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HomeMy WebLinkAbout0491 • ~ Leader's written agrceasent or spplicablee lsw. Borrower shall posy the aaauat af( sq mortgage itwarartoe ptoemiuras in the ' mattner provided under paragraph 2 hereof. My amounts disbursed by Lender purwant to thL paragrsph 7, with interest thereon, ahall become additiortai indebtedness of Borrower secured by this Mortgage. Unless Borrower ~ ~r00 to other terms of patytaent, sudr • amounts shall be payable upon notice from Lender to Borrower requestkt~ ~ thereof, and shall bear interest trap the date of disburseraettt at the refs payable from time to time on outatandttg principal under the Note unless payroeM of inter+rxt at such eats would be contrary to applicable law. in which event such amount shall beat inter+at at the bigbttst rs~1e plertrtissibk under applicable law. Ndhing contained in this paragraph 7 shall require Lender to incur any experae or tabs any action hereunder. 8. DropeeNat. Lender may make or setae to be made reasonable entries upon and inspections of the Property, provided that tender shall give Borrower ndice prior to any such inspection spceifying reasonable cause therefor related to Leader's interest in the Property. CdtaaeattraNora. The proceeds of any award or claim for damages, dir+xt or oortsequeatial. in ooraneetiort wilt any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condanoatioa. are hereby saTgtted and shall be paid to Lender. In the event of a trial taking of the Property, the proceeds shall be applied to the sums secured by this Mortga8e. with the extxas. if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing, there shall be applied to the sums seitr:~ 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. tf the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the oortdeatnor oRas tD mate an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days afar the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option. either to t+eatoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower dherwise agrce in writing, any such application of proceeds to principal shall red extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments.. _ _ ld. borrower Not Rekssed. Extension of the time for payment or modification of amortization of the sums secttr+ed by this Mortgage granted by Lender to any successor in interest of Borrower shalt not operate to reksse, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall red be required to comrrtertet proceedmgs against such strocessar 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 successor in interest. 11. Forbearawee bT Lender Not s N?siver. Any farhearance by Lender in exercising any right or remedy hereumder. or otherwise afforded. by applicable.-haw, 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 I,eoder's right to accelerate the maturity of the indebtedness secured by this Mortgage. - l2. Rewedks Ctuatrlstlva 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 concurnntly, independently or sutxessively. 13. Successors aytd AssiKos barud; Joist sea Sereral i.iabAify; 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 joirB 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 to i.ender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to t.ende~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 lx deemed to have been given to Borrower or Lender when given in the manner designated herein. 15.. Uaifor•® Mort~e: Governing Law; SeserabiWy. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifot~rrt 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 rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate arc Declared to be severable. 16. borrower's Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage at the tune ~ of execution or after recordation hereof. 17. Tiseder 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 (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, descant 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 rnntaining 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 so1D or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inten~ct 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 l7, 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 any remedies permitted by paragraph 1 R hereof. NotvUrrtt:oarr COVENANTS. Borrower and Lender further covenant and agree a follows: 18. Aecekratiou; Reruedia. Except. as prorided ir~~parplrap6 17 hereof, Rea borrower's tersest of sear ceveaat or rtgreeaaa~ of borrower V this Mortgage, iadadiwg the coreatatNs to path when ape aq suss seeue+ei by fiats Mortgage. ieuier prbr to eccderatbu shah ruait ratite to borrower as provided iw pragrapb 14 hertiof specNy~ (1) the brash; (2) the acfiort required to erne such breach (3) a date, rat leas than 30 days front ttte ante rite aaotlice d eaiikii to borrower', fry which srreh breach lust be cRd; and (n that fa@trre to care arch breach oe or briers the date specYd d the notice tstay rwlt b ~ of the auras secured 6y thls Mortgage, torecloanrt b!' judicial pock ant sale of the fhopeaty. 71te ¦etiee stab hrtber irtforn borrower of the right to reinstate sfter accekrdiort and flee right b atucrt ~ the foreclosure prot~seirg the oat-t:iafesce of a aetsdi or soy other defense of borrower to scceleration and torscloame. N the brcacti Is rat eorei oat or before the dste speei6ei r the wotice. Lender at t.ertder's optiow wtay declare i of ~e :taus secured b tbb Mortppe M be irw>aedletely due aua pyabk without ftMher demand and may foreebse tWs Mortgage by juiieW puceedhag. Lender drab be aatiNea to eoBeet iu such proceeding ail a:penses of foreclosnre. hclodiiwg, brat net fib to, reasoryble anurnsY's lea, a~ costs of wrcwmeufary eridcace, abstract and tick report. , ---1l. borrower's Right to Relushta- Notwuhstanding Lender's- accekratiat of the-sums sesursd by-this-Mortgage.- Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any rime 8316 4 91