barrawer at the Property Address ar at such other address as Harrower may designate by native to Tender as provided herein, and - (b) any notice to Lender shell he given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate h}° notice to Harrower as provided herein. Any' notice provided for in this Mortgage shall be deemed to have been given to Barmwcr or Lender when given in the manner designated herein. ''i l5. Uniform Mortgage. Governing IaM-: Ses-erabilit}. This form of mortgage combines uniform covenants for national use and non-uniform rnvenants with limited variatians h}• jurisdiction to rnnstitute a uniform security instrument covering j real property. This Mortgage shall be gaverned by the law of the jurisdictian in which the Property is located. In the event that any provision ar clause of this Martg~ge or the Note canflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Niue which can tx: given effect without the conflicting prevision. and to this l end the provisions of the Mortgage and the 'Nate arc declared to he severable. ! 16. Borrower's Copy. Borrower shall be furnished a canfarmed cop}- of the Note. and of this Mortgage at the time of execution or after recordation hereaf. @ 17. Trsntfer of the Property: Assumption. if all or any part of the Property or an interest therein is said or transferred by Borrower without Lender's prier wrincn consent. excluding (al the creation of a lien or encumbrance subordinate to j this Mortgage. Ih) the creatian of a purchase m~~nev .ecurity interest far househald appliances, (c) a transfer by devise, t descent or by aperation of law open the death of a joint tenant ar (d) the grant of any leasehald interest of three years or less not containing an option to purchase. Lender ma}•, at Lender's aption, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall base waived such aptian to accelerate if. prior to the sale or transfer. Lender and the persan to wham the Property is to to ,ald or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa}-able on the sums secured by this Mortgage stint( be at such rate ac Lender - shall request. If l-ender has waived the aptian to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fram all - obligations under this Mortgage and the Nate- Tf Lender exercises such option to accelerate, I-ender shall mail Borrower notice of acceleration in accardancc ith paragraph 14 hereof. Such notice shall provide a peeled of net less than 30 days from the date the notice is. mailed within g which•Borrower may pay the sums declared due. if Borrower fails to pay such sums prier to the expiration of such peeled, ~ Lender may, without further notice ar demand an Harrower. inval:e any remedies permitted by paragraph 18 hereaf. NON-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows: a 18. Accekratioa; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower is this Mortgage includirq; the covenants to pay when due any sours secured by Ibis Mortgage. Leader prior to acceleration shall mail notice to Borrower ss provided in paragraph 14 hereof specifying: (1) the breach: (2? the action rcgaired to etm snob breach; (3) s date. not less than 30 days from the date the notice is mailed to Borrower. by which such bresch must be cured; and (4) that failure to cure sash breach on or before the date specified in the notice may rccalt in secderation of We cams severed by this Mortgage. toreclowre by judicial proceeding and sale of the Property. The notice shall farther inform Borrower of the right to rcir~tate after sccekration and the right to sssert in the fotreclosure proeeedlag ~ the non-existence of a defauk or any other defense of Borrower to accekratios and forecbsarc. if the breach is Dot cared oa or before the date specified in the notice. fender at [-rnder's option may dechute sll of the sums secarcd by this Mortgage to be immediately due and payable without further demand end may forecl~e this Mortgage by jndkial proceednuR. i.ender shall be eotitkd to collect in sacb proceeding all expenses of foreclosure. including. bat oM limited to. reasonable atinrner's fees. sod casts of wursteetary evidence. a66tracts and title reports. 19. Iliorrower's Right to Reinstate. NMwithstanding (.enders acceleration of the sums secured- by this Mortgage. Borrower shall have the right to have any proceedings begun ~y Lender to enforce this Mortgage discontinued at any- time i nn CC1