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HomeMy WebLinkAbout1791 Lender's written agreement or spplicabk low. Borrower shalt pay the amount of all mortgage insurance praniums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to the paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms 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 payable 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 Lender to incur any expetrse or take any action hereunder. 8. Ittisptctios. Lender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that lender 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 if any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, ar part thereof, or for conveyance in lieu of condemnation. arc hereby assigned and stiall 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 if the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market valves 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 Bir:ewcr. ar if. after notice by I_cnder to Borrower that the condemnor offers to make an award ar 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 Lender's option, either to restoration or repair of the Property ar to the sums secured by this Aiirtgage. Unless lender and Borrower otherwise agree in wrihne. any such application of proceeds to principal shall not extend or postpone the due date of the manthl}• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by (.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and &•rriwer's successors in interest. lender shall not be required to commence proceedings against such strecessir or refti~se to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of am• demand made by the original Borrower and Barrowe~ s successors in interest. 11. Forbearance by [.ender Not a H'ai~•er. Any forbearance by I.cnder in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he a waiver if er preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares ar other liens ur charges by 1_ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured h}• this Mortgage. 12. Remedies Cnmulatire. All remcclies provided in this I?iortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aflirded by law ar equity, and may he exercised concurrently, independently or successively. _ - ' 13. Seccessors and Assiges Borrnd; .]oink and Several liability; t'aptlons. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiru and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the praviciins hereof. l4. Notke. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mirtgaee shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mas• designate by notice to Lender as provided herein, and (h) any notice to,Lender shall he given by certified mail. return receipt requested. to [.enders address stated herein or to such other address as Lender may designate M• 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: Ses~erability. This farm of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction ti constitute a uniform security instrument covering ! real property. This Mortgage shall he giverncd hs• the law if the jurisdiction in which the Property is located. In the event that any provision it clause if this Mortgage or the Note rnnflicts-with applicable law•, such conflict shall not affect I other previsions of this Mortgage it the Nate which can he given effect without the conflicting provision, and to this end the provisions of the Mortgage and the 'Vote arc .Ieclarcd to he severable. ~ 16. Borrower's Copy. Borrower shall he furnished a confirmed cop} of the Note and of this Mortgage at the tune of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If all it an}• part of the Property or an interest therein is said or transferred ~ by Borrower without Lender's prier wrinrn consent. excluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage, (h) the creation if a purch3ce manev security interest fir household appliances, fc) a transfer by devise. descent or by iperation of law open the Jcath if jaunt tenant ar fd1 the grant of any teasehald interest of three years ar less not containing an option ti purchase. Lender may. at Lender's iptiin. declare all the sums secured ty this Mortgage to be immediatel}• due and payable. I_cndcr shall have H:nved such option ti accelerate if. prior ti the sale or transfer. [.ender and the person ti whim the Property is to tx .ol.l ar transferred reach agreement in writing that the credit of such person is satisfactory ti Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender t shall request. If [.ender has waived the iptiin to accelerate provided in this paragraph 17, and if Borrower i successor in interest has executed a written assumption agreement accepted in writing by i.ender, Lender shall release Borrower from all obligations under this Mortgage and the Nite_ if Lender exercises such option ti accelerate. Lender shall mail Borrower notice of acceleration in accardancc with paragraph 14 hereof. Such notice shall provide a pericxl of nit less than i0 days frim 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 er demand on Birrowcr. invike any remedies permitted by paragraph 18 hereof. Noty-UrvrFORnt Covr=_NxrrTS. Borrower and [.ender further covenant and agree as follows: - 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of say coreaaat or agreement of Borrower in this Mortgage, including the covenants to pay wbea due sny snrm steered by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bresch:121 the adbn required to cnre such brtsch; (3) a date, not less than 30 days from the date the notice is eraikd to Borrower, by which such breach meat be cared; sad (4) that failure to cure such breach on or beforo the date specified is the notice rosy result is acceleration of the snms secured by this Mortgage, foreclosure by judicial proceeding sad sale of the Property. The notice shall further inform Eorrower of the right to reinstate after acceleration and the right to assert in the fotecbsure proceedlsg the eon-existence of a default or say other defertcc of Borrower to sccekrstion and forecbserr. It the breach is sot cared os a or before the date specified is the notice. Lender at Lender's option may dechre aq of the snras steered by this Mortgs);e to 6e immediately dot sad payable without further demand end may foreclose this Mortgage by jndkial proceeding. i.ender chaff be entitled to collect in such proceeding aH expenses of foreclosure, including, bet wM flnrittd to, rcasoaabk att~,roe•r's fees, sad costs of cwc~meatary evidence, abstrscts and title reports. 19. Eormwer's Rigbt to Reinstate. Nitwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun ~y Lender to enforce this Mortgage discontinued at any time ~Qp, 310 :-a~::1789