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HomeMy WebLinkAbout1665 • • f t I_rnder's written :~grcem~nt or applicable law. Borrower ah:li pay the amount o[ all mortgage insurance premium: in the manner provided under paragraph 2 hereof. Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thereatr, shall become addition.! indebtedness of Borrower tiocttrod by this Mortgage. Unless Borrower arxi Lender agree to other temu of payment, such amounts shall be payable upon native tram !.ender to Borrower requesting payment thereat, and shall bear interest from the date of disbursement at the rate payable from time to time an attstar?ding principal under the Note unless payment of interest at such rate would be rnntrary to applicable law, in which event such amounts shall bear interest at the highest me permissible under applicable law. Nathipg captained in this paragraph 7 shall require !.ender to incur any expense or take any action hereunder. 8. Inspectiow, 1_ender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Harrower native priar to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Cowdemrartiow. The praceedc of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, ar part thereat, or for conveyance in lieu of condemnation, are hereby assigned and s;~all be paid to [.ender. In the evept of a total taking of the Property. the prcx:eeds chill he applied to the sums secured by this Martgage, with the excess, if any, paid to Barrawer. In the event of a partial taking of the Property, unless Borrower and Lender itherwise 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 ama?tnt it the same secured by this Mortgage immediately priar to the date of taking bears to the fair market value of the Property immediately priar to the date of taking, with the balance of the proceeds paid to Borrower. If the Properly is ahandaned by Bar:ower. ar if. after native by lender to Barmwer that the condemnor offers to make an award it settle a claim far damages. Barrawer fails to respond to !.ender within 30 days after the date such notice is mailed. lender is a?rtharized to called and apply the proceeds, at Lender's option, either to restoration or repair of the Prolxrty it to the sums scoured by this Martgage. Unless I.epder and Borrower otherwise agree in v.•riting, any such application of pracecds to principal shall not extend ar pcxtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount if such installments_ 10. Borrower Not Released. Extension if the time far payment or modification of amortization of the sums secured by this Martgage granted by Lender to any cuccecsor in interact of Harrower shall pat ape~ate to release, in any manner, the liability of the original Barrawer and Barrawer ~ s?rccessars in interest- Lender shall not be required to commence priceedings against such s?eccessar ar refuse to extend time far payment or otherwise midify amartizatia? of the v~ms secured by this Mortgage by reason of any demand made by the original Borrower and Barrawer s succescars in interact. I1. Forbearance by Lender Not a Waiver. Any farhearance by !.ender in exercising any right or remedy here?nder, or otherwise afforded by applicable law. shall pat he a waiver if ar preclude the exercise of any such right ar remedy. The procurement of insurance or the payment of taxes ar xebec liens or charges by Lender shall not he a waiver if Lender s right ti accelerate the maturity of the indebtedness scoured by this Mortgage. j 12. Remedies Cumulative. All remedies nravided in Chic Martgage are distinct and cumulative to any xebec right ar remedy under this Mortgage or afforded by law ar equity.:?nd may be exercised concurrently, independently or s?rc~.essively. 13, Successors awd AssiRws Bound; .Joint and Several Liability; Captions. The covenants and agrcemen~s herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender at?d Barrawer_ subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borraw•er shall be fairy and several. The captions and headings of the paragraphs of this Mirtgage art far convenience only and are pat ti he need to interpret or define the provisions herrnf. 14. Notice. Except for any native rey?rired under applicable law, to be given in another manner. (a) any native to _ Barmwer provided far in this Martgage shall be given by mailing such notice by certified mail addressed ti Barmwer at the Property Address it at each other address as Borrower max_• designate by native to 1_ender as provided herein, and Ih) any notice to Lender shall he given by certified mail. return receipt requested, ti Lenders address stated herein ar to each other address as tender may designate by notice to Barmwer as provided herein. Any notice provided for in this Mortgage shall be deemed ti have been given to Barrawer or Lender when given in the manner designated herein. 15. Uniform Mortgage: Governirq: lav?•: Seaerabilily. This farm of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations M• jurisdiction ti catutitute a uniform security instrument covering real property. This Mortgage shall be governed by the law if the jurisdiction in which the Property is located. in the event that any provisian ar clause of this Martg:.ge or the Note conflicts with applicable law, such conflict shall pat affect other provisions of this Mortgage ar the Note ~shich ,an be given effect withaut the conflicting provisian, and ti this end the provisiins if the Martgage and the Nate arc declared ti he severable. 16. Borrower's Copy. Borrower shall fk furnished a confirmed cap}- of the Nate and of this Mortgage at the time ~ of execution ar after retardation herrnf. 17. Transfer of the Property: Assumption. If all ar any part of the Property or an interest therein is Bald or transferred by Borrower withaut under s priar writitn cansu:nt. excluding la) the creatian of a lien ar encumbrance subordinate to this Mortgage. (h) the creatian if a purchacr money security interest fir hausehald appliances, Icl a Irancfer by devise, ~ descent or by iperation of law upon the death if a joint tenant ar Idl the grant of any leasehild interest if three years ar less i pat containing an option ti purchase. Lender may. at Lender's iptiin. declare all the sums secured by this Martgage to be immediately due and payable. Lender shall have waived such option ti accelerate if. prior to the sale ar transfer. Lender and the person to whom the Property is to bt ;al.l or transferred reach agreement in writing that the credit if such person is satisfactory to Lender and that the interest payable in the sums secured by this Mortgage shall be at such rate ac Lender shall request. If Lender has waived the iptiin to accelerate provided in this paragraph 17, and if Borrower's successor in interest hoc executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower Pram all f obligations under this Martgage and the Nite. r If !.ender exercises such option to accelerate, 1_ender shall mail Borrower notice of acceleration in accardancc ~cirh ~ paragraph 14 hereof. Such notice shall provide a period of pat lest 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 arch period. Lender may, withaut further notice it demand an Harrower. invoke any remedies permitted by paragraph 18 hereof. s f Non-UNIFONM CovENeNTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided iw psrsgrapb 17 hereof. trpow Itiorrower's breach of any covenant or agreement of Borrower is this Mortgage. iacluditrg the coveaaMs to pay whew doe any swnes stenred by tbEs Mortgage. Lewder prior to acceleration shall mail wotice to 1!<orrower as provided iw paragraph 14 hereof specifying: (1) the bresch: (2) the adaa required to core snob bresch; (3) a date. wot less thaw 30 days from the date the wertice is ma8ed to Igonower. by which such breach must be cored; and p) that faHurc to cure such breach ow or before the dale specified iw the notice may result in scceleratiow of the snrtees secured by this Mortgage. torecbsure by judicial proceeding sod sale of the Property. The notke shall further inform Borrower of the right to reinstate after scceleratiow and the right to assert iw the foreclosure pr+oteediwg the non-a:istence of a defank or awy other defense of Borrower to accekratiow and forecbsure. If the breach is woe cared ow ~ or before the date specified iw the wotice. lender at i.errder's option may declare aB of the snots se:cwred by this Mortgafe to be immediately due sad paysbk without farther demand and may foreclose this Mextgsge by jndicisl proceeding. i.ender shall ~ be ewtitkd to colket in sirc6 proceeding sN a:penses of foreclosure. includirr`. brat woe limited to. nasowsbk ata,rne~;'s fen. i awd casts of ?iiocr~aewtsry evidence. afbstracts sod title reports. ~ 19. lsorrower's Right to Reistate. Notwithstanding Lenders acceleration of the sums secured by th~~ Martgage. Harrower shall have the right to have any proceedings begun :,y Lender to enforce this Martgage discontinued dt any time v 4' ~ 309 ,A~E1662 i Ate,:. _ cy Y. 4 fi-. c ~ ; h .