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HomeMy WebLinkAbout1649 - ~ • Lender's written agreement or applicabb law. Borrower shall pay the amount of all mortgage ir?swaace 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 tt+om the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pymertt of interest at such rate would be contrary to applicable law, in which event such amount: shall bear interest at the highest rata permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. lrtspectlots, Lender 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 LendePs interestin the Property. 9, Coademaafbn. 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 shall be paid to Lender. In the 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 :hall be applied to the sums sectrrrd by this Mortgage such proportion of the proceeds as is equal to that proportion vehich the amount of the sums ~ecrtred 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 offers to make an award or xttle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to co11ec1 and apply the proceeds, at i~nder's option, either to restoration or repair of the Property or to the sums secured by 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 or modification of amortization of the sums secured by this Mortgage granted by tender to any succeccor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender 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 Waiver. Any forbearance by 1_ender 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 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, and may be exercixd concurrently. independently or successively. ' 13. Successors and Assigns Bound: Joint sad Several l.iabitify; Captions. The 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 joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be trod to interpret or define the provisions hereof. 14. Nutlet. 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 by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to [.enders address slated 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 given to Borrower or Lender when given in the manner designated herein. 15. Uniform MoriRage; Governing Law; Severability. This firm of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by 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 event that any provision or claux of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. Borr+ower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time i of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred f by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b1 the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of -r joint tenant or (dl the grant Of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to bt € immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person ~ is satisfactory t0 Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender ~ shall request. if [_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's 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 Lender exercises such option to accelerate. 1_ender shall mail Borrower notice of acceleration in accordance ti ith ~ paragraph 14 hereof. Such notice shall provide a period of not less 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 pericxi, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IA hereof. NON-LINtFURM COVENANTS. Borrower and Lender furtbei COVenant and agree as fOIlOWS: e 1g. Acceleration; Retaedks. E:cep ss provided is paragraph 17 hereof. tapes 11<orrower's 6rcac6 of say toveaast or agreemest of Borrower b this Mortgage, including the covenants to pay whts doe asy sums secsrtd by this Mortgage. Cruder prbr to accekrstioa shall argil notice to Eorrower as provWed is paragraph 14 hereof specifybt: (1) the breach: (21 the action required to care snob breach; (3) a date. not less than 30 days from the date the ratite bf nraNed to Eorrower. by which crash breach mtat be cared; std (4) that failure to cure such breach oa or before the date specifitd in the notke may result in sccdentioa of the cams secured by this Mortgage, toseclosrrrc by jadkial Noeeediag awd sale of the Property. Tht notke shall further inform Borrower of the right to reirrstafe suer secekration sad the right to assert is the foreclosure procstdbg j the aoa-esisteace of s defaak or say other defense of >lorrower to sccekratba and foreclosnrr. if the breach is rat cored oa ! or before tht date specified b the notice. Lender at Lender's option may dccbre aN of the saazs secured by this Mortgage to be imnredrately due and payable witbost farther demand and rosy foreclose this Mortgage by judicial proeeediaR. Lender shall be entitled to collect b strcb proctednag aN a:peaces of foreclosure, iacludia;, brt not limited to, rcasoaabk att~xnev's fees. and casts of docnttaentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proccedings begun by Lender to enforce this Mortgage discontinued at any time 80;,~ L' k cos ~a~Ei646 i - 4,