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HomeMy WebLinkAbout2108 f. . Leader's written agreeemnat or apphcabio taw. borrower shall pay the amQ~t pt .~jl a ~usuraac~o ptv~iuau itt tha manner provided under paragraph 2 hereof. ' ~•~l ~ (j - My amounts disbursed by Lender pursuant to this paragraph 7, with interat . -shall become additional indebtedness of Borrower secured by this Mortgage.. Unless Borrower and Lander agrcC to other tero4s of payraeat, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interat from the date of disbursement st the rate payable from time ~to lima on outstanding principal under the Note unless paymart of interest at such rate would be contrary to applicable law. in which event such amounts shall bear interest at the highest. rate permi:sibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur say expense or take any action hereunder. 8. iws~octio~. Leader may make or cause to be made reasonable entries upon and inspections of the Property. provided that I.en~r shall give Borrower notice prior to any such inspection specifying reasoaabia cause therefor related to Lender's interest in the Property. - 9. CowdeswNbw. The proceeds of any award or claim for damages. direct c+r oonsequeatial. in connection with say condemnation or other taking of the Property, or part thereof. or for conveyance is lieu of condemnation. are herby assigned and shall ba 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 eery, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and header otherwise agree in writing, there shall be applied to the sums secut+ed by this Mortgage such proportion of the prooeods as is equal to that proportion 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 immediatety 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 rapoad to Lender within ~0 days aher the date such notice is mailed. Lender is sutlrorizod to collect and apply the proceeds. at Lender's option, either to nthoration 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 referred to in paragraphs 1 and 2 hereof or change the amount of such installments. _ 10. Borrower Not Relaaed.~Extensioa of the time for payment or modification of amortiution of the sums srxured by this Mortgage granted by Under 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 interat. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by Qeaaion of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearroce by Leader Not a Waiver. ~1ny forbearance by Lender in exercising any right or remody hereunder, or otherwise afforded by applicable law, shall not-be a waiver of or pre:hrde the exercise of any such right or rerrredy. 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. Reraedia Cwuohtlve. All remedies provided in this Mortgage are distinct and cumulative to any other right remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. 3accesaors sad Assigns Boaad; Joint sad _ Several i.iab8ity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective 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. The 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 her+oof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice ro 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 Lender as provided herein, and (b) an; notice to Lender shall be 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 decreed to have bcen given to Borrower or Lender when given in the manner designated herein. 1S. Uwffonw Mortgrr`c; Goveraiwg Lary. Severa6ility. 'ibis form of mortgage combines unifornn covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering- real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the j event that any provision or clause of this Mortgage or the Node 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. lta borrowers Copy. Borrower shall be furnished a conformed copy of the Note and ol? this Mortgage at the time of execution or after recordation hereof. 17. Trawler of the Property: Assrrmptiow. 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 -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 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.- If Lender has waived the option to accelerate provided in this paragraph l7, and if Borrower's successor in interat has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower frogs all obligations under this Mortgage and the Note. _ - ~ - If Lender exercises such option-to accelerate. Lender shall mail Borrower notice of sccekration in aceordanoe with paragraph 14 hereof. S~rch 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 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. NoN-Urngortus Covex~?tars. Borrower and Lender further covenant and agree as foltaws: 18. _ Accdaatiow; Raaedka. 1Lrrccegt as provided i• paragraph 17 hereof, wpow borrowers 6reaeh of say cavewaat or agreement of borrower is qds Mortpge, the covenants to pay wl~ drre nary saavs secared 6y this Mortgage, Leader prior b sarlerNioa shah sratr notice m borrower as provided ip pangnpb 14 hereof atecKyiOg: (i) the brarch: (Z) the awtioa regdred to care swch beach; (3) s date, cot lew thaw 30 days from the date flee wotke lr araiaa b borrower, b whkh ssch breach swat be ewei; aai (4) that fwiinre to ewre neh breach on or bdore the sate apeeiiied d the aotite sway rewit t. aea~ekrwtlow of ~e rar¦a ieewea bl' thin Mortgage, foredoawre b ~wdiicW Arad sale of tee Property. Tie notice seat fartl~ iwters borrower of the right to rebrdtle after aecdenrtiow asd the right to sweet b the feeecloawe larleeeii¦8 the won-ezi~rce of a detatlt or say otter defewae of borrower to sccakratlow awed toradoawe+e- N fee ba+ach is sot ewes as a before the date apaiiei b tee notice, I.ewaer a>t ieaders aptbw wuy mare N of the awns secard h7' This iKorlBage b >k la¦stdi~dy dwe awn pwya6iie wifbont feather aewaai anti arwy Eoreeloae this Meetgage by ~icdl proeedisb. I.ewiet dab 6e atltlea to cobect ja sweh ps~eceediwg V errreaaes eat toreclowre, isclydf~, hot sot Ii•ilei to, reaaoarrbie atteaaey'It fees, std Beals of doew'atary evidence, abstracts s«nd title reprts. - - i!. borrower's lttglrt to Reiwstate. Notwithstanding Lender's acceleration of the sums secru+ed by this Mortgage. Borrower shall have the right to have any ptocecdiags begun by Lender to enforce this Mortgage discontinued at any time s~ x31`7 ~?c~~~.~