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HomeMy WebLinkAbout2112 . ! . IxnJer's writtrn agreement or applicable law, Borrower shah pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to tha paragraph 7, with interest thereon, shall become additions; indebtedness of Borrower secured by. this Mortgage. Unless Borrower and I.enrkr agree to other terms of payment, such amounts shall be payable upon notice from [.ender to Borrower requesting payment thereof, and shall bear interest front the date of disbursement at the rate payable from time to time on attstanding principal under the Note unless payment of interest 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 requiro i.ender to incur any expense or take any action hereunder. 8. Irrspecfiow, i.ender may make or 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 intcred in the Property. 9. Cottdemrwtba. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or pate thereof, or 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 be applied to the Burns secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial raking 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 taking hears to the.fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds laid to Borrower. If the Properly is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an aN•ard or settle a claim for damages, &,rmwer 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 f~trder's option, either to restoration or repair of the Prn~rty or to the sums secured M• this Mortgage.. l;nlesc !.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend +r po~tpotre 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 fender to any succecsar in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and &?rrower's successors in interest. i_ender shall not be required to commence proceedings against such successor or reface to extend lime for payment or otherwise modify amortization of the wms . tie: axed by this Mortgage by reason of any demand made b1' the original Borrower and Borrowers successors in interest. I1. Forbearance by Lender Not a Wai~•er. Any forbearance by Lender in exercising any right or remedy hereunder, or otheraa•ise afforded by applicable law, shall not he a waiver o[ or preclude the exercise of any such right or remed}•. The procurement of insurance or the payment of taxes or other liens ar 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 Cumulative. 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, rend may be exercised concurrently, independently or stra:essively. • 13. Successors sad AssiRws Bound; .Joint and Several Liability; Captbws. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Bormwer. subject to the provisions of paragraph l7 hereof. All covenants and agreements of Borrower shall be joir>j and several. "Rte 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. Notke. Except for any notice reyttired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given h~• mailink such notice by certified mail addressed to Borrower at the Property Address ar at such other address as Borrower ma~• designate by notice to Lender as provided herein, and th) an~• notice to Lender shall he given by certified mail. return- receipt requested. to Lender's address stated herein or to Hoch other address as Lender may designate by notice to Bormwer as provided herein. Any notice pmvided for in this Mortgage shall be deemed to have been given to Bormwer ur Lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing Law; Sererability. This form of mortgage combines uniform covenants for national use and non-uniform ec?a•enants with IimiteJ variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall t,e governed ha• the law of the jurisdiction in which the Property is located. In the event that any provision ar clause of this Mortg;,ge ur the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nutt which can In given effect wilhrnrt the conflicting provision, and Io this end the provisions of the Mortgage and the Nate arc Declared to he severable. 16. Borrower's Copy. Borrower shall he furni.hed a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. l7. Transfer of the Properly; Assumption. If all or an~• part of the Property or an interest therein is sold or transferred ! by Borrower without Lender's prior wrinen consent. excluding (a) the creation of a lien or encumbrance subordinate tc, this Mortgage, (h) the creation of a purchase me+nev .ecurity interest for household appliances, lc) a transfer by devise. descent ur by operation of law upon the death of a jutnt tenant or (dt the grant of any leasehold interest of three },cars or less nut containing an option tc, purchase, Lender may. at Lender's option, declare all the sums secured by this Mortgage to he i immediately due and payable. Lender shall base w;uved such option to accelerate if, prior to the sale or transfer. Lender ~ _tnet the person ro wham the Property i, to be .ol.l c,r transferred reach agreement in writing that the credit of such person _ ~ +s satisfactory to I_enJer and that the interest payable un the sums secured by this Mortgage shall be at such rate as Lender shall request. If I ender has waived tF?e option to accelerate pmvided in this paragraph 17, and if Borrower ~ successor in interest has executed a written assumption agreement accepted in writing by Lender, [.ender shall release Borrower from all ahligations under this Mortgage and the Note. t If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accardance ith paragraph 14 hereof. Such notice shall provide a period of not Tess than 30 days from the date the notice is mailed within which Borrower may pay the sums declare) due. If Borrower fails to pay such sums prior to the expiration of such period. i Lender may, without further notice ar demand nn Borrower. invoke any remedies permitted by paragraph eft hereof. I Isla:v-UNIFORM CovENAN7s. Borrower and Lender further covenant and agree as follows: 1 B. Acceleration; Remedies. Except as provided in pangrapb 17 betreof, wpow Borrower's btrcaclr of any covenant or agreement of Borrower iw this Mortgage. iwcluding the covenants to pay wbta due swy sums secured by this Mortgage, Lender prior to acceleration shall grail notice to 18otmower ss provided is paragraph 14 hereof specifying: (1) the breach; (2) the action s required to curt snob breach; (3) a date, woe kss than 30 days from Ibe date the notke b tamed to Borrower. by which such - breach must be cured; awd (4) that failure to cure such breach oe or before the daft specHied iw the notice may result in acceleratiow of the Burros secured 6y this Mortgage, fo?eclosurt 6y jnd;cisl P~~wL sad Bak of the Property. The notice shall further inform Borrower of the right to reirotate after scctkratiow swd the right to sr<sert iw lbe forech~nre proceeding the non-existence of a defank or any other defense of Borrower to sccekration sad toreclosurt. If the breach b woe cured on or before the date specified iw the notke, lender at Lender's optiow rosy decbut all of the slims secured by ebb Mortgafe to be immediately due and payable without further demand and may foreclose ebb Mortgtt`e by jndicid Proceeding. Lender chair x be entitled to collect in such proceeding a8 expenses of foreclosnrt, iirclndirrg, but woe limited to, reasonable attnrne is fees, y and costs of wrcr:~wewtary evidertce, abstracts and title reports. 19. Borrower's Right fo Reiwst~e. Notwithstanding Lender's acceleration of the sums secured by thr Mortgage, Borrower shall have the right to have any proe:eedtngs begun by Lender to enforce this Mortgage discontinued at any, time t t BURS 3O~ PACE21~ - - i. • _ _ 4.