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HomeMy WebLinkAbout1254 Lender's written agreement or applicable law. Borrower shah pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts distxtrsed by Lender pursuant to this paragraph 7, with interest (hereon, shall become additional ` indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms of payment. such amounts shall be payable upon notice from (.ender to Barrowt•r requesting payment thereof, and shall bear interest from the dart: of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interat at such rate would be contrary 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 expertise or take any action bercurader. 8. laspectiQra. lender may make ar cause to be made reasonable entries upon and inspections of the Property, provided t that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's . t interest in the Property. 9. Ctstademastbn. The praceedc of any award or claim for damages, direct or cott_sequential, in connection with any condemnation or other taking of the Property, ar part thereof, or for conveyance in lieu of condemnation, are hereby assignt;d and shall be paid to Lender. in the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. Tn 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 which the amount of the sums secured by this Mortgage immediately prior to -the date of j taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds i paid to Borrower. ' if the Property is ahandaned by Borrower. ar if. after notice by lender to Bormwer that the condemnor offers to make an award ar settle a claim far damages. Bormwer fail. to respond to lender within 30 days after the date such notice is mailed. I~nder is authorized to collect and apply the proceeds, at tender's aption, either to ratoration or repair of the ~ Property ar to the sums secured by this Martgagc. Unless Lender and Borrower otherwise agree in writsne. any such applicatian of proceeds to principal shall not extend or postpcsie the due date of the manthly installments referred to in paragraphs 1 and 2 hereof or change the amount of $ such installments. • 10. Borrower Nof Released. Extension of the time for payment or madification of amortization of the sums secured by this Mortgage granted by Lender to am• asccessar in interest of Harrower shall not ape~ate to release.- in any manner. the liability of the original Bormwer and &~rmwer's successars in interest. Lender shall not be required to cammence proceedings against such successor ar refuse to extend time for payment ar otherwise modify amortizatirni of the sums secured by this Mortgage by reasan of :Bray demand made by the arieinal Borrower and Barrawer s sttccessars in interest. 11. Forbearance 6y Lender Not a Waiver, An}' fasficarance by Lender in exercising any right or remedy hereunder, or y atherwise afforded by applicable law. shall rant be a waiver of ar preclude the exercise of any such right or remedy. ! The procurement of insurance or the payment of taxes ar ather liens ar charges by Lender shall not be a waiver of !.ender', right to accelerate the maturity of the indebtedness secured by this Mortgage. i 12. Remedies Cbmnlatirre. All remedies provided in this Mortgage are distinct and cumulative to any ather right or remedy under this Mortgage or afforded by law ar equity, and may he exercised concurrently. independently or successively. ' 13. Snecessors and Assigns Bound; ,Joint sand Several i.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inssre to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Bormwer shall be jainJ and several. The captions and headings of the paragraphs of this Mortgage are far convenience anly and are not to be used to . interpret or define the provisions hereof. • 14. Notice. Except far any notice rcyuired .under applicable law to be given in another manner. la) any notice to Borrower provided for in this Martgaee shall be given by mailing such notice by certified mail addressed to Barrawer at the Property Address ar at such other address as Borrower ma_v designate by notice to Lender as provided herein, and. (b) any notice to Lender shall he given by certified mail. return receipt requested. to tender s address stated herein or to such other address as Lender may designate by notice to Barrawer as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Harrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governiry; law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security instrument covering ~ real property. This Mortgage shall he governed by the law• of the jurisdiction in which the Property is located. Tn the event that any provision or clause of this Martg~ge or the Nate canflicts with applicable law, such conflict shall not affect other provisions of this Mortgage ar the Note w-hick can be given effect without the conflicting provision, and to this ` end the provisions of the Mortgage and the 'date arc .leclared to be severable. 16. Borrowers Copy. Borrower shall t+e furnishcJ a conformed cop} of the Note and of this Mortgage at the time ~ of execsstion or after recordation hereof. 17. Transferof the Property; Assumption. If all or any part of the Praperty or an interest therein is Bald or transferred by Borrower without Lender's prior written consent. excluding ta} the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purcha.c money security interest far household appliances. (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant ar Id) the grant of any leasehald interest of three years or less trot containing an option to purchase. Lender may, as !.ender', option, declare all the sums secured by this Mortgage to be i immediately due and payable. Lender shall base w~ai~•cd such option tq accelerate if. prior to the sale ar transfer. Lender and the person to wham the Property i~ to be .al.l or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa}•able nn the sums secured by this Mortgage shall be at such rate as lender shall request. If Lender has waived the aptian to accelerate-provided in this paragraph 17, and if Borrower's 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. ~ _ If Lender exercises such option M accelerate. Lender shall mail Borrower notice of acceleration in accordance s~ ith paragraph 14 hereof. Such notice shall provide a periad of rant less than 30 days from the date the notice is mailed within which Borrower may pay the Burns declared due. if Borrower fails to pay such sums prior to the expiration of such peri.xi. Lender may. without further notice ar demand an Harrower. invoke any remedies permitted by paragraph 18 hereof. Nox-UNtt=oRnt CovesversTS. Borrower and Lender further covenant and agree as follows: 18. Accekratioa; Remedies. Except Bas provided in paragraph 17 hereof, arpar Borrower's breach of any co.eaant or ~ ,agreement of Bormwer in this Mortgage, including the covenants to pay worn doe say ,rams ,reared by this Mortgage, Leader ~ prior.to saccekrstioa,ball msail notice to 1ltormwer ss provided in paragraph 14 hereof sptecityirag: (1) the breach:121 the sactan required to con such breach; (3) a date, not less than 30 days from the date the tsotke is mailed to iorrower. by which web breach mwt be cored; and (4) that fsaitnre to cure wch breach on or before ttx daft specked is the notice may resaalt is accekratitssa of the saris secnrcd by this Mortgage, forecbwrt by jndicial proceeding sad Bak of ebe Property. The notice ,ball further inform Borrower of the right jo reinstate after acceleration sand the right to assert in t`e foreclosure proceeding , tM: non-a:astence of a defaak or any other defense of Borrower to sccekrstion and foreclostare. If the tureach is oot cnr~ed oa = or before the date specified in the notice. Lender at lender's option may declare aM of the sagas ,tutored by flats Mortgtge to be immediately due and payable withont further demand and may foreclose tots Mortgage by judicial proceeding. i.en~ler shall tx eodtkd to collect is such proceeding all a:proses of foreclosure. iaclndiag, Mat not limited to, ressoaabk att~,rnr-i's fees.- _ and costs of aiarca:~neatary evidence, abstracts and title reports. i 19. Btrrmwea's Right to Rinnstsate. Natwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings t+egun ~y Lender to enforce this Mortgage discontinued at any time ti i y ~ ~ `.308 ~acF 1254 ~ Vv.• _ - _