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HomeMy WebLinkAbout0935 Lender's written agreement or applicable law. Bonower thall pay the amount ot aN mottgage insuranoe premiums in the manncr provided under paragnpb 2 hereof. Any amounts disburacd by Le~der pursuant to thu pa~ag~aph 7. with interest thereon. shall become additiond indebtedness of Borrower secured by this Mortgage. Unkss Borrower and Lende~ agree to othe~ tarnu ot payment. such unounts shall be pryabk upon notice from I.ender to Borrower requesting payment thereof. and shall bear interdt from the • date of d'nbursemeat tt !M tate~payable from time to time on oubtmdinQ principal unde~ the Note ueless payme~t oi interest at such rate wouid be cont~ary to applicable law. in which event such amounts shall besr interest at the highest nte $ pertnissibk under applicabk law. Nothing co~lained io this pangraph 7 shdl require Lender to iacur any expense or take any actioa hereundet. 8. I~pectk~. Lender may make or cause to be made reasonable e~tries upon and inspections of the Property. provided that [.ender shall give $orrovrer rwtice prior to any such inspectio~ specifying reasonabk cause thercfor related to Lender's interest in the Property. ! . 9. Coadeaiaatba. The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any < condemnation or other taking of the Propecty, or part thercof, or for conveyanc~ in lieu of condemnation. ~re hereby assigned ~ and shall be paid to Lender. In the event of a total taking of the Property. the. proceeda shall be applied to the sums secured by this Mortgage. 4 with the excess. if any, paid to Borrower. In tbe event of a partial taking of the Property. unlas Borrower and Lender : otherwise agnt in writing, therc 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 besn to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the procads paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that th~ condeaQnor otfen to make i an award or settle a claim for damages, Borrower fails to rapond to Lender within 30 days after the date such notice is mailed. Lender is suthorized to collcet and apply the proceeds, at Lender's option, either to ratoration or repair of the Propeny or to the sums xcured by this Mortgage. Unlas Le~der and Borrower otherwise agrce in writing, any such application of proceeds to principal shall not extend or paLipuiie ttie due ~iate ~f the manthty installmmts refrcred te irt ~aragra~hs 1 and ~ I+ereof or change the amount of such installtnents. 10. Borrower Not Rele~ed. Extension of the time for payment or modi8cation of amonization 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 Bc~rrower's successors in interest. Lender shall not be requircd to commence + proccedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums ; secured by ihis Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. ~ ti. Forbearauce by Leeder 1Vot s Waiver. ~iny forixarancY by I.en3zr in ~ze~:.~s'sag any right ~r rrr.stdy htceunder. or otherwise afiorded by applicable law, shall not be a waiver ot or Preclude the exercise of any such right or nmedy. ~ The prceurement of insurance or the payment of taxa or other liens or charges by Lender shall not be a waiver of Lender's right to acceleratt the maturity of the in~btedness securod hy this Mortgage. ~ ; 12. Remedks Cnmulati~e. All remedies provided in this Mortgage are distinct and cumulative_ to any other right or remedy under this Mongage or atiorded by law or equity, and may be exercised- concurrcntly, independently or successively_ ! 13. Socceasora and A~~s Sou~: ]oiat sad Sevend i.fability; Captions. 77~e covenants and agreements herein contained shall bind, and the rights hereunder shall inuro to, the rapective successors a~sd assigns of Lender and Borrowet, subject to the provisions of paragraph 17 hereof. All covenants and agrcemtnts of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mongage . are for convenience only 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 maoner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bonower at the PropeKy Addrcss or at such other addreu 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, to I.ender s address stated herein or to such other addrcss as I.ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender whcn given in the manner designated heroin. ; IS. Uniform Mortga~e; Governi~ I.nw; Severability. This form of mortgage combines uniform covenants for national i use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ~ real propeny. This Mortgage shall be governed by the law of the jurisdiction in which the Property is lceated. In the j event that any provision or ctause of this Mortgage or the Note conflicts with applicabk law. such conflict shall not at[ect ~ other provisans 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 are declared to be severable. ~ 16. dormwer's Copy. Borrowe~ shall be furnished a conformed copy of the Note a~d of this Mortgage at the time of execution or after rrcordation hereof. ~ 17. Transfer of t6e Property: Assumption. if all or any part of the Property or an interest therein is sold or tnnsferred by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the crcation of a purchase money security interest for household appiiances. (c) a transfer by devi~z. ~ descent or by operatio~ of law upon the death c~f a joint tenant or (.d) the grant of any leasehold interest of thrce years or 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 shaii have waived sucfi option to accelerate if, Y::~r to tht sale os transfer, Lender ~ and the person to wfiom the Property is to be sold or transferred rcach agreement in writing that the credit of such porson ~ is satisfactory to Lender and that the intercst payabk on the sums securcd by this Mortgage shall be at such rate u Lender ~ shall request. If Lender has waivod the option to accelerate provided in this paragraph 17, and if Bottower s successor in ~ interest has executed a written assumption agreement accepted in writing by Lender. Lender shall reiease Borrower from all ~ obligations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower. notice of accekration in accordance with ~ paragraph 14 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 declarcd due. if Borrower fails to pay such sums prior to the expiration of such period, ~ I.ender may. without further notice or demand on Borrower, invoke any temedies permitted by paragraph 18 heroof. " Nori-Ux~FOR~at CovEx~rrrs. Borrower and Lender further covenant and agree u follows: ~ ~ 18. Accekratbe; Remedies. Ezcept a~ provided ia p~ra`nph l7 bereof, ~ so~.n.•~rs ~r .~y ~•ewnt or f ~ agreement of Do~rower ia t6i~ Mortaa6e, ioc~din6 tbe co~esaets to p~r whew dre asy sams sec~red by t6i~ Mortta~e. Leader ' ~ prior to acceluaUo~ sb~8 mail notice b ~orrower a~ provided io para~rapb 1~ herroi sptcifl~ioLs (1) the ~4: (2) ttie actba ~ ~ rcqoired to cm~e socb brach; c3) . date, aa ks chan 39 days trou~ rl~e daee a~e nocice r ma~ea to Eorr~o..er, by wWcii a~c6 ; ~ b~esc6 mmt be corcd: snd (4) tbat ta8ore to cere socl~ breseM ow or before t6e date s~ecl8cd b tiie ~otke eq nsolt h ; r sctekrafion ot tre ssm~ iccved by t6h Mort~e. toroclowre bp h~~ P~~L ~ de of t6e Property. 'Itie ~otice 5 sbaU hrtrer fafors Eorros?er ot t6e ~M to reiastate aNer seeekrafioa aad tbe ri~bt b a~sed h d~e Eoreclowre ~+neee~ ~ the notezWesce of a detaak or awr ot6er detemie of Borrower to accekrstfow ~sd toreeloau~a It tbe M+ach Y~ot c~ oa ~ or bdore t6e dNe speciBed ie ttie ootice, Leader N I.csders optbe ms~ declare aY ot t6e som~ ~ bp tYis 1~'~ort~a~t to be ' iesme~d~ a.e .na psya6le ..it6oat r.rtber aeowa ,i.a wa~ ro.rclo~e tW. Mor~e br ~dieW P~~. I.e~ier mU t ~ be estltlci to eoHeet i~ s~ pr+oceedf~ dl upeases of toreclowte, fMClydia~. 6~t ~ot Umitea to. rsa~o~ble attor~s7'~ tees, ~ apd cosb ot docoeewdiry e~ideece. abstracb aed 1We eeporls. 19. dorrower's ittsbt to Reio~tata Notvrithstanding Lender's acceleration of the sums socured by this Mort~sge. Borrower shall have the right to have any prococdings begun by Lender to enforce this Mortgage disconqnued at aay 6me ~ ~ k ~ ~oo~31i fA~; ~ # 4 s _s ;