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HomeMy WebLinkAbout1322 • w - Lender's written agrteament or apptieabla law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. . Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. shall baome additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender agree to other terms of paynreM. such amounts shall be payable upon nMice from l.ertder to Borrower requesting payment thereof, and shalt bear interest from the date of disbursement at the rate payable from time to time ort outatandinR principal under the Note unless pa~rmatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest tale permiuibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur say expense ar fate say aMion hereunder. R Iws~eeHew. Lender may make or cause 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 Larder's interest in the Property. 9. Cowtlsrwwatiar. The proceeds of any award a claim for damages. direct or consequential, in connection with and condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation. arc hereby assigned ( and shah be paid to Lender. in the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to BoROwer. in the event of a partial taking of the Property. unless Borrower and Lender aherwise 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 paid to Borrower. _ If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRers to mate 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 Lender'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 o[ such instadments. It. Eorrower Not Released. Extension of the time for payment or modifkation of amortization 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 interat. Lender shall not be r+oquired to Comrrrenoe 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 BoROwer's successors in interest. 11. Rorrearawte r7' Lewder Not a Waiver, Any forl+earance 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 Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured 6y this Mortgage. 12. Rewredks Cwtwrshllve. 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 sucoessivefy. ' 13. Swccesors turd Asdgws Boawd: Joiwt swd Several i.isbiliy; Capdoas. The covenants and agroetneats herein contained shall bind, and the rights hereunder shall inttr~ to. the.rapective successors and assigns of Leader sad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several. The pptions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to 1Se wed to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower p~ovidt:d for in this Mortgage shall 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 he given by certified mail. return receipt requested. to Lender's addrea 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. Uwiforws Mortgage: CoverwiuR Law; Sevcrability. This form of mortgage combines uniform covenants for national use and rtort-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of thic Mortgage or the Note rnnflicts with applicable law. such conflict shall trot aged ~ 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. lorrewers 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..Trawsfer of ere !ro'erty; Asstrwrptiow. If all or any part of the Property or an interest therein is sold or transferred by BoROwer without Lender's prior written consent. excluding (sl the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcatton of a purchase money security interat for household appliances, (c) a transfer by devise, desomt or by operation of taw upon the death of a joint tenant or (dl the grant of any kasehoW interest of three years or less not containing art option to purchase. Lender may. at Lender's option. declare all the sums secured by the 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 cold 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 as Lender z shall request. 1[ 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 Lender. Lender shad release BoROwer from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordanc-c 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 Borrower tails to pay such arms prior to the expiration of such period, Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. Non-Untt=ortnt CovexAtrrs. BoROSyer and Lender further Covenant and agree ss tollosrs: li. Acedesatkr, Rewredla. E:cep s'rovNer r ptoragraplr 17 rrreer. trpw >sorn+ra's Meaer at arrT cevewartt K agreearent of >terrower b Ibis Mortgage, rrtf~brg ere tsvewawts to f~' wren dire awy swtwe txcwretl fsf trY Merlgags. ienier prior N aceelerwtlew stall wail wotice to iorrewer as'rovlied b paragryM /1 repot speeYyiag: p) ere ilreecr: (21 ere stlMw regwirr~i w ewre atselr rreaclq t3) • woe less uaw 3• days frown ere thle ere petite r rwafeti M ~errewer. ry wsicr seer treaer tiww re grated: awtl(1) flat taints w etsre swell rrsatr ow K recess ere tlWs speelMi V ere wotke way rswM r wteskradow et t1e terms aectrrsr by Ir4 Mort=ags. fo.titloswre b 1wd1eW NoeseAwg awtl owle et ere Mpcrty. 'f11rs wotke . sW ttMrer irrtorwr Borrower of ere rytrl a reirwbte ttUer sieeieratlow swi ere r(grt to swoeA i• ere fer,eeioowse Noeea~ttg ~t wow•s=Yewet of a detawN or ay eihrer defense ot'orrower to accekrMlow awi toeeeloowrs. Mere rreatr fi woe ewrei ew or refers ere dale spstifki r Ire rrotics. Lewder at I.ewaer's ortiow way deelr+t r of ere swwrs seewrstl ti Niia Moelsaige re iwrwrediately iws craft pwyaYe wfslrotN fwrtrn dewrantt curl teat' fereelooe trfi Merlgage ~ jwtBcW lncsedfwR. Lender ~ r , rs salMletl eaNoet V swcr peessd~iwg sN expewses of toredoswrs. iwelwdiwg. bwt fret iwslletl N. reaoerraris s+ttxwev's fees. tlwtl cols et tfieertrwatW7 svi/ewee, awi silk reMrb. 1!. ljorewwa's RkIN M Reiwstate. Notwithstanding Lender's acoekration of the sums secured by this Mortgage. ~ 1 8orrowtr shall have the right to have any proceedings begun by Lender to enforce, this Mortgage discontinued at any time i~314 s'acE1.J~5