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HomeMy WebLinkAbout1702 Lender's written agreement or applicable law. Borrower shah. pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amatnts disbursed by l.er~der pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower. secured by this Mortgage. Unless Borrower and Lrnder agree to other tertas of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payahk from time to time 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 1_ender to incur any expense or take any action hereunder. . 8. laspcetiort. i.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that !.ender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor related to Lender's interest 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, 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 shall be applied to the sums secured by 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 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 settle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notice is mailed, i_ender is authorized to collect and apply the proceeds. at Lender'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 .~r postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of s;,ch installments. 19. Eorrower Nof 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 &•rrower'c 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 thr sums secured by this Mortgage by reason of aru demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Leader Not a Waiver. Any forbearance by i.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 rcmody. The procurement of insurance or the payment of tares or other liens or charges by i.ender shall not be a waiver of under s right to accelerate the maturity of the indehtedne~s secured by this Mortgage. ~ 12. Remedies Comulsti~e. 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. Snccessors and Assigns Bound; Joint and Several f.isM'lity; 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 are for convenience only and are not to be aced to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuired under applicable law to be given in another manner. fat any notice to Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by mice to fender as provided herein, and (hl any notice to Lender shall be given by certified mail. return receipt requested. to [.enders address stated herein or to such other address as Lender may designate b}• 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. IS. Uniform Mortgage; Governing Law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to rnnstitute 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 j event that any provision or clause of this Mortg:ge or the Nate conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Notr which can be given efTect without the conflicting provision. and to this end the provisions of the Mortgage and the 'vote arc declared to be severable. 16. Eorrower's Copy. Borrower shall be furnished a rnnformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. `t 17. Transfer of the Property: Assumption. if all or an}~ part of the Property or an interest therein is sold or transferred j by Borrower without Lender's prior wrincn consent. c~cluding lal the creation of a lien or encumbrance subordinate to I. this Mortgage. (hl the creation of a purchase m~~nrs• security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) 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 be immediately due and payable. Lender shall have w:uved such option to accelerate if, prior to the sale or transfer. Lender l and the person to whom the Property is a. tx :oIJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intcrrst payable on the sums secured by this Mortgage shall be at such rate as Lender ! shall request. 1f Lender 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. Lender shall mail Borrower notice of acceleration in accordance tcirh 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 period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. Note-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: t l8. Acceleration; Remedies. E:cep m provided in psragraph 17 hereof, opoa lljorrower's breach of any covensrtt or agreement of Borrower in tbts Mortgage. including the cotenants to pay when due nay suers secured by this Mortgage, Lender prior to accelcntios shag mail aotke to Borrower as provided in paragrsph 14 hereof specHyirrg: (1) the breach: (21 the action required to cure snob breach; (3) a date, ant less than 30 days from the dste the notice b orsikd to lorrower. by which such breach must be cared; sad (4) that failure to cure such breach oa or before the date spec8ed in the notice may result is acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding sad sale of the Property. The notice shall further inform Borrower of the right to reinstate after sccekratioa and the right to assert in the foreclosure proceednug the non-existence of a defauk or any other defense of Borrower to accekrstion sad forecbsure. if the brexb is not cured ar or before the dste specified in the notice. Lender at Lender's option may declare sH of the sums secnrcd by this Mortgsre to be immediately due and payahk without further dem:u,d and may foreclose this Mortgaee by judicial proeeediag. Lender shall g be entitled to collect in snob proceeding aB expenses .,f foreclosure. including, but not liarited to, reasonable att~,rne 1's fees. ~ sod costs of oocr~neatary evidence, abstracts and title reports. 19. Itbrrowe~'s Rfigbt to Reinstate. Notwithstanding lenders acceleration of the sums secured by thi• Mortgage, Borrower shall have the right to have any proceedings begun ~.y 1_ender to enforce this Mortgage discontinued at any time 30L!~ ~ 3U9 ~acr1699 f t ~r.~' v8c t - ~ ,rv'