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HomeMy WebLinkAbout2803 • + ' Lender's written agrcement or applicable law. Borrower shall psy the amount of all mort~age insu~ance premiumc in the manner provided under paragraph 2 hereof. Any amaunts disbuned by Lender pursuant to thu parag~aph 7, with interest theroon, shall bocome additional indebtedness of Borrower securod by this Mongage. Unless Borrowe~ and Lender agt~ee to other tetms of payment. such amounts shal! be payable upon notice from ~ender to Bonower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal unde~ the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bea~ interest at the highest rate permiasibk under applicable law. Nothing contained in this paragraph 7 shall roquire Lende~ to incut any espenx or take any action hereunder. 8. Inspection. Lender may make or cauu to be made rcasonable entries upcm and inspections of the Property. provided that ~ender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to Lender'a interest in the Prope~ty. 9. Condemnatbn. The proceeds of any award or claim for damaga, dircct or consequential, in conoection with any condemnation or other taking of the Property, or part thercof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Propeny, the proceeds shall be applied to the sums securcd by this Mortgage, with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, uoless Borrower a~d Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proc.e~ds as is equal to that proporlion which the amount of the sums secured by this Mortgage immedistely prior to the date of taking b~ars to the fair market value of the Pmpeny immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the conde~nnoc offtts to make an award or settle a claim for 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 procceds, at Lender's option, either to restoration oT repair of the Property or to the cums secured by this Mortgage. - Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or pastpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amQUnt of , such installments. - 10. norrower Not Released. Extension of the time for payment or modi}icatioo of amortization of the sums secund 5y this Mortgage granted b~ 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. t_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 1l. Forbearance by Lender Not a Watver. Any forbearance by ixnder 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 or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness ucured hy this Mortgage_ l2. Remedies CumulaHve. All 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 be exercised concurrently, independently or successively. 13. Soccessors and As~gas Sound; Joiat and Several T.iability; CapHons. The covenants and agreements 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 be joint 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 required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shal) 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. to I_ender s address stated herein or to such other address as Lender 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 when given in the manner designated herein. 15. L'niform Mortgage; Gorernin~ 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 the jurisdiction in which the Property is located. In the ~ eve~t ihat any provision or clause of this Mortgage or the Note conflicts u~ith applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be given efiect without the conflicting pmvision, and to this j end the provisions of the Mortgage and the Note are declared to be xverable. 16. aorrowe~s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Tnnsfer of t6e Property; Assumption. If all or any pari of the Property or an interest therein is sold or transferred ~ by Borrower without L.ender s prior written consent, excluding (al the creation of a lien or encumbrance subordinate to g 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 jaint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums xcured by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale 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 penon ~ is satisfactory to Lender and that the interesl payable on the sums secured by this Mortgage shall be at such rate as L.ender ~ shall reyuest. Tf 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 L.ender, Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ 1f Lender exercises such option to accelerate, i_ender shall mail Borrower notice of accelerati~n 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 declared due. If Borrov?er fails to pay such sums prior to the expiration of such period, Lender may, without furthernotice or demand on E3orrower, invoke any remedies permitted by paragraph 18 hereof. ~ ~ Nox-Utv~FOR~t Covgrrerrrs. Borrower and Lender furiher covenant and agree as follows: ~ i8. Acceleration; Remedies. Ezcept as pmvided ia paragraph 17 hereof, npoa sormwe~s breac6 of aay covenant or ~ agreemeot of aorrower in thb Mortgage. indudi~ tbe coveaaets to pay when dne sny smas secnred by tbk Mortgs=e. Lender k prior to sccekntba shaB mail ootice to Sorrower ~s provlded in paragrap6 14 hereof specifyio=: (1) t6e breacb; (2) tbe actloa ' reqoired to core soc6 breach; (3) ~ date, not las than 30 dars fmm the date tbe ootke is maikd to Borrower, by w6kh socb € breac6 mmt be cared; and (4) t6at hilnrc to cure sach breach on or before t6e d~e specified ie tbe notlce may raolt in - accderatioo ot the sams secured by t6i~ Mortas~e. forecbsore by jadici:l proceedlr+~ and sak of t~e Propeety. 7be aotke 3 s6aU tnrtber inform Borrower ot the ri~ht to rei~tste after accekratbn and tbe rit6t to asscrt ie t6e foreclosrro pnoceedi~ ; tbe noo-esisteece ot a defaok or soy other defense of Borro~+er to accekratioo and forerlawre. it tbe E~eacl~ is aot cund on ~ or before the date speciRed in tbe notice. Lender at Leode~'s option ma~ dcclue sU of the snms ~econd by t6ts Mortsa6e to be ima~ediately dne and paya6k witlront furiher demand and may foreclose tbis Mortga~e by judkW procee~. L.ender shaB ~ be eatided to colkct in sac6 proceediu= a0 eapeo~es of toreclosnre, includin6. bat sot limited t0. n~b~ ~~7's tea, ~ aod cosb of docnmeatary evidence. sbstracts aad title reporb. ~ 19. Uorrower's Ri`6t to ReiuNate. Notv~rithstanding Lender s acceleration of the sums secured by this Mortgage, ~ Bonower shall have the right to have any proceedings begun by Le~der to enforce this Mortgage diuontinued at any time 3 ~ °_~k~ 3~~ ~Rn~