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HomeMy WebLinkAbout1220 ~ 1 i 1 • Lender's written agreement or applicable law. Borrower shall pay the amount of all rnoAgage instuance ptamitrrts im the . manner provided under paragraph 2 hereof. t. „ j• y Any amo?tnts disbursed by Lender pursuant to this paragraph 7,4wit6 imtet+est thereon. shall becorrte additional ~ indebtedness of Borrower secured by this Mortgage. Unless Borrower and l.cnder agree to other terms of payment. sttdt ~ i amounts shall be payable upon notice from [.ender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement _at the rate payable from time to time on outstanding principal under the Note unless paymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest ratsa ~ { permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur amy expense a fate ~ any action hereunder. g. lu:ptcliow. Lender may make or ca??se to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection. specifying reasonable cause therefor related to Latch's interest in the Property. ' 9. Coadesaalioa. The proceeds of any award or claim for damages, dir+eet or consequential. in connection with any condemnation or other taking of the Property, or part thereof, or far 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 Property, unless Borrower and Larder otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amo??nt 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 mate an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after ~tht date such notice is mailed. Lender is authorized to collect and apply the proceeds, at fender's option, eithtr to restoration or repair of the Property or to the sums secured by this Mortgage. Un{ess 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. 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. Borrower's successors in interest. Lender shall not be required to eommt:noe proctedings 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 original Borrower and Borrower's successors in interest. tl. Foriearartce by Leader Not a Rraiver. 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 procurement, of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Leader's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Reasedies CarauWie. 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 sutxessively. 13. 3occessors and AseiRns Bound; Joint and Several I3abt'Bfy; Captloas. The eovenamts and agroemxnts herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joiry and several. The captions' and headings of the paraP~aphc of this Mortgage are for convenience only and are not to lk used to interpret or define the provisions hereof. Id. Notke. 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 certiflod mail addressed to Borrower at the Froperiy Address or at such other address as Borrower rosy designate by notice to Tender as provided herein. and (b) any notice to Lender shall he given by ctrtified ,~?ail. 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. Uelfo:at Mortgage; Go•ernirtg Law: Severability. This form. of mortgage combines uniform covenants for national. use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity instrument covering rear property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not afl`ect other provisions of this Mortgage or the Notc which can be given eQect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are ?kelared to be severable. lf. Sonower'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..Trsnder of the Tro'erty: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to - this Mortgage, (b) the creation of a purchase- mone~• security interest for household appliances, (c) a transfer by devise. descant or by optration 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 colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the imercct payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. if Lender has waived the option to accelerate provided in this-paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender. Lentkr shall release Borrower from all obljgations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in aceordan~-c 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 s?ech sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. Nox-TJNIFOaM COVENANTS. Borrower and Lender further covenant and agree as follows: lg. Accderstiott; Reatedia. Except as provided i¦ paragr>eplt 17 iereot. Opa )<orrrrwds brnch o/ any eoerwt K agn~esuent of Iierrower b tits Mortgage. inclrtdiwg tie co•ertsats to pay wien ise soy wws seawci ij this Moslgage. Leerier prl~ b maN notke to Borrower as pro•Ided iw paragrapi 14 heree[ s~eeYyiag: (1) t4 iresei: t2) tie setiaa rgoke> to care welt Mraci: (3) a dace, wet lea tiau 30 days trotw tie date t'ie sotke V maYei b >tarrower. i7' wtriklt wt:i 6reaei watt k cnre~ sari (d) that failrre to care sttci ttresch ort or bdore tic date ~ rile rscederatlon of tie sets accteed by rib Mortgage. foreciowre yr j?tdfeiaT N'oeaedirtg shall fartrer ldorw 1orr+ower of tie right b reinstate after acceleration asd tie right b avert i• lire faeelestwe Neeet~ntg tie non•exidettce et a ddaalt or goy other iefewse of Borrower to acceleratiow sat torriclosart. li bte ireaci is get entsi ea or before ire tale specfiei V tie wotice. Lender at Lender's opiow Wray declare r et tie auras seewd fly tits Mastgagt b k l..rral.tdy irte swi pyaMe wNio>il irutlter demand gad rosy foreclose this Mortgage y jrrdkhl psreeeifuR. 1<-eudt? dtaA ie eattMtJ t• eolkc! V asei'roeediing ar a:passes of toreciosnre, lncladitg. Mt vat ¦rnite+i b. rewnaMe sltxrrey's fees. a¦i posts of iacr'`~T eiiesee, abstracts aai title repro. 1f. Iiorrowa's RIigM b Retastate. NotwithstandtnE Lenders acceleration of the surtu secured by thr Mortgage. Borrower shall have the right to have any. proceedings begun by Lender to enforce this Mortgage discontinued at any time $~~3i7 ~~~218