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HomeMy WebLinkAbout0440 . r t l •'•sI . :•,,l~l. , agreement or applitxble law. Borrower shall pay the amount of all mortgage insutaace pt~ti'm3 In the ma~?~~rovided - under paragraph >'-hereof.. _ - Any amounts disbursed by Lender purwant to this paragraph 7. with interest thereon, shall betxune additional ia- debttdness of Borrower secured by this Mortgage. Unleu Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requtuing payment thercot, and shall bear interest from the 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 applipble law, in which snort such amount: shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. S. Inspection. Lender may make or cause to be made reasonable entria upon and inspections of the Property, pro• vided that Lender shall give Borrower notice prior to any such itupection specifying reasonable cause there[or related to Lender's intereu in the Property. 8: Condemnation. The proceeds of any award or claim [or damage:, 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 aa• sighed and shall be paid co Leader. . In the event of a total taking of the Property. the proceeds shall be applied to the sum: secured by this Mortgage, with the Access, it any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing. them 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 auras secured by fhb Mortgage immediately prior to the date of taking bears to the fair market value of the Proptrty immediately prior to the date of taking, with the balance of the pro• coeds paid to Borrower. IE .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 respond to Lender within 30 days after the date such notice is mailed, Lender is authorised to collect and apply the proceeds, at Lender's option. eithtt to restoration or repair of the Property or to the sums secured by this Mortgage. -iJnless Lender and Borrower otherwise agree in writing. any such application of proceeds to princppal shall not extend or postpone the due date of the monthly icratalhnents referred to in paragraphs 1 and Y hereof or change the amount of such installments. - 10. Borrower Not Released. Extension of the time for payment or modification of amortintion of the stems secured by this I?fortgage granted by Lender to any successor in interest of Borrower shaA not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in intemt. Lender shall not be required to commence praeedings against such suaessor or refuse to extend time for payment or otherwise modify amortintion o[ the sums se- cured by this Mortgage by reason o[ any demand made by the original Borrower and Borrower's successors in interest. 11. Forbeatanae by Lender Not a Wainer. 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 Gcercise o[ any such right or remedy. The procurement of insunnce or the payment o[ taxes or other liens or charges by Lender shall not be a waiver of Lender's right to aa:elente the maturity of the indebtedness secured by ehis Mortgage. lY. Renrediea Cumulative. All remedies provided in this Mortgage are. distinct and cumulative to any -other right or remedy under this Mortgage or a[[orded by law or equity. and may be exercised concurnntly, independently or successively. 13. Succesrtors and Assigns Bound; Joint and Several Liabr'lity; .Captions. The covenanu 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 covettanu and agreements of Borrower shall be joint 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 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 other address as Borrower may designate by notice co Lender as provided herein. and (b) any notice co Lender shall be 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 Gave been given to Borrower or Lender when given in the manner designated herein. t 15. Uniform Mortgage; Govetving Law; Sevenbiliq. This form of mortgage combines uniform covenants for na- tional use and_ non-uni[otm covenants with limited variations by jurisdiction to 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. In the event that any pro~7sion or clause of this 1lfortgage or the Noce conflicts with applicable law. such cenflict shall not af[ect 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 conforzrred copy of the Noce and of this Mortgage at the time of execution or after recordation hereof. 17. TrawEer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or trans- ferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this 1liortgage, (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 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 1lforcgage to be immediately due and payable. Lender shall have waived such option to accelerate i[, prior to the sale or transfer, Lender and the person to whom the Property is ro be sold or transferred reach agreement in writing that the aedit of such person is satisfactory to Lender and that the interest pa}abie on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Linder has waived the option to accelerate provided in this paragraph 17, and iE 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. IE 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 co pay such sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Norr-UNtFOaM COVxurwxrs. Borrower and Lender further covenant and agree as follows: 18. Aaxlention; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the earenantY to pay when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 heron[ specifying: (1) the breach; (ln the anion required to acre ssrch breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which wch beach must be aired; and (4) that failure to acre arch breach on or before the dace specified in the notice may rewlt in acceleration of the seems second by this Mortgage, forecloswre by jndidal proceeding and sale of the Property. The notice shall further inform Borrower of the'right-to reinstate alter acceleration and the right to assert in the Eorerloarre proceeding the non-existence of a default or any other defense of Borrower to acceleration and Eoretlowrre. If the breach b not amd on or be[ore the date specified in the notice, Lender at Lender's option nary declare all of the wrens secured by this Mortgage to be immediately due and payable without further demand and may hose this Mortgage b7 judicial proceed- - ~urg-qtr mall-fie snot"-k-d to u~Icct m atcT< protx~ng~eipenses or scree. me u ing.T t na Ginrtrde ~o, reason- able attorney's fees, and coos of documentary evidence, abstrans and title reports. ee~~ ~~ii BOOKc~.LV PA6E