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HomeMy WebLinkAbout2164 • ~ti. agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided ut?der 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 teems of pa}ment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from d?e date of disbut•sement at the rate payable from time to time on outstanding principal under the \ote unless payment o[ interest at such rate wuuld be contrary to applicable law, in which event such amour?ts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take arty action hereunder. 8. Itnspection. Lender may make or cause to be made reawnable entries upon and inspections of the Property, pro- sided that Lender shall give Borrower notice. prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. • 9. Condemnation. The proceeds of any award or claim for damages, direct or cor?sequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conve}•ance in lieu of condemnation, are hereby as- sigr?ed and shall be paid to Lender. In the event of a total taking o[ the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, it any, paid to Borrower. Ire the event of a partial taking of the Property. unless Borrower ar?d Lender otherwise agree in writing, there shall be applied to the sums sentred by this Mortgage such proportion of the proceeds ` a; is equal to that proportion which the amount o[ the sums secured by this \lortgage immediate)}• prior to the date of taking bean to the [air market value of the Property immediately prior to the date of taking. with the balar?ce of the pro- ceeds paid io Borrower. If the Property is abandoned by Borrower, or if, alter notice by Lender to Borrower that the condemnor offers to make an award or settle a claim Eor damages, Borrower fails to respot?d to Lrnder within 30 da}•s 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 of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, ar~y 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 such installments. 10. Borrower Not Released. Extension of the time for pa}ment or modification of amoreiraeiot? of the sums secured b}• this Mortgage granted by Lender to any successor in interest of Borrower shall trot operate to release, in any manner, the liabilit}• of the original Borrower and Borrower's successors it? interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise m«lih• amortisation o[ the sums se- curecf b}• this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising an}• right or remedy hereunder, or othenyise afforded by applicable law. shall not be a waiver r,( 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 Ix• a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this ~lortgagr arc distinct and cumulative to any other right or rrmed}• under this Mortgage or afforded by law or equity, and may be exercised conntrrenth•. indrpendenth• or successive)}•. 13. Successors and Assigns Bound; Joint and Several Liability; Captions "1'I?e cocet?at?ts ar?d agreements herein contained shall bind, and the rights hereunder shall inure to, the respective uucess.?rs and assigns of Lrnder and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this ~fongage are for convenience onh~ and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) am• notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Propert}• Address or at such other address as Borrower mat- designate by 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. 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. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for na- tional use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument j covering 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 \ote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the \ote which can be Riven effect without the conflicting provision, and to this end the provisions of the Mortgage and the tote are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a cmiformed copy of the \ote and of this \lortgage at the time ~ of execution or after recordation hereof. ~ 17. Transfer of the Property; Aastrmption. If all or any part of the Property or an interest therein is sold or trans- ferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate r to this Mortgage, (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 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 chic Mortgage to t be immediately due and payable. Lender shall have waived such option m accelerate if, prior to the sale or transfer. Lender and the person to whom the Propert}• is to be sold or transferred reach agreement in writing that the credit o[ such person is satisfactor}• to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender 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. It Lender exercises such option to accelerate. Lender shall mail Borrower notice o[ acceleration in accordance with 4 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 18 hereof. NO\-UNIFORM Cov~wt.TS. Borrower and Lender further covenant and agree as follows: 18. Accdention; 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 whrn due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof slxci[ving: (1) the breach; (2) the action required to cure such breach; (3) a date, not kss than 30 daps from the date the notice is mailed to Borrower, by which such breach must 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, [oreclowrc by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure prateding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediatdy due and payable without furdter demand and map foreclose this Mortgage by judicial proceed- ing. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reason- abk attorney's fees, and cosu of documentary evidrnce, abstracts and tick reports e~~K ~ ~~s ~Ezis~ _ 5:. - _ -r