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HomeMy WebLinkAbout1202 a l ~ ~ ,•~5 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance pttuniutm in the manner provided under paragraph 2 hereof. t , j_r ; ~ ' Any amounts disbursed by Lender pursuant to this paragraph fwilll interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agee to other tetras of payment. such amatnts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the ~ date of disbursement at the rate payable from tinter to time on attstanding principal under the Note unless pa~matt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at this hightwt tab permissible under applicable law. Nothing contained in this paragraph 7 shall require Leader to incur any expatsa or tape any action hereunder. fl. iaepectioa. l.enckr may make or cause to be made reasonable entries. upon and inspections of-the PropeAy. provided that tender shall give Borrower notice prior to any such inspection spec_ ifying reasonable cause therefor related to Larder's t i interest in the Property. 9. Coeaewraatba. The proceeds of any award or claim for damages, direct or consequential, in connection wide tuty ; condcmnaliort or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, art hereby migneied ~ ' and shall be paid to i.ender. in the event of a total taking of the Property. the proceeds cha1L be applied to the sums secured by this Mortgage. s 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 shall be applied to the sums secured by this Mortgage such proportion of the prooeede as is equal to that proportion which the amatnt of the sums secured by this Mortgage immediately prior to rho date o[ taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of tots proceeds paid to Borrower. if the Property is abandoned by Borrower. or if. after notice by lender to Borrower tha: the oondannor oRen to maize ' an award or settle a claim for damages. Borrnwer fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Pmpeny 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 Attend 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. borrower Not 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 Borrowcr'c successors in interat i_endtr shaft not be required to comrrtertoe ~ proceedings against such successor 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 ort~¢inal Borrower and Borrower's successors in interest. 11. Forbesrawce Y!' Lender Not a Waiver. Any forbearance by fender in exercising any right or remedy htn:ttnder, or otherwise atfordod by applicable law, shall not be a waiver of or preclude the exercise of any such right or ttartedy. ~ The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of I.atder's right to accelerate the maturity of the indebtedness secured by this Mortgage. - l2. Remedks CosulafFe. 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 streees:ively. 13. Saeceseors cad Aseigas Bound: ,)Dial sad Several T.isbi8fy: Captioaor. 'fire covenantor and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigas of Leader apd Borrower. subject•to the provisions of paragraph. l7 hereof. All covenants and agreements of Borrower shall be joiry and seven!. T'he captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to Ik used to f interpret or define the provisions hereof. _ _ 14. NoBee. Except for :ray 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 certifkd mail addreorsed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, anri~ (b) any notice to Lender shall be given by certified mail. retain receipt requested. to Lender's address stated herein or La II 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. Uaitor>o MorlRsge: Governing Law: Sevenbility. This form of mortgage combines uniform oovenaats for national use: and non-uniform covenants with limited variations by jurisdiction to constitute a unifonrt 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 conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 1`. borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17..?meter of the Property: Assumption. if all or any part of the Property or an interest therein a sold or transferred by Borrower without. Lender's prior written consent. excluding fal the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tarrsfer 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 able Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or tramfer, Lender and the person to whom the Property is t.~ be co1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender artd that the interest payable on the sums secured by this Mortgage shall be at such net as Lender ; shall request. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowers wceessor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and theTlote. if Lender exercises wch option to accelerate. Lender shall mail Borrower notice of accekntion in accordanc-c with paragraph 14 hereof. Such notice shall provide a period c+f 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 expiation of such period, Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph Ifl hereof. Note-UtvtFOSnt CovetvaN'rs. Borrower and Lender further covenant and agree as follows: lfi. AccelerrttioK Rawedia. !Except s provWed h paragrsph 17 hereof. Raw berrrwers breach at car tovearrt K agr~ of harrower d this Mortgage. bcMairtg the toveasats to pay when sae say ~ secwr+al b7' ibis Mortgage. Leader prfior b atcekrMiorr shat nai! aotke to borrower w prorNtd b paragraph 14 hersd s (1) the brtweb: t21 Nte acMsw sga~sd /o curs sttteb breacY; (3) • date, aW less than 36 dsrs trora the late the wolke r taabel b bsrrrwer. br whki sash Preach tweet ire cared; ewi (4) tbN taWre to ewe such bresch ow or before the late speeMsd V the works easy rtaalt is seeekradow of the wtwe secured by this Mortgage, torrelosare by jrrdkW proeesiisg swi sale eft the Property. 71re wades shah farther idorrw borrower of the right b reimtste after accelertttiow sal the fright a tneeert t. the forseloetwe woreei¦g tks tuow~exWewte of a defawk or awy other ietease of borrower to acceieraderr sat toretioears. fit the breach r toot cartel art ;r er before the isle spselied i• the wotke. Leader at l.ewder's aptiorA gray ieeiare orb M ~e tress saewrsJ by 11ds Msrtgalpe M ire itwsoreiia/eir dwe awl parable witboat farther demand cad nay foreclose title Mertgagt b7' jadieW ptir?tetiaR. Lender dtat~ be etuNgtd N ce0eet fry welt prr?eeeiiag sfi expenses of forechxare. iacladia(. bat woe braNei Mr rsaMwaMs sfl~xsrYa fees. awl Deals o< ioest~weatary etdieace, abstracts awl title rttporls. - i!. horrawa's tftfgM to Rehtrtste. Notwithstanding Lender's acakntion of the sums securod by rhea Mortpge. _ Borrower shall_havt the right to have any proceedings begun hY Lender to enforce this Mortgage discontinued at any time - ~ BUOR~~~ Ps6f~