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HomeMy WebLinkAbout1250 - _ t Lender's written agreea?ent or applicabe law. Borrower shall pay the amount of all mortgage itisurarwe premiurm in the manner provided under pa~agnph 2 hereof. Any amounts disbarred by Lender pursuant to this paragraph i j uttethnt thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower ahd Lender agr~oe to other terms of payment, such - ' amounts shall lx payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from, time to time on outatandmg principal under the Note unliess payrnertt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permiastbk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exptaae or fate any action hereunder. g. IstPeefbw. Lender may make or cause to be made reasonable entrses upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to irendes"s interest in the Property. 9. Condestsatba The proceeds of any award or claim for damages, dirtxt or-rntrsequential, 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 Property, unless Borrower and Fender otherwise agree in writinlt. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ 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 the date such rtotioe is i mailed, Lender is authorized to rnllect and apply the proceeds. at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. j Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof_9r change the amount of ~ such installments. _ ; 10. Borrower Not Released. Extension of rite time for payment or modification of amortization of rite sums secured by this Mortgage granted by Lender to any succeuor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to a:tend time for payment or otherwise modify amortization of the sums secured by ~ihis Mortgage by reason of any demand made by the original Borrower and BorrowePs successors in interest. 11. firorbearasee b7' Ltsder Not a waiver. Any forfiearance by Linder in exercising any right or remedy hereutrder, 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 Lender's right to accelerate the maturity of the indebtedness secut+ed by this Mortgage. 12. Reatcdks Cmrtsihfirt. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by Taw or equity, and may be exercised concurrently, independently or successively. ' 13. Soecesaors aai AsdRss Boaai: ,Jolt sad Seretral T.iab~ry; Captions. The eovenanta and agreements herein contained shall bind, and the rights ltercunder shall inure to. the.respective successors and assigns of Lender sad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joins and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to i interpret or define the provisions hereof. U. -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 dher address as Borrower may designate by notice to Tender ss provided herein, and (b) any notice to Lender shall lie 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. _ f ational iS. Usffosra Mortgage: Goverwiag Law: Sererabitity. This form of mortgage combrrta uniform covenants or n use and non-uniform covenants with limited variations by jurisdiction to constitute s uniform seeuriry 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 effect without the conflicting provision. and to thh end the provisions of the Mortgage and the Note are declared to be severable. lfi. Borrower'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..Trasster at the Property: Asssaptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender'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 tnrtsfer by devae, descent or by operation of law upon the death of a joint tenant or (d) the gent of any kasehdd 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 bt - 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 solJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intenKt payable on the sums secured by this Mortgage shall be at such rate as Lerder ~ 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 autrmption agreement atxepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Nan If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance 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 dtre. if Borrower fails to pay such stems prior to the expiation of such period. Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof. Now-fllNlt'ORM COVBNAIdTS. Borrower and Lender further wvettant and agree as fellows: ; li. Aecderatiore; Rawedia. ExceN as provided ire psragrapr 17 Irereot. a!w Bosrowas's tirwer of say covetant K sgrtxaaest of Ban~ower d trls Mortgage, iae~isg tie eorssssH to pay when doe any straw seewai y tWs Mortgage. (terrier prior b accekratlo~ slat saa~ aotke to Borrtwer as proriiei hr parapspr 14 Itereot apecityla~ (1) Iwe fireacti: (2) rite action ~ rgtdrei fo ewe twdt Mt:ar:10 (3) a dale. not less flaw 3i days fwrw the isle tfit settee r ataisi to Berrowtr. trlr which streh fM~eaclt snst Tte eatw~ stsi (4) tltat [ailsre b Bane tArelt tireacb a or frefore rite late gKCYed V rite notice taay restrM ire seeekratlarr of Ae somas srxwd by tits Mortgage. toreAossre y jtntieW preceding atsi saAe d dre h+operty. Tire strike drab ttrrtrer istotm Borrower of tote right to rNwhte after aeeekrNba attd the rigW to sneer i• the tonxfoarre prnese~tg tf~e sore:Werrce d a ietasM or any offer ieterae of Dorro~wer to ~ aai tersciowrre. N ~ fMracw is net ettn~ei ea or ffretoie fie isle specified iw the notice. Leader at t.esders option say ieclare of the stew stewd fly Iltfs Marlgage Is fie iwnaeiialely dire awd pyaMe willtotrt tartlrer demand sad rosy torselae iris Mortgage h jsikW prsceedtsR. Lender sbi ffre e¦tllkd to corset iw wet ptrocesiisg ar wpewsa .if forecloarrre. iselsiisg. titer tsN Brasted M. rewaaYe vtbxrtev's tea, _ a¦d cards of ioet.-7t*taq etriieoct, a6draels and tkk reports. 1!. Borrowa's Rat to Rdaaate. NotwitlntandinE Lender's scakntion of the sums secured by the Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time aROi3~7 p~F~?_~R