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HomeMy WebLinkAbout2483 ' ~ - - Lender's written agrament or applicabb law. Horrowu shall pay the amount of all mortgage insurance praniuna in the arraaner provided under paragraph 2 hereof. t Any amounts disbursed by [.ender pursuant to this paragraph 7, with iatetest thereon. shall become additional 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 payttteAt{thet'epf. and shall bear interest hrom the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paytaatt of interest at such rate would be contrary to applicable law, in which event such tunounts shaft bear interest at tha highest raft: permissible under applicable law. Nothing contained in this paragraph 7 shall requite Lender to incur say expetae or fate any action hereunder. ~ 8. taspeetioa. 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 intereu in the Property. ~ 9. Cotrdewastioa. 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, are hereby assigned and shall be paid to Lender. Jn 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 Borrower. in the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing, them shall be applied to the sums secured by this Mortgage such proportion of the pr+ooeeds 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 Tender to Borrower that the condemnor offers to mate an award or settle a claim far damages. Borrower fails to rrspond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lenders option, either to restoration or repair of the Progeny or to the sums secured by this Mortgage. Unless i_ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extard 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 Rteleased. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by lender to any cuccesu?r in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrowers 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 reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Gender Not a R?airer. Any farhearance by Lender in exercising any right or remedy hereunder, or otherwise afTorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. e procuremen o rtrsurance or paymen o axes or o er tens yr c arg right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Renre~es ComalMive. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law yr equity, and may be exercised concurrently, independently or successively. ' 13. Successors and Assigns Bound:.Joint and Several t.isbiiity; Captbns. 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 joit~ 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. 14. Notice. Except for any notice rcyttired under applicable law tv be given in another manner, (a) any notice to Borrower provided for in this Mvrtga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such ~Hhcr address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Tender'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. 15. Uniform Mortgage: Governing Law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction tv constitute a uniform security instrument covering ~ real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the ~ event that any provision or clause of Chic 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 tx furnished a rnnformed cop}' of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17. Transfer of the Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creatton of a purchase mono security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a j~~int tenant yr (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may. at Lender's option, declare all the sums secured by this Mortgagt to be immediately due and payable. Lender shall have waived such option tv accelerate if, prior to the tale or transfer, Lender and the person to whom the Property is t~. be .old or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest payable nn the sums secured by this Mortgage shall be at such rate as Lender shall request. Tf 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 Tender, Lender shall release Borrower from all obligations under this Mortgage and the Nvte. Tf Lender exercises such option t~ accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period ~f 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, I Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. : Norv-UNIFORM CovENANTS. Borrower and Lender further covenant and agree as follows: ~ 18. Acceleration; Remedies. Except ss provided in grsgrtrph 17 hereof, upon Borrower: breach of say coveaawt or agreement of Bortrower ie fhb Mortgage, including the covenants fo pay whew due say soars secutntd by Ibis Mortgage. Leader prior to tttceelerstioa shall mail aotke to Borrower as provided is gragraph 14 6ertot specifyfag: (1) the brracb: (2) the toctioa required to care sash breach; (3) a dtde, not less than 30 days from the date the notice b wa0ed to Borrower, 6y which such breach asusi be nred; sad (4) that failure to cure such bre:rb on or before the date specified in the notice may result is accekratloa of the saws trecared by fhb Mortgage. torecbsure by judicial proceeding atad sale of the Property. The notlee sbsN farther iaforw Borrower of the right to reinstate after sccekration and the right to assert is the toreclosure'rtoceed6tg the aoo-exbteace of a defsak or say other defense of Borrower to sccckrstion sad foreclosure. If the breach its sot cared oa or before the date specified is the notice. Leader at Lender's option way drehre sN of the saws secured 6y fhb MortRape to be itutttrediatety due and gysbk without further demand and may forecbse tMs Mortgage by jutlirial proteedieg• lender shag be entitled to collect in such proceeding sN a:penses of foreclosure, inclrrditrg, bat sot Wnifed to, ressons6k atturnev's fees. and costs of rioa. seMary evidence. abstracts and title reports. 19. Borrower's Ri`bt to Reinstate. Notwithstanding tenders acceleration of the sums secured by thts Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~~K315 P`~2478 ~ t