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HomeMy WebLinkAbout0164 - ~ Leader's written agreement ar applicabb law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this pan?graph 7, with interest thereon, shall become additional indebtedness of Borrovrer encored by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payablt upon notice [nom Lender tQ Borrower requesting payment thereof. and shall bear interest from the dYte of disbursement at the me payablo from time to time. on outstanding principal under the Note unless payment of interest at such rate would 6e contrary to applicable law, in which event such amount shall bear interest at the highest rate permisat'bk.under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur gay expense or take any action hereunder. 8. Inspecting. Lender may make or cause to be made reasonable entries upon and inspeMions of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying rea:onabk cause therefor related to Lender's interest in the Property. 9. Coadeataatba~ The 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 condemnation. are hereby assigned 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 by this Mortgage. with the excess. if any, paid to Borrower. In the event of a partial taking of the Properly. unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceed: 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. - ' If the Property is abandoned by Borrower, or if, ghat notice by Lender to Borrower that the condemnor otters to make an award or settle a claim for damages, Borrower fails to rapond to Lender within 30 days afterthe date such notice is mailed. Lender is authorised to roller: and apply the proceeds, at Lender's option. either to restoration or repair of tlfe Property or to the sums secured by this Mortgage. Unless 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 installments. _ 10. Eorrowcr NM Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's successors in interat. -Lender shall not be required to commence proceedings against such successor of refuse to extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest: 11. Forbearance by Lender Not a 9Nairer. 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. 77re 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 indebtedness secured by this Mortgage. 12. Remedies CamnWire. ,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 concurrently, independently or successively. 13: Snecessors gad Assiggs dognd; Joint gad Several Liability; Captbns. 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 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 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 Lender 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. 1S. Ugiform Mortgage; Governing Law; Ssverabllity. 'ibis 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 l real property. This Mortgage shall be governed by the law of the jurisdiction in which- the Property is located. In the evert that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affeM 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. Sormwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time - - of execution or after recordation hereof. - 17. Tragsfer of the Property; Assnmptioa. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lc:~er's prior written consent, excluding (al 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 is satisfactory to Lender and that the int:.rest 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 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 shat{ mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 da)s 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 rosy, without father notice or demand on -Borrower, invoke any remedies permitted by paragraph 18 hereof. Norr-UNIFORM Covt:tvxH'rs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. EExcept ns provided in paragraph 17 hereof, nprra Borrowers breach of gay coreaant or agreement of Borrower is this Mortgage, igclnding the covenants to pay when due any annrs secured by thb Mortgage, Leader prior to sccekntioo shall mail notice to Borrower a provided in paragraph 14 hereof specifyi~: (1) lire breach; (2) the action j required to cars such breach; (3) a date, got less than 30 days from the date the aoHce b mailed to Sorrowsr, by whk6 sgch breach mmt be cared; and (4) that failure to cure such breach og or before the date specifitd io the notice may rank m accderation of the sgrns secured by this Mortgage, forecbsnre by judicial proceeding gad sale of the Property. The entice sbaU further inform Borrower of the right to reinstate after acceleration gad the right to assert in the forsclasnrs proceeding the nog-aristeacc of a defank or gay other deferae of Borrower to accekrattoa and foreclosure. if the breach is cot cared os or before the date specified is the notice, Leader at Lender's option may declare a8 of lire sums scented by fhb Monica fle !o be immediately doe and payabM without further demand and may foreclose this NEortgage by jndkid proceeding. Leader shsR be entitled to co0ect bt such proceeding a8 expcotKS of fotecbsnre, igclndiog, but cot limited to, rsaaooahk attoraey'a tea, and costs of docomeglary evidenci,abstrscls and title report. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to-have any proceedings begun by Lender to enforce this Mortgage discontinued st any time ~x 317 P~ i64