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HomeMy WebLinkAbout0867 • j ; L.eader's written sgreeanent a applicable law. Borrower thaD pay the amount of cep mortgages iasuranos prawitmst is the msnner provided ut?dcr paragraph 2 hereof. , Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. shall becans sdditioaal indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lendq ggree to other terms of payarewt, :tech amounts sf?all be payable upon notice from Lender to Borrower requestatg payment thereof, and shall bear interest }tsar the date of disbursattatt. at the rate payable from time to time on w~tstattdirtg principal wider the Note unless pei}eeeat of inteteat at such rate would be contrary to applicable law. in which event such amounts shall bear interest at the hidtest rals permissible under applicable law. Nothing contained in this paragraph 7 shall require i.ertder to incur any axpsttts ate tube any action ltereuader. lat*cetiaw. 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 inspcctigt specifying reasonable cause therefor related b Latch's _ ;iiiGi iii iii iii6 iiiijw.iij. - f. Catiewtwadort. The proceeds of any award or claim for damages, direct or consequential, is oottttecdoa with gar condemnation or other taking of the Property. or part thereof. or for conveyance in lieu of condemnation. are hereby asriswei and shall be paid to Lender. in the evert 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 Fader otherwise agree in writing, there :hall be applied to the sums secured by the Mortgage such proportion oC the pooeedt as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the dale o[ taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of tits pooeedt pa to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the oatdemnor olfesa to tragic: an award or settle a claim for dainages• Borrower fails to respond to Lender within 30 drys after the date such notice is mailed. Lender is authorised to collect and apply the proceeds. at Lender's option. either to restoration or repair of tie 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 got exlatd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change rite amount o[ such installments. it. lernswa Not Releaser. Factension of the time for payment or moddkation of amortization at tits wars segued by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to teleats. in gar manner. the IiabiGry of the original Borrower and Borrower's successors in interest: Lender shall not be required to eomntertee Proceedings against such successor or refine to extend time tot payment oa otherwise modify aatortizatiort of the stunt secured by this Mortgage by reason of any demand made by the oritinal Bortower and Bomower's successes in interest. 11. Foriewrawce b iawier Nd s Waher. Any forbearance by Lender in exercising any right or remedy herecrrtder. or otherwise afforded by applicable law. shall not be a waiver of or preclude the exertdse of any wch right or terrtedr• The procurematt of in:uranoe a the payment of taxes or other liens or charges by Lender shad not be a waiver of I.ewdet's right to accelerate the maturity of the indebtedness secured by the Mortgage. l2. Rewteiire Camtrhtlw. All remedies provided in this Mortgage arc distinct and cumulative to any other right or rartedy under this Mortgage or afforded by law or equity, and may be exerc"tsed oortcttrrently. independently a soooessively. 13. 9wcceaien swi Atelgas •oww~ .Jeiat awl Screral i.iailiq, Ce*llewt. The oavenanb and k herein contaittcd shalt bind. and the rights hereunder shall inuug to, tbe.respective sttooessors and assigns of Larder gad Borrower. wbject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jdrd and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ile used to interpret or detine the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any ttotiea to Borrower provided for in this Mortgage shall be given by mailing such. notice by certified marl addrtssed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender ss provided herein. and (b) any notice to Lender shall be given by certilkd mail, return rueipt requested. to Latdtx's address stated herein or to such tether addrea as Lender may designate by notice to Borrower at provided herein. Any notices provided for is this Mortgage :}tall be deemed td have been given to Borrower or Lender when given in the raantter desiptrtted hereit. 1S. iJwtforrw Mergptge: Goveniwg Law: Severw6itity. This form of aortgage combing uniform eo~atants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security itatrtrrttent oovaing real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located- Ia the event that any provision or clause of this Mortgage or the Note eordlicts with applicable laws wch conflict shall not aQeet other provisions of thk Mortgage or the Note which can be given effect without the- oonflictirtg provision. and to this end the provisions of the Mortgage and the Note arc declared to be seversbk. ' if. Borrrwer's (',opt. Borrower shall be furnished a conformed copy of the Note :ltd of this Mortgage at the bate F of execution or after recordation hereof. 17..Tra¦tter at the ProMaty: Asawtpiew. if all or any part of the Property or as interest ther+sin is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creation of a purchase money security interest for ltouseltoW 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 yeah a less not containing an option to purchase. Lender may, at Lender's option. declare all the watts secured by this Mortgage to be immediately dw: and payable. Lender shsll have waived such option to aocekrate 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 std that the interest payable on the sums secured by this Mortgage shall be at wch rate as Lender shall regttat. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's wooeasor in interest has executed a written aswmption agreement accepted in writing by Lendex. Leader shall release Borrower from all obljgations under this Mortgage and the Note. if irgtder exercises such option to accelerate. Lender shall mail Borrower notice of acaleratan in secordancti with paa~graplt 14 hereof. Suc1t notice shall provide a period of not less than 30 days from the data the notice a mailed within which Borrower may pay the stuns declared due. if Borrower fails to pay such wms prior to the acpirationg hereof.~r~. Larder stay. without further notice or demand on Borrower. invoke any remedies permitted by paragraph NOti-UMPORM COVENANT'. Borrower and Lender fuuther o~?enartt snd agree as foilaws: ifl. Accdaatleq Re•seiNe. >BueM as M'ev~ ~ tm~eN 17 ltereet. tepees >jarrarer'a trreati at aq awewwwt err agreemet d Mrrewer i. tilt Marlgage, twelaiag the eoreraals a !a7 whew des swy ewrws eeewrei b tilt 1Morlgega iewier prier M wtceleratiea ii mall wOdee a ltotrewer s praviiN frA Mragn/It 14 tteree[ tpee~ligt h) tltt ireaeii (sl tie wellew regairei Is ewes ewci ireattq C~ a itre. wet iae tlart 3t ~ itorw tie isle Arc ~sliee to tried M >taenwa. b wYti wei lt+rwef~ twwtt rte awei: ttwi (4) that taYwre w ewrrt welt ireaelt aw w tretaa tie isle spaeiMi r tie Mice ¦r7 resalt i• socelerali...t tie etrtr eeewei b tilt Mortgage, lweelewrc ty jltrielel pneeeilwg awl rate M be lr~e'ertf. 71te .odes tri t.~ iwters lesrwwet ei tie rtgY w reitt~le alter weedersdow awl eta right M tttrat fk tea hr~teleewrt pr~ecaitg ~e aoa~txiskaee at • ietas>ft or gar Niter ieteaie et >lornwrr a aceekralisn a•i tKSelawra >r t?ie trreatM Y ast areal M err ietert tic laic tpseYei `lie walks. lewder at_ l.ewiers a/tiia raay ietlete i at rite was eetwrei ~ flit 1Msst~t t• 4 M attMfiei N aiMrt fit w~dt pneeei~ all a of fwe~wee. lael•iR. twt gat ~Mti e~estt.,r y'Itite fees. ttai aids at i•c~ erlieaee, aMtateb awl tlde report. + i!. >terrwwa'e Rigit M Rsi¦tlMe. NotwithstandinE Lender's aeodeation of the wars secured by the Mortpge. Borrower shall have the right to have any proceedings bzEttn Fry Lender to entortx this Mortgage discontinued at any time ~3~6 P1~E 86?