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HomeMy WebLinkAbout0479 ~ . . ~s . _ - - ~ . _ _ , ~ • Lender's written a reerrtertt a ' g sppticabk law. Borrower shall pay.tite arrtoutK of aq mortgage insurance prartiwus in the . manner provided under paragraph 2 hereof. Any amounts disburaod by Lender pursuant to this paragraph 7, with ~titetat~~l a eon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agroe to other tertm of paytrKat„ sttdt amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursartwrt at the rate payable from tune to tithe on out:tartding principal under the Note fatless payment of • interest at such rate would be contrary to applicable law. in which event such amounts shall bar intereq at the highest rsle permissible under appliabk law, Nothing contained in this paragraph 7 shall requite Lender to incur any experge or taioe any action hereunder. (l. IespeeNoe. Lenckr may make or cause to be made reasonable entries upon and inspections of the Property. prorided that Lender shaft give Borrower notice prior to any such inspection specifying r+atsonabk cause therefor related to Lender's interest in the Property. - C~ The proceeds of any award or claim for damages. direct ar consequential. in connection with nay cortdemrtatart or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation. are hereby sssigeed and s':zl! be pzid to I.atsd<r. 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 Borrower, In the event of a partial taking of the Property,-unless Borrower and Lender otherwise agroe in writing, them shall be applied to the sums secured by this Mortgage such proportion of the prooceeds as a equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ 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 offers to mate an award or stttk a claim for damages, Borrower tails 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 t+epair o[ 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 shag trot extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instalments. lt. Borrower Not Rekas+ed. Fattension of the time for payment or modilkation of amortization of the sums secured by this Mortgage grrtnted by Lender to any successor 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. ll. Forbearance by Leader Not s Wager, Any forhesrance 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 of 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 >sy this Mortgage. 12. Remedies Comobtdve. Ali 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 successively. 13. Sreaasors gad Asai~grs Bowrd; Joint sad Sererrtl T3sbiBty; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to, the respective successors and assigns of Lender sttd 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 are not to be used to interpret o~r~deft~e the provisions hereof. 14. ' Nom. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortga¢c shall be given by mailing such notice by certitkd 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 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. lS. Uniform Mortgage: Gorernisg Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to cortstinrte 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 provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shah 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. )sornower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time of execution or alter recordation hereof. 17. Transfer of the Property; Assamption. Tf all 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 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 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 j is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender E j shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers wcoessor 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 acrnrdancc v?•ith paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. 1f Borrower tails to pay such sums prior to the expiration of each period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg herrnf. NoN-UHIEORM CovErverrrs. Borrower and Lender further covenant and agree as followrs: lfl. Accekratioe; Remedies. Except m provided i• paragrsph 17 hereof. rpoe Borrower's breach of arty covenant a rrgreeaseet of Borrowtr i• thk Mortgage. ieclydiag the coresaats to psy whes doe any sows secw+ed by this Mortgage, Leader prior ro sccderatioa shag mail notice to Borrower as provided is paragraph 14 tercet specifyio~: (1) the breach: (2) the aeries required b carte snob breach; (3) a date, not less than 3A days from the Gate the cerise is toia8ed b Borrower, by which sreh brac6 mast be cared: ad {4) that failure to core such brooch on or beforo the date s*eci6td b the notice rosy rssolt iw eecekrrdiort of the sums secorted by elfin Mortgage. foreclosrre by jodlcial procadiug aei sale of the Troperty. The notice shag frrther inform Borrower of the right to reinstate after sccekratbo end the right b avert h the torecloaore ~roeeedltag ~ the eoe•existenee of a default or nay other defense of Borrower to accekrs3ioe and forecloatre. ltt the 6rrxh b sat coca! a or before the date sraiBed ie the entice. Lender at [.enders optics rosy dechR sA of the slims acerrei by tltfa Matgape b be imaediately doe gad paysbie witbort fortber demand srnd enay foreclose this Mertpge 1rI? jedicW rroeeedirtg. Lender dtaB be atitled to copeet Irv arch proceeding alt a:peosa of foreclosure, behrdis~g, brt sot IWted te, reasoss6le sttureer's fees. noel costs of wtc.eeeetary erideece, abstracts and tick report. 19. Borrr,wer's Right to Reiestatc. Notwithstanding Lenders acceleration of the sums secured by thrs Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time B~K~~ PAGE -