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HomeMy WebLinkAbout2158 agreement or applicable law. Borrower shall pay the amount of all mortgage insurance 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 in- debtedness of Borrower secured by this Mortgage, Unless Borrower and lender agree to other terms o[ payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date o[ disbursement at the rate payable from time to time on outstanding principal under the \ote unless payment o[ interest at such rate would be contrary to applicable law, in which went such amounts shall bear interest at the highest rate permissible under applicable law. Kothittg contained in this paragraph 7 shall require lender to incur arty expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, pro- s•icled that Lender shall give Borrower notice prior to any such ittspectiott specifying reasonable cause therefor related to Lenders interest in the Property. 9. Condemnation. The proceeds of any award or claim [or damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conseyance in lieu of condemnation, are hereby as- sigtted and shall be paid to Lender. In the e~•ent of a total taking o[ the Property, the proceeds shall be applied to the sums secured by this 5tortgage, with the exctss, 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 ~tortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this ~[ortgage immediate)}• 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 o[ the pro- ceeds paid to Borrower. 1[ 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 fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise ague in writing, any such application of proceeds to principal shall not extend ter postpone the due date o[ the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification o[ amortization of the sums secured b}• this Mortgage granted by Lender to arty successor in interest o[ Borrower shall trot 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 pa}•ment or otherwise modify amortization o[ the sums se- cured by this Mortgage by reason of au}• demand made by the original Borrower and Borrowers successors in interest.• 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercisittq arty right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of an}• such right or remedy. The procurement of insurance or the payment o[ taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity n[ the indebtedness secured by this \Eortgage. 12. Remedies Cumulative. All remedies pmvided in this Mortgage arc distinct and cumulative to arse other right or remed}• under this ~kntgage or afforded by law or equity, and may 1>e exercised mncurrenth•, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. "I•he covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective succeiutrs and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions aril headings o[ the paragraphs of this Mortgage are for cons•enience onh• and arc not to be used to interpret or define the provisions hereof. 14. T'otice. Except Eor any notice required under applicable law to be given in another manner, (a) aft}• notice to Borrower provided for in this Mortgage shall be gis•en by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate b}• notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. An}• notice provided for in this \[ortgage shall be deemed to have been given to Borrower or Lender syhen given in the manner designated herein. i 15. Uniform Mortgage; Governing Law; Secenbility. This form of mortgage combines uniform covenants Eor na- tional use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument j cotering 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 clause of this Mortgage or the emote conflicts with applicable lase. such conflict shall not affect ocher provisions of this Mortgage or the dote which can be Riven effect without the conflicting provision, and to this end the provisions of the Mortgage and the \ote are declared to be severable. I 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the \ote and of this Mortgage at the time of execution or after recordation hereof. ! 17. 'T'ransfer of the Property; Assumption. IE all or any part of the Property or an interest therein is sold or trans- ~ (erred by Borrower without Lender's prior written consent, excluding (a) the creation of a lieu or encumbrance subordinate ~ to this ~Eortgage, (b) 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 o(a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase. Ixnder may, at Lender's option. declare all the sums secured by this \[ortgage to be 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 sold or tnnsfernd reach agreement in writing that the credit of such person ~ is satisfactory to Lender artd that the interest pa}•able on the sums secured by this Mortgage sltali be at such rate as Ixnder Q shall request. If 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 tote. IE Ixnder exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 da}•s from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pa}• such sumc prior to the expiration of such period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. NO\-Ur.IFQR~t COS•t:t,wr-rs. Borrower and Lender further cotenant and agree as follows: i 18. Attelention; Remedies Except as provided in pangnp6 17 hereof. upon BorTOwe>'s bench of any covenant or agreement o[ Borrower in this Mortgage, including the covenants to pay when due any sums secured b}• this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not kss than 30 days from the date the notice is mailed to Borrower, by which such breach mtut be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale o[ the Property. The notice shall further inform Borrower of the right to reinstate alter acceleration and the right to assert in the foreclosure proceeding the nonexistence o(a default or any other defenx of •Iorrower to acceleration and foreclosure. I[ the breach is a not cured on or before the date specified in the notice, Lender at Lender's option ma}• declare all of the sums secured by this Mortgage to be immediately due and payable without [trrther demand and may foreclose this Mortgage by judicial proceed- ' ing. Lender shall be entitled to collect in such proceeding all expenses o[ foreclosure, including, but not limited to, reason- able attorney's tees, and costs of documentary evidence, abstracts and title reports. go~K~og ,a~~zi~ ~n_-~.