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HomeMy WebLinkAbout2368 ~ ~ Lender's written agreeaaent of applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any 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 temu of payment. such amounts shall be 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 outstanding principal under the Note unless payment of interat at such rate would be contrary to applicable law, in which event such amounts shall bear interat at the highest rate permiaibk under applicable law. Nothing contained in this paragraph 7 shall r+equin Lender to incur any expense or take any action hereunder. 8. iaspecfiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Leader shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coadewatrtba. The proceeds of any award or claim for damages, direct or rnnsequential, in rnnnection with any condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, arc 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 Lender otherwise agree in writing. ihsrc 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 of taking bears to the fair markN 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 ratontion or repair of the Propeny 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 ar 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 Nof 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 rnmmence proccedings 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. ll. For6taraace by Leader 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 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 secured by this Mortgage. - 12. Reox~es Camahrthe. 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 successively. 13. Saccessors and A,~ns Bound; Joist sad Several i.iabBity; 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 1T 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 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 i.ender as provided herein, and (b) any 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 deemed to have been given to Borrower or Lender when given in the manner designated herein. 1 S. Uniform Mortgage; Goventiug I,aw; Severabfiity. This form of mortgage combines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction to caostitute a uniform security iashsm~tent covering real property. The ~ state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing l sentence shall not limit the applicability of federal law to this mortgage. 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 b this cod the provisions of the Mortgage and the Note are 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 after recordation hereof. 17. Transfer of tlse Property; Assumption. 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 i~ 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 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 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-IJTIIFORM CovENAriTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies..Except as provided in partr6rapb 17 hereof, trpoa Borrower's breach of soy co~esaat or a~greemeat of Borrower io this Mortgage. indaditrs the covenants to pay when doe say same aerated by this Mort~e, Leader prior to scctkntion shag mail entice to Borrowsr as provided in paragraph 14 hereof specifying: (1) the bleach; (2) ilre sctiort regoired b care sac6 breach; (3) a date, not less than 30 days from the date the notice is atai{ed to Borrower, by wbk6 sadr breach mast fie cored; sad (4) that failarc to crate sash breach oe or before the date specified hr the notice any resell is acceleration of the saws aerated by this Mortgage, foreclosure by jodkial proctedirrg sad sale of the Property. Tix entice shall further inform Borrower of the right to reinstate after acceleration sad the right b assert is the foreclosrre proceedhtg the notrexistence of a defaait or say other defense of Borrower to acceleration sad foreclosure. If the breach is cot cared os or before the date specified in the notke, Leader at Lender's option may declare a9 of the sums aerated by this Mortsa6e b fie immediately dne acct payable without farther demand aRd may foreclose this Mort~e by ~dicisl proceeding. Leader shalt be eatitkd b collect in sash pr~ucsediog a8 espenses of foreclosore. iacladittg, bat sot limited to, reasooa6le attorney's fees, and costs of docamentary evidence, abstracts sad title report. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the 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 ~ Boox317 p~E~