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HomeMy WebLinkAbout0861 _ ~,i. Lettder'a written agteemertt oc applicable law. Bort~ower shall pay'tbe ataourtt of ap raortjttge htstuaaoe\VVI... ~ l~ ~ tfia matttter provided under parasraph 2 haeof. Aay araouttta dabursod by mender pursuant to this pategraph 7, w~~4th~ , t~'~tetnat thereon. tad becane additional ittdt:btetlttess of Borrower secttrod by this Mortgage. Unless Borrol~er #rtd .~atdir agree to other tetras of payttsatt, wdt amounts :hall be payable upon notice from Lender to Borrower requesting payrrant thereof. and shall bear iaterrest fran the date of disburat!tttettt at the rate payable ft+am time to time an ouwa>ding principal under the Note uaioas paroeot of . interest at such rate would fie contrary to applicable law. in which matt such amounts shall bear interest at the hiBhat rate permiaible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur say expense ar ttiloe say action hereunder. 6s~ectiew. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Ltstrder shall give Borrower notice prior to any such inspection specifying reasonable cause thtsrefor related to Larder's inierest in the Prap~eriy. Cordeaasrattiost. The proceeds of any award or claim for damages. direct a eottsequeatial, in oorutectjon wilt any condemnation or other taking of the Property. or part thereof. or for conveyance in lieu of oortdemnatioa, art: Iwteby snigaed - and shall be paid to Lender. ' in the event of a total taking of the Property. the proceeds shall be applied to the sums secured l,y this Mortgage. with the excess, if any, paid to Borrower. in the event of a partial taking of the Property,. unltas Borrower and Larder otherwise agree in writing. there shai! be applied to the sums secured by this Mortgage such proportion of the proceeds . ss is equal to that proportion which the amount of the sums secured by this Mortgage 6nrrtediately 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 proceed: paid to Borrower. _ - if.the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condetnuor offal to ttaalro an award or settle a claim for damages. Harrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender K authorized to collect and apply the proceeds. at Lender's option. either to ratoratiat or repair o[ rite Property or to the sums secured by this Mortgage. Iklnless Lender and Borrower' otherwise agree in writing..any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such irtstailrrtct:ts. 10. Illarrower Not Relaracd. Extension of the time for payment or modification of amortization of the scans trecured by this Mortgage grunted 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 regtrircd to commence proooedings against such sutx~essor or refuse to extend time for payment or otherwise modify amortization of the sutras secured by this Mortgage by reason of .any demand made by the original Borrower and Borrowers successors in interest. - ll. For6eararce 6y I.erdtr Not a Rhiver. 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 exercise of any such right or remedy. The procttrcment of insurance or 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 indehtedness secured >sy this Mortgage. 1L Res_edies Crrrrlati~e. All remedies provided in this Mortgage ate 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. ' I3. Srecessora srd Assigrs Dorwd: Join sad Several i~ry; Captioss. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to. the rapective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joir~ and several. 'Ilte captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. - 14. Notice. Bxcept 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 under as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. to i.enders 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 dtxmed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uefforrt Mortgage; Goverrirg Law; Sevcrab'tity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the lew 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 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. liorrowe~s Copy. Borrower shall be furnished a conformed copi• of the Note and of this Mortgage at the tithe of execution or after recordation hereof. f 17. Treader 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 Mortgages (b) the creahan of a purchace money^cecurity interat for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the gent 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 stxured by this Mortgage to be immediately due and payable. Lender shall have N:rived such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intercct 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 interat has executed a written assumption agreement accepted in writing by Lender. Lender shalt release Borrower from all - obligations under this Mortgage and the Noce. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekntion 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 l g hereof. Note-i1NIFORM COVENANTS. Borrower and Lender further covenant attd agree as follows: ls. Acceleratior; Rerredia. S:seat as proviied ie para6raplt 17 Mered. wort Do~owds Meaelt d wy eoreaartt er agreenert d)torrower i• ttsb Mortgage, ieeltdieg the corerarrts to pay caber ire ay stturts seetrrd b tbls Mortgage.l[.erier prior to sea~eierstior sf~ mail notice to Borrower as provided h ptegrepb i4 rereof speeltyiags (1) fbe breach: (t) the sciba tegrired to cue stoeb breath: (3) a doh. sot less than 30 days front die date the ttwtke is rraYei to >torrower, by wbiclt sect 6rtiacr ~asR fie erred; all (4) that failure M crm such breach ow or before the date speei6td b the notice Tray resait i. aeeekratbr d the sreu scored by this Mortgage, /orecbwre b7' jir~cid *rocee~eg ttrai tale d the M'erty. 'IUe retie! - slrar frrtber iafone Eorro~rer d the rlgltt to re6tstate after act:ekratior std Hie rlgltt b asacA b ttt¢ foreelosttre proeeei¦g tine roe-esiatace d a defsdt or ary other ddctt~se d lorrower to accdtrMior a~ foreclowre. B the beach b rot creel or or before the doh spctiid fit the rotice. Lewder >n I.euder's option tray dtxlare all d ~e tsars secwr<d by this Mortgage to >K itanediately dye std payable wifboN frrtber demand sad tway foreclose this Mortgage y? jrdicW proeetdiaR. Lender shah bt eMitlei to collect b srcM procetdirL all expewses of foreclosrre, iuebdirg, bet rot Yrwited tfa+ rrca~oaabit r~tb,raeY's fns. ad eotNs d oon:7eNr>try eriderce, abstracts std title apot~ls. 19. ¦orrowa's Right to Relegate. Notwithstanding Lenders socekration of the sutras 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 n~U PAGE -