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HomeMy WebLinkAbout2538 • Leader's written agreement or applicable law. Borrower shalt pay the amount o[ all mortgage insurattoe pt+emiums in the manner provided under paragraph 2 hereof. , • Any amounts disbursed by Leader pursuant to tha paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower oust I.rnder agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower roqut;sting 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 ~ perminibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. 8. Iws'ectiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior Io any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowtlerwwsfbw. The proceeds of any award or claim for damages, direct or consequential, in connection with any -4 condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of'a tot.il taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the excess, it any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise ague 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 Properly is abandoned by Bor:ewer, or if. after notict by lender to Borrower that the condemnor offers to make an award or settle a c~aim 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 fender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless I_endtr and Borrower otherwise agree in venting. any such application of proceeds to principal shall not extend or postporit the due date of the monthly 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 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 amortization of the ci~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interact. ll. Forbearance by Lender Not s Wainer. Any forbearance by i_cnder 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 remedy- The procurement of insurance or the payment of taxes «r other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtedriess secured by this Mortgage. 12. Remedks Cnmulathe. All remedies provided in this Mortgage are distinct and ciimirlative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively. ' 13. Soecessors and Assigws Found; .Ioint and Several i.isbility; Captbrrs. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. Ail 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 used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuired under applicable law• to be given in another manner. (a) any notice to Borrower provided for in this Mortga¢e 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 notice to i_ender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. ro Lenders address stated herein or to such other address as Lender may designatt 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: Gorernitig Law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law• of tbe jurisdiction in which the Property is located. in the event that any provision or clause of this Mortgage or the Note conflicts 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 the Mortgage and the Note arc declared to be severable. 16. )3orrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the tune i of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lenders prior writirn consent. excluding (a) the creation of a lien yr encumbrance subordinate 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 lees 4 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:,ivied such option to accelerate if, prior to the tale or transfer, lender and the person to whom the Property is to be :ol.l or Irancferred reach agreement in writing that the credit of wch person 3 is satisfactory to Lender and that the interest 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 s interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all a obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail &~rrower notice of acceleration in accordant. irh f paragraph 14 hereof. Such notict shall provide a period of not lest 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 cams prior to the expiration of such period. Lender may. without further notice or demand on Borrower. invoke any remedits permitted by paragraph 18 hereof. NoN-UNrt=east CovetveNTS. Borrower and Lender further covenant and agree as follows: 18. Acetleratiow; Remedks. Escept >s provided in pragraph 17 hereof, opow Borrower's breach of awy coreaaat or agreemewt of Borrower in tbLs Mortgage. intlndirig the covenants to py when due any sums secored by this Mortgage. Lender y ~ prior to accekratiow shag mail aotke to Borrower ss provided is paragraph 14 hereof specifying: (1) the breach; I2) the adios rcgoired to core seer breath; (3) a date, not less than 30 days from the date the notice Is maBed to Eorrower. by which such breach rows; be cored; and (4) that failotrc to cure such breach oa or before the date specified iw the notice may result in acceleration off t!e sttu>as srcorcd bl' this Mortgage. toreclostire by jwdkial proctedin= and sale of the Property. The notice shag forlher iwform Borrower of the right to reinstate after accckratiow and the right to assert iw the foreclosorc proeesdiag tlse eon-a:istence of a default or any other defense of Borrower to setekrstba and foreclosorc. N the breach is cot tared o0 or before the date specified in the notke. Lender at Lender's optbn may dechre sN of the soars setored by this MortRate to be immedately due ant pysble without further demand mid may forecbse fhb Moigage by jinditw proeeedirig. fender shall be ewtitkd to celled iA such proceeding sN expenses of foreclosorr. inclndiu=. bet .wet 13mNed to. reasonable ~u•,rne•r's fees. j awd costs of riutw!sett4ary etridesce, abstracts and title reports. l9. dorrowsr's Rlgbt to Renstate. Notwithstanding Lender's acceleration of the sums secured by the Mortgage, Borrower shall have the right to have any proceedings hegun :,y Lender to enforce This Mortgage discontinued at any time - BUCK 31~ PAGE2~3~ 3 ~