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HomeMy WebLinkAbout1696 Lender's wnttcn agreement or applicabb law. Borrower shah pay the amount of all mortgage insurarwe'prttaeiuats in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to tha paragraph 7, with interest thereon, shall become additions: in+lehtedncss of Borrower secured by this Mortgage. Useless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender Io Borrower requesting payment thereof, and shall hear interest from the .late of disbursement at the rate payable from time to tune on outstanding 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 I_etrder to incur any expense or take any action hereunder. 8. Inspection. 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 Lender s +nterrst in the Property. 9. Coademnatbn. 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, arc hereby assigned and s:iall be paid to I-ender. 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 shall be applied to the sums secured by this Mortgage such proportion of the proceeds as it equal to that proportion which ehe amount of the some 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 i.ender to Borrower that the condemnor offers to make :rn award or settle a claim for damages. Borrower faih to respond to Lender within 30 days after the dale such notice is rn:+iled. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Proicrty rr to the cum, secured by this Mortgage. Uniesc 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 arch 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 interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's successors in interest. i.ender shall not be required to rnmmcn.c proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the ~r~ms tic: urcd by this Mortgage by reason of any demand made by the oriiinal Borrower and Borrowers successors in interest. I1. Forbearance by Lender Not a Waiver. Any forbearance M• Lender 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 I?iortgage arc 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 siic•:essively. 13. Successors and Assigns Bound; ,Join) and Se~ersl i.iabBity; Captions. The covenants and agreements herein cuntaine+l shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. .object to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jniry and several. "(lie 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 rcyiiircd 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 certified mail addressed to Borrower at t~,c Property Address or at such other addres. as Borrower ma~• designate by notice to lender as provided herein, and the am• notice to Lender shall he gi~•en by certified mail. return receipt requested. to !.enders address stated herein or to ~ueh usher 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 gn•cn to Borrower or 1-ender when given in the manner designated herein. 15. Uniform Mortgage; Governint; law: Se.•erability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to corrstiUrte a uniform security instrument covering real property. This Mortgage shall be governed M• the law of the jurisdiction in which the Property is located. In the f e~•ent that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall nut affect i 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 'dote arc declared to he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed ropy of the Note and of this Mortgage at the time .•f execution or after rcrnrdation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinen content. excluding lal the creation of a lien or encumbrance subordinate to € this Alortgagc. (h) the crcahon of a purchase mrney ucurity interest for household appliances. (c) a transfer M• devise. descent +?r by operation of law upon the death of a joint tenant or (dt the grant of any leasehold intetst of three years or lets not containing an option to purchase. Lender may. at Lender's option, declare all the sums secured by this Mortgage to I?e in~me.!iatelr due and payahle. Linder shall have waived such option to accelerate if, prior to the sale or transfer. Lender r and the person to whom the Property is u? t?e .oIJ or trancfcrrcd reach agreement in writing that the credit of such person is satisfacton• to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as 1 ender shall request. If Lender has waived ehe option to accelerate provided in this paragraph 17, and if 13orrower'~ successor in interest has executed a written assumption agreement accepted in writing by lender, Lender shall release Borrower from all s obligations under this Mortgage and ehe Note. If lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance ~.~rh e paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within r which Borrower may pay the sums declared due. If Borrower fails to pay loch sums prior to the expiration of such pen+xl. Lender may,. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. ~t Nor,-UtvtroRtti Covetv~rt•rs. Borrower and lender further covenant and agree as follows: ~ 18. Acceleratan; Remedies. Except as pmvided io paragraph 17 hereof, neon Borrower's breach of any covenant or v agreement of Borrower in this Mortgage, iwcludireg the covenants to pay when doe any snaes secured by this Mortgage, lender prior to accckration shad mail notice to Borrower as provided io partegrsph 14 hereof specifying: (1) the breach: (21 the action required to cure snc6 bresch; (3) a date, not less than 30 days from the date the notice b mailed to Borrower. by which such breach must be cured: sad (4) that failure to care such breach oa or before the date specified is the notice may result in acceleration of the sums secured by this Mortgage. torecbwre by jndicisl proceeding and seek of the Pmperty. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to staert is the fortefbsnre proceeding . i the non-existence of a default or say other defense of Borrower to accekratioo and foreclosure. If the breach is not crtred on or before the date specified in the notice. lender at Lender's option may dechtre aN of the wees secured by this Mortgage to be immediately due and paysble withom further demand end may foreclose this Mortgage by judicial ptroeeediaR. Tender shall be entitled to collect in such proceeding afl expenses of foreclosure, inclndi~. but not limited to, reawnabk att+,rncr's fees, 's and costs of wec~~retatary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding lenders acceleration of the sums secured by th+• ht.,rtgage. Burrower shall have the right to have any proceedings I?egun %?y Lender to enforce this Mortgage discontinued it any time ~ 3U9 ~a~~1693 i _ _ r e ~u M