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HomeMy WebLinkAbout2983 • Lender's written ,,g,eemcnt or applicabb law. Borrower shall pay the amount of all mortgage imurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lcndcr pursuant to This paragraph 7, with interest thereon, shall becorne additional indehtednesc of Borrower secured by this Mortgage. Unlecc Borrower and Lender agree to other terms c,f payment, such amcxtnts shall he payable upon notice from lender to Borrower requesting payment thereof, and chill hear interest from the date of disbursement at the rate payable from tithe 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 me permissible under applicable law. Noshing contained in this paragraph 7 shall require Lender to incur any ezpet>se or take any action hereunder. 8. ltnspectioa. Lender may make or ca„~c to be made reasonable entries upon and inspections of the Property, provided that lender shall give Bormwer notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Coademnatba. The proceeds of any award or claim for damages. direct or consequential, in rnnnection with any condemnation or other taking of the Property, or part Ihercof, or for conveyance in lieu of condemnation, are hereby assigned and sails be paid to Lender. In the event of a total taking of the Property. the proxeeds shall he 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 he applied to the wine secured by this Mortgage such pmportion of the proceeds , as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior Io 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 Bor:ow•er. or if. ;,leer notice by i_ender to Borrower that the condemnor offer to make • an award or settle a claim for damages. Borrower faih to resiond to Lender within i0 days after the date such notice is mailed. Lender is authorize-d to collect and apph• the proceeds. at Lender c option, either to restoration or repair of the Property or to the sum. secured by Ibis Mortl:a~ee. Unless Lender and Borrower otherwise agree in wrihne. am• such application of proceeds to principal shall not extend or postpone the due date of the monthly installmcntc referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Evtencion of the time for payment rn modification of amortization of the sums secured by this Mortgage granted by I ender tc. any successor in interest of Borrower shall not opc~atc to release, in any manner. the liability of the original Borrower and B+?rrowcr's surcesu,rs in interest. 1_ender shall not he required t~ commence , proceedings against such urccessor or refuse to extend time for p.+Vment or otherw•~se modify amortization of the sums secured M• this Mortgage by reason of any dcmanel made b~ the orieinal Borrower and Borrowers successors in interest. 11. Forbearance by fender Not a Wainer. :1m' fortxaranre by 1 ender in ctiercicing any right or remedy hereunder. or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any Bach right or remedy. The procurement of insurance or the payment of tares or other liens ur charges b~= 1 ender .hall not he a waiver of lenders right to accelerate the maturity of the indchtednecs ~ccured M• this Mortgage. 12. Remedies Cumulative. Ap remedies provided in this ,lortgagc arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be everciud concurrently. independently or suc_essively_ 13. Successors and Assigns Bound: Joint and Sereral Liability; Captions. The covenants and agreemen c .herein contained shall hind, and the rights hereunder shall inure to. the respective successorc and acs;gns of i.ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall tx ;Wiry 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. Notice. Ezcept for any nMirc required under applicable law to be given in another manner. (a1 any' notice m Borrower provided for in this j4fortgaee shall he gis•en by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address ac Borrower may_ designate by notice to Lender as provided herein. and Ih) any notice to Lender shall tx given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate by nrnirc to Borrower as provided herein. Any notice provided for in this ~ Mortgage shall be deemed to have been gryrn to Borrower or Lender when given in the manger designated herein. 1S. Uniform Mortgage: Governing Law: Severabilit}. This form of mortgage rnmhines uniform covenants for national use and non-uniform cmenants with limited variations by jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall Ix governed h, the law of the jurisdiction in which the Property is located. Tn the I event that any provision or clause of this Mortg:,ec ~~r the !dote conflicts with applicable law', such conflict shall not affect ~ other provisions of this Mortgage or the Note wh,ch can he given effect without the conflicting pmvicion. and to this > end the provisions of the Mortgage and the tiote arc declared h. he severable. ~ 16. Borrower's Copy. Borrower ,hall F?c furnished a conformed copy, of the Vote and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Properl}•; Assumption. If all or am part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior writrcn ~onscnt. excluding la) the creation of a lien or encumbrance subordinate tc. this Mortgage. (h1 the creat,on of purch.ne m,•nrs security interest. for household appliances. (cl a transfer hs• devise. descent or by operation of law upon the death of a i~~int tenant or (d, the grant of any leasehold interest cif three years or Less not containing an option to purchase. Lender may. at Lender's option. declare all the sums secured M• this Mortgage to he immediatel}• due and payable. Lender shall have w:uved such option m accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to t?e .ol,l or transferred reach agreement in writing that the credit of such person is satisfactory 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 opuon to accelerate provided in this paragraph 17, and if Borrower's wcceaor 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 to accelerate. Lender shall mail Borrower notice of acceleration in accordanrc ith paragraph 14 hereof. Such notice shall provide a period of not (ess than i0 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower faik to pay such sums prior to the expiration of such pern,d. Lender may. without further notice or demand on borrower. rm•oke any remedies permitted by paragraph 14 hereof. !5 No:v-UNIFORM Coveyxtvrs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as prnsided in paragraph 17 hereof. upon Borrower's breach of any covetutnt or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to sccekratbn shall msil notice to Borrower ~ provided in paragraph 14 hereof specifying: (1) the breach: t21 the action _ required to cure snc6 breach; (3) a date. not less than 30 days from the date the notice Ls mailed to Borrower. b}• which such breach must be cured; and (4) That failure to cure such breach on or before the date specified in the notice ma~• result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to rcitt~date after sccekration and the right to assert in the foreclosure proceediug . tbt tan-t:istence of a defauN or any other defense of Borrower to acceleration and forecbsurc. if the breach is not cured on or before the date specified io the notice. Lender at Lender's option may declare aq of fht sums secured by this Mortgaft to bt immediately due acrd payable without further demand and may foreclose Ihls Mortgage by judicial proeeedirt>Z. Lender shall hie entitled to collect in such proceeding all ttcpenses of foreclosure. including. but not limited to. reasonable att•,rn,•.•s fees, and costs of wtco!etentary evidence. abstracts and title reports. 19. Borrowa's Right to Reiustste. Notwithstanding Lender's acceleration of the sums secured by the M.~rtgage. Borrower shall have the right to have any pra:eedrngs t?e fun ~y Lender to enforce this Mortgage discontinued st am time i 9 g~; ~ J8~