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HomeMy WebLinkAbout1260 Lender's written agreement or applicable law. Borrower obeli pay the amount of ell 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 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 from the date of disbursement at the rate payable from time to time on attatanding principal under the Note unless payment of interest at such rate would be contrtry 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 i.ender to incur any expense or take a_ ny action hereunder. s. llrtspectba. under may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shat) give Borrower notK~e prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cot~demrratbs. The proceeds of any award 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 hereby assigned and stall be paid to i.ender. ' 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. 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 which the amount of the sttmc 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 Bor:ewer. or if. after notice by Lender to Borrower that the condemnor offtrs to make an award or settle a claim for damages, Borrower fail. to respond to lender within 30 days after the date such notitt is mailed, Lender is authorized to collect and apply the proceeds. at Lender s option, either to re3toration or repair of the Property or to the stt_ms secured b)• this Mortgage. Unless lender and Borrower 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. I0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by i.ender to any successor in interact of Borrower shall not operate to release. in any manner, the liability of the original Borrower and lliorrower's successors in interest. 1_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the gums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Wainer. .4ny forbearance b}• lender 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 or other liens or charges by lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cmm~lative. All remedies provided in Chic )?forigage arc 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 sua:essively- ' 13. Snccessors and Assigns Bound: Joint and Ses•eral I.iabtlity: 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 !o the provisions of paragraph f 7 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 any notice rcyuired 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 Borrower mav_ designate by notice to i.ender as provided herein. and (b) any. notice to Lender shall be given by certified mail. rctum receipt requested. to Lenders 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 Mortgage shalt be deemed to have been given to Borrower ar Lender when given in the manner designated herein. 15. Uniform Mortgage; Corernirrg Law: Set•erability. This form of mortgage combines tmiform covenants for national use and non-uniform covenamc 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 I event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the :Matz arc declared to be severable. p 16. Borrower's Copy. Borrower shall be furni.hed a conformed cop)' of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Treader of the Property; Assumption. if all or any pan 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 creation of a purchase money security interest far 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 I-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. prior to the tale or transfer.-Lender and the person to whom the Property is to be :old 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 shall be at such rate ac i-ender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tram all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in atcordancr ith paragraph 14 hereof. Such notice shall provide a period of not Icsc 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 period. Lender may, without further notice or demand an Borrower. invoke any remedies permitted by paragraph 18 hereof. ~ Noty-f,JNIFORM CovENeNTS. Borrower and lender further covenant and agree as follows: - 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. epos Borrower's breach of any coreasat or i agrecmtat of Borrower is this Mortgage. including the cotenants to pay when dne say snms secured 6y thls Mortgage. Leader - prior to accekratios shall mai! notice to Borrower as protidcd in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure snch breach; (3) s date. not less than 30 days from the date the notice is sraikd to Borrower. by which such breach mast be cared; and (4) that failure to cure such bresch os or before the date specified in the notice may result in acceleration of the sates secured by this Mortgage. torecbsure by judicial proeeedittg and sale of the Property. The notice ~ shat! further inform Borrower of the right to nrinstate after acceleration and the right to assert in the foreclosure proceedbg 1 the non-existence of s defatrN or say other defett_se of Borrower to sccekntios and forecbsure. if the breach is sot cored oa or before the date specified in the notice. Lender at [.tinder's option may declare aq of the snr~ secnred by this Mortgafe to be 'z ~ immediately due and paysble without further demand and may foreclose this Mortgage by jndicid proceeding. Lender shall ' be entitled to collect in snc6 proceeding aN a:penses of foreclosure. including. but not 13mited to. reasonable atb,rnrr's fees. and costs of ~iuc.:~seatary eridence..abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's 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 ~ a~~r F,1G: r • '.ri,.::~:. ~ _ _ L: