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HomeMy WebLinkAbout2118 Lender's written agreement or applicable law. Borrower shall 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 become additional 'indebtedness of Borrower secured by this Mor{ga~s.-- Unless Borrower and Lender agree to other ternts of payment. such amounts shall be payable upon nMice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payahk from time to time on outstanding 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 require Lender to incur any expense or take any action hereunder. • >k Ito<speetion. 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 interest in the Property. 9, Condemnation. 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 far conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. • in the event of a tMal taking of the Properly. the prcx:eeds shall be applied to the sums secured by this Mortgage, with the excess, if arty, 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 procoeds as is equal to that proportion which the amount of the same 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 ahandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Bc+rrower faits to resrx?nd to 1_ender 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 !'roperty or to the sums secured h}• 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. 10. Borrower Not Released. Extension of the time for payment of modification of amortization of the sums secured by this'Nortgage granted by i.ender to any ctrcceccor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and 13c?rrower'c successors in interest. 1_ender shall not be required to rnmmence proceedings against such successor or reface to extend time for payment or otheru•ice modify amortizatia~ of the sums secured by this Mortgage by reau?n of any demand made b}• the orieinal Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. :1ny forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not t?e a waiver of c?r preclude the exercise of an}• 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 sc:crrrcd h}• this Mortgage. , 12. Remtdies CnmulaHve. All remedies provided in this Mortgage arc distinct and cumulative to any other right or i remedy under this Mortgage or afforded by law or equity, and map be exercised concurrently, independently or succecsively_ 13. Snccessors and Assigns Bonnd; Joint and Several f.iab0ity; Captions. The covenants and agrecmen~s herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiru and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to ' Borrower provided for in this Mortgage shall be given b}• 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 Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested, to Lenders address stated herein or to such other address as Lender may designate by notice to Borrower as pro~•ided herein. Any notice provided for, in this Mortgage shall be deemed to have t+ecn given to Borrower ~+r 1_cnder when given in the manner designated herein. 15. Uniform Mortgage; Governing law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h~• the law of the jurisdiction in which the Property is located. in the event that any provision or clause of this Mortgage or the Note rnnflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Note Nhich can I+e given efTect without the conflicting provision, and to this j end the provisions of the Mortgage and the ~1ote arc Declared to t?e severable- 16. Borrower's Copy. Borrower shall t+e furnished a conformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Asxumplion. if all .?r any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writirn consent- excluding (at the creation of a lien or encumbrance sut?ordinate to ~ this Mortgage. (b) the creation of a purchase monrs• security interest for household appliances, (c) •r transfer h}• devise. ~ descent or by operation of law upon the Death of a jrint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase. Lender map. at Lender s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w:uved such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to be .oID or transferred reach agreement in writing that the credit of wch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as 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 tender exercises such option to accelerate, i.ender shall mail Borrower notice of acceleration in accordance 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 wch pericxl. Lender may, without further notice or demand c?n Borrower. invoke any remedies permitted by paragraph 1 R hereof. 3 Note-UNIFORM COVENANTS. Borrower and tender further covenant and agree as follows: ~ lg. Accekratan; Remedies. Except as pmx•ided in paragraph 17 hereof. upon Borrower's breach of aay corenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any snms secured by this Mortgage. Lender prior to accekntion shall mail notice to Borrower as provided is paragraph 14 hereof specifying: (l) the breach; 121 the aster rtgnlred to con snob breach; (3) a date. not less than 30 days from the dMe the notice is ttnaikd to Borrower. by which web brash mint be erred; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sak of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosnre proceeding the ran-existence of a defauN or any other defense of Borrower to acceleration and forecbsure. If the breach is not cured on or before the date specified in the notice. Lender at Lender's option may declare aq of the sntns secured by this Mortgs~e to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in snob proceeding aq expenses of foreclosure. including, but not limited to, reasonable ata?rnc is fees, and costs of cwc~~rsentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding 1_ender s acceleration of the sums secured by thr Mortgage, ? Borrower shall have the right to have any proceedings he:gun %?y Lender to enforce this Mortgage discontinued at any time X08 ,A~~ 2118 4 _ ~ ~ I ~ i~ ~