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HomeMy WebLinkAbout2713 - , Leader's written ~ ibr appil~~~ Borrower shall pay the amount of ap mottsaie iasuranoa pt+etaiutm is the manner provided under parsgi~aph 2 hereof. Any amounts disbursed by Lender pursuant to this paragaph 7, with interest theaort, shall becortte additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agr!oe to other terms of payaxd, such amounts dtall be payable upon notice from Lender to Borrower requesting payment thereof. and shill bear interest from the date of disburseanatt at the ate payable from time to tiros on oubtandhrt prirteipal tntder the Note tmlea paymatt of interest at such rate would be contrary to applicable law, in which event such amounts shalt bear interest at the highest rate permisdbk under applicable law. Nothing contained in this pantgnph 7 shall require Larder to incur say experae or take say action hereunder. R hs*eetiost. Lender may make or cause to be made reasonable entries upon and iaspectiota of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.atder's interat in the Property. 9. eosdeswmMbn. 'ilte proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condar?aatioa, are hereby assigned and shall be paid to Lender. t.~• s ---In-the-event of a-total-taking of-the-Property the proceeds shall be-kt~-.~~-wags-sectu~ed-hy-this.Mortgage._ - with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Larder otherwise agree in writing. there mall be applied to the sums secured by this Mortgage such proportion of the proceed: a: 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.. _ - - _ _ - _ - - _ _ _ _ _ ' If 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 rapond to Lender within 30 days after the date such coffee is mailed, Lender is authorised to eolkct and apply the proceeds, at Lender's optics. either to restoration or repair of the Property or_to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agroe 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 installments. - 1B. Iorrower Not Rdased. Extension of the time for payment or modification of amortization of the sums securtd by this Mortgage granted by Lender to any successor in interat of Borrower shall not opeate to release. in say manner. the liability of the original Borrower and Borrowers sttocessors in interest. Lender shall not be required to commeaoe proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's wccrsors in interest. 11. Farbearasce ~ Leader Not a Waher. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise aRorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of iiturance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Leader's right to acedeate the maturity of the indebtedness secured by this Mortgage. - 12. Remedies Csstelatitn. All remedies provided in this Mortgage arc 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 sucaes:ivety. - 13. -Staevsstrors-aid -Assigws-iefnit-JeMt ant Seversi It Capdsns.-alts covenants-and -agroerrteats--het+eia-._ . contained shall bind. and the rights hereunder shall inure to. the respective suceessora and sssigas of Lender and Borrower. subject t visions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and ings of the ar ~ hs of this Mortgage are for convenience only and an not to be used to interpret or define the visions rcof. 14. Notice. Paccept fo notice requi under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as veer may designate by notice to Lender at provided herein. and (b) any notice to Lender shall be given by cxrtifled m 'I. return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided Itercin. Any notice provided for in this Mortgage shall be deemed to have been given to Bo~r or Lender when given in the manner designated herein. 1S. Uniiorsi Mortgage; C-ocra~g Law; Save .This form of mortgage combines uniform covenants for national use and nonuniform 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 whidt the Property is located.- In the l event that any provision or clause of this Mortgage or the Note conflicts with appliCrtbk 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 arc declared to be saveable. it+. Ibrrowers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time E of execution or after recordation hereof. 17. 'l~amfer of fire Pr+openy; Assumption. If all or any part of the Property or as 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 interat for household appliances, (e) a tansfer by devise, descatt or by opeation 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. Leader may. at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payabk._ 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 is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at sach rata as Lander shall request. tf Lender has waived the option to accelerate provided in this paagraph 17, and if Borrower's auoeesaor 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 Nose. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of aecekation in acoordanoe with paragaph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice b mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiation of such period, Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM CoveNAN7s. Borrower and I..ertder further covenant and agree ss follows: 18. AccekrRtbs; Resedla. Ilrrccpt r provWed d panpspr 17 tiered, neon >sorroweri brewer d ay esvesswt er atreeaaerst of Borrower is tits Montage, bcrr~nt tie covenants is pry wrest sae wry :stns secssei fry erb Mortpte, Header prior fo acederdlorr alalt attsB coffee !b )Borrower r provWed b parsgrrtpr 14 tried apaitylots (1) tie breacr; (>7 ire actlon regdred b erne acct braclq (3) a dare, »ot less liar 30 ~ rives fire date tie twflce b Raaiki to liotrower, b wrkr veer bract atsst re eta+ed; stal (4) fiat iaYsre to crate veer bracer err or betors• ire date spaelBei lr fire collar Raay rw¦It r secdaatios d tie scar ieenrcl b tlrls Merttate, toredowre b j~d proeee~rtt asi ale d era lrsp~ey. '11ts aortas staff tat7rer iafora Borrower d tie rttrt to rel.svte after accekrReios ati tie rlgrt to avert t• ire tondawse lssoasiRt tie ttoo~trrisfeece.d a lefaalt or any otter iefatee of Borrower Is seeeksstiow ati toncloesre. R trs issatr fe tsar et>ni eve or odors tie date speeYel r ~e sotkti ti,esier at iealers epfkw ~ ieelan s• d era war eeesrei y tW Mostgsp b M 6e ace art pgabie wtlitost ranter ae~ani trial rsq taeelas tltis Meregrtte b' }ikfal psooeatllR`. Iwaisr isi be estl9ea M restart 1, veer proce~ei6tt ail e:pewas d toneloawrt, i•eUsiia[, bat aiot lbaibi a. raasoarRMa attaene~s ba, asl cab d does erlie¦ce, abatrseb stal ti9e reprrls. i!. Ilorrowes+s Ritrt to ReiRStateo Notwithstanding Lenders aaekration of the sums secured by this Mortpte, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage disoontiaued at say time a~x316 P~2~13