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HomeMy WebLinkAbout0114 . - , l.ender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hercof. ~ Any amounts disbursed by Lender pursuant to this parag~aph 7, with interest thereon, shall become additional indebtedness of Borrawer secured by this Mortgage. Unless Borrower and I.e~der agree to other terms of payment. such amounts sl.all be payable upon notice from [.ender to Borrower requesting payment thereof, and shall bear inte~est from the date of disbursement at the rate payable from time to time on outsta~ding principal under the Note unless payment of interest at such rate would De contrary.to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragragh 7 shall requi[e Lender to incur any expense or take any action hereunder. 8. Inspecfbn. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that [.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatbn. 'il~e 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, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. 1n the event of a total taking of the Property, tht proceeds shall be 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 L.ender otherwise agree 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 ti paid to Borrower. Tf the property is abandoned by Bor~ower, or if. after notice by Lender to Borrower that the condemnor offers to make an a~•ard or setNe. a claim for damages, Borrower fails ro 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 Propeny or to the sums secured by this Mortgage. Unless l.ender and Eorrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. ~ 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successcr in interest of Borrower shall not operate to rclease, in any manner, the liability of the original Borrower and Borrower's successors in interest. i_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. 11. Forbearance by Lender Not a Wpiver. Any forbearance by Lender 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 I_ender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured hy this Mortgage. l2. Remedies Comuiative. 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 o~ successively. 13. Soccessors and Assigns Bound; Joint and Several i,iability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall intire to. the respective successors and assigns of i.ender 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. l4. 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 shali be given by mailing such notice by certified mail addressed to Borrower at R the Property Address or at such other addre,s as Borrower may designate by notice to I.ender as provided herein, and ! (b) any notice to Lende~ shall be given by certified mail. ~eturn receipt requested. to i.enders 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 s Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ? 15: Uniform Morigage; Governin~ Law; Severability. This foYm 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 hy the law of the jurisdiction in which the Property is located. In the event tha! any provision or ciause of this Mortgage ~~r the Note conflicts v?~ith applicable law~, such conflict shall not affect ; other provisions of this Mortgage or the Note which can be given effect without the eonflicting provision, and to this 3 end the provisions of the Mortgage and the Note are declared to be severable. ! 16. Borrower's Copy. Borroaer shall be furnished a conformed copy of the Note and of this Mottgage at the time 5 of ezecution or after recordation hereof. ' 17. Transfer of the Property; Assumption. If all or an~~ part of the Properly or an interest therein is sold or transferred ~ by Borruwer without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase money securiry 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 less ~ not containing an option to purchase, I_ender may, at Lender's option, declare all the sums secured by this Mortgage to be ~ immediately due and payahle_ I_ender shall have waived such option to aecelerate 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 person ~ is satisfactory to Lender and that the interest payable on the soms secured by this Mortgage shall be at such rate as Lender ~ shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest has executed a writien assumption agreement accepted in writing by Cender, I.ender shall release Borrower from all { obligations under this Mortgage and the Note_ n if I_ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a~eriod of not less than 30 days from the date the notice is mailed within ' which Borrower may pay the sums declarecl due_ If Borrower fails to pay such sums prior to the ezpiration of such period. = Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Notv-UN~FORr?t CovErr~N7s. Borrower and Lender further covenant and agree as follows: 18. Accelentan; Remedies. Ezcept aR provided in paragrapb 17 henof, upon Borrower's breach of any covenant or ' agreement of Borrower in this Mortgs~ge, includir~ tbe covenants to pay when due any sams secnrcd by this Mortgage, Ltnder prior to acceleration shall mail notke to Borrower as provlded in paragraph 14 hereof speclfying: (1) tbe breac6; (2) the action ~ reqoired to cnre sach brcach; (3) a date, not less t6an 30 d~ys from the dafe the aotice is mailed to Borrower, by whkh snch y breach muat be carcd; smd (4) that fallu?e te cure such breach on or before the date apecified in the ootice tnay resalt in . accekrxtion of the sams secared by th~s Mortgage. foreclosure by judlcial proceeding and sale of tbe Property. '!be notice ° shall further inform Borrower of the ri~ht to rci~tate after sccckration nud the rig6t to ~ert in the foreclowre proceeding ? the non•existence ot a defauk or any other defense of Borrower to accekration and forecbsure. if the bresch Is not rured on i or before the date specified in the notice, I.ender at Lende~'s option may declare a0 of the sums secnred by this Mortgsge to be a immediately due and payable without fu~ther demand and may forcclose thts Mortgage by judicid proceediut. Lender shall be entitkd to colkct in sach proceeding all e:peoaes of foreclosure, including, but not Umited to, re~onabk attorney's iees, ~ and costs of docnmentary evidence, abstracts snd titk reports. 19. Borrower's Rig6t to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proccedings txgun by Lender to enforce this Mortgage discontinued at any time r' ~ 0-~~1~ 3~3 ~ ..~E 114 _ ~ ~