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HomeMy WebLinkAbout1298 ~ • 4 j . ~ • Lender's written agreement or applicable law. Borrower shall pry the amount o[ all mortgage insurance manner rovided under pnemiutm in the i P paragraph 2 hereof. 3 Any srnounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional i indebtedness of Borrower secured by This Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on a,tstanding principal undo the Note unless pa}?meat of interest at such rate would be rnntnry to applicable law, in which event such amounts shall bear interest at the higbdt rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae a take any action hereunder. >l, iwsrectiow, Lender may make or cause to bt made reasonable entries upon and inspections of the Property, provided that tender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lenders interest in the Property. 9. Cowdewwstbw, 't'he proceeds of any award or claim for damages, direct or consequential, in connection with awy 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 Lentkr. ; In the event of a fatal taking of the Property, the proceeds shall be applied to the sums securtid 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 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 immedutely prior to the date o[ taking bears to the [air market value of the Property immediately prior to the date of taking, with the balance o[ the pt+ooeed: - psid to Borrower. , if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oRers to make ! an award or settle a claim for damages. Burrower 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 Lender's option. either to restoration or repair of the Property or to the spurs secured by this Martga~ee. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend r or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of r • such irtstatltmeRts. - 111. llonroz+ier Not Released. Extension of the time for payment or modification of amortization of the sums stxur+ed by this iN~rtgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, i@;ili:j :,f the original. Borrower and Borrower's successors in interest. Lender shall not be tequirtd to commence proceedings against such suaessor or refuse to extend time for payment or otherwise modify amortiutan of the s„ms - secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by lewder Not s R?drer. Any forbearance by Lender in exercising any right or remedy hereartder, or 's otherwise afforded by applicable law, shall nut 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 accekratc the maturity of the indebtedntss secured by this Mortgage. t l2. Rew~cdies Ctswtahdtre. All remedies provided in this Mortgage are d,stinct and cumulative to any other right or remedy under this Mortgage or sfforded by law or equity, and may be exercised concurrently, independently or sucoessivdy. . 13. Swccessors w?d Assigws 11<or,wd; .Ioir,t sad Several iLbiBly; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inor~ to. the.respoctive succeswrs and assigns of Lender sad Borrower. subject to the provisions of paragraph 17 hereof. AN rnvenants and agreements of Borrower shall be jary and several The captions' acid hesdings of the paragraphs of this Mortgage arc for convenience only and ate not to tk uxd to interpret or define the provisans hereof. 11. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower Peavided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such abet address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified 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. 1S. Utdforws MoAti»tie: Coverwiwg Law. Seversbility. 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 teat property. ?l,is Mortgage shall be governed by the taw of the jurisdiction in which the Property is located. In the event that sny provision or clar,se of this Mortgage ur the Note conflicts with applicable law, such conflict shall not affect other provisions 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 arc declared to be severable. lf. >iomower'tr Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the titre of execution or after recordation hereof. 17..Trattafcr of ere 1'rorerty; Assr,mptiow. If all or any part of the Property or an interest therein is toed or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creat,an of a purchase money security interest for household appliances. (c) a transfer l+y devise, - , descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interc:< of three years or less not containing an option -to purchase, tender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to sccelerate if, prior to the sale or transfer. Lender and the person to whose the Pr~rty is t,a be cold or transferred reach agreement in writing that the credit of such person - is satisfactory to Lender and that the inten~ct payable on the sums secured by this Mortgage shall be at sr,ch rate ac Lender :hall request. if Lender has waived the option to accelerate provided in this paragraph !7. and if Borrowers successor in interest has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower tram all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with parasraph 14 hereof. Such notice shall provide a period of not las than 30 days from the date the notice is mailed within which Borrower may pay the wms declared due. tf Borrower fails to pay sr,ch sums prior to the expiration of wch period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph i8 herec?f. NoN•UNtt~otts?r CoveN~t+rTS. Borrower and Lender further covenant and epee as follows: 1>l. Accderaeio~ Rewedtes. Except m proviiei b raragrarh 17 Meraot. anon lierrewers tenser of any eo~ewarrt er agreewewe of Borrower V eras Mortgage, iserslitrg the covewertts to M7 whew dse awy swrws ttecwe! r!' tlds Malgagt, i.isier tract to sccekratle. sfap wail wotice to son+ower as rro•Ned tw raragrarh 14 recent sreeltyiags {1) the ltr+eser; (t1 the aRtiew tro~ei b ewre veer Mesef~ (3) a ilde. vent lens traw 3B says trove ere date the ventage Y twapei N liorrewer. b whkr laser newer wwM re etrrs~ awi (q Irat tapwre to ctwe strclt rrescr a ac ietore ere date areeiBei .f• the ventage way reswM i weawlenttMw of ere swtr treersrti b eras Mortgage. tirecioasre ry jwdkW pseooala~ swi salt et ere Trorerry. 71se wolice sfra/ fwrtrts iwtstnw liotrower of trt rigrt N refwsfate afletr acceieratlow tnsi ere right b assert V Ire Mrteieasrt rroesadt¦g ere wow~essistewee of w aetnwM or atisy otter iefewse of Borrower b seeekratiow asi tortdoosre. fJ ere Qreaer Y vent ewrr~i sw or 6etorr fate ante sreeMti i• ere woeice. Lewder st i.esaer's ortiow way tleehse rap of ere sows sec~wred b tW Mortgage w re itwwseah~hly ~tse ststl rsysMe witrowt tsrttrer. dew,anQ awd star tortdooe eras Mos~ags rT }dicMl prreesdittR. Lender dap be eatllki to settee r w?er rreondiwg a! tspeases of forecloosre, lwdwiiag. Dwt wet Basitets M. reasesaMe r~ttwaeYtt fees. awi taob et iacw!wedary evidewee. arstraeb wstl tick rerorH. 1!. •onnswa's lll>gM is Beiwstate. Notwithuandintt Lender's accsleration of the sums secured by thrs Mortgage. Borrower shall have the right to have sny proceedings bettor by Lender to enforce this Mortgage discontinued a any time ~~r~K314 P~~f~2~~