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HomeMy WebLinkAbout2904 lender i written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed ?y 14tder 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 amatnts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the me payable from tithe to time on alt:landing 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. 8. Inspection. Lender may make or cause to he made rca_sonabk entries upon and inspections of tht Property. provided that I.enckr shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's intcrest in the: Property. ' 9. Condetnratbs. The proceeds of any award or claim for damages, direct ar 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 shall be paid to Lender. in the event of a total taking of the Property. the proceeeds shall he applied to the sums 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 s as is equal to that proportion which the amount of the sums 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 Burrower. If the Property is abandoned by Borrower. or if. after notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower 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 Lender's option, either to ratoration or repair of the Property or to the sums secured by this Mortgage. Unless I-ender and Borrower otherwise agree in writmg, 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 heteof 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 a,cccssar in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and ila•rrower's successors in interest. 1_ender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of thr sums secured by this Mortgage by reason of an;• demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not s Waiver. Any farhearance by Lender in exercising any right or 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 or other liens or charges by Lender shall not he a waiver of Lender's right t~. accelerate the maturity of the indebtedness secured by this Mortgage. - 12. Remedies Cnmulstire. 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, and may be exercised concurrently. independently or successively. ' 13. Stucessors and AsaiRas Bound: Joint and Several i.iability; Captk~ts. Tht covenants and agreements 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 join] 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 he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate bl' notice to tender as provided herein. and (h) any notice to Lender shall he 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 provided herein. Any notice provided for in this Mortgage shall be deemed to have been Riven to Borrower or l.cnder when given in the manner designated herein. 15. Uniform Mortgage; Governing w; Severability. This form of mortgage combines tmiform covenants for national use and non-uniform covenams with limite~ variations by jurisdiction to constitott a uniform security instrument covering ~f real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ur the Note conflicts with applicable law, such conflict shall not affeM other provisions of this Mortgage or the Natc which can be given effect without the conflicting prevision, and to this end the provisions of the Mortgage and the 'Mote arc Jcclarcd to be severable. 16. Eorrower's Copy. Borrower shall Ile hirnished a conformed cop)• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Paiperty or an interest therein is sold or transferred 4 € by Borrower without Lender's prior wrincn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase manc~• security interest for household appliances. (c) a transfer by devise. - E descent or by operation of law upon the death of a joint tenant or (ell the grant of any leasehold interest of three }cars or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be j immediately due and payable. i.ender shall have w:uved such option to accelerate if, prior to the sale or transfer. Lender and the person to wham the Property is to tx ;aIJ ar transferred reach agreement in writing that the credit of such person ~ is satisfactory to Lender and that the imerrst payable an the sums secured by this Mortgage shall be at such rate as ?.ender shall request. If 1-ender has waived the option to accelerate provided in this paragraph 17, and if Borrower i wccessar in interest has executed a written assumption agreement accepted in writing by i.ender, Lender shall release Borrower tram all P obligations under this Mortgage and the Note. - ~ If Lender exercises such option M accelerate. I .nder shall mail Harrower notice of acceleration in accardancc ~+ith paragraph 14 hereof. Such notice shall provide a pericxl of hat less than 30 days from the date the notice is mailed within E which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such periixl. Lender may, without further notice or demand on Harrower. invoke any remedies permitted by paragraph 1 R hereof. s - Norv-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except m provided in psrsRraph 17 hereof, upon Isorrower's breach of any covenant or agreement of Borrower in this Mortgage, iscltrdirrg the covenants to pay wl~s dtre any sums secured by this Mortgage. Lender prior to accekratbs shall mail notice to Borrower as provided In•panrgrapb 14 hereof specitybrg: (1) the breach;/211he action required to core snob breach; (3) s date, sot less Than 30 days from the date the notke b mailed to Borrower. by which such breach mwt be cored; and (4) that failure to cure such breach on or before the date specified in the notke may result in accekntion of the ssuas stcnred by this Mortgage. foreclosure by judkisl proceeding sad sale of the Property. The nolke shall further inform Sorror?er of the right to reinstate after sccckratios sod the right to assert is the forecbwre proceeding - the non-existence of s default or srry other defense of Borrower to sccekrstion and foreclosnrt. If the breach is rat cored on or before the date specified is the notice. I.ende~ at Lender's option rosy declare sN of the sums secured by this MortRape to be ; immediately due sod payable without further demand and rosy foreclose this Morlga=e by judicial proceeding. i.endt? shall be entitled to collect in such proceeding sfl expenses of foreclosure. including. but sot limited to, reasonable ata,rnev's fees, and costs of wrcrstentary evidence, abstracts sod tick reports. t 19. Eorrown's Right to Reisstste. Notwithstanding Lenders acceleration of the sums secured by thr Mortgage, } Borrower shall have the right to have any proceed~nRs begun ~y Lender to enforce this Mortgage discontinued at any time 3C~K JU~ ~ACi ~~4 ' - ~n