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HomeMy WebLinkAbout1386 - Leader's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any ataounb disbursed by LendeF punuant to this paragraph 7. with interest thereon. shah become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other teems of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest irom the daro of disbunement at the rate payable from titpe to time on outatandMg principal under the Note unless paytneat of interest at such rate would be contrary to applicable law, in which event such amount shall bat interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expanse or take any action hereunder. A. iaa}ection, Lender may make or cause to be made reawnable 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, 9. Coadetaaatba. The 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, arc hereby assigned anA shall he paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by This ibloriga~. with the excess, if any, paid to Borrower. 1n 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 immediately prior to the date of 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 offers to make an award or settle a claim for damages, Borrower fails to rapond 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 cestora6on or repair of the Property or to the sums secured by this Mortgage. - Un:eys Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not. extend or postcone the due date of the monthly installments referred to in paragraphs i and 2 hereof or change the amount of such i~ntalltncnts. -30. Borrower Not Released. Extension of the time for payment or moditkation 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 Borrower's successors in interest. Lender 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 reawn of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Leader Not s Wdvcr. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shat( 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 shalt not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. lZ. Reeredks Cornulatire. 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 successively. 13. Sraccessors sad A~igras Boned; Joint sad Several i.iabilify; Captions. 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 arc not to be used 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 provided for in this Mortgage shall be given by mailing such notice by cenitkd 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 matt, return receipt requested, to Lenders 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. Uniform Mortgage; GoverraiaR Law; SevenbiUty. This form of mortgage combines uniform covenants for national ??se and non-uniform covenants with Limited variations by jurisdiction to constitute a uniform security instrument covering veal property. This Mortgage shag be governed by the law of the jurisdiction in which the Property is located. 1n the event that any provision or clause of this Mortgage or 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 are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed ropy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tnrrster of the Property; Assumption. If alt or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to 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 joint tenant or (d) the grant of any leastfiotd interest of three yean or less not containing an option to purchase, Lender 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 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 person is satisfactory to Lender and that the interest payable on the sums 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 written assumption agreement accepted in writing by Lender, Lender shall release Borrower from 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 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 fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on -Borrower, invoke an}• remedies permitted by paragraph 18 hereof. Note-UNtt=oana CoverretvTS. Borrower and Lender further covenant and agree as follows: lg. Acceleration; Remedies. Except as provided is paragraph 17 hereof, upon Borrower's breach of any cofeaset or agreement of Borrower iA this Mortgrtbe, including the covenants to pay when due say sums secnrcd 6y this Mortgage, Leader prbr to scrt~erstioa shall mail notice to Borrower as provided in paragraph i4 hereof specifying: (I) the breach; (2) the action rrgnirsd to cure sncb breach; (3) s date, nM less than 30 days. from the date the notice b mailed to Borrower, by wlrkh sracb breach must be cured; sad (4) that failure to cure such breach on or before the date specified is the notice racy cask b acceleration of the sums secured by this Mortgage, forccbsure by judicial .proceeding and sale o[ the Property. The notke shall further taform Borrower of the right to teirsstate after acceleration and the right to atraert in the fomlowre proceedntg the non-existence of s defanh or say other deterrse of Borrower to acreleratbra and foreclosure. Tf the breach is rant erred oe or before the date specified is the notice, Leader at Leader's option may declare aB of the sums serrated by this Mortgage to bs immediately due sod payable witborat [urther demand sad msy foreclose this Mortgage by jradkial proceedig. Lender sbaB be eratitkd to roUect is snc6 pracetdiag sl! expenses of torcclosurc, Iscludiog, brat not Wilted to, teasoaabk attoney's tea, sod cosU of docramentary evidence, absttscts and title reports. 19. Borrower's Right to Reiustde. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings Ixgun by Lender to enforce this Mortgage discontinued at say time