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HomeMy WebLinkAbout1726 ' J Leader's written agreement or applicable law. Borrower shall pay the amount of ~lI mortgage insurance premiums is the manner provided under paragraph 2 hereof: My amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from I_endar to Borrower requesting payment thereof. and shall bear interest ftjom the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interat at such rate would be contrary to applicable law, in which event such amounts shall beat interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lander to incur any expense or take 8ny actiOR hereunder. ' 8. Inspecdoa Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any-such inspxtion specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coerdemnatba. 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 Property. unless BorrgwFr and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage -such pTOpptiorir o~-the procxeds as is equal to that propoKion 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, 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 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 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 refenred 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 interat of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrowers successors in interat. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise mod7y amortization of tbe sums secured by this Mortgage by mason of any demand made by the original Borrower and Borrower's successors in interat. 11. Forbearance by Lender Not a Wainer. 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 insuran,Qe 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 6y this Mortgage. 12. Remedies Cumnlati~e. All-remedies provided in this Mortgage are distirrt and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurnntly. independently or successively. 13. Successors and Assigns Bound; Joint sad Several iiabif3ty; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the rapective 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. "Ilre 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 fender 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 other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this 'I Mortgage shall be dcemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing I.aw; Severabllity. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument cc+vering ~ 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 this end the provisions of the Mortgage and the Note are declared to be severable. - 16. Borrower's Copy. Borrower shall be furnished a conformed coQy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assnrnption. 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 (a) 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 coetaining 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 interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. Tf 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, Lender shall release Borrower from all obligations under this Mortgage and the Note. _ 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 ~f not less than 30 days from the date the notice is rpailed within which Borrower may pay the sums declared due. if 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 by paragraph 18 hereof. Nox-UrttFOttwr Covetvetars. Borrower and Lender further covenant and agree as follows: 18. Accdeeatioo; Remedies. Itzcept as provided in paragraph 17 hereof, upon borrower's breach of any cotenant or agreement of borrower is this Mort~e, inducting the rnvenants to pay when due any sums secured by tbls Morlgsge, Lender prior to sccekratioa shall mail notice to Borrower as prnv;ded is paragraph l4 hereof specifying: (1) tie breach; (2) the action required to core snob breach; (3) a date, not lac than 30 days from the date the notice b mailed to borrower, by w6k6 sorb breach must be cured; sod (4) that failure to cure snob breach oa or before the date spedHed is the notice may eesalt is seederNbn off tie stntss iccared by this Mortgage, foreclosure by judicial procetdiog and sale of the Property. The erotke sbaB further inform Borrower of tfre right to reir~te after sccekration and the right to assert iu the foe+eclowre proceedlag the goo-eziistarce of a default or say other defense of Borrower to accekntion sad foralosdre. If the breach is not caeca oe or before the date spaiRetl tea the entice, Lender at Lender's option may declare a0 of the sums secured by this Moeipge fb be imeaeahtbdy due and payable w&lwut ffartber demand sad may foe+ecfiose this Mortgage by jredicW proceeding. Leads shall be attitled to collect b such pr+oceediesg as etrpeosa of foreclosure, inclodiog, but ant dmitcd to, reasonable attorney's tas, and cab of documentary e~ldence, abstracts ana tide report. 19. Borrower's Rlgbt to Relmtate. Notwithstanding Lenders acceleration of tht sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time I I g~~3~7 o.,ft:~