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HomeMy WebLinkAbout2693 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 o[ Borrower secured by this ~longage. 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 dtsbursrment at the rate payable from time to time on outstanding principal under the 1o[e unless payment of interest at inch rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest ~ rate pet•missible under applicable law. I~otltirrg contained in this paragraph 7 shall require I.encier 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- vided 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 consequential, in connection with any condemnation or other taking of the Property, or part thereof, ar for conveyance in lieu of condemnation, are hereby as• signed and shall 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 o[ a partial taking o[ the Property, unless Borrower seed Lender otherwise agree in writing, there shall bt applied to the sums secured by this Mortgage such proportion of the proceeds a; is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the [air market value o[ the Property itrunediately prior to the date of taking, with the balance at the pro- «eds paid to Borrower. I( the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otfen to make an award or settle a claim [or 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 of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ur postpone the due date o[ the monthly installments re[erred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrowtr Not Released. Extension of the time for payment or modification of amortisation of the sums secured M- this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability o[ 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 mcxti(y amortisation of the sums se- cured b)• this Mortgage by reason of ans• demand made by the original Borrower and Borrowei s successors in interest. 11. Forbearance by Lender Not a Waiver. :1ny forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall Trot be a waiver c,t or preclude the exercise of any such right or remedy. The procurement of insurance or the pa}•ment of taxes or other liens or charges by Lender shall not Ix• a waiver of Lender's right to accelerate the maturity of the indebtedness secured bs• this Mortgage. 12. Remedies Glrmulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or rrmeeh• under this Mortgage or afforded bs- law or equity, and may be exercised rnncurrenth•. indrt?endently or successively. 13. Successors and Assigns Bound: Joint and Several Liability: (aptions. The cm•enants and agreements herein contained shall bind, and the rights he•reuuder shall inure to, the respectis•e sttccCSwis and as?igns ~f Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and seseral. The captions and headings o[ the paragraphs of this Mortgage are for convenience Drab 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) any notice to Borrower provided for in phis Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Pmperty .\ddress or at such other address as Borrower may designate by notice to Lender as pn,cicled herein, and (b) any notice to Lender shall be given b~• certified mail, return receipt requested, to Lender's aeldress stated herein or to such other address as Lender may designate by notice to $orrower as provided herein. Any notice pmsided for in this Mortgage shall be deemed to has•e been given to Burrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form n( mortgage combines uniform covenants for na- tional use and non-uniform covenants with limited variations bv_ jurisdiction to constitute a uniform ~ecunty instrument cosering real property. This Mortgage shall be gos-erned 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 law. such conflict shall not affect other provisions of this Mortgage or the \ote which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be sea•erable. i 16. Borrower's Copy. Borrower shall be furnished a crnrformed copy of the \ote and of this Mortgage at the time 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 trans- ferred by Borrower without Lender's prior written consent, exclueling (a) the creation of a lien or encumbrance subordinate ~ to this \lortgage. (b) the creation of a purchase money securitc interest for household appli:rotes. (cl a trau.fer by desire, descent or by operation at law upon the death of a joint tenant or (d) the grant of ans- leasehold interest rat three years or f less 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 has•e waived such option to accelerate if. prior to the wle or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa}-able on the sums secured by this \(nrtyage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and it Borrower's successor in interest has executed a writte s;umption agreement accepted in writing by Lender. Lender shall release Borrower from r all obligations under this ??ir.:tgage and the tiote. If Ixnder exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 1.1 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 pa~• such sums prior to the expiration of wch period. z Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. k NOl~-UKIFOR~f CovE:vwtr-rs. Borrower and Lender further covenant and agree as follows: ~ 18. Acceleration; Remedies. F~ccept as provided in paragraph 17 ixreof. 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 3ortgage, - Lender prior to acceleration shall mail notice to Borrower as provided in paragralh 14 hereof slxci(yinq: (1) the breach; (2) the action required-to cure such breach; (3) a date, not 4ss than 30 days from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) chat failure to curt such breach ore or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, toreclosun by judicial proceeding and sale o[ the Properly. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure praeeding the nonexistence oI a default or any other defense of Borrower to accelmtion and [oreclosure. I[ 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 immed'rattly due and payable without [utther demand and may foreclose this 1ltortgage by judicial proceed- ing. Lender shall be entitled to collect in such proceeding all expenses o! foreclosure, including, but not limited to, rtason- abk attorney's fees, and casts of documentary evidence, abstracts and title reports. n B:1Lr 31U raG,--2691 a • ,