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HomeMy WebLinkAbout1677 Lender's written agrcemr:nt or applicable law, Borrower shalt pay the amount of all mortsage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by [.ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortbage. Unless Borrower and 1-enter agree to other terms of payment. such amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Nate unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require 1_ender to incur any expense or take any action hereunder. 8. Inspection. [.ender may make or cause to be made reasonable entritc upon and inspections of the Property. provided that i.ender shall give Borrower notice prior'to any such inspection specifying reasonabk 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 for conveyance in lieu of condemnation, are hereby assigned and s.rall be paid to lender. fn the event of a total taking of the Property. the proceeds shall hc,•rpplied 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 ctrmc secured h}' this Mortgage such proportion of the proceeds 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 valtrc of the Property immediately prior to the elate of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned b}• Bor.-over. or if.:,ftcr notice by Lender to Borrower that the condemnor offers to make an ~war8 pr settle a claim for damages. Borrower fail. to respond to Lender within 30 days after -the date such notice is -mailed. Lender is authorized to collect and apply the proceeds. at 1-ender's option, either to restoration or repair of the Proferty or•fo the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in writne- am• such application of procceds to principal shall not extend or postpone _the due date of the monthh• installments referred to in paragraphs 1 and 2 hereof or change the amount of such instalLrrtents. ' l0.- Borrower Nof Released. Fxtencion of the time for payment o, modification of amortization of the some secured by,this-Mortgage granted by [.ender to any successor in inter~~t of Borrower shall not operate to release. in any manner. tAe liability of the ori¢ina) Borrower and Borrower's succesorc 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 wms secured by this Mortgage by reason of an>,• demand made by the orieinal Borrower and Borrowers successors in interest. 11. Forbearance 6y Lender Not a Waiver. Am• fonc~ar-.+ncc hs I Winder in esercicing am• 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 ta~ec or other liens or charges by Lender shall not be a waiver of lender s j right to accelerate the maturity of the indebtedness ccrured by this Mortgage. 12. Remedies Cnmulatire. All remedies provided in this Aortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law• or cyuity. and may be e~erciccd concurrently. independently or sue:_ecsively- f ~ 13. Successors and Assigns Bound:.)oint and Several i.iability; Captions. The covenants and agreemen s herein ~ contained shall bind, and the rights hereunder shall imue 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 be joirv and ceveral- ~ The captions and headings of the paragraphs of this Mongage arc for convenience only and are not to be used to ~ interpret or define the provisions hereof. 14. Notice. Except for any notice rc4uired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgaec shall be given by 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 lender as provided herein. and i (h) am• notice to Lender shall tie given by certified mail- ren,m receipt requested. to I ender'c address stated herein or to such other address as [.ender may decimate M• notice to Borrower as provided herein. Any notice provided for in this I Mortgage shall be deemed to have been gn•cn to Borrower or Lender when given in the manner designated herein. IS. Uniform Mortgage; Governing Iavr; Sererabilit}•. This form of mortgage combines uniform covenants for national use and non-uniform cm•enants with limited variations M' jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed hs• the law of the jurisdiction in which the Property is located- In the E event that any provision or clause of this Mortgaec 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 Vote arc Jcclarcd to be severable. 16. Borrowers Copy. Borrower shall br furnished a c„nformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. I 17. Transfer of the Propert~•: Assumption. If all or am part of the Pmpert}• or an interest therein is sold or transferred by Borrower without Lender's prior wrincn consent. cncluding ta) the creation of a lien or encumbrance subordinate to this Mortgage. (hl the creation of a purch:+sc m,~nce sccurit~ interest for household appliances. Ic) a transfer by devise. descent or by operation of law upon the death of a i,~int tenant or (d, the grant of an}' leasehold interest of three }-cars or lets not containing an option to purchase. 1_ender may. at [,codex's option. declare all the sums secured by this Mortgage to be ?mmediately due and payable- Lender shall hose waived such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to fx .oIJ or transferred reach agreement in writing that the credit of such percon is satisfactory to Lender and that the interr.t pa}-able on the sums secured by this Mortgage shall be at such rate as Lender shall request. If 1-ender has waived the option ro 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 Nrnc. If 1_ender exercises such option to accelerate. 1-ender shall mail Borrower notice of acceleration in accordance ith paragraph 14 hereof. Such notice shall provide a period of not less than 3Q days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration of such peri+xl. Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. Nosy-UNIFORM CovExsNTS. Borrower and 1-ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any snrns secured by this Mortgage. [.ender prior to accekration shall mail notice to Borrower as provided in paragraph 14 hereof speeifyirrg: (1) the breach: (2) the action required to core snch breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such breach most be cored; and (4) that failure fo core such breach on or before the date specified in the notice may result in sccekration of the snms 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 accekratron and the right to assert in the foreclosure proceeding the non-existence of a defauN or any other defense of Borrower to acceleration and forecosurc. If the breach is not cored on or before the date specified in the notice. Lender at I.rnder's option may declare all of the sums secured by this Mortgage to be immediately doe and payable without further dem:,nd and may foreclose thk Mortgage by judicial proceedirre. I.endrr shall be entitled to celled in snob proceedirgt all expenses ++f foreclosure, includios~ but not limited to. reasonable ~tt~,rn+•:'s fees, and costs of wreo~neotary evidence. abstracts and risk reports. 19. Borrower's Right to Reinstate. Notss•ithstand,ng Lender's acceleration of the sums secured by th,• M~rtgagc. Borrower shall have the right to have any proce~d,ng~ hcE+,n ~y [.ender to enforce this Mortgage discontinued .rt an} time g~oK 309 ~A~E16?4 ~ x 3 -