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HomeMy WebLinkAbout1797 d t • e lxnder's written agreement or applicabk law. Borrower shall pay the amount oI ajl mortgage insurance premiurtts 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 aftd 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 rite payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicabk law, in which event such amounta shalt bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. 8. Isspeetbw. 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 interest in the Property. 9, Cowdemwatbw. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the Properly, or part thereof. or for conveyance in lieu of condemnation, are hereby assigned and wall 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 bt applied to the sums sec??rcd 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 Borower. 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 restx?nd to lender within 30 days after the date such notice is ma?kd. i.ender is authorized to rnllect and apply the proceeds. at Ixnder's option, either to restoration or repair of the Prorerty or to the sums secured M• this Mortgage. Unless 1 ender and Borrower otherwise agree in carting. 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 such 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. lender shall not be required to commence proceedings against such successor or refuse to extend Time for payment or otherwise modify amortizatia, of the sums secured by this Mortgage by reason of any demand made b}• the orieinai Borrower and Borrowers successors in interest. 11. Rorbearawce by Lender Not a Wairer. Any forbearance h}' lender in e+cercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tarts or other liens or charges by bender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness su:cured by this Mortgage. 12. Remedies Cwmulatire. Ali 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 he exercised concurrently, independently or successively. ; ' 13. Swecessors and Assigws Bound; .Joint awd Serera! Liability; Csptions. The covenants and agreemen~s 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 he joiry and several. The captions and headings of the paragraphs of This Mortgage are for convenience only and are not to he used to interpret or define the provisions hereof. - 14. Notke. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall he given by mailing such nrnice by certified mail addressed to Borrower at the Property Address or at such other addres, as Born+wer ma_v designate by notice to i.ender as provided herein, and ` (h) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders address stated herein or to # each other address as lender may designate h~ notice to Borrower as provided herein. Any notice provided for in this Mortgage shall he deemed to have been gi•:cn to Born~wcr ur l.cnder 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 h}• jurixliction to constitute a uniform security instrument covering real property. This Mortgage shall hr governed by ten law of the jurisdiction in which the Property is located. in the j event that any provision or clause of this Mortgage .+r the Note rnnflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of tF,e Mortgage and the 'slots arc +kclared to he severable. 16. Borrower's Copy. Borrower shall he fttrni.hed a rnnformed cope of the Note and of ihic Mortgage at the time of execution or after resordation hereof. 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred 6 by Borrower without Lender's prior wrinrn ~unsent. excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purrhaxc money securit}• interest for household appliances. (c) a transfer by devise. descent or by operation of law upon the death of a jnnu tenant or (dl the grant of any leasehold interest of three years or lees not containing an option to purchase. Lender may. at Lender's option. declare all the sums secured by this Mortgage to he immediately due and pa}•ahle. Lender shall base waned such option to accelerate if. prior to the sale or transfer. lender end the person to whom the Property is to Fn ;old or transferred reach agreement in writing that the credit of cash person is satisfactor}• to Lender and that the interrct payable on the sums secured by this Mortgage shall be at such rate ac 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 Note. If Lender exercises such option M accelerate. lender shall mail Borrower notice of acceleration in accord:+ncr hh 2 paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within s which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such pen+xl. ~ Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. Norv-UNIFORM CovEtvaN•rs. Harrower and Lender further covenant and agree as follows: - 18. Acceeeratiow; Remedies. Except as provided iw paragraph 17 hereof. upon Borrower's breacA of awy corcwawl or 'w agreemewt of Borrower iw this Mortgage, including the corewanfs to pay whew dwe any sates secured by tbts_ Mortgsge. Lewder prior to acceleration shill mail notice to Borrower as provided iw paragraph 14 hereof specifyiwg: (1) the breach; (21 the action required to cure snob 6teacb; (3) a date, not less than 30 days from the date the notice b mailed to Borrower, by wbk6 such breach must be cured; awd (4) that failure to cure such breach ow or before the dste specified iw the notke may resWt iw acceleration of the sores secured by this Mortgage. foreetosnre by jndkid proceeding sod sale of the Property. The notke shall further inform Borrower of the right to reinstate filer scctkratiow and the right to ar;sert iw the torccbsurc proceediwg the won-existence of a defauk or say other defense of Borrower to sccekratiow and forecloswrc. It the breach is wet cured ow or before the date specified iw the notice. lewder at Lender's option may declare s6 of the soots secured by this Mortgage to be ( immediately due and paysbk without further demand and rosy foreclose tbk Mortgage by jndkial proceediwg. Lender shall ~ be cwtitkd to collect iA swcb proceeding sN a:penses of forecloswre, includiwg, but wet limited to, ressowabk auurnev's fees. awd casts of w~ci.~wewtsry erideece, abstracts and title reports. 19. Borrower's Right to ReiAState. Notwithuand,ng Lenders acceleration of the sums secured by ih,• Mortgage. Borrower shall have the right to have any procea:dmgs begun ~y t.ender to enforce this Mortgage discontinued at an} time - r~~.:31Q ~ 179 5 3