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HomeMy WebLinkAbout2136 Lender's written agre~mcnt or applicable law. Borrower shall pay the amount of all mortgage insurar>.x 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 fro~t`I.ender to Borrower requesting payment thereof, and shall hear interest from the date, of disbursement at the rate payahk 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 require [.ender to incur any experue or take any action hereunder. 8. laspectiat. [.ender may make ar cause to be made reasonable entries upon and inspections.of the Property, provided that t.~nder shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademmtbn. 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 s'rall be paid to Lender. In tbe event of a total taking of the Property. 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 sumo 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 Borrower. or if. after notice by Lender to Borrower that the condemnor oBera to make an award or settle a claim for damagv~. Borrower fails to resaand to i_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 Prop<rty ar to the sums secured h}• this Mortgage. Unless Lender and Borrower otherwise agree i'n 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 or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in inter-ct of Borrower shall not operate to release, in any manner. tlrc liability of the original Borrower and Borrower's successors in interest. Lender shall not be reyuired to commence proceedings against such successor or refuse to extend time for payment ar otherwise modify amortization of the sums secured by this Mortgage by reason of an}• demand made h}' the arieinal Borrower and Borrowers successors in intereu. 11. Forbearance 6y Lender Not a Waiver. Any forhearancc by 1_ender in exercising any right ar remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes ar other liens or charges by Lender shall not he a waiver of Lender s right to accelerate the maturity of the indeMedness secured M• this Mortgage. . 12. Remedies Cumulative. All remedies provided in this 1?fartgage are distinct and cumulative to any other right er remedy tinder this Mortgage or afforded by law or equity. and may be exercised concurrently. independently ar successively. 13. Successors and Assigns Bound; .]oint and Sereral Liability; Captbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of i_ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall tx: join! and several. 'I?re captions and headings of the paragraphs of This Mortgage are for convenience only and are not to be used to interpret ar define the provisions hereof. 14. Notke. Except for any notice rcyuired under applicable law to be given in another manner, (a) any notice to Borrower provided far in this Mortgage shall he given by mailing such notice by certified mail addressed to Bermw•er at the Property Address or at such other address as Borrower rosy designate by notice to 1_ender as provided herein. and Ib) any notice to 1_ender shall he gis•en by certified mail. return receipt requested. to Lenders address stated herein ar to such other address as Lender may designate by notice t<. Barraw•er as provided herein. Any notice provided far in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortfage; Covernirrg law: Severahility. This form of mortgage rnmbines uniform covenants far national use and ran-uniform covenants with limited variations by 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 Morlg~ge ,~r the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the N~~te which can be given effect withers the conflicting provision, and to this end the previsions of the I?iortgage and the Note arc .icclarcd to he severable. 16. Borrower's Copy. Borrower shall t?e furnished a rnnfarmed cop} of the Note and of this Mortgage at the time of execution ar after recordation hereof. 17. Transfer of the Property: Assumption. If all er an}• part of the Property or an interest therein is Bald or transferred by Borrower without Lender's prior wrincn conunt. excluding (al the creation of a lien ar encumbrance subordinate to this Mortgage, (h) the creattan of a purchasi m~~nrs• security interest far heusehald appliances, (c) a transfer by devise. descent er by operation of law upon the death of a j~~uir tenant ar (dr the grant of any leasehold interest of three t'cars ar less rat containing an option to purchase, Lender may. at Lender's eptian, 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 sale ar transfer. Lender and the person to wham the Properly is to I+e :el.l i~r transferred reach agreement in writing that the credit of such person a 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 prnvided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, i_ender shall release Borrower from all obligations under this Mortgage and the Nate. If fender exercises such option to accelerate, 1_ender shall mail Borrower notice of acceleration in accardancc hh paragraph 14 hereof. Such notice shall provide a pericxl of rat less than 30 days tram the date the notice is mailed within 3 which Borrower may pay the sumx declared due. If Harrower talk to pay such sums prior to the expiration of such peri~xl, Lender may, without further notice ar demand an Harrower. invoke any remedies permitted by paragraph IR hereof. t Note-UNIFORM CoveYANTS. Harrower and Lender further covenant and agree as follows: f ' 18. Acceleration; Remedks. Except as provided in paragraph 17 hereof, npon Borrower's breach of ,any covenant or agrcemeat of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage. fender prior to sccekratioo shall mail aotke to Borrower ss provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cnre such breach; (3) a date, not lei than 30 days from the date the notice is mailed to Borrower. by which such breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notke 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 foreclosure proceeding _ the uorr-existence of a defauk or say other defense of Borrower to acceleration and foreclosure. If the breach is not erred on or before the date speci6cd in the notice. Lender at I.cnder's option may declare ap of the arms secured by this Mortgafe to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeditrg. i.ender shall be eatitled to collect in such proceeding aN expenses of foreclosure, including, bnt cwt limited to, rcasonabk ~ta,rnr~;'s fees, and costs of uvc..raentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by the M.?rtgage, j Borrower shall have the right to have any proceedings hcgun by Lender to enforce this Mortgage discontinued jt any time 't~Qr ~VO :'AC` . r r~- g ~a