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HomeMy WebLinkAbout1648 ' • as ~ ~ ..:.f~J.~s,r iii + agreement or applicable law. Borrower shall pay the amount o[ aU mortgage irtwcance premiums in the manner provided under paragraph Y hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional in- debtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to ocher ternts of payment, such amounts shall be payable upon notice trom Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement dt the nee payable-from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law. in which event rattle amounu shall bear interest at the highest rate: permissible under applipblc law. Nothing contained in this paragraph 7 shall require Lender to letter any exper»e or take any action hereunder. & Inspection. Lender may make or cruse to be made reasonable entries upon and inspections of the Properq. pro- vided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related w Lender's interest- in the Property. 9. Condemnation. The praecds of any award or claim [or damages, direct or consequential. in connection with any condemnation or other taking o[ the Property. or part thereof, or for conveyance in lieu o[ condemnation. are hereby asp signed and shall be paid to Lender. _ In the event of a total taking of the Property. the proceeds shaA be applied to the sums secured by this Mortgage, with the excess. if any, paid to Borrower. In the event of a partial eking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeods as is equal to that proportion which the amount o[ the sums secured by this Aortgage 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 pro- coeds paid to Borrower. - If the Property is abattdoued"by Borrower. or i[, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days alter 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 Property or to the sums secvrtd by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to prindpal shall not actettd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amottnt of such installments. 10. Borrower Not Released. Extension of the time.for payment-or-modification of .amortization o[ the sums secnrrad by this 1lfortgage 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 commence proceedings against such successor or re[ttse to extend time for payment or otherwise modify amortization of the sums se- cured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver o[ 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 waiaer of I.tnder's right to accelerate the maturity of the indebtedness secured by this Mortgage. IY. Remedies Cumulative. All remedies provided in this :lfortgagc 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 sneeessivdy. 13. Sw.ceseors and Assigns Bound; Joint and Several Liabt7ity; Captions. The coaenants and agreements herein contained slta;: bind, at:d the rights hereunder shall inure to, the respective wccessors and assigns o[ Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and_several The pptions and headings of the paragraphs of this Mortgage are for conaenience only and are not to be used to interpret or define the provisions hereof. 19. Notice. Except [or any notice required under applicable law to be given in another manner, (a) env notice m Borrower provided Eor 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 Lenders address stated herein or to such othtr address as Lender tnay designate by notice to Borrower as provided heroin.. Any notice provided for in this *dortgage j shall be deemed to have been given to Borrower or Lender when given in-the manner designated herein. ~ 15. Uniform Mortgagr, Governing Law; Sevetabiliq. This form o[ mortgage combines uniform corenants for na- tional secs and_ non•uniEorm covenants with limited variations by jurisdiction to constitute a uniform security instrument cowering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is loc~ted_ In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall cwt affect other provisions of this 1liortgage or the 1~'oce which can be given effect without the conflicting proaision, and to this end the provisions of the Mortgage and the Note ate declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a_ _ conformed copy of the Note and of this Mortgage at the time of execution or alter recordation hereoF. 17. Tratuter of the Property; Assumption. If all or any part of the Property or an interest therein is sold or trans (erred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation o(a purchase money security interest for household appliances. (c) a transfer by deaise, descent ar by operation of law upon the death of a joint tenant or (d) the gent of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare alt the sums secured by this 1lfortgage to _ be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender t and the person to whom the Progeny is to be sold or transtetred 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 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 fr3m all obligations under this Mortgage and the Note. If Lender exercises such option to attelente, 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 due. I[ Borrower fails to pay such sums prior to the expiration of such period. - Lender may, without further notice or demand on Borrower, invoke any remedies permitted b9 paragraph 18 hereof. Nox-Uxtroaat CovFxwtars. Borrower and Lender Further covenant and agree as follows: 18. Aetxlention; Remedies Facept as provided in paragraph 17 hereof, upon Borrower's breads of any ooveaaat ae agreement of Borrower in this Mortgage. including the covenants to pay whrn due any sums secured by this Mort~e, Lettder I.rior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (i) the btnsch; i the action required to cure wch breach; (3) a dates not les than 30 days from the date the notice is marled to Bonvwer, ~ by which such brash must be cured; and that failure to ewe such breach on or before the date sped in the notice may result in acceleration of the wrrss secured by this Mortgage, forrcloettre by judicial proceeding and sale of the Property. T1be notice shall further inform Borrower of the right to reinstate alter aecekntion and the right to assn is the fos+eclowQ+e proceeding the nontxisence of a default or-any other defense of Borrower to acceleration and [oredowtr+e. U the broth is not cured on or before the date specified in the notice, Lender at Lender's option may dedare all of the Sams secured b~ tLis Mortgage to be immediately due and payable without further demand and may foreclose this Mortga~~e 67 judicial proceed. ing. Lender sball be entitled to collect in etch proceeding all ezpenses of foredr sun, including, brat not limited to, reasost- abk attorney's fees„ and coos of documentary evidence, abstracts and tick reports. B00 c~~ ~ PA6E~~