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HomeMy WebLinkAbout0783 • _ _ 1 ~ , Lender's written agreement or applicable law. Borrower ahgll pay the amount of all mortgage insurartd premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender purswnt to This paragraph 7. with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agroe to other terms of paytnertt. such i amounts shall be payable upon notice from Lender to Borrower loquesting payment thereof, and shall bear interest from this ~ date of disbursement at the rate payable from time 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 rate peemisu'bk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expetsse tx take any sMion hereunder. _ !R lrapectisn. Lender may make or catu~e to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. C~ The proceeds of any award or claim for damages, direct or consequential. in connectiat with awe condemnation or other taking of the Property, a part thereof, or for conveyance in lieu of condemnation. are hereby a:sigrred and shall be paid to Lender. E In the event of a -total taking of the Property, the proceeds chall 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 Lewder otherwise agste in writing, them snail be applied to the sums secured by this Mortgage such proportion of the proceetk as is egwl to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ taking bean 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 Borrower, or if.-after notice by Lender to Borrower that the condemnor oRetsi 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 proceeds. at tender'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 or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. l0. •orrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccesscr in interest of Borrower shall not opente~to release, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commend proceedings against such successor or rchtse to extrnd 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. For6earwwce iy Lewder Not a Wdrer. 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. s The procttrcment of insuratrcx 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 indeMedness secured hl+ this Mortgage. 12. -Rewcdies Crsawhtivs. All remedies provided in this Mortgage arc 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 sttcdssively. ' 13. Saeees~ors sera AssiRws Iloawa: Joint ar>+ Several f.Lbilityt Captions. The covenants and .agreements herein contained shall bind, and the rights hereunder shall imrrg to. the.respective successor and assigns of Lender sod Borrower. subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be IaM and several. The captions' and headings of the )+aragnphc of this Mortgage arc for convrnience only and are not to Ke used to interpret or define the provisions hereof. 14. Notlee. Exdpt for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such aher address as Bormwer may designate by notice to T_ender.a: provided herein, and (b) any notice to Lender shall be given by drtified mail. return receipt requested. to Lender'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. ~ iS. UwlLarw Mort4erRe: Goreewiag Law: Serees60ity. This-form of mortgage combines uniform covenants for national i use and non-uniform covenants with limited variations by jurisdiction to coratitute a uniform security instrument eoverirtg real property. This Mortgage shall be governed. by the law of the jurisdiction in which the Property is located. In the evrnt that any provision or clause of Chic Mortgage or the Note rnnflicts with applicable law.:uch conflict shall not affect other provisions of this Mortgage or the Ncxe which can be given eBect without the conflicting provision. and to this ~ end the provisions of the Mortgage and the Note arc Declared to be severable. lf. Isorrower's Cop. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17..Trrwsfer of tie *ropeAy: Aswrtpliow. If all or any part of the Property or an interest therein is sold or transferred r by Borrower without Lenders prior wrincn consent. excluding (a) the creation of a lien or ~ ertcumbrand subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliands, (c) a transfer by devise, descant or by operation of law upon the death of a joint tenant or (d) the grant of any kasehdd interest of three yean or lea not containing an option to purchase, Lender may, at Lender's option. declare all- the sums sceured 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 co1J 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 ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's wccessor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obljgrttions under this Mortgage and the Note. Jf Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordancti with psragnph 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 Borrower fails to pay such arms prior to the expiration of wch period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. NoN-UNlt=ortM CoveNANTS. Borrower and Lender further covenant and agree as fellows: li. Aecderatittm Rewsedla. Euep sa povidea iw paagraph 17 ttereoQ, leper 1aer+ewee's irsaci d say careaarrt sK apsewewt oft Mrrower V tits Motrtgage. Iwetr+iwg the coerrsrNs to My wire'ttre eery stars ssewestt b tWs LMostRtRe. I.wier Niotr to aceeierwtlow sleet sra8 wotlce to iorrower as'rorNetl fiw pragraph 14 tercel s}eclMrgs (1) tie ~rwci: (2? tie ssetiow rptisd N erne wcr Mere6i (3) • dom. rot less liar 3• /tys troew the date lie wetke r ttraBstl M >wrrsrwsr. ~ wild erect issaei tMSf k esrrsk slat (4) list ldlrre is creel sleet lersaelr ow w betas tie date a~elAei iw tie wotke rosy sesrit V aee+ekrdtaw d 11te tttstr atearsi b7' rib Mortgage, MKCloatrr'e b )rdieW peoeeediag awtt sale of tie h~o'erty. 'IUe welts sfW ltullter irtorm >jorrowa' d lie riRMt N relrshle after teederwtiow cart the rlglN to assert r tie foeselasres poete~ lie rrote:ldtrwce at s deta¦It or dry slier detewse o< Borrewer to aeeekrMiow arri forsdoatase. lit tie tread b not etsrsJ a or ielore tM state speeYei i• lie wotice. Lewder aM l.ewders optior rray dtelass si eft lie s¦ar saesrei My tYs Mertprge is k itwweiWely ire ant prysYe wflbwl terrier deeataad and rway tastloae lids Malgtrge h' jrikW prreserlrR. Lender dtaY bt tMlillei N toras~t tw ststi'rretsdlwg r e:,eases at faeclarre, Irclydirtg. !wt rat rwti/e, t+. sswMraYe attxtter's fees. tt¦t1 et>.lt wt tttretsewtary riaewee, tistrscb send title repels. 1!. •errswp's RfBit a Reveals Notwithstanding Lender's acceleration of the sums secured by thn Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time i . ~~,~~K3~4 P~~E 780 = }